We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
KraneShares Trust Dynamic Emerging Markets Strategy | NYSE:KEM | NYSE | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.21 | 0 | 01:00:00 |
|
(Mark One)
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
57-0923789
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
Trading Symbol
|
Name of exchange on which registered
|
Common Stock, par value $0.01
|
KEM
|
New York Stock Exchange
|
Large Accelerated Filer
|
☒
|
Accelerated Filer
|
☐
|
Non-accelerated Filer
|
☐
|
Smaller Reporting Company
|
☐
|
Emerging Growth Company
|
☐
|
|
|
|
|
|
|
|
|
|
|
|
|
Page
|
|
|
|
|
Item 1. Financial Statements
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3.1
|
|
Exhibit 3.2
|
|
Exhibit 31.1
|
|
Exhibit 31.2
|
|
Exhibit 32.1
|
|
Exhibit 32.2
|
|
Exhibit 101
|
|
Exhibit 104
|
|
|
June 30, 2019
|
|
March 31, 2019
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
217,307
|
|
|
$
|
207,918
|
|
Accounts receivable, net
|
154,522
|
|
|
154,059
|
|
||
Inventories, net
|
256,140
|
|
|
241,129
|
|
||
Prepaid expenses and other current assets
|
48,187
|
|
|
38,947
|
|
||
Total current assets
|
676,156
|
|
|
642,053
|
|
||
Property, plant and equipment, net of accumulated depreciation of $889,142 and $880,451 as of June 30, 2019 and March 31, 2019, respectively
|
518,310
|
|
|
495,280
|
|
||
Goodwill
|
40,294
|
|
|
40,294
|
|
||
Intangible assets, net
|
53,448
|
|
|
53,749
|
|
||
Equity method investments
|
14,238
|
|
|
12,925
|
|
||
Deferred income taxes
|
44,544
|
|
|
57,024
|
|
||
Other assets
|
44,216
|
|
|
16,770
|
|
||
Total assets
|
$
|
1,391,206
|
|
|
$
|
1,318,095
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Current portion of long-term debt
|
$
|
29,225
|
|
|
$
|
28,430
|
|
Accounts payable
|
161,853
|
|
|
153,287
|
|
||
Accrued expenses
|
79,173
|
|
|
93,761
|
|
||
Income taxes payable
|
808
|
|
|
2,995
|
|
||
Total current liabilities
|
271,059
|
|
|
278,473
|
|
||
Long-term debt
|
282,871
|
|
|
266,041
|
|
||
Other non-current obligations
|
149,267
|
|
|
125,360
|
|
||
Deferred income taxes
|
11,214
|
|
|
8,806
|
|
||
Total liabilities
|
714,411
|
|
|
678,680
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, par value $0.01, authorized 10,000 shares, none issued
|
—
|
|
|
—
|
|
||
Common stock, par value $0.01, authorized 175,000 shares, issued 58,018 and 57,822 shares at June 30, 2019 and March 31, 2019, respectively
|
580
|
|
|
578
|
|
||
Additional paid-in capital
|
466,704
|
|
|
465,366
|
|
||
Retained earnings
|
241,635
|
|
|
204,195
|
|
||
Accumulated other comprehensive income (loss)
|
(32,124
|
)
|
|
(30,724
|
)
|
||
Total stockholders’ equity
|
676,795
|
|
|
639,415
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,391,206
|
|
|
$
|
1,318,095
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net sales
|
$
|
345,242
|
|
|
$
|
327,616
|
|
Operating costs and expenses:
|
|
|
|
|
|
||
Cost of sales
|
223,614
|
|
|
232,795
|
|
||
Selling, general and administrative expenses
|
47,885
|
|
|
48,542
|
|
||
Research and development
|
12,175
|
|
|
10,688
|
|
||
Restructuring charges
|
2,208
|
|
|
(96
|
)
|
||
(Gain) loss on write down and disposal of long-lived assets
|
960
|
|
|
511
|
|
||
Total operating costs and expenses
|
286,842
|
|
|
292,440
|
|
||
Operating income
|
58,400
|
|
|
35,176
|
|
||
Non-operating (income) expense
|
|
|
|
|
|
||
Interest income
|
(809
|
)
|
|
(378
|
)
|
||
Interest expense
|
2,545
|
|
|
7,036
|
|
||
Other (income) expense, net
|
(726
|
)
|
|
(11,371
|
)
|
||
Income before income taxes and equity income (loss) from equity method investments
|
57,390
|
|
|
39,889
|
|
||
Income tax expense (benefit)
|
16,800
|
|
|
4,600
|
|
||
Income before equity income (loss) from equity method investments
|
40,590
|
|
|
35,289
|
|
||
Equity income (loss) from equity method investments
|
(250
|
)
|
|
(69
|
)
|
||
Net income
|
$
|
40,340
|
|
|
$
|
35,220
|
|
|
|
|
|
||||
Net income per basic share
|
$
|
0.69
|
|
|
$
|
0.61
|
|
Net income per diluted share
|
$
|
0.68
|
|
|
$
|
0.60
|
|
|
|
|
|
||||
Dividends declared per share
|
$
|
0.05
|
|
|
$
|
—
|
|
|
|
|
|
||||
Weighted-average shares outstanding:
|
|
|
|
|
|
||
Basic
|
58,350
|
|
|
57,339
|
|
||
Diluted
|
59,055
|
|
|
59,038
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
40,340
|
|
|
$
|
35,220
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|||
Foreign currency translation gains (losses)
|
3,179
|
|
|
(24,203
|
)
|
||
Defined benefit pension plans
|
164
|
|
|
39
|
|
||
Defined benefit post-retirement plan adjustments
|
(37
|
)
|
|
(39
|
)
|
||
Equity interest in investee's other comprehensive income (loss)
|
—
|
|
|
(11
|
)
|
||
Cash flow hedges
|
(5,998
|
)
|
|
(4,438
|
)
|
||
Excluded component of fair value hedges
|
1,292
|
|
|
—
|
|
||
Other comprehensive income (loss)
|
(1,400
|
)
|
|
(28,652
|
)
|
||
