-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wab7j9NJmcxPzbABu1RCuM/tUI7AD4m78QagQCyox8Hytz4WAi9z/S1AhK33HQcg 0VCcc1GpfIrwzCSa74nXzA== 0000887730-97-000011.txt : 19970929 0000887730-97-000011.hdr.sgml : 19970929 ACCESSION NUMBER: 0000887730-97-000011 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970926 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: KEMET CORP CENTRAL INDEX KEY: 0000887730 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 570923789 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-20289 FILM NUMBER: 97686177 BUSINESS ADDRESS: STREET 1: P O BOX 5928 CITY: GREENVILLE STATE: SC ZIP: 29606 BUSINESS PHONE: 8039636300 MAIL ADDRESS: STREET 2: 2835 KEMET WAY CITY: SIMPSONVILLE STATE: SC ZIP: 29681 11-K 1 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year end March 31, 1997. OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file no. 0-20289 A: Full title of the plan and the address of the plan, if different from that of the issuer named below: KEMET Employees' Savings Plan B: Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: KEMET Corporation Post Office Box 5928 Greenville, South Carolina 29606 2 REQUIRED INFORMATION Financial Statements and Schedules. The financial statements and schedules included herewith relating to the KEMET Employees' Savings Plan (the "Plan") were prepared in accordance with the financial reporting requirements of ERISA and are provided pursuant to Instruction 4 of Form 11-K. Consent of the Independent Auditors. 3 SIGNATURES The Plan. Pursuant to the requirements of the Securities Act of 1934, the Administrative Committee of the KEMET Employees' Savings Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. KEMET EMPLOYEES' SAVING PLAN September 26, 1997 By /S/ D.Ray Cash ------------------------------------- D. Ray Cash Senior Vice President of Administration and Treasurer For the Administrative Committee 4 KEMET EMPLOYEES' SAVINGS PLAN Financial Statements and Schedules March 31, 1997 and 1996 (With Independent Auditors' Report Thereon) 5 KEMET EMPLOYEES' SAVINGS PLAN Table of Contents Independent Auditors' Report Financial Statements: Statements of Net Assets Available for Benefits - March 31, 1997 and 1996 Statements of Changes in Net Assets Available for Benefits - Years ended March 31, 1997 and 1996 Notes to Financial Statements - March 31, 1997 and 1996 Schedules Item 27a - Schedule of Assets Held for Investment Purposes at March 31, 1997 1 Item 27d - Schedule of Reportable Transactions for the Year ended March 31, 1997 2 Independent Auditors' Consent Exhibit 23 Schedules not filed herewith are omitted because of the absence of conditions under which they are required. 6 Independent Auditors' Report The Board of Directors KEMET Electronics Corporation: We have audited the accompanying statements of net assets available for benefits of KEMET Employees' Savings Plan as of March 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of March 31, 1997 and 1996, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedules 1 and 2 are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /S/ KPMG Peat Marwick LLP August 15, 1997 KPMG Peat Marwick LLP 7 KEMET EMPLOYEES' SAVINGS PLAN Statements of Net Assets Available for Benefits March 31, 1997 and 1996 1997 1996 ---- ---- Assets: Investments (notes 2 and 7) $ 50,302,121 $ 48,112,745 Participant loans 1,408,233 - Receivables: Employer contributions 1,750,961 1,654,488 Employee contributions - 400,732 Accrued interest and dividends - 5,532 ------------ ------------ Total receivables 1,750,961 2,060,752 Cash 19,057 95,002 ------------ ------------ Total assets 53,480,372 50,268,499 Liabilities: Other - 546 ------------ ------------ Net assets available for benefits $ 53,480,372 $ 50,267,953 ============ ============
See accompanying notes to financial statements. 8 KEMET EMPLOYEES' SAVING PLAN Statements of Changes in Net Assets Available for Benefits Years ended March 31, 1997 and 1996 1997 1996 ---- ---- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $ (605,333) $ 2,407,185 Investments and dividends 2,393,399 2,326,756 ------------ ------------ 1,788,066 4,733,941 ------------ ------------ Contributions: Participants' 4,730,998 4,766,022 Employers' 1,783,706 1,631,087 ------------ ------------ 6,514,704 6,397,109 ------------ ------------ Total additions 8,302,770 11,131,050 ------------ ------------ Deductions from net assets attributed to: Benefits paid to participants 5,071,951 2,233,924 Administrative expenses 18,400 239,688 ------------ ------------ Total deductions 5,090,351 2,473,612 ------------ ------------ Net increase 3,212,419 8,657,438 Net assets available for benefits: Beginning of year 50,267,953 41,610,515 ------------ ------------ End of year $53,480,372 $ 50,267,953 ============ ============
