MYRTLE BEACH, SC -- AVX Corp. reported net income fell 8.7% to $17 million on a 1% drop in net sales to $325.9 million in the September quarter. Net income and sales were sequentially higher.

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

Income from operations improved sequentially to $19.2 million for the quarter, due to lower operating costs and greater production in low-cost regions.

"We have been able to improve profit margins during the past two quarters while reducing inventory levels," Gilbertson said. "We believe that inventory throughout the supply chain remains low, and improvements in end- market demand quickly flow through as increased demand for AVX products.

The passives components maker had a cash balance of $751.3 million at quarter's end.

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