Total comprehensive income (loss)
|
$
|
38,940
|
|
|
$
|
6,568
|
|
|
Three Months Ended June 30,
|
||||||
Operating activities:
|
2019
|
|
2018
|
||||
Net income
|
$
|
40,340
|
|
|
$
|
35,220
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of effect of acquisitions:
|
|
|
|
|
|
||
Depreciation and amortization
|
14,259
|
|
|
13,097
|
|
||
Equity (income) loss from equity method investments
|
250
|
|
|
69
|
|
||
Non-cash debt and financing costs
|
894
|
|
|
229
|
|
||
Stock-based compensation expense
|
2,725
|
|
|
4,060
|
|
||
Rent receivable
|
—
|
|
|
3,077
|
|
||
(Gain) loss on write down and disposal of long-lived assets
|
960
|
|
|
511
|
|
||
Pension and other post-retirement benefits
|
1,341
|
|
|
1,274
|
|
||
Change in deferred income taxes
|
14,895
|
|
|
951
|
|
||
Change in operating assets
|
(15,626
|
)
|
|
(24,520
|
)
|
||
Change in operating liabilities
|
(26,268
|
)
|
|
(49,330
|
)
|
||
Other
|
(57
|
)
|
|
(488
|
)
|
||
Net cash provided by (used in) operating activities
|
33,713
|
|
|
(15,850
|
)
|
||
Investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(37,112
|
)
|
|
(16,021
|
)
|
||
Proceeds from dividend
|
433
|
|
|
772
|
|
||
Contributions to equity method investments
|
(2,000
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
(38,679
|
)
|
|
(15,249
|
)
|
||
Financing activities:
|
|
|
|
|
|
||
Payments of long-term debt
|
—
|
|
|
(4,313
|
)
|
||
Proceeds from long term debt
|
12,541
|
|
|
—
|
|
||
Proceeds from termination of derivative instruments
|
6,476
|
|
|
—
|
|
||
Principal payments on finance leases
|
(367
|
)
|
|
—
|
|
||
Proceeds from exercise of stock options
|
30
|
|
|
275
|
|
||
Payment of dividends
|
(2,900
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
15,780
|
|
|
(4,038
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
10,814
|
|
|
(35,137
|
)
|
||
Effect of foreign currency fluctuations on cash, cash equivalents and restricted cash
|
1,150
|
|
|
(7,061
|
)
|
||
Cash, cash equivalents, and restricted cash, at beginning of fiscal period
|
207,918
|
|
|
286,846
|
|
||
Cash, cash equivalents, and restricted cash, at end of fiscal period
|
219,882
|
|
|
244,648
|
|
||
Less: Restricted cash at end of period
|
2,575
|
|
|
—
|
|
||
Cash and cash equivalents at end of period
|
$
|
217,307
|
|
|
$
|
244,648
|
|
•
|
Inventory price protection and ship-from stock and debit (“SFSD”) programs,
|
•
|
Distributor rights of returns,
|
•
|
Sales allowances, and
|
•
|
Limited assurance warranties
|
Contract Liabilities
|
Classification in Balance Sheet
|
June 30, 2019
|
|
March 31, 2019
|
||||
Current
|
Accrued expenses
|
$
|
256
|
|
|
$
|
256
|
|
Non-current
|
Other non-current obligations
|
—
|
|
|
—
|
|
||
|
|
$
|
256
|
|
|
$
|
256
|
|
•
|
Level 1—Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
•
|
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
|
Carrying Value June 30,
|
|
Fair Value June 30,
|
|
Fair Value Measurement Using
|
|
Carrying Value March 31,
|
|
Fair Value March 31,
|
|
Fair Value Measurement Using
|
||||||||||||||||||||||||||||
|
2019
|
|
2019
|
|
Level 1
|
|
Level 2
(3)
|
|
Level 3
|
|
2019
|
|
2019
|
|
Level 1
|
|
Level 2
(3)
|
|
Level 3
|
||||||||||||||||||||
Assets (Liabilities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Money markets
(1)(2)
|
$
|
62,846
|
|
|
$
|
62,846
|
|
|
$
|
62,846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,687
|
|
|
$
|
60,687
|
|
|
$
|
60,687
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivative assets
|
706
|
|
|
706
|
|
|
—
|
|
|
706
|
|
|
—
|
|
|
5,141
|
|
|
5,141
|
|
|
|
|
5,141
|
|
|
|
||||||||||||
Derivative liabilities
|
(3,145
|
)
|
|
(3,145
|
)
|
|
—
|
|
|
(3,145
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Total debt
|
(312,096
|
)
|
|
(322,700
|
)
|
|
—
|
|
|
(322,700
|
)
|
|
—
|
|
|
(294,471
|
)
|
|
(303,170
|
)
|
|
—
|
|
|
(303,170
|
)
|
|
—
|
|
|
June 30, 2019
|
|
March 31, 2019
|
||||
Raw materials and supplies
|
$
|
104,160
|
|
|
$
|
97,119
|
|
Work in process
|
83,856
|
|
|
71,374
|
|
||
Finished goods
|
86,766
|
|
|
88,175
|
|
||
Subtotal
|
274,782
|
|
|
256,668
|
|
||
Inventory reserves
|
(18,642
|
)
|
|
(15,539
|
)
|
||
Inventories, net
|
$
|
256,140
|
|
|
$
|
241,129
|
|
|
June 30,
2019 |
|
March 31,
2019 |
||||
TOKIN Term Loan Facility
(1)
|
284,623
|
|
|
276,808
|
|
||
Customer Advances
(2)
|
20,906
|
|
|
11,270
|
|
||
Other
(3)
|
6,567
|
|
|
6,393
|
|
||
Total debt
|
312,096
|
|
|
294,471
|
|
||
Current maturities
|
(29,225
|
)
|
|
(28,430
|
)
|
||
Total long-term debt
|
$
|
282,871
|
|
|
$
|
266,041
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Contractual interest expense
|
$
|
1,740
|
|
|
$
|
6,845
|
|
Capitalized interest
|
(105
|
)
|
|
(64
|
)
|
||
Amortization of debt issuance costs
|
127
|
|
|
116
|
|
||
Amortization of debt (premium) discount
|
767
|
|
|
98
|
|
||
Imputed interest on acquisition-related obligations
|
—
