SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
XQuarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period endedJune 30, 2001.
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission file number 1-7201
AVX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of other jurisdiction
of incorporation or organization) | 33-0379007
(IRS Employer ID No.) |
801 17th Avenue South, Myrtle Beach, South Carolina 29577
(Address of principal executive offices)
(843) 448-9411
(Registrant's phone number)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class | | Outstanding at July 31, 2001 |
Common Stock, par value $0.01 per share | | 174,917,980 |
AVX CORPORATION
INDEX
AVX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
| | March 31, 2001
---------------------- | | | June 30, 2001
--------------------
(unaudited) |
Assets | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | $ | 496,186 | | | $ | 614,583 | |
Accounts receivable, net | | 294,376 | | | | 188,134 | |
Inventories | | 486,613 | | | | 431,789 | |
Deferred income taxes | | 23,386 | | | | 23,352 | |
Other receivables | | 11,991 | | | | 3,691 | |
Prepaid and other | | 42,734
---------------- | | | | 25,352
---------------- | |
Total current assets | | 1,355,286 | | | | 1,286,901 | |
| | | | | | | |
Property and equipment: | | | | | | | |
Land | | 14,897 | | | | 15,047 | |
Buildings and improvements | | 186,051 | | | | 190,258 | |
Machinery and equipment | | 899,140 | | | | 917,656 | |
Construction in progress | | 52,801
---------------- | | | | 55,153
---------------- | |
| | 1,152,889 | | | | 1,178,114 | |
Accumulated depreciation | | (706,842)
---------------- | | | | (736,289)
---------------- | |
| | 446,047 | | | | 441,825 | |
Goodwill, net | | 72,909 | | | | 71,455 | |
Other assets | | 10,856
---------------- | | | | 10,581
---------------- | |
TOTAL ASSETS | $ | 1,885,098
========= | | | $ | 1,810,762
========= | |
Liabilities and Stockholders' Equity | | | | | | | |
Current liabilities: | | | | | | | |
Short-term bank debt | $ | 10,817 | | | $ | 10,755 | |
Current maturities of long-term debt | | 1,356 | | | | 1,356 | |
Accounts payable: | | | | | | | |
Trade | | 86,652 | | | | 50,651 | |
Affiliates | | 58,608 | | | | 37,143 | |
Income taxes payable | | 96,431 | | | | 80,565 | |
Accrued payroll and benefits | | 51,659 | | | | 33,187 | |
Accrued expenses | | 38,010
---------------- | | | | 34,503
---------------- | |
Total current liabilities | | 343,533 | | | | 248,160 | |
Long-term debt | | 13,722 | | | | 13,337 | |
Deferred income taxes | | 5,095 | | | | 4,462 | |
Other liabilities | | 17,714
---------------- | | | | 17,945
---------------- | |
TOTAL LIABILITIES | | 380,064
---------------- | | | | 283,904
---------------- | |
Commitments and contingencies (Note 4) | | | | | | | |
| | | | | | | |
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 and outstanding, 176,368 shares for
March 2001 and June 2001 | | | | | | | |
Additional paid-in capital | | 344,905 | | | | 344,307 | |
Retained earnings | | 1,218,308 | | | | 1,241,195 | |
Accumulated other comprehensive income (loss) | | (36,937) | | | | (40,084) | |
Common stock in treasury, at cost, 1,666 (March 2001) and 1,472 (June
2001) shares | | (23,006)
---------------- | | | | (20,324)
---------------- | |
TOTAL STOCKHOLDERS' EQUITY | | 1,505,034
---------------- | | | | 1,526,858
---------------- | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,885,098
========= | | | $ | 1,810,762
========= | |
See accompanying notes to consolidated financial statements.
