KEMET CORPORATION GREENVILLE, S.C., May 5, 2015 /PRNewswire/ -- KEMET Corporation (the "Company") (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for the fourth quarter and fiscal year ended March 31, 2015.
Net sales of $193.7 million for the quarter ended March 31, 2015 decreased 3.8% from net sales of $201.3 million for the prior quarter ended December 31, 2014, and decreased 10.2% compared to net sales of $215.8 million for the quarter ended March 31, 2014. For the fiscal year ended March 31, 2015 net sales were $823.2 million compared to $833.7 million for the fiscal year ended March 31, 2014.
The U.S. GAAP net loss for the quarter ended March 31, 2015 was $19.8 million, or $0.44 loss per basic and diluted share, compared to a net loss for the quarter ended March 31, 2014 of $14.4 million or $0.32 loss per basic and diluted share. For the fiscal year ended March 31, 2015, the net loss was $14.1 million, or $0.31 loss per diluted share compared to a net loss of $68.5 million, or $1.52 loss per diluted share for the fiscal year ended March 31, 2014.
The non-U.S. GAAP Adjusted net loss for the quarter ended March 31, 2015 was $1.6 million or $0.04 loss per basic and diluted share, compared to a non-U.S. GAAP Adjusted net income of $1.7 million or $0.03 per diluted share for the quarter ended March 31, 2014. For the fiscal year ended March 31, 2015, the non-U.S. GAAP net income was $7.0 million, or $0.13 per diluted share compared to a net loss of $17.5 million, or $0.39 loss per basic and diluted share for the fiscal year ended March 31, 2014.
"We entered this fiscal year focused on improving Adjusted operating income and cash flow and we are pleased that our Adjusted operating income improved over $30.5 million compared to our prior fiscal year even with some currency headwinds in the last two quarters," stated Per Loof, KEMET's Chief Executive Officer. "As we adjust to the reality of a strong U.S. dollar we believe we have positioned our cost structure to allow us to continue a trend of improving our Adjusted operating income for our next fiscal year as well," continued Loof.
The net income (loss) for the quarters ended March 31, 2015 and 2014 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter.
About KEMET
The Company's common stock is listed on the NYSE under the ticker symbol "KEM" (NYSE: KEM). At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company. KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world's most complete line of surface mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com.
QUIET PERIOD
Beginning July 1, 2015, we will observe a quiet period during which the information provided in this news release and annual report on Form 10-K will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about the Company's financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets, in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause the actual outcomes and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate; (ii) continued net losses could impact our ability to realize current operating plans and could materially adversely affect our liquidity and our ability to continue to operate; (iii) adverse economic conditions could cause the write down of long-lived assets or goodwill; (iv) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased materials; (v) changes in the competitive environment; (vi) uncertainty of the timing of customer product qualifications in heavily regulated industries; (vii) economic, political, or regulatory changes in the countries in which we operate; (viii) difficulties, delays or unexpected costs in completing the restructuring plans; (ix) equity method investment in NEC TOKIN exposes us to a variety of risks; (x) possible acquisition of NEC TOKIN may not achieve all of the anticipated results; (xi) acquisitions and other strategic transactions expose us to a variety of risks; (xii) our business could be negatively impacted by increased regulatory scrutiny and litigation (xiii) inability to attract, train and retain effective employees and management; (xiv) inability to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xv) exposure to claims alleging product defects; (xvi) the impact of laws and regulations that apply to our business, including those relating to environmental matters; (xvii) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xviii) volatility of financial and credit markets affecting our access to capital; (xix) the need to reduce the total costs of our products to remain competitive; (xx) potential limitation on the use of net operating losses to offset possible future taxable income; (xxi) restrictions in our debt agreements that limit our flexibility in operating our business; (xxii) failure of our information technology systems to function properly or our failure to control unauthorized access to our systems may cause business disruptions; and (xxiii) additional exercise of the warrant by K Equity which could potentially result in the existence of a significant stockholder who could seek to influence our corporate decisions.
