KEMET Corporation (NYSE: KEM) reported preliminary results for the second fiscal quarter ended September 30, 2011. Net sales for the quarter ended September 30, 2011 were $265.5 million, which is a 6.8% increase over the same quarter last fiscal year. Net sales for the first half of fiscal year 2012 were $555.4 million which is a 12.8% increase over the same period last fiscal year.
On a U.S. GAAP basis, net income was $14.3 million, or $0.27 per diluted share for the second quarter of fiscal year 2012 compared to a net income of $34.9 million or $0.68 per diluted share for the same quarter last year. The second quarter of fiscal year 2012 includes $1.6 million of restructuring charges primarily associated with the relocation of equipment and personnel reduction costs. The second quarter of fiscal year 2011 included $2.3 million of restructuring charges primarily associated with the relocation of equipment, a $1.8 million net gain on sales of assets and a $2.0 million gain on licensing of patents.
Non-GAAP adjusted net income was $22.4 million or $0.43 per diluted share for the second quarter of fiscal year 2012 compared to a $31.9 million of adjusted net income or $0.62 per diluted share for the same quarter last year.
“Throughout most of the quarter we continued to see demand that met our expectations resulting in financial performance in line with our forecast,” said Per Loof KEMET’s Chief Executive Officer. “The quarter ahead will be challenging as the distribution channel in all regions adjust their inventory position, but we are optimistic that this is a temporary adjustment. Early indications are that the flood disaster in Thailand may have taken a substantial portion of capacitor supply off line. Such effect could mitigate both the inventory corrections and softening demand in our fourth fiscal quarter that ends at March 31, 2012. We intend to be supportive of those affected by the flooding and we are preparing our operations to fill the supply gap created by this disaster,” continued Loof.