Page 2
AVX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data) |
| |
| |
| | Three Months ended June 30, |
| | 2000
-------------- | | | 2001
-------------- |
| | | | | | | |
Net sales | $ | 602,448 | | | $ | 365,081 | |
Cost of sales | | 389,858
-------------- | | | | 297,499
-------------- | |
Gross profit | | 212,590 | | | | 67,582 | |
Selling, general and administrative expenses | | 35,113
-------------- | | | | 29,078
-------------- | |
Profit from operations | | 177,477 | | | | 38,504 | |
Other income (expense): | | | | | | | |
Interest income | | 2,688 | | | | 5,615 | |
Interest expense | | (585) | | | | (527) | |
Other, net | | 182
-------------- | | | | 144
-------------- | |
Income before income taxes | | 179,762 | | | | 43,736 | |
Provision for income taxes | | 59,326
-------------- | | | | 14,287
-------------- | |
Net income | $ | 120,436
========= | | | $ | 29,449
========= | |
Income per share: | | | | | | | |
Basic | $ | 0.69 | | | $ | 0.17 | |
Diluted | $ | 0.68
-------------- | | | $ | 0.17
-------------- | |
| | | | | | | |
Dividends declared per share | $ | 0.035
-------------- | | | $ | 0.038
-------------- | |
| | | | | | | |
| | | | | | | |
Weighted average number of common shares outstanding: | | | | | | | |
Basic | | 174,913.6 | | | | 174,801.3 | |
Diluted | | 176,571.6 | | | | 175,927.2 | |
| | | | | | | |
| | | | | | | |
See accompanying notes to consolidated financial statements. |
Page 3
AVX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands) |
| | | | |
| Three Months Ended June 30, |
| | 2000
------------- | | 2001
------------- |
Operating Activities: | | | | | | | |
Net income | $ | 120,436 | | | $ | 29,449 | |
Adjustments to reconcile net income to net cash from operating activities: | | | | | | | |
Depreciation and amortization | | 30,172 | | | | 32,677 | |
Changes in operating assets and liabilities, net of effects from business acquired: | | | | | | | |
Accounts receivable | | (54,560) | | | | 118,414 | |
Inventories | | (16,629) | | | | 53,492 | |
Accounts payable and accrued expenses | | (1,525) | | | | (78,287) | |
Income taxes payable | | 51,319 | | | | (14,692) | |
Other assets and liabilities | | 5,123
------------- | | | | 13,447
------------- | |
Net cash from operating activities | | 134,336
------------- | | | | 154,500
------------- | |
Investing Activities: | | | | | | | |
Purchases of property and equipment | | (54,923) | | | | (30,861) | |
Business acquired, net of cash received | | (1,870) | | | | - | |
Other | | (300)
------------- | | | | -
------------- | |
Net cash used in investing activities | | (57,093)
------------- | | | | (30,861)
------------- | |
Financing Activities: | | | | | | | |
Repayment of debt | | (3,644) | | | | (20) | |
Proceeds from issuance of debt | | 4,869 | | | | 267 | |
Dividends paid | | (6,134) | | | | (6,562) | |
Purchase of treasury stock | | - | | | | - | |
Exercise of stock options | | 6,249
------------- | | | | 1,703
------------- | |
Net cash from (used in) financing activities | | 1,340
------------- | | | | (4,612)
------------- | |
Effect of exchange rate changes on cash | | (471)
------------- | | | | (630)
------------- | |
Increase (decrease) in cash and cash equivalents | | 78,112 | | | | 118,397 | |
Cash and cash equivalents at beginning of period | | 175,654
------------- | | | | 496,186
------------- | |
Cash and cash equivalents at end of period | $ | 253,766
======== | | | $ | 614,583
======== | |
| | | | | | | |
See accompanying notes to consolidated financial statements. |
Page 4
AVX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED
(in thousands, except share data)
1. Basis of Presentation:
The consolidated financial statements of AVX Corporation and subsidiaries (the "Company" or "AVX") include the accounts of the Company and its subsidiaries. All significant intercompany transactions and accounts have been eliminated. In the opinion of management, the accompanying unaudited financial statements reflect all adjustments (consisting of normal recurring accruals) that are necessary to a fair presentation of the results for the interim periods shown. These financial statements should be read in conjunction with the Company's audited financial statements for the fiscal year ended March 31, 2001.
New Accounting Standards:
On January 1, 2001, the Company adopted the provisions of Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities", which was amended by ("SFAS") No. 138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities". SFAS No. 133 as amended, established accounting and reporting standards for derivative instruments and hedging activities. Under SFAS No. 133, all derivative instruments are recognized in the balance sheet at their fair values and changes in fair value are recognized in earnings, unless the derivative qualifies as a hedge of future cash flows. For derivatives qualifying as hedges of future cash flows, the effective portion of the change in fair value is recorded as a component of accumulated other comprehensive income, any ineffective portion is reported in earnings as it occurs. Amounts included in accumulated other comprehensive income are report ed to earnings in the same period during which the hedged item affects earnings. As of June 30, 2001, the Company had recorded a $201 loss in accumulated other comprehensive income related to qualifying foreign currency cash flow hedges.
The Company uses derivative instruments as part of its overall strategy to manage exposure to market risks associated with fluctuations in foreign currency exchange rates. The Company does not use derivatives for speculative trading purposes.