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
(Unaudited)
Quarters Ended March 31, Fiscal Year Ended
------------------------ -----------------
2015 2014 2015 2014
---- ---- ---- ----
Net sales $193,708 $215,821 $823,192 $833,666
Operating costs and expenses:
Cost of sales 157,379 182,203 663,683 712,925
Selling, general and administrative expenses 24,870 25,030 98,533 95,856
Research and development 6,572 6,762 25,802 24,466
Restructuring charges 3,437 5,954 13,017 14,122
Write down of long-lived assets - 1,118 - 4,476
Net (gain) loss on sales and disposals of assets 538 (39) (221) 32
Total operating costs and expenses 192,796 221,028 800,814 851,877
------- -------
Operating income (loss) 912 (5,207) 22,378 (18,211)
Other (income) expense:
Interest income (4) (13) (15) (195)
Interest expense 10,020 10,671 40,701 40,962
Other income (expense), net 8,647 (2,632) (6,182) (2,681)
----- ------ ------ ------
Income (loss) from continuing operations before income taxes and equity loss from NEC
TOKIN (17,751) (13,233) (12,126) (56,297)
Income tax expense (benefit) 3 (2,811) 5,227 1,482
--- ------ ----- -----
Income (loss) from continuing operations before equity loss from NEC TOKIN (17,754) (10,422) (17,353) (57,779)
Equity income (loss) from NEC TOKIN (2,093) (4,128) (2,169) (7,090)
------ ------ ------ ------
Income (loss) from continuing operations (19,847) (14,550) (19,522) (64,869)
Income (loss) from discontinued operations - 103 5,379 (3,634)
--- --- ----- ------
Net income (loss) $(19,847) $(14,447) $(14,143) $(68,503)
======== ======== ======== ========
Net loss per basic and diluted share:
Income (loss) from continuing operations $(0.44) $(0.32) $(0.43) $(1.44)
Income (loss) from discontinued operations $ - $ - $0.12 $(0.08)
Net income (loss) $(0.44) $(0.32) $(0.31) $(1.52)
Weighted-average shares outstanding:
Basic and diluted 45,443 45,174 45,381 45,102
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in thousands, except per share data)
(Unaudited)
March 31, March 31,
2015 2014
---- ----
ASSETS
Current assets:
Cash and cash equivalents $56,362 $57,929
Accounts receivable, net 90,857 98,947
Inventories, net 171,843 187,974
Prepaid expenses and other 41,650 36,871
Deferred income taxes 11,012 6,695
Current assets of discontinued
operations - 12,160
--- ------
Total current assets 371,724 400,576
Property and equipment 249,641 292,648
Goodwill 35,584 35,584
Intangible assets, net 33,282 37,184
Investment in NEC TOKIN 45,016 46,419
Restricted cash 1,775 13,512
Deferred income taxes 8,053 6,778
Other assets 11,056 10,130
Noncurrent assets of discontinued
operations - 836
Total assets $756,131 $843,667
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $462 $7,297
Accounts payable 69,785 74,818
Accrued expenses 60,456 76,468
Income taxes payable and deferred
income taxes 337 980
Current liabilities of discontinued
operations - 7,269
--- -----
Total current liabilities 131,040 166,832
Long-term debt, less current
portion 390,909 391,292
Other non-current obligations 57,131 55,864
Deferred income taxes 9,427 5,203
Noncurrent liabilities of
discontinued operations - 2,592
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01,
authorized 10,000 shares, none
issued - -
Common stock, par value $0.01,
authorized 175,000 shares, issued
46,508 shares at March 31, 2015
and 2014 465 465
Additional paid-in capital 461,192 465,027
Retained deficit (245,881) (231,738)
Accumulated other comprehensive
income (25,855) 18,184
Treasury stock, at cost (1,057 and
1,301 shares at March 31, 2015 and
2014, respectively) (22,297) (30,054)
Total stockholders' equity 167,624 221,884
Total liabilities and stockholders'
equity $756,131 $843,667
======== ========
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Amounts in thousands)
(Unaudited)
Fiscal Years Ended March 31,
----------------------------
2015 2014
---- ----
Net income (loss) $(14,143) $(68,503)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Gain on sale of discontinued operations (5,644) -
Net cash provided by (used in) operating
activities of discontinued operations (679) 336
Depreciation and amortization 40,768 49,527
Amortization of debt discount and debt
issuance costs 2,032 3,596
Gain on early extinguishment of debt (1,003) -
Equity loss from NEC TOKIN 2,169 7,090
Change in value of NEC TOKIN options (2,100) (3,111)
Net (gain) loss on sales and disposals
of assets (221) 32
Stock-based compensation expense 4,512 2,909
Pension and other post-retirement
benefits (13,283) (78)
Deferred income tax expense (benefit) (1,257) (6,369)
Write down of long-lived assets - 4,476
Write down of receivables 52 1,484
Other, net (7) (521)