|
|
|
15
|
|
||
Interest expense on finance leases
|
16
|
|
|
26
|
|
||
Total interest expense
|
$
|
2,545
|
|
|
$
|
7,036
|
|
|
|
June 30, 2019
|
|
March 31, 2019
|
||||||||||||||||||||
|
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Amount
|
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Amount
|
||||||||||||
Indefinite Lived Intangible Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
|
|
$
|
15,375
|
|
|
$
|
—
|
|
|
$
|
15,375
|
|
|
$
|
15,151
|
|
|
$
|
—
|
|
|
$
|
15,151
|
|
Amortizing Intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Patents (10 - 18 years)
|
|
26,662
|
|
|
(12,401
|
)
|
|
14,261
|
|
|
26,662
|
|
|
(12,046
|
)
|
|
14,616
|
|
||||||
Customer relationships (10 - 21 years)
|
|
38,714
|
|
|
(14,902
|
)
|
|
23,812
|
|
|
37,850
|
|
|
(13,868
|
)
|
|
23,982
|
|
||||||
Other
|
|
215
|
|
|
(215
|
)
|
|
—
|
|
|
214
|
|
|
(214
|
)
|
|
—
|
|
||||||
Total amortizing intangibles
|
|
65,591
|
|
|
(27,518
|
)
|
|
38,073
|
|
|
64,726
|
|
|
(26,128
|
)
|
|
38,598
|
|
||||||
Total intangible assets
|
|
$
|
80,966
|
|
|
$
|
(27,518
|
)
|
|
$
|
53,448
|
|
|
$
|
79,877
|
|
|
$
|
(26,128
|
)
|
|
$
|
53,749
|
|
|
|
Total expected to be incurred
|
|
Incurred during quarter ended June 30, 2019
|
|
Cumulative incurred to date
|
|||||||||
Restructuring Plan
|
Segment
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
||||||
Tantalum powder facility relocation
(1)
|
Solid Capacitors
|
897
|
|
2,098
|
|
|
448
|
|
(552
|
)
|
|
448
|
|
2,805
|
|
Axial electrolytic production relocation from Granna to Evora
|
Film and Electrolytic
|
673
|
|
3,964
|
|
|
673
|
|
1,308
|
|
|
673
|
|
3,603
|
|
Reorganization of MnO2 product line
|
Solid Capacitors
|
3,128
|
|
—
|
|
|
43
|
|
—
|
|
|
1,628
|
|
—
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Personnel reduction costs
|
$
|
1,229
|
|
|
$
|
(84
|
)
|
Relocation and exit costs
|
979
|
|
|
(12
|
)
|
||
Restructuring charges
|
$
|
2,208
|
|
|
$
|
(96
|
)
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||
|
Personnel
Reductions |
|
Manufacturing
Relocations |
|
Personnel
Reductions |
|
Manufacturing
Relocations |
||||||||
Beginning of period
|
$
|
1,865
|
|
|
$
|
316
|
|
|
$
|
9,629
|
|
|
$
|
330
|
|
Costs charged to expense
|
1,229
|
|
|
979
|
|
|
(84
|
)
|
|
(12
|
)
|
||||
Costs paid or settled
|
(1,315
|
)
|
|
(979
|
)
|
|
(5,131
|
)
|
|
12
|
|
||||
Change in foreign exchange
|
10
|
|
|
9
|
|
|
(244
|
)
|
|
(13
|
)
|
||||
End of period
|
$
|
1,789
|
|
|
$
|
325
|
|
|
$
|
4,170
|
|
|
$
|
317
|
|
|
|
|
|
|
|
|
|
|
Foreign
Currency
Translation, net of Tax
(1)
|
|
Post-Retirement
Benefit Plan Adjustments, net of Tax |
|
Defined
Benefit
Pension
Plans,
net of Tax
(2)
|
|
Ownership Share of
Equity Method
Investees’ Other
Comprehensive
Income (Loss), net of Tax
|
|
Cash Flow Hedges, net of Tax
|
|
Excluded Component of Fair Value Hedges, net of Tax
|
|
Net Accumulated
Other
Comprehensive
Income (Loss), net of Tax
|
||||||||||||||
Balance at March 31, 2019
|
$
|
(14,350
|
)
|
|
$
|
793
|
|
|
$
|
(15,758
|
)
|
|
$
|
274
|
|
|
$
|
566
|
|
|
$
|
(2,249
|
)
|
|
$
|
(30,724
|
)
|
Other comprehensive income (loss) before reclassifications
(3) (4)
|
5,834
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,704
|
)
|
|
(346
|
)
|
|
3,784
|
|
|||||||
Amounts reclassified out of AOCI
|
(2,655
|
)
|
|
(37
|
)
|
|
164
|
|
|
—
|
|
|
(4,294
|
)
|
|
1,638
|
|
|
(5,184
|
)
|
|||||||
Other comprehensive income (loss)
|
3,179
|
|
|
(37
|
)
|
|
164
|
|
|
—
|
|
|
(5,998
|
)
|
|
1,292
|
|
|
(1,400
|
)
|
|||||||
Balance at June 30, 2019
|
$
|
(11,171
|
)
|
|
$
|
756
|
|
|
$
|
(15,594
|
)
|
|
$
|
274
|
|
|
$
|
(5,432
|
)
|
|
$
|
(957
|
)
|
|
$
|
(32,124
|
)
|
|
Foreign
Currency
Translation, net of Tax
(1)
|
|
Post-Retirement
Benefit Plan Adjustments, net of Tax |
|
Defined
Benefit
Pension
Plans,
net of Tax
(2)
|
|
Ownership Share of
Equity Method
Investees’ Other
Comprehensive
Income (Loss), net of Tax
|
|
Cash Flow Hedges, net of Tax
|
|
Excluded Component of Fair Value Hedges, net of Tax
|
|
Net Accumulated
Other
Comprehensive
Income (Loss), net of Tax
|
||||||||||||||
Balance at March 31, 2018
|
$
|
9,715
|
|
|
$
|
879
|
|
|
$
|
(14,831
|
)
|
|
$
|
285
|
|
|
$
|
1,154
|
|
|
$
|
—
|
|
|
$
|
(2,798
|
)
|
Other comprehensive income (loss) before reclassifications
|
(24,203
|
)
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(3,795
|
)
|
|
—
|
|
|
(28,009
|
)
|
|||||||
Amounts reclassified out of AOCI
|
—
|
|
|
(39
|
)
|
|
39
|
|
|
—
|
|
|
(643
|
)
|
|
—
|
|
|
(643
|
)
|
|||||||
Other comprehensive income (loss)
|
(24,203
|
)
|
|
(39
|
)
|
|
39
|
|
|
(11
|
)
|
|
(4,438
|
)
|
|
—
|
|
|
(28,652
|
)
|
|||||||
Balance at June 30, 2018
|
$
|
(14,488
|
)
|
|
$
|
840
|
|
|
$
|
(14,792
|
)
|
|
$
|
274
|
|
|
$
|
(3,284
|
)
|
|
$
|
—
|
|
|
$
|
(31,450
|
)
|
|
|
Shares
Outstanding |
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained Earnings