In June 2001, the Financial Accounting Standards Board issued SFAS No. 141 "Business Combinations" and SFAS No. 142 "Goodwill and Other Intangible Assets". SFAS No. 141 establishes rules governing business combinations and SFAS No. 142 establishes rules governing the treatment of recognized goodwill and intangible assets. SFAS No. 141 is effective for all business combinations initiated after June 30, 2001. The Company will be required to adopt SFAS No. 142 for the fiscal year beginning April 1, 2002, and is currently evaluating this standard and the impact it will have on the consolidated financial statements.
Page 5
AVX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED - (continued)
2. Accounts Receivable:
Accounts receivable consisted of:
| | | March 31,
2001
-------------- | | June 30,
2001
-------------- |
Trade | | $ | 331,831 | | | $ | 221,257 | |
Less: allowances for doubtful accounts, sales
returns, distributor adjustments and discounts | | | (37,455)
------------- | | | | (33,123)
------------- | |
| | $ | 294,376
========= | | | $ | 188,134
========= | |
3. Inventories:
Inventories consisted of:
| | | March 31,
2001
------------- | | June 30,
2001
------------- |
Finished goods | | $ | 168,318 | | | $ | 124,099 | |
Work in process | | | 115,894 | | | | 115,996 | |
Raw materials and supplies | | | 202,401
------------ | | | | 191,694
------------ | |
| | | $ | 486,613
======== | | | $ | 431,789
======== | |
4. Environmental Matters and Contingencies:
The Company has been named as a potentially responsible party in state and federal administrative proceedings seeking contribution for costs associated with the correction and remediation of environmental conditions at various waste disposal sites. Once it becomes probable that the Company will incur costs in connection with remediation of a site and such costs can be reasonably estimated, the Company establishes reserves or adjusts its reserve for its projected share of these costs. Management believes that it has adequate reserves with respect to these matters. Actual costs may vary from these estimated reserves, but such costs are not expected to have a material adverse effect on the Company's financial condition or results of operations.
5. Comprehensive Income:
Total non-shareowner changes in equity include all changes in equity during a period except those resulting from investments by and distributions to shareowners. The specific components include: net income, deferred gains and losses resulting from foreign currency translation adjustments and qualified cash flow hedges.
Page 6
AVX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED - (continued)
Comprehensive income for the three months ended June 30, 2000 and 2001, includes the following components:
| | Three Months ended June 30, |
| | 2000
------------ | | 2001
------------ |
Net income | $ | 120,436 | | | $ | 29,449 | |
Other comprehensive income, net of tax: | | | | | | | |
Foreign currency translation adjustment | | (7,844) | | | | (2,946) | |
Foreign currency cash flow hedges | | -
------------ | | | | (201)
------------ | |
Comprehensive income | $ | 112,592
======== | | | $ | 26,302
======== | |
The accumulated balance of comprehensive income (loss), as of June 30, 2000 and 2001 is as follows:
| | Three Months ended June 30, |
| | 2000
------------ | | 2001
------------ |
Balance at beginning of period | $ | (14,778) | | | $ | (36,937) | |
Foreign currency translation adjustment | | (7,844) | | | | (2,946) | |
Foreign currency cash flow hedges | | -
------------ | | | | (201)
------------ | |
Balance at end of period | $ | (22,622)
======== | | | $ | (40,084)
======== | |
6. Earnings Per Share:
Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the dilutive effect of potential common stock equivalents during the period. Stock options are the only common stock equivalents currently used by the Company and are computed using the treasury stock method.
The table below represents the basic and diluted weighted average number of shares of common stock and potential common stock equivalents outstanding for the three months ended June 30,
| | | 2000
------------ | | 2001
------------ |
Basic weighted average shares outstanding | | 174,913,628 | | 174,801,264 |
Diluted weighted average shares and potential common stock equivalents outstanding | | 176,571,605 | | 175,927,230 |
Common stock equivalents not included in the computation of diluted earnings per share because the option's exercise price was greater than the average market price of the common shares were 0 and 362,136 for the three months ended June 30, 2000 and 2001, respectively.
Page 7
AVX CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED - (continued)
7. Segment information:
The Company has three reportable operating segments: Passive Components, Connectors and Research and Development. The Company is organized, exclusive of research and development, on the basis of products being separated into six units. Five of the units which manufacture or distribute ceramic, tantalum, film and power capacitors, ferrites and other passive devices have been aggregated into the segment "Passive Components".