Changes in assets and liabilities:
Accounts receivable 8,220 (4,618)
Inventories 8,559 14,891
Prepaid expenses and other current
assets (8,550) 3,748
Accounts payable (2,879) (2,070)
Accrued income taxes 4,155 172
Other operating liabilities 3,701 (9,737)
----- ------
Net cash provided by (used in) operating
activities 24,402 (6,746)
Investing activities:
Capital expenditures (22,232) (32,147)
Change in restricted cash 11,509 4,047
Proceeds from sale of discontinued
operations 9,564 -
Proceeds from sale of assets 4,788 2,847
Net cash provided by (used in) investing
activities 3,629 (25,253)
----- -------
Financing activities:
Proceeds from revolving line of credit 42,340 21,000
Payment of revolving line of credit (27,342) (2,551)
Deferred acquisition payments (19,527) (21,977)
Payments of long-term debt (21,733) (3,599)
Proceeds from exercise of stock options 24 250
Purchase of treasury stock (630) -
---- ---
Net cash provided by (used in) financing
activities (26,868) (6,877)
------- ------
Net increase (decrease) in cash and cash
equivalents 1,163 (38,876)
Effect of foreign currency fluctuations
on cash (2,730) 827
Cash and cash equivalents at beginning
of fiscal period 57,929 95,978
------ ------
Cash and cash equivalents at end of
fiscal period $56,362 $57,929
======= =======
Non-U.S. GAAP Financial Measures
In this news release, the Company makes reference to certain Non-U.S. GAAP financial measures, including "Adjusted gross margin", "Adjusted operating income", "Adjusted net income (loss)", "Adjusted net income (loss) per share" and "Adjusted EBITDA". Management believes that investors may find it useful to review the Company's financial results as adjusted to exclude items as determined by management.
Adjusted Gross Margin
Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided below. Management uses Adjusted gross margin to facilitate our analysis and understanding of our business operations and believes that Adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with U.S. GAAP.
The following table provides a reconciliation from U.S. GAAP Gross margin to Non-U.S. GAAP Adjusted gross margin (amounts in thousands):
Quarters Ended Fiscal Years Ended
-------------- ------------------
March 31, December 31, March 31, March 31, March 31,
2015 2014 2014 2015 2014
---- ---- ---- ---- ----
(Unaudited)
Net sales $193,708 $201,310 $215,821 $823,192 $833,666
Gross Margin 36,329 44,468 33,618 159,509 120,741
Non-U.S. GAAP-adjustments:
Inventory Revaluation (927) (927) - - -
Plant shut-down costs - - 2,668 889 2,668
Plant start-up costs 651 1,144 669 4,556 3,336
Stock-based compensation expense 465 424 186 1,577 1,008
Inventory write downs - - - - 3,886
Infrastructure tax - - 1,079 - 1,079
Adjusted gross margin $36,518 $45,109 $38,220 $166,531 $132,718
======= ======= ======= ======== ========
18.9% 22.4% 17.7% 20.2% 15.9%
Adjusted Operating Income
Adjusted operating income represents operating income (loss), excluding adjustments which are outlined in the quantitative reconciliation provided below. We use Adjusted operating income to facilitate our analysis and understanding of our business operations and believe that Adjusted operating income is useful to investors because it provides a supplemental way to understand our underlying operating performance. Adjusted operating income should not be considered as an alternative to operating income or any other performance measure derived in accordance with U.S. GAAP.
Adjusted operating income is calculated as follows (amounts in thousands):
Quarters Ended Fiscal Year Ended
-------------- -----------------
March 31, December March 31, March 31, March 31,
2015 2014
2015 31, 2014 (1) 2014
---- ----------- ----
(Unaudited)
----------
Operating income (loss) $912 $9,302 $(5,207) 22,378 (18,211)
Adjustments:
Restructuring charges 3,437 6,063 5,954 13,017 14,122
Plant shut-down costs - - 2,668 889 2,668
Write down of long-lived assets - - 1,118 - 4,476
ERP integration costs 1,273 671 837 3,248 3,880
Plant start-up costs 651 1,144 669 4,556 3,336
NEC TOKIN investment related expenses 226 485 618 1,778 2,299
Stock-based compensation expense 1,328 1,232 579 4,512 2,909
Inventory Revaluation (927) (927) - - -
Inventory write downs - - - - 3,886
Infrastructure tax - - 1,079 - 1,079
Net (gain) loss on sales and disposals of assets 538 (574) (39) (221) 32
Legal expenses related to antitrust class actions 435 409 - 844 -
--- --- ---
Adjusted operating income (loss) $7,873 $17,805 $8,276 51,001 20,476
====== ======= ====== ====== ======
(1) We have revised the quarter ended December 31, 2014 Non-GAAP presentation to conform with the quarter ended March 31, 2015.
