MYRTLE BEACH, SC -- AVX Corp. reported net sales of $319.8 million for its fiscal first quarter ended June 30, down 7% year-on-year but up 4.5% sequentially. Net income was $10.2 million, down 55% year-on-year. 

John Gilbertson, president and chief executive, said, "The sales increases in the last two quarters indicate that end market growth is continuing, and this is a positive sign for AVX and the industry."

Sequentially, profit from operations improved to $10.1 million. Profit from operations was $30.7 million last year.

Cash and short and long-term investments in securities increased $5.4 million to $725.9 million during the quarter.

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