X
|
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
|
33-0379007
|
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employer ID No.)
|
|
801
17th Avenue South, Myrtle Beach, South Carolina
|
29577
|
|
(Address
of principle executive offices)
|
(Zip
Code)
|
|
(843)
448-9411
|
||
(Registrant's
phone number, including area code)
|
Yes
|
X
|
No
|
Large
accelerated filer
|
X
|
Accelerated
filer
|
Non-accelerated
filer
|
Yes
|
No
|
X
|
Class
|
Outstanding
at February 1, 2007
|
|
Common
Stock, par value $0.01 per share
|
171,886,137
|
|
|
Page
Number
|
PART
I:
|
Financial
Information:
|
|
ITEM
1.
|
Financial
Statements:
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
ITEM
2.
|
16
|
|
ITEM
3.
|
25
|
|
ITEM
4.
|
25
|
|
PART
II:
|
||
ITEM
2.
|
26
|
|
ITEM
6.
|
26
|
|
27
|
March
31,
|
December
31,
|
|||
ASSETS
|
2006
|
2006
|
||
Current
assets:
|
||||
Cash
and cash equivalents
|
$
|
505,326
|
$
|
677,729
|
Short-term
investments in securities
|
|
158,995
|
|
115,000
|
Accounts
receivable - trade
|
|
174,530
|
|
186,008
|
Accounts
receivable - affiliates
|
|
2,918
|
|
2,273
|
Inventories
|
|
307,653
|
|
326,903
|
Deferred
income taxes
|
|
25,196
|
|
24,678
|
Prepaid
and other
|
|
29,154
|
|
35,575
|
Total
current assets
|
|
1,203,772
|
|
1,368,166
|
Long-term
investments in securities
|
|
135,004
|
|
149,000
|
Property
and equipment
|
|
1,468,386
|
|
1,580,623
|
Accumulated
depreciation
|
|
(1,235,436)
|
|
(1,336,389)
|
|
|
232,950
|
|
244,234
|
Goodwill
|
|
69,483
|
|
70,921
|
Other
assets
|
|
33,999
|
|
29,767
|
Total
Assets
|
$
|
1,675,208
|
$
|
1,862,088
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
Current
liabilities:
|
||||
Accounts
payable - trade
|
$
|
41,412
|
$
|
48,117
|
Accounts
payable - affiliates
|
|
63,599
|
|
70,522
|
Income
taxes payable
|
|
9,179
|
|
22,575
|
Accrued
payroll and benefits
|
|
34,272
|
|
35,874
|
Accrued
expenses
|
|
22,568
|
|
28,440
|
Total
current liabilities
|
|
171,030
|
|
205,528
|
Other
liabilities
|
|
56,069
|
|
53,875
|
Total
Liabilities
|
|
227,099
|
|
259,403
|
Commitments
and contingencies (Note 6)
|
||||
Stockholders'
Equity:
|
||||
Preferred
stock, par value $.01 per share:
|
-
|
-
|
||
Authorized,
20,000 shares; None issued and outstanding
|
|
|
|
|
Common
stock, par value $.01 per share:
|
1,764
|
1,764
|
||
Authorized,
300,000 shares; issued, 176,368 shares
|
|
|
|
|
Additional
paid-in capital
|
|
338,784
|
|
340,310
|
Retained
earnings
|
|
1,098,237
|
|
1,189,703
|
Accumulated
other comprehensive income
|
|
62,589
|
|
129,627
|
Treasury
stock, at cost:
|
|
|||
4,152
and 4,444 shares at March 31 and December 31, 2006,
respectively
|
|
(53,265)
|
|
(58,719)
|
Total
Stockholders'
Equity
|
|
1,448,109
|
|
1,602,685
|
Total
Liabilities and Stockholders'
Equity
|
$
|
1,675,208
|
$
|
1,862,088
