Kemet Corp. reported sales of $120.6 million for its fiscal second 2002 quarter ended September 30, down 67% from $364.0 million in the year-ago quarter, and down sequentially 21% from $152.7 million in the previous quarter ended June 30.
Net earnings in the September 2001 quarter were $1.0 million or 1 cent per diluted share, down from $96.3 million or $1.08 per diluted share in the year-ago quarter, and down sequentially from $13.1 million or 15 cents per diluted share in the June 2001 quarter. The earnings met the consensus estimates of First Call analysts.
For the six months ended September 30, sales were $273.3 million and net earnings were $14.0 million or 16 cents per diluted share.
The Greenville, S.C., capacitor supplier continues to suffer from low capacitor consumption by its customers and weak shipments, according to David E. Maguire, chairman and chief executive. Orders have shown a slight uptick recently, the company noted.
In response to weak market conditions, Kemet has cut its workforce over the past year, from a high of 16,000 to 9,200 presently.
The company is projecting revenue for its fiscal third quarter 2002 ending December 31, to be flat compared to September 2001 quarter with net income remaining positive.