AVX Corp.

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Press Release $AVX AVX Corp.

0 COMMENTs 28 Jan
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AVX Corporation Announces Preliminary Third Quarter Results


EXHIBIT 99.1



          AVX Corporation Announces Preliminary Third Quarter Results

GREENVILLE,  S.C.  -  January  28, 2014 --  AVX  Corporation  (NYSE:  AVX) today
reported  preliminary  unaudited  results  for  the third quarter ended December
31, 2013.

Chairman  and  Chief  Executive  Officer,  John  Gilbertson, stated, "During the
quarter,  we saw increased sales and  profitability compared to the same quarter
last year as we continued to perform well in a challenging market.  This was not
a  normal holiday  season quarter  as many  customers were  concerned about end-
market   product  flow-through  and  inventory  management,  especially  in  the
commodity  products.   We  see  improvement  going forward as electronic content
grows in existing and new applications."

Net  sales were $346.2 million for the quarter and net income was $31.4 million,
or $0.19 per diluted share.

For the nine months ended December 31, 2013, net sales were $1,091.4 million and
net income was $87.9 million, or $0.52 per diluted share.

Chief  Financial  Officer,  Kurt  Cummings,  stated,  "The  Company's  financial
position  remains strong  with cash,  cash equivalents  and short  and long-term
investments in securities of $985.1 million and no debt at December 31, 2013. We
continued  to use  our resources  to enhance  shareholder value  by paying $14.7
million  in dividends  to stockholders  and spending  $3.7 million to repurchase
shares of AVX stock on the open market."

AVX,  headquartered in Greenville, South Carolina, is a leading manufacturer and
supplier of a broad line of passive electronic components and related products.


Please visit our website at www.avx.com.


                                AVX CORPORATION
                  Consolidated Condensed Statements of Income
                                  (unaudited)
                     (in thousands, except per share data)





                        Three Months Ended              Nine Months Ended

                           December 31,                    December 31,

                        2012           2013           2012             2013
                   -------------  ------------- ---------------- ---------------
Net sales         $     339,875  $     346,211 $      1,053,852 $      1,091,375

Cost of sales           277,458        278,445          853,552          883,812
                   -------------  ------------- ---------------- ---------------

Gross profit             62,417         67,766          200,300          207,563

Selling, general
& admin. expense         29,185         32,193           88,548           91,389

Environmental
charge                        -              -          266,250                -
                   -------------  ------------- ---------------- ---------------
Profit (loss)
from operations          33,232         35,573        (154,498)          116,174

Other income
(expense)                 1,395          1,625            4,809            2,869
                   -------------  ------------- ---------------- ---------------
Income (loss)
before income
taxes                    34,627         37,198        (149,689)          119,043

Provision for
(benefit from)
taxes                    14,763          5,764         (60,807)           31,135
                   -------------  ------------- ---------------- ---------------

Net income (loss) $      19,864  $      31,434 $       (88,882) $         87,908
                   -------------  ------------- ---------------- ---------------


Basic income
(loss) per share  $        0.12  $        0.19 $         (0.53) $           0.52

Diluted income
(loss) per share  $        0.12  $        0.19 $         (0.53) $           0.52



Weighted average
common

shares
outstanding:

Basic                   168,978        168,428          169,241          168,554

Diluted                 168,994        168,700          169,241          168,734



During  the quarter ending June 30, 2012, the  Company recorded a pre-tax charge
of  $266,250, or $0.98 per  diluted share on an  after-tax basis, related to the
EPA's  ongoing clean-up  of New  Bedford Harbor  in Massachusetts.   Net income,
excluding the environmental charge, was $77,524, or $0.46 per diluted share, for
the   nine   months   ended   December   31, 2012.  See  the  GAAP  to  Non-GAAP
Reconciliation below for more information.
AVX CORPORATION
GAAP to Non-GAAP Reconciliation
(unaudited)
(in thousands, except per share data)

                      Three Months Ended                Nine Months Ended
                         December 31,                     December 31,

                     2012            2013             2012             2013
                --------------- --------------- ---------------- ---------------
Including
special charge
 (GAAP)

Net sales        $     339,875   $     346,211   $    1,053,852   $    1,091,375
                  -------------   -------------   --------------   -------------
Net income
(loss)           $      19,864   $      31,434   $     (88,882)   $       87,908
                  -------------   -------------   --------------   -------------
Basic income
(loss) per share $        0.12   $        0.19   $       (0.53)   $         0.52

Diluted income
(loss) per share $        0.12   $        0.19   $       (0.53)   $         0.52



Excluding
special charge
 (Non-GAAP)

Special charge
(after-tax)

Environmental
charge           $           -   $           -   $      166,406   $            -
                  -------------   -------------   --------------   -------------

Net income       $      19,864   $      31,434   $       77,524   $       87,908
                  -------------   -------------   --------------   -------------
Basic income per
share            $        0.12   $        0.19   $         0.46   $         0.52

Diluted income
per share        $        0.12   $        0.19   $         0.46   $         0.52


In  order to better understand the  Company's short-term and long-term financial
trends,  investors  may  find  it  helpful  to  consider  results  excluding the
environmental  charge described herein. The resulting non-GAAP financial measure
provides  additional information to investors  regarding the underlying business
trends  and  performance  of  the  Company's  ongoing  operations  and may be of
assistance  for  period-over-period  comparisons  of such operations. Management
considers  the  exclusion  of  such  charges  as  part  of its evaluation of the
operating  performance of  the Company.  Investors should  consider the non-GAAP
measure  as a supplement to, and not  as a substitute for, financial performance
measures  prepared in accordance with GAAP.  In addition, the non-GAAP financial
measure may not be similar to non-GAAP information presented by other companies.
 Detail of the Company's non-GAAP measure is provided in the table above.



