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It's got everything but interest/vol. Will spike when rumor/news arrives. Gap up from tech sector bump this a.m. Watching patiently.
BULLISH TREND. Falling wedge formation. Market open = new highs. It's exact mirror of the bearish trend we had past week.
@$2..33% more from here..$KEM
$KEM Kemet Corporation..Bought a starter lot @1.91
Time to turn this thing around..2016
2B dragon pattern KEM...bullish
(2B dragon chart example)
kemet just completed its 3:1 reverse split. With a value over 12.00 now they can get off the amex and trade on nasdaq! Bring on those big investors!! And yes few splits finish up 8% the day of the split!!
KEME: climbing back up it seems.
This is on my radar now.
GL
Kemet Selected To Receive a Department of Energy Recovery Act Grant
http://finance.yahoo.com/news/Kemet-Selected-To-Receive-a-prnews-2162224213.html?x=0&.v=1
* Press Release
* Source: KEMET Corporation
* On Wednesday August 5, 2009, 2:35 pm EDT
o
Buzz up! 0
o Print
*
Companies:
o KEMET Corp.
GREENVILLE, S.C., Aug. 5 /PRNewswire-FirstCall/ -- KEMET Corporation (OTC Bulletin Board: KEME - News), a leading manufacturer of tantalum, multilayer ceramic, solid aluminum, plastic film, paper and electrolytic capacitors, today learned that the company has been selected as one of thirty companies to receive a grant from the Department of Energy for a project that is expected to create over 110 new jobs in South Carolina. The award will enable the company to produce film and electrolytic capacitors within the United States to support alternative energy products and emerging green technologies such as hybrid electric drive vehicles. KEMET is receiving a grant for $15.1 million and is one of only two capacitor manufacturers in the group to receive an award.
"The President of the United States announced today the funding of $2.4 billion in grants to accelerate the manufacturing and development of the next generation of U.S. batteries and electric vehicles," stated Per Loof, KEMET's Chief Executive Officer. "KEMET was notified today by the Department of Energy that our company was chosen to receive a Department of Energy Recovery Act Grant. We are pleased to be part of this distinguished group of businesses to receive a grant and we are confident that we are well positioned to move forward with our plans to build manufacturing capability at our headquarters in Simpsonville, SC. This added capacity will enable KEMET to produce the capacitors that are needed in the U.S. to support the development of green technologies and alternative energy. As we already have the physical facility, the grant will be supporting the purchase of the actual manufacturing equipment, giving us the opportunity to bring capacity online in a matter of months. This is truly a win-win-win opportunity as it creates jobs, helps the environment and benefits our shareholders," continued Loof.
KEMET is expecting to receive a letter later this week which will detail the next steps in this process.
"The grant will provide the required resources for KEMET to increase capacity in the U.S. for DC bus capacitors, which reduces the supply chain risk that Electric Drive Vehicle manufacturers face with the current dependence on offshore or non USA suppliers for this key subcomponent," stated Dr. Daniel Persico, KEMET's Vice President of Strategic Marketing and Business Development. "The investment in domestic expertise in this area is an important step in developing the U.S. as the leader in the Electric Vehicle Drive subcomponent field for the foreseeable future," continued Persico.
About KEMET
KEMET Corporation (KEME.OB) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world's most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation's (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, the following: (i) the Company's ability to consummate the tender offer for the Notes and accomplish its financing plan described in the Offer to Purchase; (ii) generally adverse economic and industry conditions, including a decline in demand for the Company's products; (iii) the ability to maintain sufficient liquidity to realize current operating plans; (iv) adverse economic conditions could cause further reevaluation of the fair value of the Company's reporting segments and the write down of long-lived assets; (v) the cost and availability of raw materials; (vi) changes in the competitive environment of the Company; (vii) economic, political, or regulatory changes in the countries in which the Company operates; (viii) the ability to successfully integrate the operations of acquired businesses; (ix) the ability to attract, train and retain effective employees and management; (x) the ability to develop innovative products to maintain customer relationships; (xi) the impact of environmental issues, laws, and regulations; (xii) the Company's ability to achieve the expected benefits of its manufacturing relocation plan or other restructuring plan; (xiii) volatility of financial and credit markets which would affect access to capital for the Company; and (xiv) increased difficulty or expense in accessing capital resulting from the delisting of the Company's common stock from the New York Stock Exchange. Other risks and uncertainties may be described from time to time in the Company's reports and filings with the Securities and Exchange Commission.
