Avx Corp (AVX) 10-K Annual Report May 2013

Chief Executive Officer, John Gilbertson, stated, “We completed our fiscal year with improved fourth quarter results reflecting sequential sales growth over the previous quarter. The quarter reflected overall macro economic conditions as we saw growth from the third quarter in terms of bookings and revenue, indicating moderate demand improvement. This optimism was bolstered by an order backlog build in the quarter. Another positive impacting the current and future quarters is the previously announced acquisition of the Tantalum Components Division of Nichicon Corporation, which closed in early February.”

Net sales were $360.5 million for the quarter and net income was $24.6 million, or $0.15 per diluted share.

Chief Financial Officer, Kurt Cummings, stated, “Our balance sheet strength allows maximum flexibility for investments in acquisitions, materials, equipment and people to support our growth. During the fiscal year, we paid $50.8 million of dividends to stockholders and spent $10.6 million to repurchase shares of AVX stock on the open market to enhance shareholder value.”

For the year ended March 31, 2013, the Company reported net sales of $1,414.4 million and a net loss of $64.3 million, or $0.38 per diluted share. Net income, excluding an environmental charge, was $102.1 million, or $0.60 per share, for the year ended March 31, 2013. As announced on October 10, 2012, we reached a $366.25 million financial settlement with respect to the EPA’s ongoing clean-up of New Bedford Harbor in Massachusetts, subject to court approval. The Company recorded a pre-tax charge of $266.25 million, or $0.98 per share on an after-tax basis, related to this matter in the quarter ended June 30, 2012.

AVX, headquartered in Greenville, South Carolina, is a leading manufacturer and supplier of a broad line of passive electronic components and related products.

Please visit our website at www.avx.com.

The following information was filed by Avx Corp (AVX) on Wednesday, April 24, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Material Contracts, Statements, Certifications & more

Avx Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.17: Material Contract

Exhibit 10.18: Material Contract

Exhibit 10.8: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

Exhibit 31.(A): Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.(B): Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: AVX
CIK: 859163
Form Type: 10-K Annual Report
Accession Number: 0000859163-13-000022
Submitted to the SEC: Wed May 22 2013 4:02:11 PM EST
Accepted by the SEC: Wed May 22 2013
Period: Sunday, March 31, 2013
Industry: Electronic Components And Accessories