Diskussionsforum der stw-boerse: Auslandswerte: Kemet
mib - Montag, 23. Oktober 2000 - 22:46
herausragende Zahlen!!!!

GREENVILLE, S.C., Oct. 23 /PRNewswire/ -- KEMET Corporation (NYSE: KEM) today reported record sales and earnings for the second fiscal quarter ended September 30, 2000. Net sales for the quarter increased 95% to $364.1 million, compared with $186.2 million for the same quarter last year. Net earnings were $96.3 million, or $1.08 per diluted share, compared with $9.2 million, or $0.11 per diluted share, for the same period last year.

"I am pleased to report excellent results for the fifth consecutive quarter," stated David E. Maguire, Chairman and CEO. "KEMET's sales, earnings and bookings for the second quarter of our fiscal year were once again at all- time record levels. Sequentially, our revenues grew 10.6% and our earnings 20.0%. Demand for most of our tantalum and ceramic multilayer capacitors continues to exceed industry capacity, especially in the large case sizes, and we have adjusted our capacity increases to better reflect these changes in demand. Looking ahead, we expect revenues to continue to grow in the range of 5-10% over the remainder of fiscal year 2001. This growth should come from a combination of volume, product mix, and price increases.

"The tremendous growth of our industry this year has resulted in tight supplies of tantalum raw material, and some tantalum powder suppliers have already announced price increases of as much as 60%. We expect to negotiate a pass-through of these increases to our customers. Meanwhile, we are exploring all available avenues to increase our immediate supply of tantalum powder and wire for the manufacture of tantalum capacitors. Some tantalum ore producers are already initiating capacity expansions, which should correct the supply/demand imbalance.

"Shipments of our new solid aluminum organic capacitor, the AO-CAP, are scheduled to begin this quarter. We expect to ship about $10 million this fiscal year and $75-$100 million in fiscal year 2002. These solid aluminum surface-mount capacitors, along with our high-capacity multilayer ceramic capacitors, complement our high-performance tantalum products in the rapidly growing demand for large, high-frequency capacitors for power decoupling. We will give high priority to a rapid capacity ramp-up for these products over the next twelve months. Through the second quarter of fiscal year 2001, we have spent approximately $119 million on new capacity and expect to spend a total of approximately $240 million by the end of this fiscal year. Overall, we are comfortable with the range of analysts' current consensus estimates for the balance of fiscal year 2001. We expect to see growth in revenues of approximately 15-20% for fiscal year 2002 when compared with fiscal year 2001, and we plan capital expenditures of about $150 million for fiscal year 2002."

Sales of surface-mount capacitors increased 104% to $325.8 million for the quarter, compared with $159.8 million for the prior-year quarter, while sales of leaded capacitors totaled $38.3 million, compared with $26.4 million for the same quarter last year. Export sales, led by strong increases in both Europe and Asia, increased 107% to $189.5 million, compared with $91.6 million for the same period last year.

Earnings before depreciation, amortization, interest and taxes (EBDAIT) for the second quarter of fiscal year 2001 were $168.7 million, compared with $32.7 million for the same quarter last year.

mib - Dienstag, 23. Januar 2001 - 22:02
sehr schoene Zahlen von Kemet!
haben in nur 3 Quartalen jetzt schon 3.08 U$ verdient! Kurs heute +8% auf ca. 22.50$ (PE 01: <6!)


chinaman - Montag, 12. März 2001 - 15:36
CNBC ist auch an einem Tag wie heute mittelfristig optimistisch für Kemet


Analyst Pick: KEMET
By Hal Plotkin
CNBC.com Silicon Valley Correspondent

Back to Previous Page
Mar 12, 2001 07:30 AM

Who: Martin Whitman, chief investment officer at the Third Avenue Value Fund {TAVFX}.
Stock Pick: KEMET Corp. {KEM, News, Boards}
Recent Price: $19
Appreciation Potential: Could hit $40 over next 12 to 18 months.
Reason to Buy: Potential takeover target.


The tech sector is going to need a whole lot of capacitors when it recovers, says Martin Whitman, chief investment officer and portfolio manager of the Third Avenue Value Fund.