Contact: Dean W. Dimke
Director of Corporate and Investor Communications
deandimke@KEMET.com
954.766.2806
Volume and up.. almost 52 weeks high..is this cause of recent earnings report?
GLLs
KEMET Announces Extension of Expiration Date for Its Tender Offer
Jun 3, 2009 7:30:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesGREENVILLE, S.C., June 3 /PRNewswire-FirstCall/ -- KEMET Corporation (OTC Bulletin Board: KEME.OB), a leading manufacturer of the majority of capacitor types, including tantalum, multilayer ceramic, solid aluminum, plastic film, paper and electrolytic capacitors, today announced, in connection with its previously announced tender offer for its 2.25% Convertible Senior Notes due 2026 (CUSIP Nos. 488360 AA6 and 488360 AB4) (the "Notes"), that it is extending the expiration date of the tender offer from 11:59 p.m., New York City time, on June 2, 2009 to 11:59 p.m., New York City time, on June 12, 2009. Holders who have validly tendered and not validly withdrawn their Notes prior to the new expiration date of 11:59 p.m., New York City time, on June 12, 2009 (as such date and time may be further extended), including holders who tendered their Notes prior to today's announcement, may withdraw tendered Notes at any time on or before the new expiration date.
In connection with the commencement of the tender offer, KEMET entered into certain amendments to its euro 60 million credit facility and euro 35 million credit line (collectively, the "UniCredit Amendments"), each with UniCredit Corporate Banking S.p.A. ("UniCredit"). The UniCredit Amendments were to become effective only upon consummation of the tender offer on or before June 10, 2009. On June 1, 2009, UniCredit agreed to extend the June 10, 2009 deadline to July 20, 2009.
Except for the new terms announced today, all terms and conditions of the tender offer remain unchanged. The complete terms and conditions of the tender offer are set forth in KEMET's Offer to Purchase, dated May 5, 2009, and the related Letter of Transmittal, each as amended and supplemented from time to time.
As of June 2, 2009 at 5:00 p.m., New York City time, approximately $2,712,000 in aggregate principal amount of Notes have been validly tendered and not validly withdrawn pursuant to the tender offer.
KEMET has retained Deutsche Bank Securities Inc. to act as the dealer manager for the tender offer. D.F. King & Co. is the information agent and depositary for the tender offer. Questions regarding the tender offer should be directed to Deutsche Bank Securities Inc. at 1-800-503-4611 (U.S. toll-free). Requests for the Offer to Purchase and other documents relating to the tender offer may be directed to D.F. King & Co. at (212) 269-5550 (for banks and brokers only) or 1-800-431-9643 (U.S. toll-free).
Neither KEMET, any member of its board of directors, the dealer manager nor the information agent is making any recommendation to holders of Notes as to whether to tender or refrain from tendering their
Notes pursuant to the tender offer. Holders of Notes must decide whether they will tender pursuant to the tender offer and, if so, how many Notes they will tender.
This release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities. The tender offer is only being made pursuant to the tender offer documents, including the Offer to Purchase and the related Letter of Transmittal, each as amended and supplemented from time to time. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
About KEMET
KEMET Corporation (KEME.OB) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world's most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com .
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation's (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, the following: (i) the Company's ability to consummate the tender offer for the Notes and accomplish its financing plan described in the Offer to Purchase; (ii) generally adverse economic and industry conditions, including a decline in demand for the Company's products; (iii) the ability to maintain sufficient liquidity to realize current operating plans; (iv) adverse economic conditions could cause further reevaluation of the fair value of the Company's reporting segments and the write down of long-lived assets; (v) the cost and availability of raw materials; (vi) changes in the competitive environment of the Company; (vii) economic, political, or regulatory changes in the countries in which the Company operates; (viii) the ability to successfully integrate the operations of acquired businesses; (ix) the ability to attract, train and retain effective employees and management; (x) the ability to develop innovative products to maintain customer relationships; (xi) the impact of environmental issues, laws, and regulations; (xii) the Company's ability to achieve the expected benefits of its manufacturing relocation plan or other restructuring plan; (xiii) volatility of financial and credit markets which would affect access to capital for the Company; and (xiv) increased difficulty or expense in accessing capital resulting from the delisting of the Company's common stock from the New York Stock Exchange. Other risks and uncertainties may be described from time to time in the Company's reports and filings with the Securities and Exchange Commission.