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||||||
|
2005
|
2006
|
2005
|
2006
|
|||||||
Net
sales
|
$
|
349,068
|
$
|
378,088
|
|
|
$
|
994,813
|
$
|
1,119,144
|
|
Cost
of sales
|
|
290,646
|
|
305,493
|
|
|
|
853,482
|
|
893,331
|
|
Gross
profit
|
|
58,422
|
|
72,595
|
|
|
|
141,331
|
|
225,813
|
|
Selling,
general and administrative expenses
|
|
27,972
|
|
29,513
|
|
|
|
81,616
|
|
87,302
|
|
Profit
from operations
|
|
30,450
|
|
43,082
|
|
|
|
59,715
|
|
138,511
|
|
Other
income (expense):
|
|||||||||||
Interest
income
|
|
5,993
|
|
10,548
|
|
|
|
16,077
|
|
28,181
|
|
Interest
expense
|
|
(457)
|
|
-
|
|
|
|
(1,456)
|
|
-
|
|
Other,
net
|
|
337
|
|
(552)
|
|
|
|
2,183
|
|
(2,476)
|
|
Income
before income taxes
|
|
36,323
|
|
53,078
|
|
|
|
76,519
|
|
164,216
|
|
Provision
for income taxes
|
|
11,909
|
|
17,251
|
|
|
|
24,850
|
|
53,371
|
|
Net
income
|
$
|
24,414
|
$
|
35,827
|
|
|
$
|
51,669
|
$
|
110,845
|
|
Income
per share:
|
|||||||||||
Basic
|
$
|
0.14
|
$
|
0.21
|
|
|
$
|
0.30
|
$
|
0.64
|
|
Diluted
|
$
|
0.14
|
$
|
0.21
|
|
|
$
|
0.30
|
$
|
0.64
|
|
Weighted
average common shares outstanding:
|
|||||||||||
Basic
|
|
172,654
|
|
172,041
|
|
|
|
172,621
|
|
172,138
|
|
Diluted
|
|
173,194
|
|
172,926
|
|
|
|
173,055
|
|
172,897
|
Nine
Months Ended December 31,
|
||||
|
2005
|
2006
|
||
Operating
Activities:
|
||||
Net
income
|
$
|
51,669
|
$
|
110,845
|
Adjustment
to reconcile net income to net cash from operating
activities:
|
||||
Depreciation
|
|
52,399
|
|
40,304
|
Stock-based
compensation expense
|
|
-
|
|
2,016
|
Deferred
income taxes
|
|
3,277
|
|
9,757
|
Gain
on sale of property, plant & equipment
|
|
(924)
|
|
(37)
|
Changes
in operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(28,049)
|
|
(5,001)
|
Inventories
|
|
58,642
|
|
(334)
|
Accounts
payable and accrued expenses
|
|
(30,250)
|
|
33,425
|
Income
taxes payable
|
|
5,917
|
|
12,976
|
Other
assets
|
|
1,647
|
|
(5,211)
|
Other
liabilities
|
|
(2,793)
|
|
(2,581)
|
Net
cash provided by (used in) operating activities
|
|
111,535
|
|
196,159
|
Investing
Activities:
|
||||
Purchases
of property and equipment
|
|
(26,917)
|
|
(37,279)
|
Purchases
of investment securities
|
|
(100,000)
|
|
(148,000)
|
Redemption
of investment securities
|
|
36,000
|
|
178,017
|
Proceeds
from property, plant & equipment dispositions
|
|
275
|
|
41
|
Other
|
424
|
-
|
||
Net
cash provided by (used in) investing activities
|
|
(90,218)
|
|
(7,221)
|
Financing
Activities:
|
||||
Dividends
paid
|
|
(19,401)
|
|
(19,379)
|
Purchase
of treasury stock
|
|
(13,081)
|
|
(10,912)
|
Proceeds
from exercise of stock options
|
5,592
|
4,310
|
||
Excess
tax benefit from stock-based payment arrangements
|
|
-
|
|
657
|
Net
cash provided by (used in) financing activities
|
|
(26,890)
|
|
(25,324)
|
Effect
of exchange rate on cash
