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
|
[ ]
|
(Do
not check if a smaller reporting company)
|
Smaller
reporting company
|
[ ]
|
Yes
|
No
|
X
|
Class
|
Outstanding at November 3,
2008
|
|
Common
Stock, par value $0.01 per share
|
170,522,932
|
Page
Number
|
||
PART
I:
|
Financial
Information:
|
|
ITEM
1.
|
Financial
Statements:
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
ITEM
2.
|
18
|
|
ITEM
3.
|
27
|
|
ITEM
4.
|
28
|
|
PART
II:
|
||
ITEM
1.
|
28
|
|
ITEM
1A.
|
28
|
|
ITEM
2.
|
29
|
|
ITEM
6.
|
30
|
|
31
|
March
31,
|
September
30,
|
|||
ASSETS
|
2008
|
2008
|
||
Current
assets:
|
||||
Cash
and cash equivalents
|
$
|
568,864
|
$
|
560,103
|
Short-term
investments in securities
|
50,000
|
-
|
||
Available-for-sale
securities
|
44,790
|
40,026
|
||
Accounts
receivable - trade
|
198,641
|
206,440
|
||
Accounts
receivable - affiliates
|
5,121
|
3,118
|
||
Inventories
|
421,216
|
399,747
|
||
Deferred
income taxes
|
38,940
|
39,277
|
||
Prepaid
and other
|
49,633
|
36,055
|
||
Total
current assets
|
1,377,205
|
1,284,766
|
||
Long-term
investments in securities
|
108,999
|
179,001
|
||
Long-term
available-for-sale securities
|
42,666
|
24,912
|
||
Property
and equipment
|
1,707,265
|
1,659,828
|
||
Accumulated
depreciation
|
(1,390,693)
|
(1,353,680)
|
||
316,572
|
306,148
|
|||
Goodwill
|
159,013
|
164,210
|
||
Intangible
assets - net
|
95,046
|
92,817
|
||
Other
assets
|
9,577
|
9,178
|
||
Total
Assets
|
$
|
2,109,078
|
$
|
2,061,032
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||
Current
liabilities:
|
||||
Accounts
payable - trade
|
$
|
66,601
|
$
|
43,454
|
Accounts
payable - affiliates
|
70,551
|
70,747
|
||
Income
taxes payable
|
10,616
|
3,875
|
||
Accrued
payroll and benefits
|
45,987
|
43,803
|
||
Accrued
expenses
|
26,761
|
31,937
|
||
Total
current liabilities
|
220,516
|
193,816
|
||
Other
liabilities
|
59,211
|
55,770
|
||
Total
Liabilities
|
279,727
|
249,586
|
||
Commitments
and contingencies (Note 7)
|
||||
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
|
342,843
|
343,662
|
||
Retained
earnings
|
1,349,349
|
1,393,782
|
||
Accumulated
other comprehensive income
|
207,350
|
149,977
|
||
Treasury
stock, at cost:
|
(71,955)
|
(77,739)
|
||
5,303
and 5,816 shares at March 31 and September 30, 2008,
respectively
|
||||
Total
Stockholders' Equity
|
1,829,351
|
1,811,446
|
||
Total
Liabilities and Stockholders' Equity
|
$
|
2,109,078
|
$
|
2,061,032
|
Three
Months Ended
September
30,
|
Six
Months Ended
September
30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Net
sales
|
$
|
400,706
|
$
|
400,280
|
$
|
783,864
|
$
|
797,169
|
|
Cost
of sales
|
329,861
|
333,510
|
638,133
|
666,968
|
|||||
Restructuring
charges
|
2,056
|
3,297
|
2,217
|
4,576
|
|||||
Gross
profit
|
68,789
|
63,473
|
143,514
|
125,625
|
|||||
Selling,
general and administrative expenses
|
29,581
|
32,530
|
60,149
|
66,679
|
|||||
Restructuring
charges
|
-
|
705
|
-
|
717
|
|||||
Other
operating (income)/expense
|
390
|
-
|
