AVX Corporation (AVX)

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AVX..@11.99 #smallcap ..Bought a small starter watching. Not a good 2015, for AVX, or was it? A lot of legal issues dealt with (2015) and behind them now, 37.5m paid out in a settlement in the most recent 3rd Quarter ending Dec 31 2015. Also within the nine months... final payment of $122.1 million made on May 26, 2015, related to the New Bedford Harbor environmental matters...

Excellent balance sheet,... approximately $1 billion of cash, cash equivalents, and short-term and long-term investments in securities, $2,142.8 million of stockholders’ equity, and no debt.

Dividend Yield 3.55%... http://www.dividend.com/dividend-stocks/technology/diversified-electronics/avx-avx-corp/

Nine month net sales 891,924,000, and net income 68,870,000, .41c per share earnings
Outstanding Common Stock, 167,569,084 at February 3, 2016 Common

Company Information... AVX is a leading worldwide manufacturer and supplier of a broad line of passive electronic components and Interconnects.
We serve a broad range of markets including: computer, telecommunications infrastructure, cellular, industrial, automotive, consumer, military and medical sectors. In automotive, we are contributing toward new technologies for safety, engine control, infotainment and chassis control. In medical,
http://www.avx.com/about-avx/

A lot of recent new products released, for medical grade, and automotive apps.
http://www.avx.com/category/press-releases/


From Q3 ending Dec 31, 2015

Outlook

Near-Term:

With uncertain global geopolitical and economic conditions, it is difficult to quantify expectations for the remainder of fiscal 2016.
Near-term results for us will depend on the impact of the overall global geopolitical and economic conditions and their impact on
telecommunications, information technology hardware, automotive, consumer electronics, and other electronic markets. Looking
ahead, visibility is low and forecasting is a challenge in this uncertain and volatile market. We expect to see typical pricing pressure
in the markets we serve due to competitive activity. In response to anticipated market conditions, we expect to continue to focus
on cost management and product line rationalization to maximize earnings potential. We also continue to focus on process
improvements and enhanced production capabilities in conjunction with our focus on the sales of value-added and higher
capacitance passive electronic components to support today’s advanced electronic devices. If current global geopolitical and
economic conditions worsen, the overall impact on our customers as well as end user demand for electronic products could have
a significant adverse impact on our near-term results.

Long-Term:

Although there is uncertainty in the near-term market as a result of the current global geopolitical and economic conditions, we
continue to see opportunities for long-term growth and profitability improvement due to: (a) a projected increase in the longterm
worldwide demand for more sophisticated electronic devices, which require more advanced and higher capacitance passive
electronic components such as the ones we sell, (b) cost reductions and improvements in our production processes, and (c)
opportunities for growth in our Advanced Component and Interconnect product lines due to advances in component design
and our production capabilities. We have fostered our financial health and the strength of our balance sheet putting us in a good
position to react to changes in the marketplace as they occur. We remain confident that our strategies will enable our continued
long-term success.

Liquidity and Capital Resources

Liquidity needs arise primarily from working capital requirements, dividend payments, capital expenditures, and
acquisitions. Historically, we have satisfied our liquidity requirements through funds from operations and investment income from
cash, cash equivalents, and investments in securities. As of December 31, 2015, we had a current ratio of 10.4 to 1, approximately
$1 billion of cash, cash equivalents, and short-term and long-term investments in securities, $2,142.8 million of stockholders’
equity, and no debt.
Net cash provided by operating activities was $102.7 million in the nine months ended December 31, 2015 compared to $164.4
million of cash provided by operating activities in the nine months ended December 31, 2014. The decrease in operating cash
flow compared to the same period last year was primarily a result a final payment of $122.1 million made on May 26, 2015, related
to the New Bedford Harbor environmental matters discussed below and other changes in working capital.
Purchases of property and equipment were $33.8 million in the nine month period ended December 31, 2015 and $19.1 in the
nine month period ended December 31, 2014. Expenditures in the nine months ended December 31, 2015 were primarily made
in connection with the strategic expansion activities in the Czech Republic, Mexico and Greenville, South Carolina. We expect to
incur a total of approximately $45 to $50 million in capital expenditures in fiscal 2016. The actual amount of capital expenditures
will depend upon the outlook for end-market demand and timing of capital projects.
The majority of our funding is internally generated through operations and investment income from cash, cash equivalents, and
investments in securities. Since March 31, 2015, there have been no material changes in our contractual obligations or
commitments for the acquisition or construction of plant and equipment or future minimum lease commitments under
noncancellable operating leases. Based on our financial condition as of December 31, 2015, we believe that cash on hand, cash
expected to be generated from operating activities and investment income from cash, cash equivalents, and investments in
securities will be sufficient to satisfy our anticipated financing needs for working capital, capital expenditures, environmental cleanup
costs, pension plan funding, research, development and engineering expenses, acquisitions of businesses, and any dividend
payments or stock repurchases to be made during the next twelve months. Changes in demand may have an impact on our
future cash requirements; however, changes in those requirements are mitigated by our ability to adjust manufacturing capabilities
to meet increases or decreases in customer demand. We do not anticipate any significant changes in our ability to generate capital
or meet our liquidity needs in the foreseeable future.

http://investorrelations.avx.com/sites/avx.investorhq.businesswire.com/files/doc_library/file/AVX-20160205-10Q-20151231.pdf

10K ending March 31,2015
http://investorrelations.avx.com/sites/avx.investorhq.businesswire.com/files/doc_library/file/AVXCorporation_2015_10K.pdf