|
|
(5,832)
|
|
8,789
|
Increase
(decrease) in cash and cash equivalents
|
|
(11,405)
|
|
172,403
|
Cash
and cash equivalents at beginning of period
|
|
490,470
|
|
505,326
|
Cash
and cash equivalents at end of period
|
$
|
479,065
|
$
|
677,729
|
1. |
Basis
of Presentation:
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
|
December
31, 2005
|
December
31, 2005
|
||
Net
income:
|
|||||
As
reported
|
$
24,414
|
$
51,669
|
|||
Less:
|
Total
stock-based employee compensation expense determined under
fair value
based method for all awards, net of taxes
|
(783)
|
(2,322)
|
||
Pro
forma net income
|
|
$
23,631
|
|
$
49,347
|
|
Earnings
per share:
|
|||||
Basic
- as reported
|
$
0.14
|
$
0.30
|
|||
Basic
- pro forma
|
$
0.14
|
$
0.29
|
|||
Diluted
- as reported
|
$
0.14
|
$
0.30
|
|||
Diluted
- pro forma
|
$
0.14
|
$
0.29
|
Three
Months Ended
|
Nine
Months Ended
|
|||||
December
31, 2006
|
December
31, 2006
|
|||||
Stock-based
compensation expense
|
||||||
|
Cost
of sales
|
$
|
260
|
$
|
806
|
|
|
Selling,
general and administrative expenses
|
391
|
1,210
|
|||
Total
stock-based compensation expense
|
$
|
651
|
$
|
2,016
|
2. |
Earnings
Per Share:
|
|
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||
|
|
2005
|
2006
|
2005
|
2006
|
||||
Net
Income
|
$
|
24,414
|
$
|
35,827
|
$
|
51,669
|
$
|
110,845
|
|
Computation
of Basic EPS:
|
|||||||||
Weighted
Average Shares Outstanding used in computing Basic EPS
|
|
172,654
|
|
172,041
|
|
172,621
|
|
172,138
|
|
Basic
earnings per share
|
$
|
0.14
|
$
|
0.21
|
$
|
0.30
|
$
|
0.64
|
|
Computation
of Diluted EPS:
|
|||||||||
Weighted
Average Shares Outstanding
|
|
172,654
|
|
172,041
|
|
172,621
|
|
172,138
|
|
Effect
of stock options
|
|
540
|
|
885
|
|
434
|
|
759
|
|
Shares
used in computing Diluted EPS (1)
|
|
173,194
|
|
172,926
|
|
173,055
|
|
172,897
|
|
Diluted
Income per share
|
$
|
0.14
|
$
|
0.21
|
$
|
0.30
|
$
|
0.64
|
3. |
Trade
Accounts Receivable:
|
March
31, 2006
|
December
31, 2006
|
||||
Gross
Accounts Receivable - Trade
|
$
|
199,090
|
$
|
214,037
|
|
Less:
|
|
|
|
|
|
|
Allowances
for doubtful accounts
|
|
1,772
|
|
1,592
|
|
Stock
rotation and ship from stock and debit
|
|
14,292
|
|
15,039
|
|
Sales
returns and discounts
|
|
8,496
|
|
11,398
|
|
Total
allowances
|
|
24,560
|
|
28,029
|
|
Net
Accounts Receivable - Trade
|
$
|
174,530
|
$
|
186,008
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||||
|
|
2005
|
|
2006
|
|
|
2005
|
|
2006
|
Allowances
for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
Beginning
Balance
|
$
|
1,784
|
$
|
1,415
|
|
$
|
3,426
|
$
|
1,772
|
Charges
|
|
(13)
|
|
159
|
|
|
171
|
|
(93)
|
Applications
|
|
162
|
|
(6)
|
|
|
(1,594)
|
|
(143)
|
Translation
and other
|
|
(19)
|
|
24
|
|
|
(89)
|
|
56
|
Ending
Balance
|
|
1,914
|
|
1,592
|
|
|
1,914
