Re New lows, I submit AVX at $10.91. .
$5/share in cash and investments
Zero debt.
2.7% yield
A shitty cyclical price degrading business.
As of December 31, 2011, we had cash, cash equivalents and short-term and long-term investments in securities of $1,048.7 million, of which $580.7 million was held outside the U.S. Liquidity is subject to many factors, such as normal business operations as well as general economic, financial, competitive, legislative, and regulatory factors that are beyond our control. Cash balances generated and held in foreign locations are used for on-going working capital, capital expenditure needs and to support acquisitions. These balances are currently expected to be permanently reinvested outside the U.S. If these funds were needed for general corporate use in the U.S., we would incur significant income taxes to repatriate cash held in foreign locations. In addition, local government regulations may restrict our ability to move funds among various locations under certain circumstances. Management does not believe such restrictions would limit our ability to pursue its intended business strategy. |