The Company evaluates performance of its segments based upon sales and operating profit. There are no intersegment revenues. The tables below present information about reported segments for the three months ended June 30,
| 2000
------------ | | 2001
------------ |
Net sales: | | | | | | | |
Passive components | $ | 561,089 | | | $ | 338,284 | |
Connectors | | 41,359
------------ | | | | 26,797
------------ | |
Total | $ | 602,448
======== | | | $ | 365,081
======== | |
Operating profit: | | | | | | | |
Passive components | $ | 182,782 | | $ | 47,443 | | |
Connectors | | 8,627 | | | 3,515 | | |
Research & development | | (6,336) | | | (5,750) | | |
Corporate administration | | (7,596)
----------- | | | (6,704)
----------- | | |
Total | $ | 177,477
======== | | $ | 38,504
======== | | |
8. Subsequent Event:
On July 25, 2001, the Company declared a $0.0375 dividend per share of common stock with respect to the quarter ended June 30, 2001, payable on August 14, 2001.
Page 8
Outlook
During the fourth quarter of fiscal 2001, customers began to experience a slow down in the rate of growth for their products and determined that they had accumulated excess passive component inventory. We believe the demand for our products will begin to rebound near the end of the quarter ending September 30, 2001 as customers increase the production of their end products. We also expect a decline in average selling prices for certain commodity related products in light of the lower demand. Declining sales and production will also result in lower profitability in the near-term.
In reaction to the slow down in near-term demand, the Company has significantly reduced its labor force and operating costs. If the global economy continues to be soft and customer demand does not increase, the Company will consider additional cost cutting measures that could result in associated charges.
We anticipate opportunities for long-term growth and improved profitability in the second half of fiscal 2002 due to the following: (a) an increase in worldwide demand for electronic components, (b) cost reductions and improvements in our production processes and (c) opportunities for growth in our advanced product line due to advances in component design.
Results of Operations | | Three Months ended June 30, |
| | | 2000
------------ | | 2001
------------ |
| | | | | |
Net sales | | 100% | | 100% |
Gross profit | | 35.3 | | 18.5 |
Selling, general and administrative expenses | | 5.8 | | 8.0 |
Income before income taxes | | 29.8 | | 12.0 |
Net income | | 20.0 | | 8.1 |
Three Months Ended June 30, 2001 Compared to Three Months Ended June 30, 2000
Net sales in the three months ended June 30, 2001 decreased 39.4% to $365.1 million from $602.4 million in the three months ended June 30, 2000. Passive component sales declined 39.7% to $338.3 million. Connector sales declined 35.2% to $26.8 million. The decrease in revenue for both segments was attributable to the softening in demand across all markets, particularly the telecommunications and information technology hardware industries. The majority of our customers have experienced a significant slow down in the growth of their products, which has led to accumulated excess passive component inventory. The decline in sales was also driven by a different mix of products and lower selling prices for certain commodity related products. Geographically, compared to the same period last year, sales in the United States and Asia had similar percentage declines. The effect of the slowing global economy had a lesser effect on the European economy and resulted in a smaller percentage decline in s ales. Accordingly, sales in Europe increased from 27.5 % to 32.3% of total sales for the quarters ended June 30, 2000 and 2001, respectively.
Page 9
Gross profit in the three months ended June 30, 2001 decreased to $67.6 million (18.5% of net sales) from $212.6 million (35.3% of net sales) in the three months ended June 30, 2000. Despite a reduction in expenses, significantly lower manufacturing volumes in the factories resulted in reduced cost absorption that negatively impacted gross profit in dollar terms, and as a percentage of sales. Gross profit was also negatively impacted by severance costs associated with headcount reductions and lower selling prices for certain commodity related products.
Selling, general and administrative expenses in the three months ended June 30, 2001 were $29.1 million (8.0% of net sales) compared with $35.1 million (5.8% of net sales) in the three months ended June 30, 2000. The increase in selling, general and administrative expenses, as a percentage of sales, is primarily a result of lower sales. The decline in selling, general and administrative expenses, in absolute terms, is due to the reduction in headcount and operating expenses, as well as lower sales commissions to independent manufacturers' representatives.
As a result of the above factors, profit from operations in the three months ended June 30, 2001 decreased to $38.5 million from $177.5 million in the three months ended June 30, 2000.
For the reasons set forth above and partially offset by higher interest income on invested cash, net income in the three months ended June 30, 2001 was $29.4 million (8.1% of net sales) compared to $120.4 million (20.0% of net sales) in the three months ended June 30, 2000.
Liquidity and Capital Resources
The Company's liquidity needs arise primarily from working capital requirements, dividends, capital expenditures and acquisitions. Historically, the Company has satisfied its liquidity requirements through internally generated funds. As of June 30, 2001, the Company had a current ratio of 5.2 to 1, $614.6 million of cash and cash equivalents, $1,526.9 million of stockholders' equity and an insignificant amount of long-term debt.