(Deficit) |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders’ Equity |
|||||||||||
Balance at March 31, 2019
|
|
57,822
|
|
|
$
|
578
|
|
|
$
|
465,366
|
|
|
$
|
204,195
|
|
|
$
|
(30,724
|
)
|
|
$
|
639,415
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,340
|
|
|
—
|
|
|
40,340
|
|
|||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,400
|
)
|
|
(1,400
|
)
|
|||||
Cash dividends ($0.05 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,900
|
)
|
|
—
|
|
|
(2,900
|
)
|
|||||
Issuance of shares
|
|
196
|
|
|
2
|
|
|
(1,387
|
)
|
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
2,725
|
|
|
—
|
|
|
—
|
|
|
2,725
|
|
|||||
Balance at June 30, 2019
|
|
58,018
|
|
|
$
|
580
|
|
|
$
|
466,704
|
|
|
$
|
241,635
|
|
|
$
|
(32,124
|
)
|
|
$
|
676,795
|
|
|
|
Shares
Outstanding |
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained Earnings
(Deficit) |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Stockholders’ Equity |
|||||||||||
Balance at March 31, 2018
|
|
56,641
|
|
|
$
|
566
|
|
|
$
|
462,737
|
|
|
$
|
3,370
|
|
|
$
|
(2,798
|
)
|
|
$
|
463,875
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,220
|
|
|
—
|
|
|
35,220
|
|
|||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,652
|
)
|
|
(28,652
|
)
|
|||||
Issuance of shares
|
|
706
|
|
|
7
|
|
|
(5,536
|
)
|
|
—
|
|
|
—
|
|
|
(5,529
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
4,060
|
|
|
—
|
|
|
—
|
|
|
4,060
|
|
|||||
Balance at June 30, 2018
|
|
57,347
|
|
|
$
|
573
|
|
|
$
|
461,261
|
|
|
$
|
38,590
|
|
|
$
|
(31,450
|
)
|
|
$
|
468,974
|
|
|
|
June 30, 2019
|
|
March 31, 2019
|
||||
Nippon Yttrium Co., Ltd ("NYC")
|
|
$
|
7,884
|
|
|
$
|
8,215
|
|
NT Sales Co., Ltd ("NTS")
|
|
1,258
|
|
|
1,218
|
|
||
Novasentis Inc. (“Novasentis”)
|
|
671
|
|
|
977
|
|
||
KEMET Jianghai Electronics Components Co., Ltd (“KEMET Jianghai”)
|
|
4,425
|
|
|
2,515
|
|
||
|
|
$
|
14,238
|
|
|
$
|
12,925
|
|
|
|
Three Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
KEMET's sales to NTS
|
|
$
|
11,537
|
|
|
$
|
12,208
|
|
NTS' sales to KEMET
|
|
307
|
|
|
388
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||
|
Solid Capacitors
|
|
Film and Electrolytic
|
|
MSA
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Primary geographical markets
|
|
|
|
|
|
|
|
|
|
||||||
Asia and the Pacific Rim ("APAC")
|
$
|
103,299
|
|
|
$
|
10,943
|
|
|
$
|
13,522
|
|
|
$
|
127,764
|
|
Europe, the Middle East, and Africa ("EMEA")
|
53,084
|
|
|
27,793
|
|
|
829
|
|
|
81,706
|
|
||||
North and South America ("Americas")
|
82,829
|
|
|
7,794
|
|
|
2,727
|
|
|
93,350
|
|
||||
Japan and Korea ("JPKO")
|
8,995
|
|
|
179
|
|
|
33,248
|
|
|
42,422
|
|
||||
|
$
|
248,207
|
|
|
$
|
46,709
|
|
|
$
|
50,326
|
|
|
$
|
345,242
|
|
|
|
|
|
|
|
|
|
||||||||
Sales channel
|
|
|
|
|
|
|
|
||||||||
OEM
|
$
|
77,704
|
|
|
$
|
18,527
|
|
|
$
|
46,972
|
|
|
$
|
143,203
|
|
Distributor
|
123,229
|
|
|
22,326
|
|
|
2,564
|
|
|
148,119
|
|
||||
EMS
|
47,274
|
|
|
5,856
|
|
|
790
|
|
|
53,920
|
|
||||
|
$
|
248,207
|
|
|
$
|
46,709
|
|
|
$
|
50,326
|
|
|
$
|
345,242
|
|
|
|
|
|
|
|
|
|
||||||||
Major product lines
|
|
|
|
|
|
|
|
|
|
||||||
Tantalum
|
$
|
132,386
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
132,386
|
|
Ceramics
|
115,821
|
|
|
—
|
|
|
—
|
|
|
115,821
|
|
||||
Film and Electrolytic
|
—
|
|
|
46,709
|
|
|
—
|
|
|
46,709
|
|
||||
MSA
|
—
|
|
|
—
|
|
|
50,326
|
|
|
50,326
|
|
||||
|
$
|
248,207
|
|
|
$
|
46,709
|
|
|
$
|
50,326
|
|
|
$
|
345,242
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||
|
Solid Capacitors
|
|
Film and Electrolytic
|
|
MSA
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Primary geographical markets
|
|
|
|
|
|
|
|
|
|
||||||
APAC
|
$
|
100,370
|
|
|
$
|
15,589
|
|
|
$
|
17,000
|
|
|
$
|
132,959
|
|
EMEA
|
41,466
|
|
|
32,607
|
|
|
575
|
|
|
74,648
|
|
||||
Americas
|
63,105
|
|
|
6,649
|
|
|
2,397
|
|
|
72,151
|
|
||||
JPKO
|
8,880
|
|
|
110
|
|
|
38,868
|
|
|
47,858
|
|
||||
|
$
|
213,821
|
|
|
$
|
54,955
|
|
|
$
|
58,840
|
|
|
$
|
327,616
|
|
|
|
|
|
|
|
|
|
||||||||
Sales channel
|
|
|
|
|
|
|
|
||||||||
OEM
|
$
|
70,388
|
|
|
$
|
22,441
|
|
|
$
|
56,100
|
|
|
$
|
148,929
|
|
Distributor
|
107,634
|
|
|
26,568
|
|
|
2,484
|
|
|
136,686
|
|
||||
EMS
|
35,799
|
|
|
5,946
|
|
|
256
|
|
|
42,001
|
|
||||
|
$
|
213,821
|
|
|
$
|
54,955
|
|
|
$
|
58,840
|
|
|
$
|
327,616
|
|
|
|
|
|
|
|
|
|
||||||||
Major product lines
|
|
|
|
|
|
|
|
||||||||
Tantalum
|
$
|
134,313
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
134,313
|
|
Ceramics
|
79,508
|
|
|
—
|
|
|
—
|
|
|
79,508
|
|
||||
Film and Electrolytic
|
—
|
|
|
54,955
|
|
|
—
|
|
|
54,955
|
|
||||
MSA
|
—
|
|
|
—
|
|
|
58,840
|
|
|
58,840
|
|
||||
|
$
|
213,821
|
|
|
$
|
54,955
|
|
|
$
|
58,840
|
|
|
$
|
327,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income (loss):
|
|
|
|
|
|
||
Solid Capacitors
|
$
|
102,686