|
|
1,592
|
Stock
rotation and ship from stock and debit:
|
|
|
|
|
|
|
|
|
|
Beginning
Balance
|
|
17,290
|
|
15,742
|
|
|
18,174
|
|
14,292
|
Charges
|
|
10,279
|
|
8,904
|
|
|
30,800
|
|
30,803
|
Applications
|
|
(9,475)
|
|
(9,651)
|
|
|
(30,837)
|
|
(30,164)
|
Translation
and other
|
|
(14)
|
|
44
|
|
|
(57)
|
|
108
|
Ending
Balance
|
|
18,080
|
|
15,039
|
|
|
18,080
|
|
15,039
|
Sales
returns and discounts:
|
|
|
|
|
|
|
|
|
|
Beginning
Balance
|
|
8,309
|
|
9,661
|
|
|
11,043
|
|
8,496
|
Charges
|
|
3,769
|
|
6,817
|
|
|
14,189
|
|
20,221
|
Applications
|
|
(4,783)
|
|
(5,159)
|
|
|
(17,867)
|
|
(17,504)
|
Translation
and other
|
|
(13)
|
|
79
|
|
|
(83)
|
|
185
|
Ending
Balance
|
$
|
7,282
|
$
|
11,398
|
|
$
|
7,282
|
$
|
11,398
|
4. |
Inventories:
|
March
31, 2006
|
December
31, 2006
|
|||
Finished
goods
|
$
|
97,963
|
$
|
98,598
|
Work
in process
|
|
81,055
|
|
96,650
|
Raw
materials and supplies
|
|
128,635
|
|
131,655
|
|
$
|
307,653
|
$
|
326,903
|
5. |
Stock-Based
Compensation:
|
|
|
Number
of Shares
|
Average
Price (a)
|
Average
Life (years) (b)
|
Aggregated
Intrinsic Value
|
|||
Outstanding
at March 31, 2006
|
|
4,813
|
$
|
14.72
|
|
|
|
|
Options
granted
|
|
513
|
|
15.27
|
|
|
|
|
Options
exercised
|
|
(421)
|
|
10.25
|
|
|
$
|
2,727
|
Options
cancelled/forfeited
|
|
(59)
|
|
18.88
|
|
|
|
|
Outstanding
at December 31, 2006
|
|
4,846
|
$
|
15.14
|
|
5.36
|
$
|
(1,704)
|
Exercisable
at December 31, 2006
|
|
3,584
|
$
|
15.69
|
|
4.28
|
$
|
(3,230)
|
(a) |
Weighted-average
exercise price
|
(b) |
Weighted-average
contractual life remaining
|
|
|
|
|
|
|
Number
of Shares
|
Weighted
Average Grant-Date Fair Value
|
|
Unvested
balance at March 31, 2006
|
|
|
|
|
1,382
|
$
|
5.65
|
|
Options
granted
|
|
|
|
|
|
513
|
|
5.44
|
Options
forfeited
|
|
|
|
|
|
(31)
|
|
5.64
|
Options
vested
|
|
|
|
|
|
(602)
|
|
6.45
|
Unvested
balance at December 31, 2006
|
|
|
|
1,262
|
$
|
5.39
|
Nine
Months Ended December 31,
|
||||
|
|
2005
|
|
2006
|
Expected
life (in years)
|
|
4
|
|
5
|
Risk-free
interest rate
|
|
4.00%
|
|
4.90%
|
Expected
volatility
|
|
55.74%
|
|
35.25%
|
Dividend
yield
|
|
1.31%
|
|
0.98%
|
6. |
Commitments
and Contingencies:
|
7. |
Comprehensive
Income:
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
|||||||||
|
|
|
2005
|
2006
|
2005
|
2006
|
||||
Net
income
|
$
|
24,414
|
$
|
35,827
|
|
$
|
51,669
|
$
|
110,845
|
|
Other
comprehensive income:
|
||||||||||
|
Foreign
currency translation adjustment
|
|
(8,236)
|
|
27,965
|
|
|
(41,750)
|
|
67,591
|
|
Foreign
currency cash flow hedges
|
|
339
|
|
(282)
|
|
|
513
|
|
(553)
|
Comprehensive
income
|
$
|
16,517
|
$
|
63,510
|
|
$
|
10,432
|
$
|
177,883
|
8. |
Segment
and Geographic Information:
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||||
|
|
2005
|
2006
|
2005
|
2006
|
||||
Net
