Kemet Corp – Q4, FY
Greenville-based electronic components supplier Kemet Corp. saw net sales decrease 10.2 percent year over year to $193.7 million for the quarter ended March 31, 2015. Losses in net income for the quarter fell from $14.5 million in losses to $19.8 million in losses, or a 36.5 percent decrease year over year, according to the company’s U.S. generally accepted accounting principles (GAAP) analysis listed in U.S. Securities and Exchange Commission filings.
For fiscal 2015, Kemet saw net sales drop $10.5 million or 1.3 percent year over year to $823.2 million, and net income rose from $68.5 million in losses to $14.1 million in losses, or 79.4 percent for the same period.
“We entered this fiscal year focused on improving adjusted operation income and cash flow, and we are pleased that our adjusted operating income improved over $30.5 million compared to our prior fiscal year even with some currency headwinds in the last two quarters,” said Kemet CEO Per Loof in a statement. “As we adjust to the reality of a strong U.S. dollar we believe we have positioned our cost structure to allow us to continue a trend of improving our adjusted operating income for our next fiscal year as well.”
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World Acceptance Corp. – Q4, FY
Greenville-based small-loan consumer finance company World Acceptance Corp. saw net income jump 24.5 percent year over year to $48.5 million for the fourth quarter ended March 31. The 1,320-office company finished fiscal 2015 with 4 percent increases in net income compared with fiscal 2014.
“Fiscal 2015 was a very challenging year in many respects, but I feel really good about the progress that we made during the year,” said World Acceptance CEO Sandy McLean during the April earnings call. “Our biggest challenge remains our ability to attract new customers into our branches, but we continue to refine the new initiatives that we have been discussing in the last quarters.”
The company continues to operate under a civil investigative demand from the federal ombudsman of the U.S. Consumer Financial Protection Bureau concerning possible violations of consumer protection laws, said McLean. The investigation may continue for several more quarters, he said.
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Scansource – Q3 2015
Specialty technology distributor ScanSource’s earnings fell $4 million or 23.7 percent to $12.9 million for the third quarter ended March 31, 2015, compared to the same quarter last year, according to company filings with the U.S. Securities and Exchange Commission. Net sales increased 11.7 percent to $763.2 million for the quarter year over year, and the company expects net sales for the fourth fiscal quarter to fall between $800 million and $850 million.
The company announced its $60 million acquisition of Brazilian firm Network1 in January and acquired European equipment and service distributor Imago in September.
“We had a busy quarter and completed several key strategic initiatives,” said ScanSource CEO Mike Baur in a statement. “Our successful acquisitions of Network1 and Imago contributed to the strong sales growth in our Worldwide Communications and Services segment.”
ScanSource distributes specialty technology products in North America, Latin America and Europe and ranks 751 out of Fortune’s 1000 largest companies incorporated to do business in the U.S.
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Span-America – Q2
Greenville-based medical product manufacturer Span-America Medical Systems announced net sales increases of 2 percent to $15 million and net income decreases of 13 percent to $773,000 for the second fiscal quarter ended March 28, 2015, compared with the same quarter last year.
The boost in sales was carried by product line sales increases of 21 percent in M.C. Healthcare, 11 percent in consumer bedding and 11 percent in industrial bedding. Sales volume gains were partially offset by lower sales in pressure management products during the second quarter, in addition to higher material and labor costs and increases in research and development spending year over year, said Span-America President and CEO Jim Ferguson in a statement.
“We expect our sales and earnings for the second half of fiscal 2015 to exceed those in the first half of this year,” he said. “Quoting activity remains solid in our medical segment, and we expect to grow consumer bedding sales to the large retail customer that we regained in November 2014.”
Span-America manufactures and markets several pressure-management brands for the medical market, as well as custom foam and packaging products to the consumer and industrial markets.