|
|
|
$
|
69,665
|
|
Film and Electrolytic
|
(2,879
|
)
|
|
1,067
|
|
||
MSA
|
3,658
|
|
|
6,055
|
|
||
Corporate
|
(45,065
|
)
|
|
(41,611
|
)
|
||
|
$
|
58,400
|
|
|
$
|
35,176
|
|
Depreciation and amortization expense:
|
|
|
|
|
|
||
Solid Capacitors
|
$
|
7,792
|
|
|
$
|
7,182
|
|
Film and Electrolytic
|
2,291
|
|
|
2,620
|
|
||
MSA
|
1,510
|
|
|
1,504
|
|
||
Corporate
|
2,666
|
|
|
1,791
|
|
||
|
$
|
14,259
|
|
|
$
|
13,097
|
|
Restructuring charges:
|
|
|
|
||||
Solid Capacitors
|
121
|
|
|
(18
|
)
|
||
Film and Electrolytic
|
2,048
|
|
|
1
|
|
||
MSA
|
—
|
|
|
—
|
|
||
Corporate
|
39
|
|
|
(79
|
)
|
||
|
$
|
2,208
|
|
|
$
|
(96
|
)
|
|
|
Pension
|
|
Other Benefits
|
||||||||||||
|
|
June 30, 2019
|
|
March 31, 2019
|
|
June 30, 2019
|
|
March 31, 2019
|
||||||||
Prepaid expenses and other current assets
|
|
$
|
815
|
|
|
$
|
670
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued expenses
|
|
(2,806
|
)
|
|
(2,753
|
)
|
|
(50
|
)
|
|
(50
|
)
|
||||
Other non-current obligations
|
|
(84,617
|
)
|
|
(82,455
|
)
|
|
(291
|
)
|
|
(262
|
)
|
||||
Net amount recognized, end of period
|
|
$
|
(86,608
|
)
|
|
$
|
(84,538
|
)
|
|
$
|
(341
|
)
|
|
$
|
(312
|
)
|
|
Pension
|
|
Other Benefits
|
||||||||||||
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net service cost
|
$
|
1,250
|
|
|
$
|
1,233
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
462
|
|
|
478
|
|
|
2
|
|
|
3
|
|
||||
Expected return on net assets
|
(470
|
)
|
|
(531
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Actuarial (gain) loss
|
113
|
|
|
107
|
|
|
(37
|
)
|
|
(39
|
)
|
||||
Prior service cost
|
21
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||
Total net periodic benefit cost (credit)
|
$
|
1,376
|
|
|
$
|
1,310
|
|
|
$
|
(35
|
)
|
|
$
|
(36
|
)
|
•
|
stock options, including incentive stock options, entitling the optionee to favorable tax treatment under Section 422 of the Code;
|
•
|
stock appreciation rights;
|
•
|
restricted stock and restricted stock units (“RSUs”);
|
•
|
other share-based awards; and
|
•
|
performance awards.
|
|
|
2019/2020
|
|
2018/2019
|
|
2017/2018
|
|||
Time-based award vested
|
|
53
|
|
|
58
|
|
|
156
|
|
Performance-based award vested
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Shares
|
|
Weighted-
average Fair Value on Grant Date |
|||
Non-vested RSUs at March 31, 2019
|
1,415
|
|
|
$
|
15.19
|
|
Granted
|
351
|
|
|
17.43
|
|
|
Vested
|
(267
|
)
|
|
7.92
|
|
|
Forfeited
|
(8
|
)
|
|
15.32
|
|
|
Non-vested RSUs at June 30, 2019
|
1,491
|
|
|
$
|
17.02
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||
|
Stock
Options
|
|
RSUs
|
|
LTIPs
|
|
Stock
Options
|
|
RSUs
|
|
LTIPs
|
||||||||||||
Cost of sales
|
$
|
—
|
|
|
$
|
490
|
|
|
$
|
384
|
|
|
$
|
—
|
|
|
$
|
351
|
|
|
$
|
238
|
|
Selling, general and administrative expenses
|
—
|
|
|
1,005
|
|
|
730
|
|
|
—
|
|
|
2,881
|
|
|
521
|
|
||||||
Research and development
|
—
|
|
|
34
|
|
|
82
|
|
|
—
|
|
|
16
|
|
|
53
|
|
||||||
Total
|
$
|
—
|
|
|
$
|
1,529
|
|
|
$
|
1,196
|
|
|
$
|
—
|
|
|
$
|
3,248
|
|
|
$
|
812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Numerator:
|
|
|
|
|
|
||
Net income
|
$
|
40,340
|
|
|
$
|
35,220
|
|
Denominator:
|
|
|
|
|
|
||
Weighted-average shares outstanding:
|
|
|
|
|
|
||
Basic
|
58,350
|
|
|
57,339
|
|
||
Assumed conversion of employee stock grants
|
705
|
|
|
1,699
|
|
||
Diluted
|
59,055
|
|
|
59,038
|
|
||
|
|
|
|
||||
Net income per basic share
|
$
|
0.69
|
|
|
$
|
0.61
|
|
|
|
|
|
||||
Net income per diluted share
|
$
|
0.68
|
|
|
$
|
0.60
|
|
|
|
|
|
Fair Value of Derivative Instruments
|
||||||||||||||||||||||
|
|
|
|
June 30, 2019
|
|
March 31, 2019
|
||||||||||||||||||||
|
|
Balance Sheet Location
|
|
As Presented
|
|
Offset
|
|
Gross
|
|
As Presented
|
|
Offset
|
|
Gross
|
||||||||||||
Derivative Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cross-currency swaps
|
|
Other assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,577
|
|
|
$
|
—
|
|
|
$
|
4,577
|
|
Foreign exchange contracts
|
|
Prepaid and other current assets
|
|
706
|
|
|
633
|
|
|
1,339
|
|
|
564
|
|
|
645
|
|
|
1,209
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cross-currency swaps
|
|
Other non-current obligations
|
|
$
|
3,145
|
|
|
$
|
—
|
|
|
$
|
3,145
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign exchange contracts
|
|
Accrued expenses
|
|
—
|
|
|
633
|
|
|
633
|
|
|
—
|
|
|
645
|
|
|
645
|
|
•
|
An amortizing cross-currency swap with an initial notional value of
JPY 33.0 billion
. The notional amount is amortized by approximately
JPY 1.4 billion
every six months and matures on September 30, 2024. Interest payments are made by the Company in JPY on March 31 and September 30 of each year based on the JPY notional value and a fixed rate of
2.61%
. The Company receives interest in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
6.25%
.
