8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 30, 2014

KEMET Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-15491	57-0923789
(State of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2835 KEMET Way, Simpsonville, SC	29681
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (864) 963-6300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On January 30, 2014, KEMET Corporation (the “Company”) issued a News Release announcing the preliminary consolidated results for the third fiscal quarter ended December 31, 2013.

A copy of this News Release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01 Regulation FD Disclosure

On January 30, 2014, the Company will host a conference call to discuss financial results for its third fiscal quarter ended December 31, 2013.  The slide package prepared for use by executive management for this presentation is attached hereto as Exhibit 99.2.  All of the information in the presentation is presented as of January 30, 2014, and the Company does not assume any obligation to update such information in the future.

The information included in this Form 8-K, as well as the exhibits referenced herein, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits

(a.) Not Applicable

(b.) Not Applicable

(c.) Not Applicable

(d.) Exhibits

Exhibit No.	Description of Exhibit
99.1	News Release, dated January 30, 2014 issued by the Company.
99.2	Slide Package prepared for use in connection with the Company’s third fiscal quarter earnings conference call to be held on January, 30 2014.

Signature

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: January 30, 2014	KEMET Corporation
	/s/ WILLIAM M. LOWE, JR.
	William M. Lowe, Jr.
	Executive Vice President and
	Chief Financial Officer

EX-99.1

Exhibit 99.1

NewsRelease

FOR IMMEDIATE RELEASE

Contact:	William M. Lowe, Jr.	Richard J. Vatinelle
	Executive Vice President and	Director of Finance and
	Chief Financial Officer	Investor Relations
	williamlowe@kemet.com	richardvatinelle@kemet.com
	864-963-6484	954-766-2800

KEMET REPORTS THIRD QUARTER FISCAL YEAR 2014 RESULTS

Financial Highlights:

•Revenue of $207.3 million increased 4.9% compared to $197.7 million for the same quarter last year

•Adjusted Operating income increased $5.7 million over the prior quarter

•Adjusted Gross Margin up 3.1% to 18.5% over the prior quarter

Greenville, South Carolina (January 30, 2014) - KEMET Corporation (the “Company”) (NYSE: KEM), a leading global supplier of electronic components, today reported preliminary results for the third fiscal quarter ended December 31, 2013. Results included in this earnings release have been adjusted to reflect discontinued operations as the Film and Electrolytic Business group has initiated a plan to dispose of its machinery division.

Net sales of $207.3 million for the quarter ended December 31, 2013 decreased 0.5% from net sales of $208.4 million for the prior quarter ended September 30, 2013, and increased 4.9% compared to net sales of $197.7 million for the quarter ended December 31, 2012.

The U.S. GAAP net loss from continuing operations was $4.7 million, or $0.11 loss per basic and diluted share for the quarter ended December 31, 2013, compared to a U.S. GAAP net loss from continuing operations of $11.9 million or $0.26 loss per basic and diluted share for the prior quarter ended September 30, 2013. For the quarter ended December 31, 2012 the U.S. GAAP net loss from continuing operations was $12.6 million or $0.28 loss per basic and diluted share.

Non-U.S. GAAP Adjusted net income improved to $0.9 million or $0.02 per basic and diluted share for the quarter ended December 31, 2013, compared to a non-U.S. GAAP Adjusted net loss of $4.6 million or $0.10 loss per basic and diluted share for the prior quarter ended September 30, 2013.  For the quarter ended December 31, 2012 the non-U.S. GAAP Adjusted net loss was $0.7 million or $0.01 loss per basic and diluted share.

“Revenue, excluding discontinued operations, was essentially flat compared to the prior quarter as we forecasted and it is gratifying to see our cost reduction efforts reflected in our financial results with positive non-GAAP earnings per share in this challenging environment,” stated Per Loof, KEMET’s Chief Executive Officer. “We have seen steady improvement in our operating margins and we will continue to stay focused on our overall cost structure to leverage our position as the economic rebound occurs in our industry,” continued Loof.

The net loss for the quarters ended December 31, 2013 and 2012 include various items affecting comparability as denoted in the U.S. GAAP to Non-U.S. GAAP reconciliation table included hereafter.

About KEMET

The Company’s common stock is listed on the NYSE under the ticker symbol “KEM” (NYSE: KEM).  At the Investor Relations section of our web site at http://www.kemet.com/IR, users may subscribe to KEMET news releases and find additional information about our Company.  KEMET applies world class service and quality to deliver industry leading, high performance capacitance solutions to its customers around the world and offers the world’s most complete line of surface mount and through hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com.