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share
"Adjusted net income (loss)" and "Adjusted net income (loss) per share" represent net income (loss) and net income (loss) per share excluding adjustments which are outlined in the quantitative reconciliation provided below. Management believes that these Non-U.S. GAAP financial measures are useful to investors because they provide a supplemental way to understand the underlying operating performance of the Company. Management uses these Non-U.S. GAAP financial measures to evaluate operating performance. Non-U.S. GAAP financial measures should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP.
The following table provides reconciliation from U.S. GAAP net income (loss) to Non-U.S. GAAP adjusted net income (loss):
U.S. GAAP to Non- U.S. GAAP Reconciliation
Quarters Ended Fiscal Year Ended
-------------- -----------------
March 31, December 31, 2014
(1) March 31, March 31, March 31,
2015 2014 2015 2014
(Unaudited, Amounts in thousands, except per share data)
U.S. GAAP
Net sales $193,708 $201,310 $215,821 $823,192 $833,666
Net income (loss) $(19,847) $2,914 $(14,447) $(14,143) $(68,503)
Net income (loss) - basic eps $(0.44) $0.06 $(0.32) $(0.31) $(1.52)
Net income (loss) - diluted eps $(0.44) $0.06 $(0.32) $(0.31) $(1.52)
Non-U.S. GAAP
Net income (loss) (19,847) 2,914 (14,447) (14,143) (68,503)
Adjustments:
Restructuring charges 3,437 6,063 5,954 13,017 14,122
Equity (gain) loss from NEC TOKIN 2,093 (1,367) 4,127 2,169 7,090
Write down of long-lived assets - - 1,118 - 4,476
Inventory write downs - - - - 3,886
ERP integration costs 1,273 671 837 3,248 3,880
Amortization included in interest expense 244 322 780 1,814 3,596
Plant start-up costs 651 1,144 669 4,556 3,336
Stock-based compensation 1,328 1,232 579 4,512 2,909
Plant shut-down costs - - 2,668 889 2,668
NEC TOKIN investment related expenses 226 485 618 1,778 2,299
(Gain) loss on early extinguishment of debt - (1,003) - (1,003) -
Professional fees related to financing activities - 1,142 - 1,142 -
Long-term receivable write down - - - - 1,444
(Gain) loss on sales and disposals of assets 538 (574) (39) (221) 32
(Income) loss from discontinued operations - 164 (103) (5,379) 3,634
Inventory Revaluation (927) (927) - - -
Income tax effect of non-GAAP adjustments (2) 20 37 100 84 (27)
Net foreign exchange (gain) loss (2,168) (1,257) (449) (4,249) (304)
Infrastructure tax - - 1,079 - 1,079
Change in value of NEC TOKIN options 11,100 (2,500) (1,777) (2,100) (3,111)
Legal expenses related to antitrust class actions 435 409 - 844 -
--- --- --- --- ---
Adjusted net income (loss) $(1,597) $6,955 $1,714 $6,958 $(17,494)
======= ====== ====== ====== ========
Adjusted net income (loss) per basic share $(0.04) $0.15 $0.04 $0.15 $(0.39)
Adjusted net income (loss) per diluted share $(0.04) $0.13 $0.03 $0.13 $(0.39)
Weighted average shares outstanding:
Basic 45,443 45,407 45,174 45,381 45,102
Diluted 45,443 52,228 52,523 52,588 45,102
(1) We have revised the quarter ended December 31, 2014 Non-GAAP presentation to conform with the quarter ended March 31, 2015.
(2) The income tax effect of the excluded items is calculated by applying the applicable jurisdictional income tax rate, considering the deferred tax valuation for each applicable jurisdiction.
Adjusted EBITDA
Adjusted EBITDA represents net income (loss) before net interest expense, income tax expense, and depreciation and amortization expense, adjusted to exclude certain item which are outlined in the quantitative reconciliation provided below. We use Adjusted EBITDA to monitor and evaluate our operating performance and to facilitate internal and external comparisons of the historical operating performance of our business. We present Adjusted EBITDA as a supplemental measure of our performance and ability to service debt. We also present Adjusted EBITDA because we believe such measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
We believe Adjusted EBITDA is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges. The other adjustments to arrive at Adjusted EBITDA are excluded in order to better reflect our continuing operations.
In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses similar to the adjustments noted below. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.
