MYRTLE BEACH, SC -- AVX Corp. reported third quarter net sales of $349.1 million, up 7.1% sequentially and 15.5% over last year. For the period ended Dec. 31, net income was $24.4 million, up 220% versus a year ago.

Income from operations improved sequentially $30.5 million for the quarter, up 376% year-over-year.

In a statement, chief executive and president John Gilbertson said, "The sales increase during the latest quarter reflects the continuing strong end market demand experienced by our customers. This continuing trend has resulted in our highest quarterly revenue since the quarter ended June 2001."

AVX said profit margins rose during the past three quarters on higher demand. The company reduced inventory levels by $70.3 million.

"We believe that inventory throughout the supply chain remains low, which is positive for AVX and the industry," Gilbertson said.

At quarter's end, AVX had $773.1 million in cash and investment securities and no debt.

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