Contact: William M. Lowe, Jr.
Executive Vice President and Chief Financial Officer
billlowe@KEMET.com
864-963-6484
SOURCE KEMET Corporation
----------------------------------------------
William M. Lowe
Jr.
Executive Vice President and Chief Financial Officer of KEMET Corporation
+1-864-963-6484
billlowe@KEMET.com
KEMET Reports Fourth Quarter and Fiscal Year 2009 Results
May 19, 2009 8:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesGREENVILLE, S.C., May 19 /PRNewswire-FirstCall/ --
Financial Highlights:
-- Net sales for the fourth quarter were $136 million and $804.4 million
for fiscal year 2009
-- Fourth Quarter GAAP net income (loss) per share of $0.06 compared to
$(0.14) for prior quarter ended December 31, 2008
-- Fourth Quarter Non-GAAP net income (loss) per share of $(0.23) compared
to $(0.06) for prior quarter ended December 31, 2008
-- SG&A expenses declined $7.8 million compared to quarter ended March
31, 2008 and $5.2 million versus fiscal year 2008
-- Cash balance increased $13.8 million during quarter ended March 31, 2009
KEMET Corporation (OTC Bulletin Board: KEME) today reported preliminary results for the fourth quarter ended March 31, 2009. Net sales for the quarter ended March 31, 2009, were $136.0 million, which is a 43.6% decrease over the same quarter last year and a 28.7% decrease over the prior quarter ended December 31, 2008. Net sales for fiscal year 2009, which includes a full year of operating results for the acquisition in October 2007 of Arcotronics Italia S.p.A., were $804.4 million which is a 5.4% decrease compared to the prior fiscal year ended March 31, 2008.
On a U.S. GAAP basis net income was $4.5 million, or $0.06 per share for the fourth fiscal quarter compared to a net loss of $20.5 million or $(0.24) per share for the same quarter last year and compares to a net loss of $11.1 million or $(0.14) per share for the prior quarter ended December 31, 2008. The Non-GAAP net loss, excluding special charges, was $18.5 million or $(0.23) per share for the current quarter compared to net loss of $2.3 million, or $(0.03) per share for the same quarter last year and compares to a net loss of $4.9 million, or $(0.06) per share for the prior quarter ended December 31, 2008.
The current quarter includes a net $28.6 million gain related primarily to the curtailment of a post-retirement benefit plan, $2.5 million of impairment charges related to long-lived assets, $1.8 million of restructuring charges and acquisition related integration expenses and $1.3 million of non-recurring interest amortization charges.
"Our industry and our business continue to be affected by the worldwide recession. Inventory management was a key focus for us during this last quarter and proved to be a success as we increased our unrestricted cash for the quarter by $13.8 million over last quarter even as our sales declined almost 29% from the prior quarter ended December 31, 2008," stated Per Loof, KEMET's Chief Executive Officer. "We may have hit the bottom in some markets and regions this past quarter, but we expect further decline in some markets through this current quarter. I am pleased by the actions we have taken recently that have strengthened our balance sheet and we continue to pursue that objective. Continued pressure on our operating cash will remain a challenge for us as we maneuver through the balance of the calendar year," continued Loof.
Management believes that investors may find it useful to review the Company's financial results that exclude special items as determined by management. These special items include impairment charges associated with goodwill and long-lived assets, integration costs incurred as a result of recent business acquisitions, restructuring charges related primarily to employee severance and equipment moves, losses incurred due to the early retirement of debt, benefit plan curtailments, non-recurring interest amortization charges, certain inventory adjustments, other non-cash acquisition related expenses, and sales or disposals of certain asset groups. Management believes that this Non-GAAP disclosure is useful to investors in that it provides a supplemental way to possibly better understand the underlying operating performance of the Company. Management uses Non-GAAP financial reporting to evaluate operating performance; however Non-GAAP financial performance should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP.