See accompanying notes to financial statements. 9 KEMET EMPLOYEES' SAVING PLAN Notes to Financial Statements March 31, 1997 and 1996 (1) Description of Plan The following description of the KEMET Employees' Savings Plan (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. (a) General The Plan is a defined contribution plan sponsored by KEMET Electronics Corporation (Company) covering all full-time employees of the Company, its parent and its subsidiaries who have completed one year of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). (b) Contributions Participants may choose one or both of the two savings types available, which are the 401(k), which provides for deferral of taxation, and the Personal Investment Account (PIA). Participants are allowed to contribute between 2 1/2% and 7 1/2% of their annual compensation as their basic contribution to the Plan. This may be on a pretax basis to the 401(k) or an after tax basis to the PIA. The Company matches 50% of 401(k) and 30% of PIA contributions, subject to the basic savings rate limit of 7 1/2%. Employer contributions are reduced by forfeitures. Additional amounts may be contributed at the option of the Company's Board of Directors. In addition to their basic contribution, participants may contribute between 0.5% and 10% to either the 401(k) on a pretax basis (up to the IRS maximum) or to the PIA. (c) Participant Accounts Each participant's account is credited with (a) the participant's contribution, (b) the Company's matching contribution, (c) allocations of the Company's additional contribution, and (d) Plan earnings, and through April, 1996, charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. (d) Vesting Participants are immediately vested in their voluntary contributions and the Company matching contributions plus actual earnings thereon. However, penalties are incurred which can result in forfeiture of a portion of the current year employer match if withdrawals are made on funds that have been in the plan for less than twenty-four months, or if other withdrawals have been made in the last twenty-four months. 10 (1) Description of Plan, Continued (e) Investment Options Through April 30, 1996, participants could direct the investment of their accounts, including the Company's contributions, into the following funds: Equity Income Fund - a diversified portfolio of common stocks Stable Value Fund - certificates of deposits, guaranteed investment contracts, money market investments or other fixed principle investments Balanced Fund - common stocks and bonds KEMET Stock Fund - common stock of KEMET Corporation Effective May 1, 1997, the Plan changed trustees from Wachovia to T. Rowe Price. Investment options with T. Rowe Price for participants are as follows: KEMET Stock Fund - common stock of KEMET Corporation International Stock Fund - common stocks of established, non-U.S. companies Blended Stable Value Fund - guaranteed investment contracts or other fixed principle investments Small-Cap Value Fund - common stocks of small companies (market value less than $500 million) with potential for capital appreciation Mid-Cap Growth Fund - common stocks of medium-sized companies with potential for capital appreciation Balanced Fund - common stocks and bonds Equity Income Fund - common stocks, primarily of dividend-paying established companies Changes in net assets available for benefits by fund as disclosed in footnote 8 combine like accounts at the two trustees, and include activity at Wachovia from April 1 to April 30, 1996 and at T. Rowe Price from May 1, 1996 to March 31, 1997. (f) Payment of Benefits On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account, or annual installments over a ten year period. For termination of service due to other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution. (g) Forfeited Accounts Forfeited accounts are used to reduce future employer contributions. (2) Summary of Significant Accounting Policies (a) Basis of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. 11 (b) Investment Valuation and Income Recognition At March 31, 1997, under the terms of a trust agreement between T. Rowe Price and the Plan, T. Rowe Price manages a trust fund on behalf of the Plan which includes all Plan investments. The information on the investments and changes in investments of the Plan as of March 31, 1997 and for the period May 1, 1996 to March 31, 1997 was certified by T. Rowe Price to be complete and accurate. At March 31, 1996, all Plan investments were in a trust managed by Wachovia Bank of S.C., N.A. (Wachovia). All information in the accompanying financial statements regarding investments as of March 31, 1996 and changes in investments for the year ended March 31, 1996 and for the month of April 1996 was certified by Wachovia to be complete and accurate. The investments and changes therein of this trust fund have been reported to the Plan as having been determined through the use of fair values for all assets of the trust fund except for its investment contracts which are valued at contract value (note 3). Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. The Company stock is valued at its quoted market price. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex- dividend date. (c) Payment of Benefits Benefits are recorded when paid. (e) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. In addition, they affect the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and assumptions. (3) Investment Contracts With Insurance Companies The Plan's investment contracts with insurance companies included in the stable value fund option are primarily invested in shares of a guaranteed investment contract fund managed by Wachovia through April 1996 and T. Rowe Price beginning May 1996. The insurance companies maintain the contributions in a pooled account. The account is credited with earnings on the underlying investments and charged for Plan withdrawals and administrative expenses charged by the insurance companies. The contracts are fully benefit-responsive and are included in the financial statements at contract value, which approximates fair value, as reported to the Plan by the insurance companies. Contract value represents contributions made under the contracts, plus earnings, less Plan withdrawals and administrative expenses. The average yield for the guaranteed investment contracts for the years ended March 31, 1997 and 1996 was approximately 6.0%. (4) Related Party Transactions Certain Plan investments are shares of mutual funds managed by Wachovia in 1996 and T. Rowe Price beginning May 1, 1997. T. Rowe Price and Wachovia were the trustees as defined by the Plan for the indicated periods and, therefore, these 12 transactions qualify as party-in-interest. Fees paid by the Plan to T. Rowe Price for loan administration services were $18,400 in fiscal 1997. All other administrative fees were paid by the company in fiscal 1997. Fees paid by the Plan for the investment management and contract administration services and trustee's fees amounted to $239,688 for the year ended March 31, 1996. (5) Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to amend it from time to time, to discontinue its contributions at any time, and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will remain 100 percent vested in their accounts. (6) Tax Status The Internal Revenue Service has determined and informed the Company by a letter dated December 12, 1994, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (IRC). The operations of the Plan have changed since receiving the determination letter. The Plan administrator is currently taking required steps to bring the Plan into compliance with the applicable requirements of the IRC. (7) Investments At March 31, investments of the Plan were as follows: 1997 1996 Investments: At fair value: Registered investment companies: T. Rowe Price International Stock Fund $ 606,414 $ T. Rowe Price Small Cap Value Fund 990,245 T. Rowe Price Mid Cap Growth Fund 1,925,956 T. Rowe Price Balanced Fund 7,613,987 T. Rowe Price Equity Income Fund 9,533,819 Biltmore FDS Money Market Fund 2,750,262 Biltmore Balanced Fund 7,153,749 Biltmore Equity Index Fund 7,852,912 ---------- ----------- 20,670,421 17,756,923 Common stock of KEMET Corporation 11,105,155 12,230,917 ---------- ----------- Total investments, at fair value 31,775,576 29,987,840 At contract value: T. Rowe Price Stable Value Common Trust Fund 17,737,218 Wachovia Bank GIC Fund 17,255,055 Metropolitan Life Insurance Company 789,327 869,850 ---------- ----------- Total investments, at contract value 18,526,545 18,124,905 ---------- ----------- Total investments $ 50,302,121 $48,112,745 ========== ===========
13 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of net assets available for benefits with fund information at March 31, 1997 follows: Small KEMET Blended International Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total -------------------------------------------------------------------------------------------------------- Investments: Pooled funds at fair value $ 606,414 990,245 1,925,956 7,613,987 9,533,819 20,670,421 Pooled funds at contract value 17,737,218 17,737,218 Contract with insurance company at contract value 789,327 789,327 Common stock of related entity at fair value 11,105,155 11,105,155 ---------- ----------- --------- ---------- --------- --------- --------- --------- -------- ---------- Total investments 11,105,155 18,526,545 606,414 990,245 1,925,956 7,613,987 9,533,819 50,302,121 ---------- ----------- --------- ---------- --------- --------- --------- --------- -------- ---------- Participant loans 1,408,233 1,408,233 Receivables: Employer contributions 275,505 572,467 52,705 74,430 174,467 257,369 344,018 1,750,961 Employee contributions Accrued interest and dividends ---------- ----------- --------- ---------- --------- --------- --------- --------- -------- ---------- Total receivables 275,505 572,467 52,705 74,430 174,467 257,369 344,018 1,750,961 Cash 19,057 19,057 ---------- ----------- --------- ---------- --------- --------- --------- --------- -------- ---------- Total assets 11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ---------- ----------- --------- ---------- --------- --------- --------- --------- -------- ---------- Net assets available for benefits $ 11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ========== =========== ========= ========== ========= ========= ========= ========= ======== ==========