QUIET PERIOD

Beginning April 1, 2014, we will observe a quiet period during which the information provided in this news release and quarterly report on Form 10-Q will no longer constitute our current expectations. During the quiet period, this information should be considered to be historical, applying prior to the quiet period only and not subject to update by management. The quiet period will extend until the day when our next quarterly earnings release is published.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about the Company’s financial condition and results of operations that are based on management’s current expectations, estimates and projections about the markets, in which the Company operates, as well as management’s beliefs and assumptions. Words such as “expects,” “anticipates,” “believes,” “estimates,” variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate; (ii) continued net losses could impact our ability to realize current operating plans and could materially adversely affect our liquidity and our ability to continue to operate; (iii) adverse economic conditions could cause the write down of long-lived assets or goodwill; (iv) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased materials; (v) changes in the competitive environment; (vi) uncertainty of the timing of customer product qualifications in heavily regulated industries; (vii) economic, political, or regulatory changes in the countries in which we operate; (viii) difficulties, delays or unexpected costs in completing the restructuring plan; (ix) equity method investments expose us to a variety of risks; (x) acquisitions and other strategic transactions expose us to a variety of risks; (xi) inability to attract, train and retain effective employees and management; (xii) inability to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xiii) exposure to claims alleging product defects; (xiv) the impact of laws and regulations that apply to our business, including those relating to environmental matters; (xv) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that limit our flexibility in operating our business; and (xx) additional exercise of the warrant by K Equity which could potentially result in the existence of a significant stockholder who could seek to influence our corporate decisions.

2

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(Amounts in thousands, except per share data)

(Unaudited)

	Quarters Ended December 31,						Nine Month Periods Ended December 31,
	2013			2012			2013			2012
Net sales	$	207,339		$	197,698		$	617,845		$	624,363
Operating costs and expenses:
Cost of sales	169,677			162,733			530,722			525,653
Selling, general and administrative expenses	22,431			25,313			70,826			77,119
Research and development	6,027			6,290			17,703			20,183
Restructuring charges	2,194			3,886			8,169			13,672
Goodwill impairment	—			—			—			1,092
Write down of long-lived assets	3,358			3,084			3,358			7,318
Net (gain) loss on sales and disposals of assets	29			(196		)	71			(123		)
Total operating costs and expenses	203,716			201,110			630,849			644,914
Operating income (loss)	3,623			(3,412		)	(13,004		)	(20,551		)
Other (income) expense:
Interest income	(7		)	(54		)	(182		)	(111		)
Interest expense	10,349			10,247			30,291			30,840
Other (income) expense, net	(1,349		)	(1,641		)	(49		)	(1,126		)
Loss from continuing operations before income taxes and equity income (loss) from NEC TOKIN	(5,370		)	(11,964		)	(43,064		)	(50,154		)
Income tax expense	1,033			611			4,293			4,004
Loss from continuing operations before equity income (loss) from NEC TOKIN	(6,403		)	(12,575		)	(47,357		)	(54,158		)
Equity income (loss) from NEC TOKIN	1,657			—			(2,962		)	—
Loss from continuing operations	(4,746		)	(12,575		)	(50,319		)	(54,158		)
Loss from discontinued operations	(1,076		)	(1,682		)	(3,737		)	(2,773		)
Net loss	$	(5,822	)	$	(14,257	)	$	(54,056	)	$	(56,931	)
Net loss per basic share:
Loss from continuing operations	$	(0.11	)	$	(0.28	)	$	(1.12	)	$	(1.21	)
Loss from discontinued operations	$	(0.02	)	$	(0.04	)	$	(0.08	)	$	(0.06	)
Net loss	$	(0.13	)	$	(0.32	)	$	(1.20	)	$	(1.27	)
Net loss per diluted share:
Loss from continuing operations	$	(0.11	)	$	(0.28	)	$	(1.12	)	$	(1.21	)
Loss from discontinued operations	$	(0.02	)	$	(0.04	)	$	(0.08	)	$	(0.06	)
Net loss	$	(0.13	)	$	(0.32	)	$	(1.20	)	$	(1.27	)
Weighted-average shares outstanding:
Basic	45,120			44,918			45,078			44,879
Diluted	45,120			44,918			45,078			44,879

3

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(Amounts in thousands, except per share data)