|
•
|
An amortizing cross-currency swap with an initial notional value of
JPY 15.1 billion
. The notional value is amortized by approximately
JPY 1.4 billion
every six months and matures on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY Libor plus
2.00%
. Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
4.88%
.
|
•
|
A non-amortizing cross-currency swap with a notional value of
JPY 16.5 billion
maturing on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY Libor plus
2.25%
. Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
5.26%
.
|
|
|
|
|
|
|
Three Months Ended June 30, 2019
|
||||||||||
|
|
|
|
|
|
Gain (Loss)
|
||||||||||
Derivative Instrument
|
|
Hedge Designation
|
|
Location of Gain (Loss) Recognized in Statements of Operations
|
|
Recognized in AOCI
|
|
Reclassified from AOCI to Income
|
|
Recorded Directly to Income
|
||||||
Cross-currency swaps
(1)
|
|
Fair Value
|
|
Other income/expense, net
|
|
$
|
(346
|
)
|
|
$
|
(1,622
|
)
|
|
$
|
3,337
|
|
Cross-currency swaps
(2)
|
|
Net Investment
|
|
Other income/expense, net
|
|
(2,006
|
)
|
|
2,655
|
|
|
—
|
|
|||
Cross-currency swaps
(3)
|
|
Cash Flow
|
|
Other income/expense, net
|
|
(2,231
|
)
|
|
3,909
|
|
|
—
|
|
|||
Foreign exchange contracts
(4)
|
|
Cash Flow
|
|
Cost of sales
|
|
527
|
|
|
385
|
|
|
—
|
|
|
|
|
|
|
|
Three-Months Ended June 30, 2018
|
|||||||
|
|
|
|
|
|
Gain (Loss)
|
|||||||
Derivative Instrument
|
|
Hedge Designation
|
|
Location of Gain (Loss) Recognized in Statements of Operations
|
|
Recognized in AOCI
|
|
Reclassified from AOCI to Income
|
|
Recorded Directly to Income
|
|||
Foreign exchange contracts
(4)
|
|
Cash Flow
|
|
Cost of sales
|
|
(3,795
|
)
|
|
643
|
|
|
—
|
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||
|
|
Cost of sales
|
|
Other income (expense), net
|
|
Cost of sales
|
|
Other income (expense), net
|
||||||||
Total income (expense) in Statements of Operations
|
|
$
|
(223,614
|
)
|
|
$
|
726
|
|
|
$
|
(232,795
|
)
|
|
$
|
11,371
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value hedging impact
|
|
|
|
|
|
|
|
|
||||||||
Cross-currency swaps:
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) on hedged item
|
|
—
|
|
|
(3,337
|
)
|
|
—
|
|
|
—
|
|
||||
Gain (loss) on derivative instrument
(1)
|
|
—
|
|
|
1,715
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedging impact
|
|
|
|
|
|
|
|
|
||||||||
Cross-currency swaps:
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) reclassified from AOCI to income
(2)
|
|
—
|
|
|
3,909
|
|
|
—
|
|
|
—
|
|
||||
Foreign exchange contracts:
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) reclassified from AOCI to income
(3)
|
|
385
|
|
|
—
|
|
|
643
|
|
|
—
|
|
|
Three Months Ended June 30, 2019
|
||
Operating lease expense
|
$
|
2,404
|
|
Variable lease expense and other, net
(1)
|
277
|
|
|
Short-term lease expense
|
—
|
|
|
Finance lease expense
|
|
||
Amortization of right-of-use assets
|
251
|
|
|
Interest
|
16
|
|
|
Total lease expense
|
$
|
2,948
|
|
|
Balance Sheet Location
|
June 30, 2019
|
||
Lease assets
|
|
|
||
Operating lease ROU assets
|
Other assets
|
$
|
32,169
|
|
Finance lease ROU assets
(1)
|
Property, plant and equipment, net of accumulated depreciation
|
2,297
|
|
|
|
|
$
|
34,466
|
|
|
|
|
||
Lease liabilities
|
|
|
||
Current operating lease liabilities
|
Accrued expenses
|
$
|
8,061
|
|
Current finance lease liabilities
|
Accrued expenses
|
1,000
|
|
|
Non-current operating lease liabilities
|
Other non-current obligations
|
23,646
|
|
|
Non-current finance lease liabilities
|
Other non-current obligations
|
1,328
|
|
|
|
|
$
|
34,035
|
|
|
|
|
||
Weighted average remaining lease term
|
|
|
||
Operating leases
|
|
6.43 years
|
|
|
Finance leases
|
|
2.59 years
|
|
|
|
|
|
||
Weighted average discount rate
|
|
|
||
Operating leases
|
|
4.72
|
%
|
|
Finance leases
|
|
5.63
|
%
|
Fiscal year ending March 31,
|
Operating Lease Liabilities
|
|
Finance Lease Liabilities
|
||||
2020 (nine months ending March 31, 2020)
|
$
|
7,026
|
|
|
$
|
893
|
|
2021
|
7,546
|
|
|
834
|
|
||
2022
|
4,431
|
|
|
513
|
|
||
2023
|
4,035
|
|
|
225
|
|
||
2024
|
3,426
|
|
|
42
|
|
||
Thereafter
|
11,501
|
|
|
8
|
|
||
Total undiscounted cash flows
|
$
|
37,965
|
|
|
$
|
2,515
|
|
Less imputed interest
|
(6,258
|
)
|
|
(187
|
)
|
||
Present value of lease liabilities
|
$
|
31,707
|
|
|
$
|
2,328
|
|
•
|
industry 4.0:
|
◦
|
the development of new products, applications and electronic controls for engines and industrial machinery, including cyber physical systems, cloud computing, and cognitive computing; security smart phones and mobile personal computing devices;
|
•
|
the “internet-of-things”;
|
◦
|
the increase in the electronic content of existing products, such as home appliances and medical equipment, smart phones and mobile personal computing devices;
|
•
|
the enhanced functionality, complexity and convergence of electronic devices that use state-of-the-art microprocessors;
|
•
|
alternative and renewable energy systems;
|
•
|
Electric vehicles and advanced driver assisted electronics; and,
|
•
|
the development of 5G infrastructure and connectivity.
