AVX Announces Stock Repurchase Program
The board of directors of AVX Corp. (Myrtle Beach, SC) recently met and approved a stock repurchase program. The company's cash flow generated $320.0 million in the fiscal year ended March 31, 2001, and the company currently has a cash balance of almost $500.0 million. Due to this favorable financial position, the board authorized the repurchase of up to five million shares of common stock. The repurchased shares will be held as treasury stock and will be available for general corporate purposes.
The board of directors also declared a dividend of $0.0574 per common share for the quarter ended March 31, 2001. This is an increase of seven percent over the dividend rate paid in the prior quarter. This dividend will be paid to shareholders of record on May 4, 2001, and will be disbursed on May 11, 2001.