	December 31, 2013			March 31, 2013
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	55,594		$	95,978
Accounts receivable, net	93,542			93,774
Inventories, net	200,853			198,888
Prepaid expenses and other	37,732			41,100
Deferred income taxes	5,752			4,167
Current assets of discontinued operations	10,293			9,517
Total current assets	403,766			443,424
Property and equipment	303,741			303,942
Goodwill	35,584			35,584
Intangible assets, net	37,722			38,646
Investment in NEC TOKIN	49,713			52,738
Restricted cash	14,028			17,397
Deferred income taxes	8,400			7,994
Other assets	8,885			10,150
Noncurrent assets of discontinued operations	486			1,716
Total assets	$	862,325		$	911,591
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	27,672		$	10,793
Accounts payable	71,598			72,002
Accrued expenses	75,822			91,950
Income taxes payable and deferred income taxes	3,660			1,074
Current liabilities of discontinued operations	5,862			5,661
Total current liabilities	184,614			181,480
Long-term debt, less current portion	374,223			372,707
Other non-current obligations	54,900			69,022
Deferred income taxes	8,033			8,542
Noncurrent liabilities of discontinued operations	2,728			2,924
Stockholders’ equity:
Preferred stock, par value $0.01, authorized 10,000 shares, none issued	—			—
Common stock, par value $0.01, authorized 175,000 shares, issued 46,508 shares at December 31, 2013 and March 31, 2013	465			465
Additional paid-in capital	466,316			467,096
Retained deficit	(217,291		)	(163,235		)
Accumulated other comprehensive income	20,332			7,694
Treasury stock, at cost (1,384 and 1,519 shares at December 31, 2013 and March 31, 2013, respectively)	(31,995		)	(35,104		)
Total stockholders’ equity	237,827			276,916
Total liabilities and stockholders’ equity	$	862,325		$	911,591

4

KEMET CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Nine Month Periods Ended December 31,
	2013			2012
Net loss from continuing operations	$	(50,319	)	$	(54,158	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	37,352			33,389
Equity loss from NEC TOKIN	2,962			—
Amortization of debt discount and debt issuance costs	2,817			3,046
Stock-based compensation expense	2,288			3,523
Long-term receivable write down	1,484			—
Change in value of NEC TOKIN options	(1,334		)	—
Net (gain) loss on sales and disposals of assets	71			(123		)
Pension and other post-retirement benefits	24			232
Write down of long-lived assets	3,358			7,318
Net curtailment and settlement gain on benefit plans	—			(1,088		)
Goodwill impairment	—			1,092
Change in deferred income taxes	(2,496		)	1,517
Change in operating assets	8,579			(13,632		)
Change in operating liabilities	(28,296		)	(25,156		)
Other	474			(137		)
Net cash used in operating activities	(23,036		)	(44,177		)
Investing activities:
Capital expenditures	(24,993		)	(38,349		)
Change in restricted cash	3,532			(24,000		)
Net cash used in investing activities	(21,461		)	(62,349		)
Financing activities:
Proceeds from revolving line of credit	21,000			—
Proceeds from issuance of debt	—			39,825
Deferred acquisition payments	(11,703		)	(6,617		)
Payments of long-term debt	(2,858		)	(1,901		)
Proceeds from exercise of stock options	86			58
Debt issuance costs	—			(275		)
Net cash provided by financing activities	6,525			31,090
Net decrease in cash and cash equivalents	(37,972		)	(75,436		)
Effect of foreign currency fluctuations on cash	864			(81		)
Net cash used in operating activities of discontinued operations	(3,276		)	2,555
Cash and cash equivalents at beginning of fiscal period	95,978			210,521
Cash and cash equivalents at end of fiscal period	$	55,594		$	137,559

5

Non-U.S. GAAP Financial Measures

In this news release, the Company makes reference to certain Non-U.S. GAAP financial measures, including "Adjusted gross margin", “Adjusted net loss”, “Adjusted net loss per share” and “Adjusted EBITDA”.  Management believes that investors may find it useful to review the Company’s financial results as adjusted to exclude items as determined by management.

Adjusted gross margin

Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided below.  Management uses Adjusted gross margin to facilitate our analysis and understanding of our business operations and believes that Adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company.  Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with U.S. GAAP.

The following table provides reconciliation from U.S. GAAP Gross margin to Non-U.S. GAAP Adjusted gross margin (amounts in thousands):

	Quarters Ended
	December 31, 2013			September 30,  2013
	(Unaudited)
Net sales	$	207,339		$	208,449
Gross margin	37,662			30,917
Non-U.S. GAAP-adjustments:
Stock-based compensation	265			213
Plant start-up costs	485			1,050
Adjusted gross margin	$	38,412		$	32,180
	18.5		%	15.4		%

Adjusted Operating Income

Adjusted operating loss represents operating income, excluding adjustments which are outlined in the quantitative reconciliation provided above. We use Adjusted operating loss to facilitate our analysis and understanding of our business operations and believe that Adjusted operating loss is useful to investors because it provides a supplemental way to understand our underlying operating performance. Adjusted operating loss should not be considered as an alternative to operating income or any other performance measure derived in accordance with U.S. GAAP.

