MANHASSET, N.Y. Kemet Corp. posted a net loss of $25.7 million, or 30 cents per share on sales of $101.4 million in its fourth fiscal 2005 quarter ended March, compared to a loss of $52.1 million, or 60 cents per share on sales of $117.1 million in the year-ago quarter.
Fourth fiscal 2005 quarter results included special charges of $16.7 million related to workforce reductions and a pending plant closure.
Although sales increased 6.2 percent from the previous quarter, Kemet (Greenville, S.C.) reported a 3.5 percent decline in average selling prices. Capacity utilization, at 85 percent, contributed to pricing pressure.
For the fiscal 2005 year ended March, Kemet recorded a loss of $73.9 million, or 85 cents per share, on sales of $425.3 million, compared to a loss of $112.0 million, or $1.30 per share, on sales of $433.9 million in fiscal 2004.
In recent years, Kemet has been plagued by losses despite several restructuring actions. The company is now completing a workforce reduction, announced last October
, that would cut 500 employees and achieve annualized savings of $18 million.
In an unrelated matter, Kemet announced it would drop a suit against rival passive supplier AVX Corp. The suit, filed in January
and related to trade secrets surrounding tantalum polymer capacitors, was dropped so Kemet could focus on other business matters, according to the company.