AVX Corp. Announces First Quarter Results

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Myrtle Beach, S.C. — AVX Corp. reported that net sales were $256.7 million in the first quarter ended June 30, 2003, declining 2 percent compared to the previous quarter as a result of weaker than expected demand in June.

The operating results include restructuring charges of $2.8 million, or 2 cents per diluted share, related to worldwide headcount reductions accomplished during the quarter.

The results of the company's European operations were impacted by the continued weakening of the U.S. dollar, thereby increasing the reported net loss for the quarter by approximately $1.9 million, or 1 cent per diluted share, when compared to the previous quarter.

Excluding the negative effects of restructuring charges and currency movements described above, the net loss for the quarter was $11.2 million. Including these items, the net loss for the quarter ended June 30, 2003 was $15.9 million, or 9 cents per diluted share.

AVX Corp. is a leading manufacturer and supplier of a broad line of passive electronic components and related products. For more information, visit www.avxcorp.com.



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