That's one of the main reasons Whitman owns and recommends shares of KEMET Corp., the largest manufacturer of solid tantalum capacitors and the fourth largest manufacturer of multi-layer ceramic capacitors in the world. The company's products, which are also known as passive components, are used in virtually everything electronic, from cell phones to set-top boxes to computer game consoles.

Whitman says the stock, now trading at about 5.5 times trailing 12-month earnings, is the best value among his current holdings.

"The company is coming off a super, super year, is extremely well-financed, and serves some fantastic growth markets," he says. "I'm pretty convinced the next peak will be better than the last peak."

KEMET's stock is trading well below its 52-week high of $44 a share. But Whitman is betting it will come roaring back, although perhaps not immediately. Instead, he says investors will eventually rediscover what he says is an undervalued gem. Throw into the mix the company's attractiveness as a potential takeover candidate, he says, and you've got the makings of a winning stock pick.

KEMET Corporation was originally created as a leveraged buyout put together by Citicorp Ventures, the investment-banking arm of the giant financial services firm, which remains a major shareholder.

"That's one of the reasons I think the company is still in play," says Whitman. "It would certainly be an asset for the right company. I think they could get somewhere around $40 a share as a takeover price."

In late January, KEMET reported a 74% net increase in sales, to $374.9 million, for the quarter ended December 31 as compared with $215.1 million for the same quarter last year. Earnings came in at $1.10 per diluted share, as compared with $0.22 per diluted share for the same period last year. It was the company's sixth consecutive quarter of record sales and earnings.

The good news, however, was tempered by the firm's warning of flat revenue growth for the March quarter, when unit sales are projected to decline by 10 to 15 percent because of inventory issues and the economic slowdown. Despite the anticipated decline in unit sales, though, the company says there should be little or no decline in revenue over the next quarter, in part, because of its plan to pass through more of the cost of the materials used in its components.

"Barring a recession, we expect fiscal 2002 revenue growth to be in excess of 10 percent over fiscal 2001 revenues with earnings of at least $3 per share," KEMET's chairman and CEO David E. Maguire reported in his formal guidance to analysts when the numbers were released.

The projected revenue growth slowdown led to a sell off in KEMET shares post-announcement, which further whets Whitman's appetite for the stock.

"I couldn't care less what the market is doing or what other analysts think," says Whitman, who won Morningstar's Portofolio Manager of the Year award in 1990, a time period with some similarities to current market conditions.

Whitman doesn't try to time the market but instead looks for value stocks, which he holds on to until they're more widely discovered.

"I put no emphasis on the type of things other analysts do, such as quarterly earnings," says the well-known iconoclast. "Instead, we use the same analytic techniques others use to buy businesses. But we apply it to stocks."

In short, Whitman says he likes the stock because he likes the business. He says the company is a market-leading seller of components that will be absolutely critical when the economy recovers, is well managed and more than adequately capitalized. And because its components are used in a wide variety of devices, the company is more insulated than suppliers whose businesses are concentrated in more limited end-user markets.

KEMET's strong balance sheet includes $246 million in cash and $100 million in long-term debt, as of the beginning of the last quarter.

"Our strategy is to live through the tough periods with companies that are in a very strong industry position," says Whitman. "I don't know what the timeline is, but if you suppose I am right we could see the stock at a modest 15 times earnings at the next peak."

mib - Dienstag, 24. April 2001 - 03:39
Im folgenden Kemets Quartals- und Jahresabschluss. Ein recht eindrucksvolles Ergebnis (4.00 U$ Gewinn pro Aktie im abgelaufenen Geschaeftsjahr = PE ca. 5.5). Der Ausblick ist naturgemaess nicht sehr berauschend...
Ich stelle den komplette Wortlaut hier herein, da die URL vielleicht nicht abrufbar bleibt und ich die Aussagen zum Ausblick fuer sehr wichtig halte. Kemet bleibt fuer mich ein sehr interessantes Investment!