The following table provides reconciliation from GAAP net income (loss) to Non-GAAP net income (loss):
GAAP to Non-GAAP Reconciliation
(Unaudited) Fiscal
Quarters Ended Years Ended
------------------------- --------------
March December March March March
2009 2008 2008 2009 2008
------ --------- ------ ------ ------
(Amounts in millions, except per share data)
Including special items (GAAP)
Net sales $136.0 $190.7 $241.2 $804.4 $850.1
Net income (loss) $4.5 $(11.1) $(20.5) $(276.9) $(17.6)
Net income (loss) per share
(basic and diluted) 0.06 (0.14) (0.24) (3.44) (0.21)
Excluding special items
(Non-GAAP)
Net income (loss) $4.5 $(11.1) $(20.5) $(276.9) $(17.6)
Special items (after tax):
Restructuring charges 1.3 4.2 13.7 29.4 24.9
Goodwill impairment - - - 174.3 -
Write down of long
lived assets 2.5 - 2.1 67.3 4.2
(Gain) loss on sales
and disposals of assets - 1.4 - (26.8) -
Net benefit plan
adjustments (28.6) - - (28.6) -
Non-recurring interest
amortization charges 1.3 - - 1.3 -
Loss on early retirement
of debt - - - 2.2 -
Inventory adjustment - - - 8.6 -
Acquisitions integration
costs 0.5 0.6 1.5 5.1 3.7
Other non-cash
acquisition expense - - 0.9 - 0.9
------------------------------------------
Adjusted net income (loss)
(excluding special items) $(18.5) $(4.9) $(2.3) $(44.1) $16.1
Adjusted net income (loss)
per basic and diluted share
(excluding special items) $(0.23) $(0.06) $(0.03) $(0.55) $0.19
KEMET's common stock is listed on the OTC Bulletin Board and on the Pink OTC Markets, Inc., Pink Quote System under the symbol KEME. At the Investor Relations section of our web site at http://www.KEMET.com/IR, users may subscribe to KEMET news releases and find additional information about our Company.
QUIET PERIOD
Beginning July 1, 2009, we will observe a quiet period during which the information provided in this news release and our annual report on Form 10-K will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal security laws about KEMET Corporation (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) the Company's ability to consummate the tender offer for its 2.25% Convertible Senior Notes due 2026 and accomplish its financing plan described in the Offer to Purchase dated May 5, 2009; (ii) generally adverse economic and industry conditions, including a decline in demand for the Company's products; (iii) the ability to maintain sufficient liquidity to realize current operating plans; (iv) adverse economic conditions could cause further reevaluation of the fair value of our reporting segments and the write down of long-lived assets; (v) the cost and availability of raw materials; (vi) changes in the competitive environment of the Company; (vii) economic, political, or regulatory changes in the countries in which the Company operates; (viii) the ability to successfully integrate the operations of acquired businesses; (ix) the ability to attract, train and retain effective employees and management; (x) the ability to develop innovative products to maintain customer relationships; (xi) the impact of environmental issues, laws, and regulations; (xii) the Company's ability to achieve the expected benefits of its manufacturing relocation plan or other restructuring plan; and (xiii) volatility of financial and credit markets which would affect access to capital for the Company. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited - Amounts in thousands except per share data)
Quarters Ended Fiscal Years Ended
---------------------- ----------------------
March 2009 March 2008 March 2009 March 2008
---------- ---------- ---------- ----------
Net sales $136,043 $241,178 $804,385 $850,120
Operating costs and expenses:
Cost of sales 137,368 203,842 736,286 695,397
Selling, general and
administrative
expenses 21,183 28,970 93,770 99,048
Research and
development 5,644 9,813 28,956 35,699
Restructuring charges 1,295 13,937 30,874 25,341
Goodwill impairment - - 174,327 -
Write down of long-
lived assets 2,469 2,120 67,624 4,218
(Gain) loss on sales
and disposals of
assets 1,731 (661) (25,505) (702)
Curtailment gains on
benefit plans (30,835) - (30,835) -
------- - ------- -
Total operating
costs and expenses 138,855 258,021 1,075,497 859,001
------- ------- --------- -------
Operating loss (2,812) (16,843) (271,112) (8,881)
