Kemet announces preliminary third quarter 2011 results

Capacitor technology company Kemet has reported preliminary results for the third fiscal quarter of 2011 ended 31 December 2010, in which net sales were $264.7m, representing a 32.4 per cent increase over the same quarter a year ago and a 6.5 per cent increase over the prior fiscal quarter ended 30 September 2010.

On a US GAAP basis net income was $27.2m, or $0.96 per basic share and $0.52 per diluted share, compared to a net loss of $1.8m, or $0.07 per basic and diluted share, for the third quarter of last year.

The current fiscal quarter included $1.1m of restructuring charges primarily associated with the relocation of equipment and $1m of debt and stock-registration-related fees.

The third quarter of fiscal year 2010 included $1.3m of restructuring charges and a $0.7m loss on write down of long-lived assets.