Adjusted operating income is calculated as follows (amounts in thousands):

	Quarters Ended
	December 31, 2013		September 30, 2013		December 31, 2012
	(Unaudited)
Operating income (loss)	$	3,623	$	1,583	$	(3,412	)
Adjustments:
Restructuring charges	2,194		1,365		3,886
ERP integration costs	994		1,072		1,374
Plant start-up costs	485		1,050		1,524
Stock-based compensation	689		644		1,059
NEC TOKIN investment related expenses	249		125		164
Net loss on sales and disposals of assets	29		42		(196		)
Write down long-lived assets	3,358		—		3,084
Settlement gain on benefit plan	—		—		588
Adjusted operating income	$	11,621	$	5,881	$	8,071

6

Adjusted Net Loss and Adjusted Net Loss Per Share

“Adjusted net loss” and “Adjusted net loss per share” represent net loss and net loss per share excluding adjustments which are outlined in the quantitative reconciliation provided below.  Management believes that these Non-U.S. GAAP financial measures are useful to investors because they provide a supplemental way to understand the underlying operating performance of the Company.  Management uses these Non-U.S. GAAP financial measures to evaluate operating performance.  Non-U.S. GAAP financial measures should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP.

The following table provides reconciliation from U.S. GAAP net loss to Non-U.S. GAAP adjusted net loss:

U.S.GAAP to Non-U.S.GAAP Reconciliation

	Quarters Ended
	December 31, 2013			September 30, 2013			December 31, 2012
	(Unaudited, Amounts in thousands, except per share data)
U.S. GAAP
Net sales	$	207,339		$	208,449		$	197,698
Loss from continuing operations	(4,746		)	(11,947		)	(12,575		)
Loss from discontinued operations	(1,076		)	(1,151		)	(1,682		)
Net loss	$	(5,822	)	$	(13,098	)	$	(14,257	)
Net loss per basic and diluted share	$	(0.13	)	$	(0.29	)	$	(0.32	)
Non-U.S. GAAP
Loss from continuing operations	(4,746		)	(11,947		)	(12,575		)
Adjustments:
Restructuring charges	2,194			1,365			3,886
Equity (income) loss from NEC TOKIN	(1,657		)	1,243			—
ERP integration costs	994			1,072			1,374
Change in value of NEC TOKIN options	(1,716		)	383			—
Plant start-up costs	485			1,050			1,524
Amortization included in interest expense	858			945			1,122
Stock-based compensation expense	689			644			1,059
Net foreign exchange (gain) loss	207			514			(464		)
NEC TOKIN investment related expenses	249			125			164
Net (gain) loss on sales and disposals of assets	29			42			(196		)
Write down of long-lived assets	3,358			—			3,084
Settlement gain on benefit plan	—			—			588
Income tax effect of non-U.S. GAAP adjustments (1)	(52		)	(18		)	(228		)
Adjusted net income (loss) from continuing operations	$	892		$	(4,582	)	$	(662	)
Adjusted net income (loss) per basic share from continuing operations	$	0.02		$	(0.10	)	$	(0.01	)
Adjusted net income (loss) per diluted share from continuing operations	$	0.02		$	(0.10	)	$	(0.01	)
Weighted average shares outstanding:
Basic	45,120			45,092			44,918
Diluted	52,494			45,092			44,918

(1) The income tax effect of the excluded items is calculated by applying the applicable jurisdictional income tax rate, considering the deferred tax valuation for each applicable jurisdiction.

7

Adjusted EBITDA

Adjusted EBITDA from continuing operations represents net loss from continuing operations before net interest expense, income tax expense, and depreciation and amortization expense, adjuststed to exclude certain item which are outlined in the quantitative reconciliation provided below.  We use Adjusted EBITDA from continuing operations to monitor and evaluate our operating performance and to facilitate internal and external comparisons of the historical operating performance of our business.  We present Adjusted EBITDA from continuing operations as a supplemental measure of our performance and ability to service debt.  We also present Adjusted EBITDA from continuing operations because we believe such measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

We believe Adjusted EBITDA from continuing operations is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges. The other adjustments to arrive at Adjusted EBITDA from continuing operations are excluded in order to better reflect our continuing operations.

In evaluating Adjusted EBITDA from continuing operations, you should be aware that in the future we may incur expenses similar to the adjustments noted below.  Our presentation of Adjusted EBITDA from continuing operations should not be construed as an inference that our future results will be unaffected by these types of adjustments.  Adjusted EBITDA from continuing operations is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with U.S. GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity.