Other (income) expense:
Interest income (73) (1,030) (618) (6,061)
Interest expense 5,695 5,302 21,459 14,074
Other income, net (7,778) (1,571) (14,084) (4,412)
Loss on early
retirement of debt - - 2,212 -
- - ----- -
Loss before income
taxes (656) (19,544) (280,081) (12,482)
Income tax expense
(benefit) (5,120) 941 (3,202) 5,111
------ --- ------ -----
Net income (loss) $4,464 $(20,485) $(276,879) $(17,593)
====== ======== ========= ========
Net income (loss) per
share (basic and
diluted) 0.06 (0.24) (3.44) (0.21)
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in thousands except per share data)
March 31,
--------------------
2009 2008
---- ----
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $39,204 $81,383
Accounts receivable, net 120,139 197,258
Inventories 154,981 243,714
Other current assets 11,245 15,692
Deferred income taxes 151 4,017
--- -----
Total current assets 325,720 542,064
------- -------
Property, plant and equipment, net 357,977 479,396
Goodwill - 182,273
Intangible assets, net 24,094 35,786
Other assets 7,010 12,381
----- ------
Total assets $714,801 $1,251,900
======== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $25,994 $108,387
Accounts payable 52,332 131,468
Accrued expenses 51,125 59,626
Income taxes payable 1,127 3,524
----- -----
Total current liabilities 130,578 303,005
------- -------
Long-term debt 307,111 304,294
Other non-current obligations 57,316 80,130
Deferred income taxes 5,466 21,679
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01, authorized
300,000, shares issued 88,525 and 88,240
shares at March 31, 2009 and 2008,
respectively 885 882
Additional paid-in capital 322,905 323,359
Retained earnings (deficit) (62,699) 214,180
Accumulated other comprehensive income 12,663 65,565
Treasury stock, at cost (7,714 and 7,950
shares at March 31, 2009 and 2008,
respectively) (59,424) (61,194)
------- -------
Total stockholders' equity 214,330 542,792
------- -------
Total liabilities and stockholders' equity $714,801 $1,251,900
======== ==========
KEMET CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Amounts in thousands)
Fiscal Years Ended
March 31,
-------------------
2009 2008
---- ----
(Unaudited)
Sources (uses) of cash and cash equivalents
Operating activities:
Net loss $(276,879) $(17,593)
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating
activities:
Depreciation and amortization 57,290 53,522
Goodwill impairment 174,327 -
Write down of long-lived assets 67,624 4,218
(Gains) losses on sales and disposals of
assets (25,505) (702)
Curtailment gains on benefit plans (30,835) -
Stock-based compensation expense 1,070 3,340
Deferred income taxes (8,076) 2,342
Changes in assets and liabilities:
Accounts receivable 44,777 1,810
Inventories 71,308 (8,214)
Prepaid expenses and other current assets 4,055 3,217
Accounts payable (67,356) (15,499)
Accrued expenses and income taxes (490) (42,329)
Deferred income taxes payable (2,976) (5,751)
Other non-current obligations (2,609) 1,122
Other - (46)
- ---
Net cash provided by (used in) operating
activities 5,725 (20,563)
----- -------
Investing activities:
Capital expenditures (30,541) (43,605)
Proceeds from sale of assets 34,870 3,018
Acquisitions, net of cash received (1,000) (69,896)
Change in restricted cash 3,900 (37)
Proceeds from sale of fuel cell business - 5,759
Proceeds from maturity of short-term investments - 46,076
Other - (768)
- ----
Net cash provided by (used in) investing
activities 7,229 (59,453)
----- -------
Financing activities:
Proceeds from sale of common stock to employee
savings plan 249 575
Proceeds from issuance of long-term debt 23,317 142,014
Payment on long-term debt (75,487) (170,150)
Debt issuance costs (1,574) (602)
Purchases of treasury stock - (18,221)
Proceeds from exercise of stock options - 131
- ---
Net cash used in financing activities (53,495) (46,253)
------- -------
Net decrease in cash and cash equivalents (40,541) (126,269)
Effect of foreign currency fluctuations on cash (1,638) 1,963
Cash and cash equivalents at beginning of fiscal
year 81,383 205,689
------ -------
Cash and cash equivalents at end of fiscal year $39,204 $81,383
======= =======
Contact:
Dean W. Dimke
Director of Corporate and Investor Communications
deandimke@KEMET.com
954-766-2800
William M. Lowe, Jr.