|
|
|
Total expected to be incurred
|
|
Incurred during quarter ended June 30, 2019
|
|
Cumulative incurred to date
|
|||||||||
Restructuring Plan
|
Segment
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
|
Personnel Reduction Costs
|
Relocation & Exit Costs
|
||||||
Tantalum powder facility relocation
(1)
|
Solid Capacitors
|
897
|
|
2,098
|
|
|
448
|
|
(552
|
)
|
|
448
|
|
2,805
|
|
Axial electrolytic production relocation from Granna to Evora
|
Film and Electrolytic
|
673
|
|
3,964
|
|
|
673
|
|
1,308
|
|
|
673
|
|
3,603
|
|
Reorganization of MnO2 product line
|
Solid Capacitors
|
3,128
|
|
—
|
|
|
43
|
|
—
|
|
|
1,628
|
|
—
|
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
% to
Total
Sales
|
|
2018
|
|
% to
Total
Sales
|
||||||
Net sales
|
$
|
345,242
|
|
|
|
|
|
$
|
327,616
|
|
|
|
|
Gross margin
|
121,628
|
|
|
35.2
|
%
|
|
94,821
|
|
|
28.9
|
%
|
||
Selling, general and administrative expenses
|
47,885
|
|
|
13.9
|
%
|
|
48,542
|
|
|
14.8
|
%
|
||
Research and development
|
12,175
|
|
|
3.5
|
%
|
|
10,688
|
|
|
3.3
|
%
|
||
Restructuring charges
|
2,208
|
|
|
0.6
|
%
|
|
(96
|
)
|
|
n.m.
|
|
||
Gain (loss) on write down and disposal of long-lived assets
|
960
|
|
|
0.3
|
%
|
|
511
|
|
|
0.2
|
%
|
||
Operating income
|
58,400
|
|
|
16.9
|
%
|
|
35,176
|
|
|
10.7
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Interest income
|
(809
|
)
|
|
(0.2
|
)%
|
|
(378
|
)
|
|
(0.1
|
)%
|
||
Interest expense
|
2,545
|
|
|
0.7
|
%
|
|
7,036
|
|
|
2.1
|
%
|
||
Other (income) expense, net
|
(726
|
)
|
|
(0.2
|
)%
|
|
(11,371
|
)
|
|
(3.5
|
)%
|
||
Income before income taxes and equity income (loss) from equity method investments
|
57,390
|
|
|
16.6
|
%
|
|
39,889
|
|
|
12.2
|
%
|
||
Income tax expense (benefit)
|
16,800
|
|
|
4.9
|
%
|
|
4,600
|
|
|
1.4
|
%
|
||
Income before equity income (loss) from equity method investments
|
40,590
|
|
|
11.8
|
%
|
|
35,289
|
|
|
10.8
|
%
|
||
Equity income (loss) from equity method investments
|
(250
|
)
|
|
(0.1
|
)%
|
|
(69
|
)
|
|
n.m.
|
|
||
Net income
|
$
|
40,340
|
|
|
11.7
|
%
|
|
$
|
35,220
|
|
|
10.8
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net sales:
|
|
|
|
|
|
||
Solid Capacitors
|
$
|
248,207
|
|
|
$
|
213,821
|
|
Film and Electrolytic
|
46,709
|
|
|
54,955
|
|
||
MSA
|
50,326
|
|
|
58,840
|
|
||
Total
|
$
|
345,242
|
|
|
$
|
327,616
|
|
Operating income (loss):
|
|
|
|
|
|
||
Solid Capacitors
|
$
|
102,686
|
|
|
$
|
69,665
|
|
Film and Electrolytic
|
(2,879
|
)
|
|
1,067
|
|
||
MSA
|
3,658
|
|
|
6,055
|
|
||
Corporate
|
(45,065
|
)
|
|
(41,611
|
)
|
||
Total
|
$
|
58,400
|
|
|
$
|
35,176
|
|
|
Three Months Ended June 30,
|
||||||||||
|
2019
|
|
2018
|
||||||||
|
Amount
|
|
% to Net
Sales
|
|
Amount
|
|
% to Net
Sales
|
||||
Tantalum product line net sales
|
$
|
132,386
|
|
|
|
|
$
|
134,313
|
|
|
|
Ceramic product line net sales
|
115,821
|
|
|
|
|
79,508
|
|
|
|
||
Solid Capacitors net sales
|
$
|
248,207
|
|
|
|
|
$
|
213,821
|
|
|
|
Solid Capacitors operating income
|
$
|
102,686
|
|
|
41.4%
|
|
$
|
69,665
|
|
|
32.6%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% to Net
Sales
|
|
Amount
|
|
% to Net
Sales
|
||||||
Net sales
|
$
|
46,709
|
|
|
|
|
|
$
|
54,955
|
|
|
|
|
Operating income (loss)
|
(2,879
|
)
|
|
(6.2
|
)%
|
|
1,067
|
|
|
1.9
|
%
|
|
Three Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
% to Net
Sales
|
|
Amount
|
|
% to Net
Sales
|
||||||
Net sales
|
$
|
50,326
|
|
|
|
|
|
$
|
58,840
|
|
|
|
|
Operating income
|
3,658
|
|
|
7.3
|
%
|
|
6,055
|
|
|
10.3
|
%
|
•
|
An amortizing cross-currency swap with an initial notional value of
JPY 15.1 billion
. The notional value is amortized by approximately
JPY 1.4 billion
every six months and matures on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY Libor plus
2.00%
. Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
4.88%
.
|
•
|
A non-amortizing cross-currency swap with a notional value of
JPY 16.5 billion
maturing on September 30, 2024. The Company receives interest in JPY on March 31 and September 30 of each year based on the JPY notional value and JPY Libor plus
2.25%
. Interest payments are made in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
5.26%
|
•
|
An amortizing cross-currency swap with an initial notional value of
JPY 33.0 billion
. The notional amount is amortized by approximately
JPY 1.4 billion
every six months and matures on September 30, 2024. Interest payments are made by the Company in JPY on March 31 and September 30 of each year based on the JPY notional value and a fixed rate of
2.61%
. The Company receives interest in USD on March 31 and September 30 of each year based on the USD equivalent of the JPY notional value and a fixed rate of
6.25%
.
