Kemet (KEM -22.4%) falls hard after FQ4 and FY13 preliminary non-GAAP adjusted earnings (lots of...

|About: Kemet Corporation (KEM)|By:, SA News Editor

Kemet (KEM -22.4%) falls hard after FQ4 and FY13 preliminary non-GAAP adjusted earnings (lots of qualifiers there) fall short of estimates at $-0.22 and $-0.60 per share respectively. The results do not include an as yet unquantifiable anticipated loss from an ownership interest in NEC TOKIN. Revenue, which CEO Per Loof (a 2012 Ernst & Young Carolinas entrepreneur of the year) described as "more or less flat" will stay that way "for at least one more quarter." KEM also says it will take a $2.6M charge in Q1 2014 related to severance expenses, cut 6.75% of its salaried employees, and shakeup senior management. (PR)