390
|
(4,051)
|
|||||
Profit
from operations
|
38,818
|
30,238
|
82,975
|
62,280
|
|||||
Other
income (expense):
|
|||||||||
Interest
income
|
13,140
|
6,101
|
25,222
|
12,721
|
|||||
Interest
expense
|
-
|
(17)
|
(242)
|
(127)
|
|||||
Other,
net
|
44
|
(489)
|
(800)
|
1,377
|
|||||
Income
before income taxes
|
52,002
|
35,833
|
107,155
|
76,251
|
|||||
Provision
for income taxes
|
14,561
|
8,042
|
30,555
|
17,455
|
|||||
Net
income
|
$
|
37,441
|
$
|
27,791
|
$
|
76,600
|
$
|
58,796
|
|
Income
per share:
|
|||||||||
Basic
|
$
|
0.22
|
$
|
0.16
|
$
|
0.45
|
$
|
0.34
|
|
Diluted
|
$
|
0.22
|
$
|
0.16
|
$
|
0.44
|
$
|
0.34
|
|
Weighted
average common shares outstanding:
|
|||||||||
Basic
|
171,685
|
170,700
|
171,741
|
170,837
|
|||||
Diluted
|
172,477
|
170,802
|
172,554
|
171,103
|
Six
Months Ended September
30,
|
||||
2007
|
2008
|
|||
Operating
Activities:
|
||||
Net
income
|
$
|
76,600
|
$
|
58,796
|
Adjustment
to reconcile net income to net cash from operating
activities:
|
||||
Depreciation
and amortization
|
24,229
|
32,575
|
||
In-process
research and development charge
|
390
|
-
|
||
Stock-based
compensation expense
|
1,374
|
1,244
|
||
Deferred
income taxes
|
6,660
|
(1,607)
|
||
(Gain)
Loss on available-for-sale securities
|
-
|
1,646
|
||
(Gain)
Loss on property, plant & equipment, net of
retirements
|
(4)
|
(3,895)
|
||
Changes
in operating assets and liabilities:
|
||||
Accounts
receivable
|
(28,673)
|
(10,563)
|
||
Inventories
|
(10,438)
|
6,642
|
||
Accounts
payable and accrued expenses
|
23,060
|
(30,052)
|
||
Income
taxes payable
|
(4,929)
|
(6,304)
|
||
Other
assets
|
12,576
|
9,181
|
||
Other
liabilities
|
(15,508)
|
(7,653)
|
||
Net
cash provided by (used in) operating activities
|
85,337
|
50,010
|
||
Investing
Activities:
|
||||
Purchases
of property and equipment
|
(27,038)
|
(27,878)
|
||
Purchases
of investment securities
|
(59,000)
|
(129,002)
|
||
Sales
and redemptions of available-for-sale securities
|
-
|
21,641
|
||
Sales
and redemptions of investment securities
|
134,000
|
109,000
|
||
Purchase
of business, net of cash acquired
|
(223,333)
|
-
|
||
Proceeds
from property, plant & equipment dispositions
|
19
|
5,478
|
||
Contingent
consideration for a prior acquisition
|
-
|
(6,201)
|
||
Other
investing activities
|
-
|
134
|
||
Net
cash provided by (used in) investing activities
|
(175,352)
|
(26,828)
|
||
Financing
Activities:
|
||||
Dividends
paid
|
(13,756)
|
(13,684)
|
||
Purchase
of treasury stock
|
(6,534)
|
(7,129)
|
||
Proceeds
from exercise of stock options
|
2,889
|
788
|
||
Excess
tax benefit from stock-based payment arrangements
|
483
|
132
|
||
Net
cash provided by (used in) financing activities
|
(16,918)
|
(19,893)
|
||
Effect
of exchange rate on cash
|
4,099
|
(12,050)
|
||
Increase
(decrease) in cash and cash equivalents
|
(102,834)
|
(8,761)
|
||
Cash
and cash equivalents at beginning of period
|
684,382
|
568,864
|
||
Cash
and cash equivalents at end of period
|
$
|
581,548
|
$
|
560,103
|
1.