sales:
|
|||||||||
Passive
Components
|
$
|
211,638
|
$
|
219,103
|
|
$
|
613,913
|
$
|
668,426
|
KED
Resale
|
|
117,356
|
|
134,390
|
|
|
323,297
|
|
378,596
|
Connectors
|
|
20,074
|
|
24,595
|
|
|
57,603
|
|
72,122
|
Total
|
$
|
349,068
|
$
|
378,088
|
|
$
|
994,813
|
$
|
1,119,144
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||||
|
|
2005
|
2006
|
2005
|
2006
|
||||
Operating
profit:
|
|||||||||
Passive
Components
|
$
|
27,456
|
$
|
39,947
|
|
$
|
57,143
|
$
|
134,848
|
KED
Resale
|
|
10,542
|
|
11,277
|
|
|
24,610
|
|
30,961
|
Connectors
|
|
2,140
|
|
1,945
|
|
|
5,220
|
|
5,792
|
Research
& development
|
|
(2,775)
|
|
(2,835)
|
|
|
(7,852)
|
|
(8,157)
|
Corporate
administration
|
|
(6,913)
|
|
(7,252)
|
|
|
(19,406)
|
|
(24,933)
|
Total
|
$
|
30,450
|
$
|
43,082
|
|
$
|
59,715
|
$
|
138,511
|
March
31, 2006
|
December
31, 2006
|
|||
Assets:
|
||||
Passive
Components
|
$
|
471,991
|
$
|
494,745
|
KED
Resale
|
|
31,347
|
|
37,100
|
Connectors
|
|
34,156
|
|
42,600
|
Research
& development
|
|
6,747
|
|
7,078
|
Cash,
A/R and investments in securities
|
|
976,773
|
|
1,130,010
|
Goodwill
- Passive components
|
|
59,206
|
|
60,644
|
Goodwill
- Connectors
|
|
10,277
|
|
10,277
|
Corporate
administration
|
|
84,711
|
|
79,634
|
Total
|
$
|
1,675,208
|
$
|
1,862,088
|
Three
Months Ended December 31,
|
Nine
Months Ended December 31,
|
||||||||
|
|
2005
|
2006
|
2005
|
2006
|
||||
Net
sales:
|
|||||||||
Americas
|
$
|
107,037
|
$
|
103,383
|
|
$
|
310,060
|
$
|
324,712
|
Europe
|
|
73,018
|
|
82,090
|
|
|
231,235
|
|
250,806
|
Asia
|
|
169,013
|
|
192,615
|
|
|
453,518
|
|
543,626
|
Total
|
$
|
349,068
|
$
|
378,088
|
|
$
|
994,813
|
$
|
1,119,144
|
9. |
Pension
Plans:
|
U.S.
Plans
|
International
Plans
|
|||||||
Three
Months Ended December 31,
|
Three
Months Ended December 31,
|
|||||||
|
|
2005
|
2006
|
2005
|
2006
|
|||
Service
cost
|
$
|
90
|
$
|
100
|
$
|
305
|
$
|
342
|
Interest
cost
|
|
408
|
|
406
|
|
1,416
|
|
1,375
|
Expected
return on plan assets
|
|
(409)
|
|
(399)
|
|
(1,160)
|
|
(1,252)
|
Amortization
of prior service cost
|
|
16
|
|
18
|
|
16
|
|
15
|
Recognized
actuarial loss
|
|
42
|
|
45
|
|
313
|
|
316
|
Net
periodic pension cost
|
$
|
147
|
$
|
170
|
$
|
890
|
$
|
796
|
U.S.
Plans
|
International
Plans
|
|||||||
Nine
Months Ended December 31,
|
Nine
Months Ended December 31,
|
|||||||
2005
|
2006
|
2005
|
2006
|
|||||
Service
cost
|
$
|
270
|
$
|
300
|
$
|
915
|
$
|
1,026
|
Interest
cost
|
|
1,224
|
|
1,218
|
|
4,248
|
|
4,125
|
Expected
return on plan assets
|
|
(1,227)
|
|
(1,197)
|
|
(3,480)
|
|
(3,756)
|
Amortization
of prior service cost
|
|
48
|
|
54
|
|
48
|
|
45
|
Recognized
actuarial loss
|
|
126
|
|
135
|
|
939
|
|
948
|
Net
periodic pension cost
|
$
|
441
|
$
|
510
|
$
|
2,670
|
$
|
2,388
|
10. |
Subsequent
Events:
|
ITEM
2.