14 (8) Net Assets and Changes in Net Assets Available for Benefits with Fund Information A summary of the changes in net assets available for benefits with fund information for the year ended March 31, 1997 follows: Inter- Small KEMET Blended national Cap Mid Cap Equity Stock Stable Value Stock Value Growth Balanced Income Loan Settlement Fund Fund Fund Fund Fund Fund Fund Fund Account Total -------------------------------------------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation (depreciation) in fair value of investments $(2,016,633) 20 22,384 16,325 (63,040) 550,130 885,481 (605,333) Interest and dividends 4,223 1,185,427 17,190 42,568 51,720 324,894 687,565 78,990 822 2,393,399 Contributions: Participants 752,692 1,413,754 140,277 170,380 415,115 609,433 828,458 400,715 4,730,824 Employer 3,275 (157,018) 52,864 74,925 175,170 (27,050) 6,157 1,655,383 1,783,706 Rollovers into the Plan 174 174 -------------------------------------------------------------------------------------------------------- Total additions (1,256,443) 2,442,183 232,715 304,198 578,965 1,457,407 2,407,661 78,990 2,057,094 8,302,770 -------------------------------------------------------------------------------------------------------- Deductions in net assets attributed to: Benefits paid to participants (454,244) (2,954,190) (2,077) (26,222) (89,986) (544,377) (851,783) (47,629) (101,443)(5,071,951) Administrative expenses (1,009) (10,908) (128) (263) (238) (4,023) (1,831) (18,400) Intraplan transfers 618,247 (1,335,110) 438,932 811,023 1,613,920 (340,441) 209,151 (2,015,722) Loan withdrawals (160,401) (1,015,107) (22,930) (35,717) (26,327) (247,522) (213,696) 1,721,700 Loan principle 35,782 118,313 10,228 9,449 18,364 31,039 42,662 (265,837) Loan interest 12,285 33,875 2,379 2,207 5,725 11,300 11,220 (78,991) -------------------------------------------------------------------------------------------------------- Net increase (decrease) (1,205,783) (2,720,944) 659,119 1,064,675 2,100,423 363,383 1,603,384 1,408,233 (60,071) 3,212,419 Net assets available for benefits: Beginning of year 12,586,443 21,819,956 7,507,973 8,274,453 79,128 50,267,953 -------------------------------------------------------------------------------------------------------- End of year $11,380,660 19,099,012 659,119 1,064,675 2,100,423 7,871,356 9,877,837 1,408,233 19,057 53,480,372 ========================================================================================================
15 (8) Net Assets Available for Benefits with Fund Information, Continued A summary of net assets available for benefits with fund information at March 31, 1996 follows: KEMET Stable Equity Stock Value Balanced Index Fund Fund Fund Fund Control Total --------------------------------------------------------------------------- Assets Investments: Registered investment companies $ - 2,750,262 7,153,749 7,852,912 - 17,756,923 Investment contracts with insurance companies 18,124,905 - - - 18,124,905 Common stock of KEMET Corporation 12,230,917 - - - - 12,230,917 --------------------------------------------------------------------------- Total investments 12,230,917 20,875,167 7,153,749 7,852,912 - 48,112,745 --------------------------------------------------------------------------- Receivables: Employer's contributions receivable 275,913 749,217 288,695 340,643 20 1,654,488 Participants' contributions receivable 75,756 178,533 65,529 80,898 16 400,732 Accrued interest and dividends - 5,532 - - - 5,532 --------------------------------------------------------------------------- Total receivables 351,669 933,282 354,224 421,541 36 2,060,752 Cash 4,403 11,507 - 79,092 95,002 --------------------------------------------------------------------------- Liabilities Other (546) - - - - (546) --------------------------------------------------------------------------- Net assets available for benefits $ 12,586,443 21,819,956 7,507,973 8,274,453 79,128 50,267,953 ===========================================================================