Executive Vice President and Chief Financial Officer
billlowe@KEMET.com
864-963-6484
SOURCE KEMET Corporation
----------------------------------------------
William M. Lowe
Jr.
Executive Vice President and Chief Financial Officer
billlowe@KEMET.com
+1-864-963-6484; or Dean W. Dimke
Director of Corporate and Investor Communications
deandimke@KEMET.com
+1-954-766-2800
KEMET Commences Tender Offer For its 2.25% Convertible Senior Notes Due 2026
May 5, 2009 8:05:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesGREENVILLE, S.C., May 5 /PRNewswire-FirstCall/ -- KEMET Corporation (KEME.OB), a leading manufacturer of the majority of capacitor types, including tantalum, multilayer ceramic, solid aluminum, plastic film, paper and electrolytic capacitors, today announced that it has commenced a tender offer for any and all of its outstanding $175,000,000 2.25% Convertible Senior Notes due 2026 (the "Notes"). KEMET intends to finance the tender offer with a term loan in the amount of up to $52,500,000 it expects to receive pursuant to a credit facility (the "Platinum Credit Facility") with K Financing, LLC, an affiliate of Platinum Equity Capital Partners II, L.P. ("Platinum Equity").
The tender offer will expire at 11:59 p.m., New York City time, on June 2, 2009, unless extended (as such time and date may be extended, the "Expiration Date"). Holders of Notes who validly tender, and do not validly withdraw, their Notes on or prior to the Expiration Date will receive $300 for each $1,000 principal amount of Notes purchased in the tender offer, plus accrued and unpaid interest to, but not including, the date of payment for the Notes accepted for payment. Tenders of Notes must be made on or prior to the Expiration Date, and Notes may be withdrawn at anytime on or prior to the Expiration Date.
The tender offer and KEMET's obligation to purchase and pay for the Notes validly tendered and not validly withdrawn pursuant to the tender offer is conditioned upon (1) at least $166,250,000 in aggregate principal amount of Notes (representing 95% of the outstanding Notes) being validly tendered and not validly withdrawn, (2) the receipt by KEMET of the proceeds from a term loan of up to $52,500,000 from K Financing, LLC, an affiliate of Platinum Equity, which is subject to the satisfaction or waiver of certain conditions and (3) the other general conditions to the tender offer set forth in the Offer to Purchase, dated May 5, 2009 (the "Offer to Purchase"), being satisfied or waived on or prior to the Expiration Date.
In connection with the commencement of the tender offer, KEMET entered into certain amendments to its euro 60,000,000 credit facility ("Facility A") and euro 35,000,000 credit line ("Facility B"), each with UniCredit Corporate Banking S.p.A., a financial institution headquartered in Italy and part of the Milan-based UniCredit Group (the "Facility A Amendment" and the "Facility B Amendment," respectively, and collectively, the "UniCredit Amendments"). The Facility A Amendment would, among other things, amend certain financial covenants in Facility A to align them with the financial covenants under the Platinum Credit Facility, modify the scheduled amortization of Facility A and narrow the scope of an asset sale mandatory prepayment covenant. The Facility B Amendment would, among other things, modify the scheduled amortization of Facility B, extend the maturity date of Facility B to April 1, 2013 and remove a mandatory prepayment trigger upon a change of ownership of KEMET in the event that K Financing, LLC or its affiliates acquire ownership or control of KEMET. The UniCredit Amendments will become effective only if we consummate the tender offer on or before June 10, 2009.
Full details of the terms and conditions of the tender offer are included in KEMET's Offer to Purchase and Schedule TO-I, which have been filed with the Securities and Exchange Commission.
KEMET has retained Deutsche Bank Securities Inc. to act as the dealer manager for the tender offer. DF King & Co. is the information agent and depositary for the tender offer. Questions regarding the tender offer should be directed to Deutsche Bank Securities Inc. at 1-800-503-4611 (U.S. toll-free). Requests for the Offer to Purchase and other documents relating to the tender offer may be directed to D.F. King & Co. at (212) 269-5550 (for banks and brokers only) or 1-800-431-9643 (U.S. toll-free).
Neither KEMET, any member of its board of directors, the dealer manager nor the information agent is making any recommendation to holders of Notes as to whether to tender or refrain from tendering their Notes pursuant to the tender offer. Holders of Notes must decide whether they will tender pursuant to the offer and, if so, how many Notes they will tender.