|
Basis
of Presentation:
|
2.
|
Earnings
Per Share:
|
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
|||||||
2007
|
2008
|
2007
|
2008
|
|||||
Net
Income
|
$
|
37,441
|
$
|
27,791
|
$
|
76,600
|
$
|
58,796
|
Computation
of Basic EPS:
|
||||||||
Weighted
Average Shares Outstanding used in
computing Basic EPS
|
171,685
|
170,700
|
171,741
|
170,837
|
||||
Basic
earnings per share
|
$
|
0.22
|
$
|
0.16
|
$
|
0.45
|
$
|
0.34
|
Computation
of Diluted EPS:
|
||||||||
Weighted
Average Shares Outstanding
|
171,685
|
170,700
|
171,741
|
170,837
|
||||
Effect
of stock options
|
792
|
102
|
813
|
266
|
||||
Shares
used in computing Diluted EPS (1)
|
172,477
|
170,802
|
172,554
|
171,103
|
||||
Diluted
Income per share
|
$
|
0.22
|
$
|
0.16
|
$
|
0.44
|
$
|
0.34
|
3.
|
Trade
Accounts Receivable:
|
March
31,
2008
|
September
30, 2008
|
||||
Gross
Accounts Receivable - Trade
|
$
|
222,138
|
$
|
231,351
|
|
Less:
|
|||||
Allowances
for doubtful accounts
|
1,303
|
1,327
|
|||
Stock
rotation and ship from stock and debit
|
12,941
|
14,231
|
|||
Sales
returns and discounts
|
9,253
|
9,353
|
|||
Total
allowances
|
23,497
|
24,911
|
|||
Net
Accounts Receivable - Trade
|
$
|
198,641
|
$
|
206,440
|
Three
Months Ended September 30,
|
Six
Months Ended September 30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Allowances
for doubtful accounts:
|
|||||||||
Beginning
Balance
|
$
|
1,643
|
$
|
1,386
|
$
|
1,705
|
$
|
1,303
|
|
Charges
|
(42)
|
(6)
|
(42)
|
30
|
|||||
Applications
|
(198)
|
(7)
|
(273)
|
45
|
|||||
Translation
and other
|
6
|
(46)
|
19
|
(51)
|
|||||
Ending
Balance
|
$
|
1,409
|
$
|
1,327
|
$
|
1,409
|
$
|
1,327
|
Stock
rotation and ship from stock and debit:
|
|||||||||
Beginning
Balance
|
$
|
13,082
|
$
|
13,528
|
$
|
11,918
|
$
|
12,941
|
|
Charges
|
10,558
|
10,717
|
21,382
|
21,195
|
|||||
Applications
|
(9,841)
|
(9,978)
|
(19,518)
|
(19,866)
|
|||||
Translation
and other
|
7
|
(36)
|
24
|
(39)
|
|||||
Ending
Balance
|
$
|
13,806
|
$
|
14,231
|
$
|
13,806
|
$
|
14,231
|
Sales
returns and discounts:
|
|||||||||
Beginning
Balance
|
$
|
9,829
|
$
|
9,006
|
$
|
9,140
|
$
|
9,253
|
|
Charges
|
7,050
|
5,684
|
15,538
|
11,966
|
|||||
Applications
|
(7,407)
|
(5,215)
|
(15,223)
|
(11,724)
|
|||||
Translation
and other
|
45
|
(122)
|
62
|
(142)
|
|||||
Ending
Balance
|
$
|
9,517
|
$
|
9,353
|
$
|
9,517
|
$
|
9,353
|
4.
|
Fair
Value:
|
§
|
Level 1: Unadjusted
quoted prices in active markets for identical assets and
liabilities.
|
§
|
Level 2: Observable
inputs other than those included in Level 1. For example, quoted prices
for similar assets or liabilities in active markets or quoted prices for
identical assets or liabilities in inactive
markets.
|
§
|
Level 3: Unobservable
inputs reflecting management’s own assumptions about the inputs used in
pricing the asset or liability.
|
Based
on
|
||||
Fair
Value at September 30, 2008
|
Quoted
prices in active markets
(Level
1)
|
Other
observable inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
|
Assets
measured at fair value on a recurring basis:
|
||||
Available-for-sale
marketable securities - short-term
|
$ 40,026
|
$
-
|
$ 31,119
|
$ 8,907
|
Available-for-sale
marketable securities - long-term
|
24,912
|
-
|
19,368
|
5,544
|
Assets
held in the non-qualified deferred
compensation program(1)
|
8,098
|
8,098
|
-
|
-
|
Total
|
$ 73,036
|
$
8,098
|
$ 50,487
|
$ 14,451
|
Based
on
|
||||
Fair
Value at September 30, 2008
|
Quoted
prices in active markets (Level 1)
|
Other
observable inputs
(Level
2)
|
Unobservable
inputs
(Level
3)
|
|
Liabilities
measured at fair value on a recurring basis:
|
||||
Obligation
related to assets held in the non-qualified
deferred
compensation program(1)
|
$ 8,098
|
$ 8,098
|
$ -
|
$ -
|
Foreign
currency derivatives(2)
|
8,033
|
-
|
8,033
|
-
|
Total
|
$ 16,131
|
$ 8,098
|
$ 8,033
|
$ -
|
Available-for-sale
marketable securities
|
||||
Three
Months Ended September 30, 2008
|
Six
Months Ended September 30, 2008
|
|||
Balance,
beginning of period
|
$
|
13,558
|
$
|
14,364
|
Realized
and unrealized gains/(losses) included in earnings
|
(771)
|
(771)
|
||
Unrealized
gains/(losses) included in comprehensive income
|
251
|
(555)
|
||
Purchases,
issuances and settlements
|
(2,462)
|
(2,462)
|
||
Transfers
in and/or out of Level 3, net
|
3,875
|
3,875
|
||
Balance,
end of period
|
$
|
14,451
|
$
|
14,451
|
5.
|
Inventories:
|
March
31, 2008
|
September
30, 2008
|
|||
Finished
goods
|
$
|
119,433
|
$
|
111,840
|
Work
in process
|
111,748
|
99,757
|
||
Raw
materials and supplies
|
190,035
|
188,150
|
||
$
|
421,216
|
$
|
399,747
|
6.
|
Stock-Based
Compensation:
|
7.
|
Commitments
and Contingencies:
|
8.
|
Comprehensive
Income:
|
Three
Months Ended September 30,
|
Six Months
Ended September 30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Net
income
|
$
|
37,441
|
$
|
27,791
|
$
|
76,600
|
$
|
58,796
|
|
Other
comprehensive income:
|
|||||||||
Pension
liability and other post-retirement
benefits adjustment,
net of tax
|
426
|
(55)
|
852
|
431
|
|||||
Foreign
currency translation adjustment
|
19,762
|
(59,957)
|
27,881
|
(53,852)
|
|||||
Foreign
currency cash flow hedges
|
1,194
|
285
|
(168)
|
(3,676)
|
|||||
Unrealized
gain (loss) on available-for-sale securities
|
-
|
(146)
|
-
|
(276)
|
|||||
Comprehensive
income
|
$
|
58,823
|
$
|
(32,082)
|
$
|
105,165
|
$
|
1,423
|
9.
|
Segment
and Geographic Information:
|
Three
Months Ended
September
30,
|
Six
Months Ended
September
30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Net
sales:
|
|||||||||
Passive
Components
|
$
|
226,778
|
$
|
239,789
|
$
|
453,204
|
$
|
488,944
|
|
KED
Resale
|
148,044
|
133,580
|
279,198
|
250,884
|
|||||
Connectors
|
25,884
|
26,911
|
51,462
|
57,341
|
|||||
Total
|
$
|
400,706
|
$
|
400,280
|
$
|
783,864
|
$
|
797,169
|
Three
Months Ended
September
30,
|
Six
Months Ended
September
30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Operating
profit:
|
|||||||||
Passive
Components
|
$
|
39,348
|
$
|
32,203
|
$
|
86,498
|
$
|
65,324
|
|
KED
Resale
|
12,029
|
7,408
|
23,508
|
11,839
|
|||||
Connectors
|
2,510
|
2,154
|
4,803
|
4,031
|
|||||
Research
& development
|
(2,878)
|
(3,022)
|
(5,742)
|
(5,955)
|
|||||
Corporate
administration
|
(12,191)
|
(8,505)
|
(26,092)
|
(12,959)
|
|||||
Total
|
$
|
38,818
|
$
|
30,238
|
$
|
82,975
|
$
|
62,280
|
March
31, 2008
|
September
30, 2008
|
|||
Assets:
|
||||
Passive
Components
|
$
|
755,897
|
$
|
708,247
|
KED
Resale
|
48,024
|
41,444
|
||
Connectors
|
55,928
|
52,782
|
||
Research
& development
|
6,797
|
7,570
|
||
Cash,
A/R and investments in securities
|
1,019,081
|
1,013,600
|
||
Goodwill
- Passive components
|
148,736
|
153,933
|
||
Goodwill
- Connectors
|
10,277
|
10,277
|
||
Corporate
administration
|
64,338
|
73,179
|
||
Total
|
$
|
2,109,078
|
$
|
2,061,032
|
Three
Months Ended
September
30,
|
Six
Months Ended
September
30,
|
||||||||
2007
|
2008
|
2007
|
2008
|
||||||
Net
sales:
|
|||||||||
Americas
|
$
|
102,851
|
$
|
116,883
|
$
|
205,484
|
$
|
229,891
|
|
Europe
|
92,078
|
96,684
|
184,706
|
207,143
|
|||||
Asia
|
205,777
|
186,713
|
393,674
|
360,135
|
|||||
Total
|
$
|
400,706
|
$
|
400,280
|
$
|
783,864
|
$
|
797,169
|
10.
|
Pension
Plans:
|
U.S.
Plans
|
International
Plans
|
|||||||
Three
Months Ended
September
30,
|
Three
Months Ended
September
30,
|
|||||||
2007
|
2008
|
2007
|
2008
|
|||||
Service
cost
|
$
|
107
|
$
|
111
|
$
|
373
|
$
|
308
|
Interest
cost
|
409
|
451
|
1,513
|
1,809
|
||||
Expected
return on plan assets
|
(426)
|
(504)
|
(1,366)
|
(1,771)
|
||||
Amortization
of prior service cost
|
21
|
16
|
17
|
-
|
||||
Recognized
actuarial loss
|
66
|
27
|
371
|
234
|
||||
Net
periodic pension cost
|
$
|
177
|
$
|
101
|
$
|
908
|
$
|
580
|
U.S.
Plans
|
International
Plans
|
|||||||
Six
Months Ended
September
30,
|
Six
Months Ended
September
30,
|
|||||||
2007
|
2008
|
2007
|
2008
|
|||||
Service
cost
|
$
|
214
|
$
|
222
|
$
|
746
|
$
|
616
|
Interest
cost
|
818
|
902
|
3,026
|
3,618
|
||||
Expected
return on plan assets
|
(852)
|
(1,008)
|
(2,732)
|
(3,542)
|
||||
Amortization
of prior service cost
|
42
|
32
|
34
|
-
|
||||
Recognized
actuarial loss
|
132
|
54
|
742
|
468
|
||||
Net
periodic pension cost
|
$
|
354
|
$
|
202
|
$
|
1,816
|
$
|
1,160
|
11.
