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AVX Reports Results for September 2003 Quarter
October 28, 2003 |Estimated reading time: Less than a minute
Myrtle Beach, S.C. — AVX Corp. reported that net sales were $267.3 million in the second quarter ended September 30, 2003.
Sales increased 4 percent compared to the previous quarter and incoming orders were encouraging.
The net loss for the quarter ended September 30, 2003, was $77 million, or 44 cents per share. These results include pre-tax charges for restructuring expenses of $1.7 million (or $1.3 million and 1 cent per share on an after-tax basis) related to headcount reductions and adjustments to costs for a previous facility closure and $87.7 million (or $61.4 million and 35 cents per share on an after-tax basis) related to a previously announced charge recorded in cost of sales for the write-down of current tantalum materials and future tantalum purchase commitments to net realizable value.AVX Corp. is a leading international manufacturer and supplier of a broad line of passive electronic components and related products. For more information, visit www.avxcorp.com.