AVX Corp. reported a net loss of $14.0 million, or 8 cents per share, on sales of $261.2 million for its fourth 2003 fiscal quarter ended March 31, compared to a loss of $2.1 million, or 1 cent per share, on sales of $275.1 million in the year-ago quarter. The loss includes $2.9 million in restructuring charges initiated during the previous fiscal year and completed during the quarter.
For the 2003 fiscal year ended March, the Myrtle Beach, S.C., passive component supplier also reported a net loss of $12.4 million, or 7 cents per share, on sales of $1.13 billion, compared to a net loss of $7.2 million, or 4 cents per share, on sales of $1.25 billion in fiscal 2002.
As with other passive suppliers, AVX continued to feel the double whammy of continued pricing pressure and weak seasonal demand, according to John Gilbertson, president and chief executive,
AVX's cash position, including long-term investments in securities, improved $34.0 million during fiscal 2003 to $715.5 million at end of March, compared to $681.5 million at March 31, 2002. Debt declined $11.9 million to $3.4 million at March 31, 2003, compared to $15.3 million at March 31, 2002.