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Technology Stocks : KEMET Corp.

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To: techtonicbull who wrote (234)	7/24/2000 6:09:51 PM
From: Czechsinthemail	Read Replies (2) of 906

Kemet 1st-Qtr Profit Surges 17-Fold on Demand for Capacitors By Michael Lovell Greenville, South Carolina, July 24 (Bloomberg) -- Kemet Corp. said fiscal first-quarter profit rose 17-fold as demand surged for its tantalum capacitors, which regulate the flow of electricity in circuits. Net income rose to $80.2 million, or 90 cents a share, in the quarter ended June 30 from $4.69 million, or 6 cents, a year earlier. The Greenville, South Carolina-based company was expected to earn 74 cents, the average estimate of four analysts polled by First Call/Thomson Financial. Revenue more than doubled to $329.2 million from $162.6 million. Kemet's capacitors are used in products ranging from cellular phones to automobiles to computer chips. It was the sixth straight quarter that Kemet has beaten analysts' forecasts. Last month, Kemet said the average estimate then of 50 cents a share was too low. Analysts raised their estimates as high as 80 cents. Kemet's shares outstanding increased 11 percent in the quarter to 88.9 million from 79.8 million. Kemet shares fell 1/2 to 27 1/2. They've risen 20 percent this year. quote.bloomberg.com

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