Monday April 23, 4:58 pm Eastern Time

Press Release
SOURCE: KEMET Corporation

KEMET Reports Record Sales and Earnings for Fiscal 2001

GREENVILLE, S.C., April 23 /PRNewswire Interactive News Release/ --

KEMET Corporation (NYSE: KEM - news) today reported record sales and earnings for the fiscal year and the quarter ended March 31, 2001. Net sales for the year increased 71% to $1,406.1 million, compared with $822.1 million last year. Net earnings for the year were $352.3 million, or $4.00 per diluted share, compared with $70.1 million, or $0.85 per diluted share, for last year. Net sales for the March quarter increased 31% to $338.0 million, compared with $258.1 million for the same quarter last year. Net earnings were $78.4 million, or $0.90 per diluted share, up 106% from $38.1 million, or $0.44 per diluted share, for the same period last year.

``KEMET has completed the most successful year in its history,'' stated David E. Maguire, Chairman and CEO. ``The electronics industry is a high- growth, but cyclical, industry. The extraordinary financial results of fiscal 2001 come at the end of a cycle that began with the Asian crisis in fiscal 1999, which was a very challenging year. KEMET's net income as a percentage of revenue averaged 15.3% over the thirty-six months from the beginning of fiscal 1999 through the end of fiscal 2001. This performance validates KEMET's successful business model, focused on earning the preferred supplier position at the world's most successful electronics firms as well as the capabilities of our experienced management team. KEMET ended fiscal 2001 with $360 million in cash, $100 million in long-term debt, and $886 million in shareholders' equity. This is the strongest financial position in the company's history. We anticipate using these resources to take advantage of significant market opportunities, including high-frequency tantalum, high- capacitance ceramic, and new solid aluminum capacitors. Electronics remains a high-growth industry, but we are now in another correction phase of the long- term growth trend. This is my tenth cycle, and the rapidity with which this inventory/capacity correction is occurring is unprecedented compared to previous cycles. Our near-term visibility is limited because of the general uncertainty in the industry. In this environment, we will focus our efforts on cost reduction and continued development of our new products so we again will be well positioned to benefit as the industry recovers.

``On a personal note, Glenn Spears retired as Executive Vice President as of April 1, 2001, to spend more time with his family. Many in the investment community who have worked with Glenn over the years have expressed their best wishes to him, and he will be missed by all of us.''

Earnings before depreciation, amortization, interest and taxes (EBDAIT) for the March quarter were $148.7 million, compared with $76.1 million for the same quarter last year. Sales of surface-mount capacitors were $301.4 million for the March quarter, compared to $228.9 million for the same quarter last year, while sales of leaded capacitors were $36.6 million versus $29.2 million during the same period last year. Export sales comprised 59% of total sales and increased 48% to $200.3 million, compared to $135.3 million in the same quarter last year.

Net sales and net earnings for the last three fiscal years were:

Fiscal Fiscal Fiscal
1999 2000 2001
(In Millions)
Net sales $565.6 $822.1 $1,406.1
Net earnings $6.2 $70.1 $352.3

KEMET Corporation, headquartered in Greenville, South Carolina, is the largest manufacturer of solid tantalum capacitors and the fourth largest manufacturer of multilayer ceramic capacitors in the world. KEMET's strategy is to be the preferred capacitor supplier to the world's largest, most successful electronics original equipment manufacturers, electronics manufacturing services providers, and electronics distributors.

KEMET's common stock is listed on The New York Stock Exchange under the symbol KEM. Additional Company information is available via the Internet (http://www.kemet.com).


The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. Current negative trends in global economic conditions make it particularly difficult at present to predict product demand and other related matters.

* The company's best current estimate, given the high level of economic uncertainty, is that revenues for the June quarter will be down approximately 40% from March quarter revenues due to the inventory correction in the electronics industry. The backlog entering the June quarter is down substantially from the level going into the March quarter, but the rate of order cancellations and push-outs has slowed considerably. Selling prices for tantalum capacitors increased significantly during the March quarter, due to the dramatic rise in cost for tantalum material. We expect selling prices for tantalum capacitors to decline industry-wide as shortages in the world supply of tantalum material are alleviated. We expect that the gross margin percentage for fiscal 2002 will average in the range of 30% to 35%. We believe profitability for the June quarter should be the low point for this cycle, and we are encouraged by the fact that our distributors' capacitor inventories began to decline during March.
* During fiscal 2001, KEMET entered into a 50/50 joint venture agreement with Australasian Gold Mines NL (AGM) to establish an independent source of tantalum to meet the increasing demand for tantalum capacitors from key customers. This transaction closed in April 2001. KEMET's initial investment in the joint venture is approximately $4.9 million, and KEMET acquired a 10 percent interest in AGM for approximately $2.3 million. KEMET also has the right to acquire all processed tantalum products from the initial production plant, which began operations in the March quarter, and from any future processing operations. These tantalum products are expected to be toll converted into tantalum powder necessary for the production of capacitors. KEMET anticipates that current mining operations will initially provide up to 10% to 15% of our annual tantalum requirements.
* For fiscal 2002, KEMET anticipates maintaining our investment in key customer relationships through our direct sales and customer service professionals, as well as our research and development to maintain our position at the leading edge of technology in the capacitor industry.

