AVX Corporation (AVX)
Q1 2013 Earnings Call
July 31, 2012 10:00 am ET
John Gilbertson - President & CEO
Kurt Cummings - VP, CFO, Treasurer & Secretary
Matt Sheerin - Stifel Nicolaus
Shawn Harrison - Longbow Research
Jim Suva - Citi
Good morning. My name is Sarah and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.
Mr. John Gilbertson, President and CEO, you may begin your conference.
Thank you very much Sarah. Good morning. I would like to thank you for attending the AVX conference call regarding the results for our first fiscal year quarter that ended this June. I am John Gilbertson and with me today is Kurt Cummings, AVX’s Chief Financial Officer and Mr. John Lawing, our Vice President of the Advanced Products Group. I hope you had a chance to review our earnings release that was issued this morning.
The June quarter flowed along with the general macro economy and sales came in about 2.5% from the March quarter at $353.2 million. The overall gross book-to-bill during the quarter was 1.06 to 1. The backlog during the quarter increased and this is a positive sign going forward.
During the quarter, we were impacted by customer’s uncertainty and particularly their reluctance to take any inventory beyond the immediate end market demand. The key word during the quarter was uncertainty. This uncertainty impacted prices and margin as long-term orders were limited and we walked away from some marginal business to hold up margins.