16 (8) Net Assets Available for Benefits with Fund Information, Continued A summary of the changes in net assets available for benefits with fund information for the year ended March 31, 1996 follows: KEMET Stable Stock Value Balanced Equity Fund Fund Fund Fund Control Total -------------------------------------------------------------------------- Additions to net assets attributed to: Investment income: Net appreciation in fair value of investments $ 116,555 101 933,845 1,356,684 2,407,185 Interest and dividends 1,299,679 433,305 593,772 - 2,326,756 -------------------------------------------------------------------------- 116,555 1,299,780 1,367,150 1,950,456 4,733,941 -------------------------------------------------------------------------- Contributions 177,357 (33,026) (22,071) 18,614 6,256,235 6,397,109 -------------------------------------------------------------------------- Total additions 293,912 1,266,754 1,345,079 1,969,070 6,256,235 11,131,050 Deductions from net assets attributed to: Benefits paid to participants - - - 2,233,924 Administrative expenses - - - 239,688 239,688 -------------------------------------------------------------------------- Total deductions - - - 2,473,612 2,473,612 -------------------------------------------------------------------------- Net increase prior to interfund transfers 293,912 1,266,754 1,345,079 1,969,070 3,782,623 8,657,438 -------------------------------------------------------------------------- Interfund transfers 5,232,630 (1,058,972) (287,250) (302,138)(3,584,270) - -------------------------------------------------------------------------- Net increase (decrease) 5,526,542 207,782 1,057,829 1,666,932 198,353 8,657,438 Net assets available for benefits: Beginning of year 7,059,901 21,612,174 6,450,144 6,607,521 (119,225) 41,610,515 -------------------------------------------------------------------------- End of year $ 12,586,443 21,819,956 7,507,973 8,274,453 79,128 50,267,953 ==========================================================================
17 Schedule 1 KEMET EMPLOYEES' SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes March 31, 1997 (c) Description of investment (a) (b) including maturity date, Party- Identity of issue, rate of interest, (e) in- borrower, lessor, collateral, par or (d) Current interest or similar party maturity value Cost Value * T. Rowe Price Stable Value Common Trust Fund $ 17,737,218 17,737,218 * KEMET Corp. Common Stock 11,267,790 11,105,155 * T. Rowe Price Equity Income Fund 8,878,048 9,533,819 * T. Rowe Price Balanced Fund 7,167,878 7,613,987 * T. Rowe Price Mid-Cap Growth Fund 1,984,882 1,925,956 * T. Rowe Price Small-Cap Value Fund 975,160 990,245 * T. Rowe Price International Stock Fund 588,521 606,414 Metropolitan Life Investment Contract 789,326 789,326 -------------- ----------- 49,388,824 50,302,121 * Participant Loans 0 1,408,233 -------------- ----------- $ 49,388,824 51,710,354 ============== ===========
* Party-in-interest See accompanying independent auditors' report. 18 Schedule II KEMET EMPLOYEES' SAVINGS PLAN Item 27d - Schedule of Reportable Transactions March 31, 1997 (f) (h) (i) (a) Expense (g) Current Value Net Identity (b) (c) (d) (e) Incurred Cost of Asset on (Gain) of Party Description Purchase Selling Lease with of Transaction or Involved of Asset Price Price Rental Transaction Asset Date Loss - --------------------------------------------------------------------------------------------------------------------- T. Rowe Price Guaranteed Investment Contract $ 25,355,612 25,355,612 25,355,612 T. Rowe Price Balanced Fund 9,112,538 9,112,538 9,112,538 T. Rowe Price Equity Income Fund 10,566,456 10,566,456 10,566,456 T. Rowe Price Mid-Cap Growth Fund 2,301,247 2,301,247 2,301,247 KEMET Corp. Common Stock 13,199,131 13,199,131 13,199,131 T. Rowe Price Guaranteed Investment Contract 6,829,066 6,829,066 6,829,066 T. Rowe Price Balanced Fund 2,037,324 1,959,505 2,037,324 (77,819) T. Rowe Price Equity Income Fund 1,812,423 1,727,498 1,812,423 (84,925) T. Rowe Price Mid-Cap Growth Fund 312,248 317,312 312,248 5,064 KEMET Corp. Common Stock 1,952,729 1,902,019 1,952,729 (50,710) Note: Information in the above schedule was derived from schedules certified by T. Rowe Price.
See accompanying independent auditors' report. EX-23 2 1 Exhibit 23 INDEPENDENT AUDITORS' CONSENT The Board of Directors KEMET Corporation: We consent to incorporation by reference in the Registration Statement (No. 33-60092) on Form S-8 of KEMET Corporation of our report dated August 15, 1997, relating to the statements of net assets available for benefits of the KEMET Employees' Savings Plan at March 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for the years then ended, as well as the related financial statement schedules, which report appears in the March 31, 1997 annual report on Form 11-K of the KEMET Employees Savings Plan. /S/ KPMG Peat Marwick LLP Greenville, South Carolina KPMG Peat Marwick LLP September 26, 1997 -----END PRIVACY-ENHANCED MESSAGE-----