This release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities. The tender offer is only being made pursuant to the tender offer documents, including the Offer to Purchase and the related letter of transmittal. The tender offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
About KEMET
KEMET Corporation (KEME.OB) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world's most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com .
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation's (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.
Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, the following: (i) the Company's ability to consummate the tender offer for the Notes and accomplish its financing plan described in the Offer to Purchase; (ii) generally adverse economic and industry conditions, including a decline in demand for the Company's products; (iii) the ability to maintain sufficient liquidity to realize current operating plans; (iv) adverse economic conditions could cause further reevaluation of the fair value of the Company's reporting segments and the write down of long-lived assets; (v) the cost and availability of raw materials; (vi) changes in the competitive environment of the Company; (vii) economic, political, or regulatory changes in the countries in which the Company operates; (viii) the ability to successfully integrate the operations of acquired businesses; (ix) the ability to attract, train and retain effective employees and management; (x) the ability to develop innovative products to maintain customer relationships; (xi) the impact of environmental issues, laws, and regulations; (xii) the Company's ability to achieve the expected benefits of its manufacturing relocation plan or other restructuring plan; (xiii) volatility of financial and credit markets which would affect access to capital for the Company; and (xiv) increased difficulty or expense in accessing capital resulting from the delisting of the Company's common stock from the New York Stock Exchange. Other risks and uncertainties may be described from time to time in the Company's reports and filings with the Securities and Exchange Commission.
Contact: William M. Lowe, Jr.
Executive Vice President and Chief Financial Officer
billlowe@KEMET.com
864-963-6484
SOURCE KEMET Corporation
----------------------------------------------
William M. Lowe
Jr.
Executive Vice President and Chief Financial Officer of KEMET Corporation
+1-864-963-6484
billlowe@KEMET.com
KEMET Corporation (KEME.OB: 0.44 0.00%) shares moved up more than 15 percent on no new news.
http://theotcinvestor.com/top-5-otc-bb-and-pinksheets-market-movers-157/
With the refinancing in place KEME is in better shape with the threat of bankruptcy diminished.
.19 Earnings not good?
I hate pinksheets,
you got out just in time...
.22 x .23 on pink sheets....yikes
D
im out, take care!! Hope you make lots of green!
I just got in yesterday for a quick bounce, im hoping to get some green, maybe 20% and then move on.
Morning. I just found this one and am trying to find a reason to jump in.
Any suggestions on how to play this one. I did see they may be moving to pinkies. That is not promising.....
They did take steps to reduce their staff however and cut cost.
Any thoughts would be greatly appreciated.
That is exactly why you have to lock in profits. Back to .30 after hours. So easy a caveman can do it.
Aft hrs .25 with pinksheet news. OUCH
KEM triple bottom was .25 IMO let her move up nicely now. I am hoping for an up trend.
http://stockcharts.com/c-sc/sc?chart=KEM,uu[c,a]dhclyiay[db][pb5!d20,2][vc5!c20][iut!ub5!ua5,15,10!uv8!lk9!ll5!lc15!up5,5][j20444984,y]&r=3555>
Kemet Chief Financial Officer David Gable resigning
Thursday April 24, 5:44 pm ET
Kemet Chief Financial Officer David Gable resigning to pursue other interests
GREENVILLE, S.C. (AP) -- Kemet Corp., which makes components for electronic devices, said Thursday Executive Vice President and Chief Financial Officer David Gable is resigning.
The company said he is resigning to pursue other interests.
In January, the company announced a restructuring plan that will cut 120 jobs in the U.S. and 250 jobs in Mexico, moving some work to China. The company said the job cuts would save about $16 million a year, with a one-time cost of about $7 million.
Gable will remain with the company until a successor is found.
Shares of Kemet rose 12 cents, or 2.7 percent, to close at $4.59. The stock has traded between $3.93 and $9.14 over the past 52 weeks.
http://biz.yahoo.com/ap/080424/kemet_personnel.html?.v=1
Kemet Earnings Conference Call (Q4 2008)
Scheduled to start Tue, May 13, 2008, 9:00 am Eastern
http://biz.yahoo.com/cc/3/91963.html
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