|
|
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
|
in
thousands, except per share data
|
Three
Months Ended December 31,
|
|||
|
|
2005
|
2006
|
|
Net
Sales
|
$
|
349,068
|
$
|
378,088
|
Gross
Profit
|
|
58,422
|
|
72,595
|
Operating
Income
|
|
30,450
|
|
43,082
|
Net
Income
|
|
24,414
|
|
35,827
|
Diluted
Earnings per Share
|
$
|
0.14
|
$
|
0.21
|
Sales
Revenue
|
Three
Months Ended December 31,
|
|||
$(000's)
|
|
2005
|
2006
|
|
Ceramic
Components
|
$
|
62,485
|
$
|
52,845
|
Tantalum
Components
|
|
68,199
|
|
72,269
|
Advanced
Components
|
|
80,954
|
|
93,989
|
Total
Passive Components
|
|
211,638
|
|
219,103
|
KDP
and KKC Resale
|
|
100,213
|
|
114,696
|
KEC
Resale
|
|
17,143
|
|
19,694
|
Total
KED Resale
|
|
117,356
|
|
134,390
|
Connectors
|
|
20,074
|
|
24,595
|
Total
Revenue
|
$
|
349,068
|
$
|
378,088
|
in
thousands, except per share data
|
Nine
Months Ended December 31,
|
|||
|
|
2005
|
2006
|
|
Net
Sales
|
$
|
994,813
|
$
|
1,119,144
|
Gross
Profit
|
|
141,331
|
|
225,813
|
Operating
Income
|
|
59,715
|
|
138,511
|
Net
Income
|
|
51,669
|
|
110,845
|
Diluted
Earnings per Share
|
$
|
0.30
|
$
|
0.64
|
Sales
Revenue
|
Nine
Months Ended December 31,
|
|||
$(000's)
|
|
2005
|
2006
|
|
Ceramic
Components
|
$
|
172,986
|
$
|
172,069
|
Tantalum
Components
|
|
201,656
|
|
214,356
|
Advanced
Components
|
|
239,271
|
|
282,001
|
Total
Passive Components
|
|
613,913
|
|
668,426
|
KDP
and KKC Resale
|
|
276,378
|
|
322,378
|
KEC
Resale
|
|
46,919
|
|
56,218
|
Total
KED Resale
|
|
323,297
|
|
378,596
|
Connectors
|
|
57,603
|
|
72,122
|
Total
Revenue
|
$
|
994,813
|
$
|
1,119,144
|
ITEM
4.
|
PART
II:
|
Period
|
|
Total
Number of Shares Purchased (1)(2)
|
Average
Price Paid Per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
(1)(2)
|
Maximum
Number of Shares that may yet be Purchased Under the Plans or
Programs
(1)(2)
|
|||
10/1/06
- 10/31/06
|
|
-
|
|
-
|
|
-
|
|
5,668,800
|
11/1/06
- 11/30/06
|
|
83,195
|
|
$
15.68
|
|
83,195
|
|
5,585,605
|
12/1/06
- 12/31/06
|
138,700
|
15.00
|
138,700
|
5,446,905
|
||||
Total
|
|
221,895
|
|
$
15.26
|
|
221,895
|
|
5,446,905
|
(1) |
On
April 19, 2001, the Board of Directors of the Company authorized
the
repurchase of up to 5,000,000 shares of our common stock from time
to time
in the open market. The repurchased shares are held as treasury stock
and
are available for general corporate
purposes.
|
(2) |
On
October 19, 2005, the Board of Directors of the Company authorized
the
repurchase of an additional 5,000,000 shares of our common stock
from time
to time in the open market. The repurchased shares are held as treasury
stock and are available for general corporate
purposes.
|
ITEM
6.
|
|
31.1
|
|
31.2
|
|
32.1
|
AVX
Corporation
|
|
By:
|
/s/
Kurt P. Cummings
|
Kurt
P. Cummings
|
|
Vice
President,
|
|
Chief
Financial Officer,
|
|
Treasurer
and Secretary
|