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Technology Stocks : KEMET Corp. -- Ignore unavailable to you. Want to Upgrade?

To: techtonicbull who wrote (223)	7/24/2000 4:12:43 PM
From: Czechsinthemail	Read Replies (2) \| Respond to of 906

KEMET Reports Record Sales and Earnings for First Quarter of Fiscal 2001; Sequential Quarterly Earnings Double Greenville, South Carolina (July 24, 2000) - KEMET Corporation (NYSE:KEM) today reported record sales and earnings for the first fiscal quarter ended June 30, 2000. Sales for the quarter were $329.2 million, compared with $162.6 million for the same quarter last year. Net earnings for the period were $80.2 million, or $0.90 per share, compared with $4.7 million, or $0.06 per share, for the prior year period. "KEMET's sales, earnings and bookings for the first quarter of our fiscal year 2001 were once again at all-time record levels," stated David E. Maguire, Chairman and CEO. "The momentum of quarterly increases in revenue and income continues at a robust pace with 28% sequential growth in revenues and 111% sequential growth in earnings. These rates of growth for the quarter were enabled by an 11% increase in unit volume, a 10% increase in selling prices, and a more favorable product mix toward higher-valued capacitors for the telecommunications, computer, and internet infrastructure market segments of our business. Demand for tantalum and ceramic capacitors continues to exceed industry capacity, leading to ongoing customer concerns about future capacitor shortages. These concerns are being partially met as we continue to execute and initiate long-term supply agreements which effectively commit our future capacity expansions. For non-contract customers and distributors, pricing continues u pward, with recently announced increases effective in the September quarter. The outlook for our future business continues to be outstanding for both our shareholders and our employees." Sales of surface-mount capacitors increased 119% to $294.1 million for the quarter, compared with $134.2 million for the prior year quarter, while sales of leaded capacitors totaled $35.1 million, compared with $28.4 million for the same quarter last year. Export sales, led by strong sales in both Europe and Asia, increased 132% to $174.8 million, compared to $75.2 million in the prior period. Earnings before depreciation, amortization, interest and taxes (EBDAIT) for the first quarter of fiscal 2001 were $140.9 million, compared with $24.3 million for the first quarter of fiscal 2000. KEMET Corporation, headquartered in Greenville, South Carolina, is the largest manufacturer of solid tantalum capacitors and the fourth largest manufacturer of multilayer ceramic capacitors in the world. KEMET's common stock is listed on The New York Stock Exchange under the symbol KEM. Company information is available via the Internet (http://www.kemet.com).