|
|
Quarters Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net cash provided by (used in) operating activities
|
$
|
33,713
|
|
|
$
|
(15,850
|
)
|
Net cash provided by (used in) investing activities
|
(38,679
|
)
|
|
(15,249
|
)
|
||
Net cash provided by (used in) financing activities
|
15,780
|
|
|
(4,038
|
)
|
||
Effect of foreign currency fluctuations on cash, cash equivalents, and restricted cash
|
1,150
|
|
|
(7,061
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
$
|
11,964
|
|
|
$
|
(42,198
|
)
|
|
|
|
|
Payment Due by Period
|
||||||||||||||||
Contractual obligations
|
|
Total
|
|
Year 1
|
|
Years 2 - 3
|
|
Years 4 - 5
|
|
More than
5 years |
||||||||||
Debt obligations
|
|
$
|
326,654
|
|
|
$
|
29,225
|
|
|
$
|
63,074
|
|
|
$
|
63,621
|
|
|
$
|
170,734
|
|
Anti-trust fines and settlements
(1)
|
|
23,332
|
|
|
11,230
|
|
|
10,141
|
|
|
1,961
|
|
|
—
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net sales
|
$
|
345,242
|
|
|
$
|
327,616
|
|
Cost of sales
|
223,614
|
|
|
232,795
|
|
||
Gross margin (GAAP)
|
$
|
121,628
|
|
|
$
|
94,821
|
|
Gross margin as a % of net sales
|
35.2
|
%
|
|
28.9
|
%
|
||
Non-GAAP adjustments:
|
|
|
|
||||
Plant start-up costs
|
34
|
|
|
753
|
|
||
Stock-based compensation expense
|
874
|
|
|
589
|
|
||
Adjusted gross margin (non-GAAP)
|
$
|
122,536
|
|
|
$
|
96,163
|
|
Adjusted gross margin as a % of net sales
|
35.5
|
%
|
|
29.4
|
%
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating income (GAAP)
|
$
|
58,400
|
|
|
$
|
35,176
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||
Restructuring charges
|
2,208
|
|
|
(96
|
)
|
||
ERP integration/IT transition costs
|
1,215
|
|
|
1,650
|
|
||
Stock-based compensation expense
|
2,725
|
|
|
4,060
|
|
||
Legal expenses/fines related to antitrust class actions
|
2,559
|
|
|
1,286
|
|
||
Plant start-up costs
|
34
|
|
|
753
|
|
||
(Gain) loss on write down and disposal of long-lived assets
|
960
|
|
|
511
|
|
||
Adjusted operating income (non-GAAP)
|
$
|
68,101
|
|
|
$
|
43,340
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net income (GAAP)
|
$
|
40,340
|
|
|
$
|
35,220
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||
Restructuring charges
|
2,208
|
|
|
(96
|
)
|
||
R&D grant reimbursements and grant income
|
(35
|
)
|
|
(4,087
|
)
|
||
ERP integration/IT transition costs
|
1,215
|
|
|
1,650
|
|
||
Stock-based compensation expense
|
2,725
|
|
|
4,060
|
|
||
Legal expenses/fines related to antitrust class actions
|
2,559
|
|
|
1,248
|
|
||
Net foreign exchange (gain) loss
|
(489
|
)
|
|
(7,521
|
)
|
||
Equity (income) loss from equity method investments
|
250
|
|
|
69
|
|
||
Plant start-up costs
|
34
|
|
|
753
|
|
||
(Gain) loss on write down and disposal of long-lived assets
|
960
|
|
|
511
|
|
||
Income tax effect of non-GAAP adjustments
|
(1,568
|
)
|
|
451
|
|
||
Adjusted net income (non-GAAP)
|
$
|
48,199
|
|
|
$
|
32,258
|
|
|
Three Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Net income (GAAP)
|
$
|
40,340
|
|
|
$
|
35,220
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||
Interest expense (income), net
|
1,736
|
|
|
6,658
|
|
||
Income tax expense (benefit)
|
16,800
|
|
|
4,600
|
|
||
Depreciation and amortization
|
14,259
|
|
|
13,096
|
|
||
EBITDA (non-GAAP)
|
73,135
|
|
|
59,574
|
|
||
Excluding the following items:
|
|
|
|
||||
Restructuring charges
|
2,208
|
|
|
(96
|
)
|
||
R&D grant reimbursements and grant income
|
(35
|
)
|
|
(4,087
|
)
|
||
ERP integration/IT transition costs
|
1,215
|
|
|
1,650
|
|
||
Stock-based compensation expense
|
2,725
|
|
|
4,060
|
|
||
Legal expenses/fines related to antitrust class actions
|
2,559
|
|
|
1,248
|
|
||
Net foreign exchange (gain) loss
|
(489
|
)
|
|
(7,521
|
)
|
||
Equity (income) loss from equity method investments
|
250
|
|
|
69
|
|
||
Plant start-up costs
|
34
|
|
|
753
|
|
||
(Gain) loss on write down and disposal of long-lived assets
|
960
|
|
|
511
|
|
||
Adjusted EBITDA (non-GAAP)
|
$
|
82,562
|
|
|
$
|
56,161
|
|
•
|
it does not reflect our cash expenditures, future requirements for capital expenditures, or contractual commitments;
|
•
|
it does not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
it does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt;
|
•
|
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our Adjusted EBITDA measure does not reflect any cash requirements for such replacements;
|
•
|
it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
|
•
|
it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations;
|
•
|
it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and
|
•
|
other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.
|
Periods
|
(a) Total Number of Shares Purchased
(1)
|
(b) Average Price Paid per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Programs
|
(d) Maximum Number of Shares That May Yet be Purchased Under the Programs
|
|||||
April 1 to April 30, 2019
|
178
|
|
$
|
17.99
|
|
—
|
|
—
|
|
May 1 to May 31, 2019
|
77,674
|
|
18.15
|
|
—
|
|
—
|
|
|
June 1 to June 30, 2019
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Total for Quarter Ended June 30, 2019
|
77,852
|
|
$
|
18.15
|
|
—
|
|
—
|
|
Date:
|
August 1, 2019
|
|
|
|
KEMET Corporation
|
|
|
|
|
By:
|
/s/ GREGORY C. THOMPSON
|
|
|
Gregory C. Thompson
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
(Duly Authorized Officer)
|
1 Year KraneShares Trus Chart |
1 Month KraneShares Trus Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions