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2 0 0 2 Annualreport 2002 ANNUAL REPORT SELECTED FINANCIAL DATA (in thousands, except per share data) Years Ended March 31, 1998 1999 2000 2001 2002 AVX 2002 Annual Report Income Statement Data: Net sales $1,267,653 $1,245,473 $1,630,273 $2,608,113 $1,249,980 Cost of sales 970,216 1,078,064 1,289,743 1,634,297 1,146,662 Gross profit 297,437 167,409 340,530 973,816 103,318 SG&A 110,737 114,104 119,299 149,268 103,741 Restructuring charges – – – – 24,646 Profit (loss) from operations 186,700 53,305 221,231 824,548 (25,069) Interest income 11,268 7,946 8,671 17,394 18,114 Interest expense (1,921) (2,228) (1,868) (2,320) (1,851) Other, net 1,377 1,719 4,092 1,638 1,800 Income (loss) before income taxes 197,424 60,742 232,126 841,260 (7,006) Provision for income taxes 62,773 19,226 75,194 273,723 226 Net income (loss) 134,651 41,516 156,932 567,537 (7,232) Income per share: Basic (1) $ 0.76 $ 0.24 $ 0.90 $ 3.25 $ (0.04) Diluted (1) $ 0.76 $ 0.24 $ 0.90 $ 3.22 $ (0.04) Cash dividends declared per common share (1) $ 0.123 $ 0.130 $ 0.135 $ 0.143 $ 0.150 As of March 31, 1998 1999 2000 2001 2002 Balance Sheet Data: Working capital $ 552,787 $ 471,253 $ 564,129 $1,011,753 $ 956,191 To tal assets 1,048,653 1,058,040 1,308,331 1,885,098 1,691,599 Long-term debt 8,376 12,714 18,174 13,722 – Stockholders’ equity 850,884 830,641 982,021 1,505,034 1,476,035 Years Ended March 31, 1998 1999 2000 2001 2002 Other Data: Capital expenditures 100,374 97,715 172,421 227,342 75,445 Research, development and engineering expenses 36,846 41,796 51,143 56,773 42,678 (1) Previously reported amounts have been restated for the effect of the June 1, 2000, 2-for-1 common stock split effected in the form of a 100% stock dividend. TABLE OF CONTENTS SELECTED FINANCIAL DATA PAGE 2 PRODUCT CATEGORIES MARKETS SERVED LETTER TO OUR SHAREHOLDERS PAGE 4 Advanced Ceramic Military SMALLER DEVICES MEAN LARGER SALES PAGE 8 Products Capacitors Telecommunications Computer 3% 24% 22% Medical 14% 18% Networking and 7% 5% Information Hardware Connectors 8% Industrial 5% 17% FROM THE BATTLEFIELD TO THE HOME FRONT PAGE 10 21% 25% 31% Consumer/Auto FROM OUR LABS TO YOUR HEART PAGE 12 Tantalum Kyocera Wireless Developed Products Capacitors AVX high-current feedthru filters are used in the latest optical and automotive FINANCIAL REPORT PAGE 14 applications. SHAREHOLDER INFORMATION PAGE 38 BOARD OF DIRECTORS AND CORPORATE OFFICERS PAGE 39 This document contains forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from the performance indicated or implied by such statements. Risk factors relating to such statements are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2002. 3 Letter to our Shareholders DEAR SHAREHOLDERS, It was a difficult year, but management POISED TO SUCCEED around the world to address our The past year has been challenging believes the Company is stronger today As AVX begins its new fiscal year customers’ needs. We have been in for our global industry. The slowdown and is in a position for growth in the in April 2002, the economy is starting the Asian area since 1977 and recently in the general economy, and in the future. For the year just completed, to rebound. The elements are in place expanded that region’s production with electronics industry in particular, put AVX achieved sales of $1.2 billion.The for AVX to take advantage of the a facility in Malaysia and announced a strong pressures on most of our net loss for fiscal year 2002 was $7.2 turnaround. new facility in China to produce customers.This drop in end units and million.The current year’s results reflect tantalum products. financial difficulties at many customers $60.1 million of restructuring and Worldwide inventories have Many of our customers are plan- drove our revenues and selling prices special charges due to important steps shrunk. Manufacturers who use our ning to reduce the number of suppliers down.We moved quickly to restructure taken to reduce costs in reaction to the capacitors, connectors and Advanced and related processing costs. AVX’s the Company during this period and economic correction. Products need to rebuild their inven- breadth of products offers these reduced our cost and controlled Yet, we feel AVX has fared better tories as they ramp up production to customers the ability to access one AVX is the leader in ESD Suppression inventories across the Company. than many in our industry and the meet accelerating consumer demand source for their passive components Technology. These products are ideal for battery-backed and handheld devices. During the year, we took the economy, in general. The strengths of during the year. around the world. It is our strategy to painful step of reducing approximately AVX have enabled us to maintain the AVX is positioned with a world- continue to make the name “AVX” forty percent of our workforce and strong relationships with our customers wide manufacturing and distribution synonymous with Passive Components shut down several facilities around and have kept us poised to succeed as system second to none. We continue and our acquisition strategy is geared As a passive component technology leader, AVX the world. the economic recovery continues. to be a leader with manufacturing to that objective. sees its products widely used in the growing market for notebooks, PCs and PDAs. 4 5 Touching lives, building the future We continue to invest in past year was difficult, we did undertake PREPARED TO MOVE And a word of appreciation to our Research and Development. necessary reductions in labor, overhead Our business fundamentals have shareholders who continue to support Ongoing technological trends continue and capital expenditures. As a result of proven their strength and our strategy the value in AVX. THANKS! I look to benefit AVX. Processing speeds many of these restructuring efforts, has prepared us to take advantage of forward to seeing you at our annual increase; functions multiply; and the AVX will be able to produce a number technological innovations, consumer Shareholders’ Meeting to be held at the sizes of electronic devices are shrinking. of key components in the region where trends and an improved business climate. AVX Corporation Seaboard Facility As complexity and speeds increase in they are being used and at a lower As we move forward, I’d like to located at 1900 Highway 501 East in circuits, this also increases the demand cost-per-piece. look back and thank our employees Myrtle Beach, South Carolina at and technical performance for passive Our balance sheet remains one who shared the burden of this past 10:00 a.m. on July 23, 2002. parts. Technology is an area where of the strongest in the industry. year. They continue to create techno- we need to continually invest. Our The Company has virtually no debt. logical breakthroughs, manufacture Advanced Products group has the lead, high-quality products and deliver AVX low-ESR tantalum capacitors are used We continue to generate significant working in cooperation with our premier customer service. I’d also like as filters in the latest laptop and desktop PCs cash beyond our immediate needs, and workstations. customers, to bring new products despite external events affecting our to acknowledge our customers as true to market. sales and earnings this past year. As business partners, working toward an John S. Gilbertson Our overall cost structure also of March 31, 2002, our cash reserves ultimate goal of providing value to their Chief Executive Officer helps attract orders. Although the totaled $681 million. customers. AVX Corporation AVX’s broad product offering, materials technology and manufacturing expertise are used to develop new Advanced Products, which meet the latest 6 7 customer design challenges. SmallerSmaller devicesdevices meanmean largerlarger salessales CONVERGING TECHNOLOGY, need for a greater number of passive converge. Items with discrete 3G technologies, the ability to handle EXPANDING MARKETS components and interconnect devices capabilities, such as cell phones and sophisticated financial transactions by As the U.S. and world economies that are simultaneously smaller, yet personal digital assistants (PDAs), or phone, rather than PC, will require regain their strength, demand for AVX more complex. This is the world in photography and desktop computers, more components. A recent study products rebounds. Nearly as impor- which AVX excels. are being synthesized into single, estimated that by 2005, some 7 million tant as economic health to the future The young girl on this report’s multifunctioning units. people in the United States will be using of AVX is the trend of technological cover using a laptop illustrates an Convergence also occurs in their phones for banking and financial convergence. As technology brings important type of convergence. systems. Increasingly popular high-tech services. Europe and Japan are adopting together functions, systems and Technology is rapidly “converging” on consumer products, such as flat-screen, this technology even more rapidly than services, it will generate an increased the lives of today’s youth. It is now high-definition television (HDTV), give the United States because they are not demand for AVX products. This second nature for them to operate birth to complementary technology. dependent on PC-based Internet convergence motivates consumers to computers and handheld games, as well Upgrading to an HDTV unit is often access.
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