                                AVX CORPORATION
                     Consolidated Condensed Balance Sheets
                                  (unaudited)
                                 (in thousands)

                                               March 31,          December 31,
                                                  2013                2013
                                          --------------------   --------------
Assets

Cash and cash equivalents                $            486,724   $      463,429

Short-term investments in securities                  560,364          451,749

Accounts receivable, net                              202,031          187,484

Inventories                                           559,074          574,967

Other current assets                                  137,340          154,709
                                          --------------------   --------------
Total current assets                                1,945,533        1,832,338

Long-term investments in securities                    15,576           69,959

Property, plant and equipment, net                    258,264          240,858

Goodwill and other intangibles                        273,204          282,414

Other assets                                          109,418           64,177
                                          --------------------   --------------


TOTAL ASSETS                             $          2,601,995   $    2,489,746
                                          --------------------   --------------


Liabilities and Stockholders' Equity

Accounts payable                         $            115,187   $      102,128

Income taxes payable and accrued
expenses                                              215,690          194,406
                                          --------------------   --------------
Total current liabilities                             330,877          296,534

Other liabilities                                     298,188          174,537
                                          --------------------   --------------


TOTAL LIABILITIES                                     629,065          471,071



TOTAL STOCKHOLDERS' EQUITY                          1,972,930        2,018,675
                                          --------------------   --------------


TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY                                   $          2,601,995   $    2,489,746
                                          --------------------   --------------




On   October   10, 2012, the   EPA,  the  United  States,  the  Commonwealth  of
Massachusetts  and AVX announced that they had reached a settlement with respect
to  the EPA's ongoing clean-up of the  New Bedford Harbor in the Commonwealth of
Massachusetts.   Under the  terms of  the settlement,  AVX was  obligated to pay
$366,250, plus interest computed from August 1, 2012, in three installments over
a two-year period for use by the EPA and the Commonwealth to complete the clean-
up  of the harbor.  The United States District Court approved the settlement and
entered  the  Supplemental  Consent  Decree  on  September 19, 2013.  On October
18, 2013, the  Company paid the initial settlement installment of $133,350, plus
accrued interest on the entire settlement amount through that date.

This  Press Release contains "forward-looking" information within the meaning of
the Private Securities Litigation Reform Act of 1995.  All statements other than
statements of historical fact, including statements regarding industry prospects
and  future  results  of  operations  or  financial position, made in this Press
Release are forward-looking.  The forward-looking information may include, among
other  information,  statements  concerning  our  outlook for fiscal year 2014,
overall volume and pricing trends, cost reduction and acquisition strategies and
their  anticipated  results,  expectations  for  research  and  development, and
capital  expenditures.  There  may  also  be  other  statements of expectations,
beliefs,  future plans and strategies, anticipated events or trends, and similar
expressions  concerning matters that  are not historical facts.  Forward-looking
statements  reflect management's expectations and are inherently uncertain.  The
forward-looking  information and statements in this Press Release are subject to
risks  and uncertainties, including those discussed in our Annual Report on Form
10-K  for fiscal year  ended March 31, 2013, that  could cause actual results to
differ  materially  from  those  expressed  in  or implied by the information or
statements  herein.  Forward-looking statements should be  read in context with,
and  with the  understanding of,  the various  other disclosures  concerning the
Company  and its business made elsewhere in  this Press Release as well as other
public  reports filed by the  Company with the SEC.  You  should not place undue
reliance  on any forward-looking statements as a prediction of actual results or
developments.

Any  forward-looking statements by the  Company are intended to  speak as of the
date thereof. We do not intend to update or revise any forward-looking statement
contained  in this Press  Release to reflect  new events or circumstances unless
and  to the extent  required by applicable  law.  All forward-looking statements
contained  in this Press Release  constitute "forward-looking statements" within
the meaning of Section 21E of the United States Securities Exchange Act of 1934
and,  to the extent it  may be applicable by  way of incorporation of statements
contained  in this Press  Release by reference  or otherwise, Section 27A of the
United  States Securities Act  of 1933, each of  which establishes a safe-harbor
from  private  actions  for  forward-looking  statements  as  defined  in  those
statutes.



Contact:
AVX Corporation, Greenville
Kurt Cummings
864-967-9303
finance@avxus.com




This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
    other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
     originality of the information contained therein.

Source: AVX Corporation via GlobeNewswire
[HUG#1757405]



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