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KEMET Reports Preliminary Fourth Quarter and Fiscal Year 2014 Results

Monday 12. May 2014 - KEMET Corporation (the "Company") (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for the fourth quarter and fiscal year ended March 31, 2014.  Results included in this earnings release have been adjusted to reflect discontinued operations as the Film and Electrolytic Business group completed the sale of its machinery division on April 30, 2014.

Net sales of $215.8 million for the quarter ended March 31, 2014 increased 4.1% from net sales of $207.3 million for the prior quarter ended December 31, 2013, and increased 8.2% compared to net sales of $199.5 million for the quarter ended March 31, 2013.   For the fiscal year ended March 31, 2014 net sales were $833.7 million compared to $823.9 million for the fiscal year ended March 31, 2013.
“We are encouraged by the continued and growing strength of our markets around the globe,” stated Per Loof, KEMET’s Chief Executive Officer.  “Revenue exceeded our expectations, cost reduction actions are seeing their way to the bottom line, and we are well positioned to continue improving our financial performance into our next fiscal year.  While we have some more work to complete, we are pleased with the general improvement of our operating margins this past fiscal year and we plan to build upon our efforts this past year to improve them further,” continued Loof.
The U.S. GAAP net loss from continuing operations was $15.2 million, or $0.34 loss per basic and diluted share for the quarter ended March 31, 2014, compared to a net loss from continuing operations of  $23.7 million or $0.53 loss per basic and diluted share for the quarter ended March 31, 2013.  For the fiscal year ended March 31, 2014, the net loss from continuing operations was $65.5 million, or $1.45 per basic and diluted share compared a net loss from continuing operations of $77.9 million, or $1.74 per basic and diluted share for the fiscal year ended March 31, 2013.
Non-U.S. GAAP Adjusted net income improved to $0.4 million or $0.01 per diluted share for the quarter ended March 31, 2014, compared to a non-U.S. GAAP Adjusted net loss of $8.3 million or $0.18 loss per basic and diluted share for the period ended March 31, 2013.  For the fiscal year ended March 31, 2014, the non-U.S. GAAP net loss from continuing operations was $18.8 million, or $0.42 loss per basic and diluted share compared to a net loss from continuing operations of $23.2 million, or $0.51 loss per basic and diluted share for the fiscal year ended March 31, 2013.
The net loss for the quarters ended March 31, 2014 and 2013 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter.