Capacitor supplier AVX Corp., Myrtle Beach, SC., reported net sales of $600.9 million for the fourth quarter ended March 31, 2001, compared with $499.1 million for the same quarter last year.
Net income was $124.8 million, or 71 cents per diluted share, compared with $70.9 million, or 40 cents per diluted share, a year ago.
For the full fiscal year ended March 31, net sales were $2.6 billion, compared with $1.6 million a year ago. Net income for the full fiscal year was $567.5 million, or $3.22 per diluted share, compared with $156.9 million, or 90 cents per diluted share, for last year.
"We are very pleased to report strong earnings and profits in this period of uncertainty regarding near-term market conditions," said Dick Rosen, AVX's chairman and chief executive in a released statement.
"There is much concern in this period as inventories of finished products as well as components are much too high for the near-term demand, "
Rosen added, "We believe AVX's investment in the past year in new product development, major cost reduction programs, as well as capacity expansion will serve us well as the electronic world regains its momentum later in this year with new exciting products."