Our Adjusted EBITDA measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:
-- it does not reflect our cash expenditures, future requirements for
capital expenditures or contractual commitments;
-- it does not reflect changes in, or cash requirements for, our working
capital needs;
-- it does not reflect the significant interest expense or the cash
requirements necessary to service interest or principal payment on our
debt;
-- although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized will often have to be replaced in the
future, and our Adjusted EBITDA measure does not reflect any cash
requirements for such replacements;
-- it is not adjusted for all non-cash income or expense items that are
reflected in our statements of cash flows;
-- it does not reflect the impact of earnings or charges resulting from
matters we consider not to be indicative of our ongoing operations;
-- it does not reflect limitations on or costs related to transferring
earnings from our subsidiaries to us; and
-- other companies in our industry may calculate this measure differently
than we do, limiting its usefulness as a comparative measure.
Because of these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted EBITDA only supplementally.
The following table provides a reconciliation from U.S. GAAP net income (loss) to Adjusted EBITDA (amounts in thousands):
Fiscal Year 2015
----------------
Q1 Q2 Q3 (1) Q4 Total
--- --- ----- --- -----
Net income (loss) $(3,540) $6,330 $2,914 $(19,847) $(14,143)
Adjustments:
Income tax expense 1,282 2,583 1,359 3 5,227
Interest expense, net 10,453 10,284 9,933 10,017 40,687
Depreciation and amortization 10,797 10,177 9,720 10,074 40,768
Restructuring charges 1,830 1,687 6,063 3,437 13,017
(Income) loss from discontinued operations (6,943) 1,400 164 - (5,379)
ERP integration costs 895 409 671 1,273 3,248
Plant start-up costs 1,647 1,114 1,144 651 4,556
Plant shut-down costs 889 - - - 889
NEC TOKIN investment related expenses 580 487 485 226 1,778
Stock-based compensation 994 958 1,232 1,328 4,512
(Gain) loss on sales and disposals of assets 365 (550) (574) 538 (221)
Change in value of NEC TOKIN options (4,100) (6,600) (2,500) 11,100 (2,100)
Inventory revaluation 2,676 (822) (927) (927) -
Equity (gain) loss from NEC TOKIN 1,675 (232) (1,367) 2,093 2,169
Net foreign exchange (gain) loss 527 (1,351) (1,257) (2,168) (4,249)
(Gain) loss on early extinguishment of debt - - (1,003) - (1,003)
Professional fees related to financing activities - - 1,142 - 1,142
Legal expenses related to antitrust class actions - - 409 435 844
--- --- --- --- ---
Adjusted EBITDA $20,027 $25,874 $27,608 $18,233 $91,742
======= ======= ======= ======= =======
(1) We have revised the quarter ended December 31, 2014 Non-GAAP presentation to conform with the quarter ended March 31, 2015.
Fiscal Year 2014
----------------
Q1 Q2 Q3 Q4 Total
--- --- --- --- -----
Net income (loss) $(35,140) $(13,096) $(5,820) $(14,447) $(68,503)
Adjustments:
Income tax expense 1,816 1,444 1,033 (2,811) 1,482
Interest expense, net 9,870 9,897 10,342 10,658 40,767
Depreciation and amortization 13,639 11,951 11,762 12,175 49,527
(Income) loss from discontinued operations 1,510 1,151 1,076 (103) 3,634
Restructuring charges 4,610 1,364 2,194 5,954 14,122
Write down of long-lived assets - - 3,358 1,118 4,476
ERP integration costs 978 1,071 994 837 3,880
Plant start-up costs 1,132 1,050 485 669 3,336
Plant shut-down costs - - - 2,668 2,668
NEC TOKIN investment related expenses 1,308 124 249 618 2,299
Stock-based compensation 969 659 702 579 2,909
(Gain) loss on sales and disposals of assets - 42 29 (39) 32
Change in value of NEC TOKIN options - 382 (1,716) (1,777) (3,111)
Inventory write downs 3,886 - - - 3,886
Long-term receivable write down 1,444 - - - 1,444
Equity (gain) loss from NEC TOKIN 3,377 1,243 (1,657) 4,127 7,090
Net foreign exchange (gain) loss (577) 515 207 (449) (304)
Infrastructure Tax - - - 1,079 1,079
--- --- --- ----- -----
Adjusted EBITDA $8,822 $17,797 $23,238 $20,856 $70,713
====== ======= ======= ======= =======
Contact: William M. Lowe, Jr. Richard J. Vatinelle
Executive Vice President and Vice President and
Chief Financial Officer Treasurer
williamlowe@kemet.com richardvatinelle@kemet.com
864-963-6484 954-766-2800
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kemet-reports-preliminary-fourth-quarter-and-fiscal-year-2015-results-300077518.html
SOURCE KEMET Corporation