|
Restructuring:
|
Asset
|
Other
|
|||||||
|
Workforce
|
Impairment
|
Facility
|
|||||
Reductions
|
Write-down
|
Closure
Costs
|
Total
|
|||||
Balance
at March 31, 2008
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Charges
|
1,291
|
-
|
-
|
1,291
|
||||
Utilization
/ Payments
|
(888)
|
-
|
-
|
(888)
|
||||
Balance
at June 30, 2008
|
403
|
-
|
-
|
403
|
||||
Charges
|
3,093
|
247
|
662
|
4,002
|
||||
Utilization
/ Payments
|
(2,060)
|
(247)
|
(662)
|
(2,969)
|
||||
Balance
at September 30, 2008
|
$
|
1,436
|
$
|
-
|
$
|
-
|
$
|
1,436
|
12.
|
Subsequent
Event:
|
ITEM
2.
|
|
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
|
in
thousands, except per share data
|
Three
Months Ended
September
30,
|
|||
2007
|
2008
|
|||
Net
Sales
|
$
|
400,706
|
$
|
400,280
|
Gross
Profit
|
68,789
|
63,473
|
||
Operating
Income
|
38,818
|
30,238
|
||
Net
Income
|
37,441
|
27,791
|
||
Diluted
Earnings per Share
|
$
|
0.22
|
$
|
0.16
|
Sales
Revenue
|
Three
Months Ended September 30,
|
|||
$(000's)
|
2007
|
2008
|
||
Ceramic
Components
|
$
|
55,128
|
$
|
44,736
|
Tantalum
Components
|
79,759
|
77,419
|
||
Advanced
Components
|
91,891
|
117,634
|
||
Total
Passive Components
|
226,778
|
239,789
|
||
KDP
and KKC Resale
|
126,075
|
109,900
|
||
KEC
Resale
|
21,969
|
23,680
|
||
Total
KED Resale
|
148,044
|
133,580
|
||
Connectors
|
25,884
|
26,911
|
||
Total
Revenue
|
$
|
400,706
|
$
|
400,280
|
in
thousands, except per share data
|
Six
Months Ended
September
30,
|
|||
2007
|
2008
|
|||
Net
Sales
|
$
|
783,864
|
$
|
797,169
|
Gross
Profit
|
143,514
|
125,625
|
||
Operating
Income
|
82,975
|
62,280
|
||
Net
Income
|
76,600
|
58,796
|
||
Diluted
Earnings per Share
|
$
|
0.44
|
$
|
0.34
|
Sales
Revenue
|
Six
Months Ended September 30,
|
|||
$(000's)
|
2007
|
2008
|
||
Ceramic
Components
|
$
|
109,205
|
$
|
95,742
|
Tantalum
Components
|
159,436
|
155,674
|
||
Advanced
Components
|
184,563
|
237,528
|
||
Total
Passive Components
|
453,204
|
488,944
|
||
KDP
and KKC Resale
|
236,136
|
207,599
|
||
KEC
Resale
|
43,062
|
43,285
|
||
Total
KED Resale
|
279,198
|
250,884
|
||
Connectors
|
51,462
|
57,341
|
||
Total
Revenue
|
$
|
783,864
|
$
|
797,169
|
ITEM
4.
|
PART
II:
|
ITEM
1.
|
ITEM
1A.
|
Period
|
Total
Number of Shares Purchased
(1)(2)(3)
|
Average
Price Paid Per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(1)(2)(3)
|
Maximum
Number of Shares that may yet be Purchased Under the Plans or
Programs
(1)(2)(3)
|
||||
07/01/08
- 07/31/08
|
70,000
|
$
10.38
|
70,000
|
8,679,403
|
||||
08/01/08
- 08/31/08
|
128,571
|
10.28
|
128,571
|
8,550,832
|
||||
09/01/08
- 09/30/08
|
155,000
|
10.90
|
155,000
|
8,395,832
|
||||
Total
|
353,571
|
$
10.57
|
353,571
|
8,395,832
|
(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.
|
(3)
|
On
October 17, 2007, 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
|