Net cash from operating activities was $154.5 million in the three months ended June 30, 2001 compared to $134.3 million in the three months ended June 30, 2000.
Purchases of property and equipment were $30.9 million in the three month period ended June 30, 2001 and $54.9 million in the three month period ended June 30, 2000. Expenditures in the prior year were primarily for expanding production capabilities of the tantalum and ceramic surface-mount and advanced product lines in North America, Europe and Asia, while in the current year, the spending was primarily related to the expansion of the advanced product lines.
Although the majority of the Company's funding is internally generated, certain European subsidiaries of the Company have borrowed German deutsche marks, French francs and Euro loans under various bank agreements.
On May 10, 2000, the Company acquired, for $2.2 million, an additional 10% of the outstanding stock of Electro-Chemical Research Ltd. (ECR), bringing its total holding to 51%.
Based on the financial condition of the Company as of June 30, 2001, the Company believes that cash on hand and expected to be generated from operating activities will be sufficient to satisfy the Company's anticipated financing needs for working capital, capital expenditures, research, development and engineering expenses, and any dividends and acquisition payments to be paid in the next year. The Company does not anticipate any significant changes in its ability to generate or meet its liquidity needs in the long-term.
Page 10
New Accounting Standards:
In June 2001, the Financial Accounting Standards Board issued SFAS No. 141 "Business Combinations" and SFAS No. 142 "Goodwill and Other Intangible Assets". SFAS No. 141 establishes rules governing business combinations and SFAS No. 142 establishes rules governing the treatment of recognized goodwill and intangible assets. SFAS No. 141 is effective for all business combinations initiated after June 30, 2001. The Company will be required to adopt SFAS No. 142 for the fiscal year beginning April 1, 2002, and is currently evaluating this standard and the impact it will have on the consolidated financial statements.
Page 11
The Company's market risk exposure at June 30, 2001 is consistent with the types of market risk and amount of exposures presented in the Annual Report on Form 10-K for the year ended March 31, 2001.
CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This report may contain "forward-looking" information within the meaning of the federal securities laws. The forward-looking information may include, among other information, statements concerning the Company's outlook for fiscal 2002, overall volume and pricing trends, cost reduction strategies and their anticipated result, and 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. The forward-looking information and statements in this report are subject to risks and uncertainties, including those discussed in the Company's annual report of Form 10-K for the year ended March 31, 2001, that could cause actual results to differ materially from those expressed in or implied by the information or statements.
Page 12
PART II: OTHER INFORMATION
The Company held its Annual Meeting of Stockholders on July 25, 2001 for the purpose of electing five Directors, and ratifying the appointment of independent accountants. Proxies for the meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934 and there was no solicitation in opposition to management's solicitations.
Proposal 1:
Election of Class III director with term expiring at the Annual Meeting in July of 2002 with the following vote:
| | | Shares
Voted
"For"
--------------- | | Shares
"Withheld"
--------------- |
Class III | Masahiro Umemura | 165,943,464 | | 3,481,409 |
Election of Class I directors with terms expiring at the Annual Meeting in July of 2004 with the following vote:
| | | Shares
Voted
"For"
--------------- | | Shares
"Withheld"
--------------- |
Class I | Kazuo Inamori | 167,846,380 | | | 1,578,493 | |
Class I | Kensuke Itoh | 168,238,958 | | | 1,185,915 | |
Class I | Benedict P. Rosen | 165,957,716 | | | 3,467,157 | |
Class I | Richard Tressler | 168,449,696 | | | 975,177 | |
The following is a summary of directors who were not up for election and continue in office:
Class II | Michihisa Yamamoto |
Class II | Carroll A. Campbell, Jr. |
Class II | John S. Gilbertson |
Class II | Rodney N. Lanthorne |
Class III | Yuzo Yamamura |
Class III | Yasuo Nishiguchi |
Class III | Henry C. Lucas |
Proposal 2:
Ratification of appointment of PricewaterhouseCoopers LLP as the Company's independent accountants was approved with the following vote:
Shares
Voted
"For"
--------------- | Shares
Voted
"Against"
--------------- | Shares
"Abstaining"
--------------- |
169,277,739 | 87,282 | 59,852 |
Page 13
Page 14
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: August 1, 2001
AVX Corporation
| | Kurt P. Cummings |
| | Vice President, |
| | Chief Financial Officer, |
| | Treasurer, and Secretary |
Page 15