Fiscal Fiscal Fiscal Fiscal
1998 1999 2000 2001
(In Millions)
SG&A $48.8 $46.6 $48.5 $55.7
R&D $23.8 $21.1 $23.9 $26.2

* Capital expenditures for fiscal 2002 are anticipated to be in the range of $100 to $150 million, compared to $211 million in fiscal 2001. ``Production capacity'' capital expenditures are equipment and other manufacturing assets that can be added incrementally during the year as market demand dictates. ``Facilities and cost reduction'' capital expenditures are long-term investments that maintain KEMET's ability to be cost competitive and to add equipment lines as needed to respond to market demands. The fiscal 2001 increase in facilities and cost reduction capital expenditures over prior years related primarily to adding capacity to manufacture base metal electrode ceramic capacitors. By the end of the March quarter we had displaced approximately 30% of the palladium we otherwise would have used to make ceramic capacitors, and by the end of fiscal 2002 we anticipate that we will have displaced 60% of our palladium usage.

Fiscal Fiscal Fiscal Fiscal
1998 1999 2000 2001
(In Millions)
Production capacity $ 85 $34 $61 $144
Facilities & cost
reduction $ 30 $25 $21 $ 67
$ 115 $59 $82 $211

Quiet Period

Beginning July 2, 2001, KEMET will observe a Quiet Period during which the Business Outlook as provided in this press release and the Company's quarterly report on Form 10-Q will no longer constitute the Company's current expectations. During the Quiet Period, the Business Outlook in these documents should be considered to be historical, applying prior to the Quiet Period only and not subject to update by the Company. During the Quiet Period, KEMET representatives will not comment concerning the Business Outlook or KEMET's financial results or expectations. The Quiet Period will extend until the day when KEMET's next quarterly earnings release is published, presently scheduled for July 23, 2001.

This release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We intend that these forward-looking statements be subject to the safe harbor created by that provision. These forward-looking statements involve risks and uncertainties and include, but are not limited to, statements regarding future events and our plans, goals, and objectives. Our actual results may differ materially from these statements. These risks, trends, and uncertainties, which in some instances are beyond our control, include: risks associated with the cyclical nature of the electronics industry, the requirement to continue to reduce the cost of our products, the competitiveness of our industry, an increase in the cost of our raw materials, the location of several of our plants in Mexico, and the possible loss of key employees. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can giveno assurance that the results contemplated in these forward-looking statements will be realized. The inclusion of this forward-looking information should not be regarded as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. Furthermore, past performance in operations and share price is not necessarily predictive of future performance.

(Dollars in Thousands Except Per Share Data)

Three months ended Twelve months ended
March 31, March 31,
ACTUAL INFORMATION 2001 2000 2001 2000

Income Statement Data:

Net Sales $337,999 $258,120 $1,406,147 $822,095

Cost of goods sold,
exclusive of
depreciation 166,730 160,691 693,659 569,706
Selling, general and
administrative expenses 15,395 13,178 55,713 48,457
Research and development 7,210 8,107 26,188 23,918
Depreciation and
amortization 15,596 14,419 63,601 55,699

Operating income 133,068 61,725 566,986 124,315

Interest expense 1,833 2,024 7,507 9,135
Interest income (4,909) (2,389) (16,713) (2,079)
Other expense 2,344 3,663 7,892 11,695
Income taxes 55,356 20,361 215,954 35,445

Net earnings $78,444 $38,066 $352,346 $ 70,119

Earnings Per Share Data:

Net earnings per share:
Basic $0.91 $0.44 $4.05 $0.87
Diluted $0.90 $0.44 $4.00 $0.85

Weighted-average shares outstanding:
Basic 86,362,252 85,554,814 86,930,965 80,650,376
Diluted 87,414,105 87,379,088 88,181,118 82,411,634

Other Data:

Earnings before depreciation,
amortization, interest
and income taxes
(EBDAIT) $148,664 $ 76,144 $630,587 $180,014

(Dollars in thousands)

2001 2000

Cash $360,758 $75,735
Short-term investments -- 123,687
Accounts receivable, net 96,583 94,127
Inventories 202,277 130,959
Accrued income taxes receivable -- --
Prepaid expenses and other current
assets 50,493 4,688
Deferred income taxes 35,018 20,099
Total current assets 745,129 449,295
Property, plant and equipment, net 567,262 423,399
Intangible assets, net 44,027 46,198
Other assets $10,112 $8,364

Total assets $1,366,530 $927,256


Accounts payable, trade $201,767 $123,708
Accrued expenses 49,230 42,045
Income taxes payable 34,078 23,388
Total current liabilities 285,075 189,141
Long-term debt 100,000 100,000
Other non-current obligations 51,084 54,757
Deferred income taxes 44,196 35,902
Total liabilities 480,355 379,800

Common stock 876 870
Additional paid-in capital 322,070 308,724
Retained earnings 590,189 237,846
Accumulated other comprehensive
income 2,355 16
Treasury stock at cost (29,315) --
Total stockholders' equity 886,175 547,456

Total liabilities and
stockholders' equity $1,366,530 $927,256


SOURCE: KEMET Corporation

mib - Freitag, 4. Mai 2001 - 22:36
von briefing.com:

14:06 ET RF Micro Devices (RFMD): 31.31 +3.29: JP Morgan's upgrade has fueled a 12% one-day gain in RFMD shares, and the note says all the right things if you're long RFMD. When we last wrote on RFMD in Story Stocks, we referred to the main concern that has depressed all the communications IC stocks, lack of visibility. According to JP Morgan, RFMD's visibility is back, in spades. At the JP Morgan H&Q Technology Conference yesterday, the company apparently told the packed room that the June quarter is fully booked for 20% q/q revenue growth, and demand has increased substantially over the past two weeks. In fact, the demand has been so strong for GSM modules that the company is currently hiring in order to re-open an idle fabrication facility. Who's it coming from? Their top customer is handset maker, Nokia (NOK) and others include Qualcomm, Motorola, Siemens, Bosch and Samsung in the handset market. In the last two and half weeks, RFMD has advanced 75%, with 25% of the move coming in today's session. Those kinds of advances make us leery of jumping in now, but there are broader implications from this call. Obviously, this can be interpreted as an early indication that the handset makers, at least Nokia for one, has worked down inventory to more normalized levels, which bodes well for the handset makers. However, RFMD is heavily reliant on Nokia, and according to a recent note from SG Cowen, Nokia has handled inventory much better than competitors, so this good news doesn't necessarily carryover to the rest of the handset makers, but could be a precursor. Other communications chip makers should also be encouraged by RFMD's news: BRCM, PMCS, AMCC, TXCC, VTSS, CNXT, TXN, CY. All of the comm IC pure-plays have been left in the dust by RFMD since mid-April after trading as a group for most of the calendar year. Passive components are also needed in cell phones: AVX, KEM, VSH. Nokia specific suppliers: CNXT, TQNT, ATML, SAWS, VSH. It may be early and optimistic, but early is better than late. -- Matt Gould, Briefing.com

mib - Dienstag, 5. Juni 2001 - 15:12

07:32 ET Electronic Components Stks Started : UBS Warburg initiates coverage of US passive component suppliers Kemet (KEM) and Vishay (VSH) with Buy ratings; firm starts AVX Corp (AVX) with a Strong Buy; says normalized valuations are below typical levels for cyclical downturn

mib - Montag, 23. Juli 2001 - 23:16
nix Neues in den Kemet Zahlen.
Erwarten weitere Verschlechterung in Q3, aber immer noch schwarze Zahlen.


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