Our Adjusted EBITDA from continuing operations measure has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.  Some of these limitations are:

• it does not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;

• it does not reflect changes in, or cash requirements for, our working capital needs;

• it does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our Adjusted EBITDA from continuing operations measure does not reflect any cash requirements for such replacements;

• it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;

• it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations;

• it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and

• other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA from continuing operations should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations.  You should compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted EBITDA from continuing operations only supplementally.

8

The following table provides a reconciliation from U.S. GAAP net loss from continuing operations to Adjusted EBITDA from continuing operations (amounts in thousands):

	Quarters Ended
	December 31, 2013			September 30, 2013			December 31, 2012
U.S. GAAP	(Unaudited)
Loss from continuing operations	$	(4,746	)	$	(11,947	)	$	(12,575	)
Interest expense, net	10,342			9,897			10,193
Income tax expense	1,033			1,444			611
Depreciation and amortization	11,762			11,952			10,405
EBITDA from continuing operations	18,391			11,346			8,634
Excluding the following items (Non-U.S. GAAP):
Restructuring charges	2,194			1,365			3,886
Equity (income) loss from NEC TOKIN	(1,657		)	1,243			—
ERP integration costs	994			1,072			1,374
Change in value of NEC TOKIN options	(1,716		)	383			—
Plant start-up costs	485			1,050			1,524
Stock-based compensation expense	689			644			1,059
Net foreign exchange (gain) loss	207			514			(464		)
NEC TOKIN investment related expenses	249			125			164
Net (gain) loss on sales and disposals of assets	29			42			(196		)
Write down of long-lived assets	3,358			—			3,084
Settlement gain on benefit plan	—			—			588
Adjusted EBITDA from continuing operations	$	23,223		$	17,784		$	19,653

9

EX-99.2

Earnings Conference Call January 30, 2014 Quarter Ended December 31, 2013

Cautionary Statement Certain statements included herein contain forward-looking statements within the meaning of federal securities laws about KEMET Corporation's (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise. Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to the following: (i) adverse economic conditions could impact our ability to realize operating plans if the demand for our products declines, and such conditions could adversely affect our liquidity and ability to continue to operate; (ii) continued net losses could impact our ability to realize current operating plans and could materially adversely affect our liquidity and our ability to continue to operate; (iii) adverse economic conditions could cause the write down of long-lived assets or goodwill; (iv) an increase in the cost or a decrease in the availability of our principal or single-sourced purchased materials; (v) changes in the competitive environment; (vi) uncertainty of the timing of customer product qualifications in heavily regulated industries; (vii) economic, political, or regulatory changes in the countries in which we operate; (viii) difficulties, delays or unexpected costs in completing the restructuring plan; (ix) equity method investments expose us to a variety of risks; (x) acquisitions and other strategic transactions expose us to a variety of risks; (xi) inability to attract, train and retain effective employees and management; (xii) inability to develop innovative products to maintain customer relationships and offset potential price erosion in older products; (xiii) exposure to claims alleging product defects; (xiv) the impact of laws and regulations that apply to our business, including those relating to environmental matters; (xv) the impact of international laws relating to trade, export controls and foreign corrupt practices; (xvi) volatility of financial and credit markets affecting our access to capital; (xvii) the need to reduce the total costs of our products to remain competitive; (xviii) potential limitation on the use of net operating losses to offset possible future taxable income; (xix) restrictions in our debt agreements that limit our flexibility in operating our business; and (xx) additional exercise of the warrant by K Equity which could potentially result in the existence of a significant stockholder who could seek to influence our corporate decisions. 2

Income Statement Highlights U.S. GAAP Dec-13 Sep-13 Net sales 207,339$ 208,449$ Gross margin 37,662$ 30,917$ Gross margin as a percentage of net sales 18.2% 14.8% Selling, general and administrative 22,431$ 22,315$ SG&A as a percentage of net sales 10.8% 10.7% Operating income 3,623$ 1,583$ Loss from continuing operations (4,746)$ (11,947)$ Loss from discontinued operations (1,076)$ (1,151)$ Net loss (5,822)$ (13,098)$ Loss per share - basic (0.13)$ (0.29)$ Loss per share - diluted (0.13)$ (0.29)$ Weighted avg. shares - basic 45,120 45,092 Weighted avg. shares - diluted 45,120 45,092 (Amounts in thousands, except percentages and per share data) For the Quarters Ended 3

Income Statement Highlights Non-GAAP Dec-13 Sep-13 Net sales 207,339$ 208,449$ Adjusted gross margin 38,412$ 32,180$ Gross margin as a percentage of net sales 18.5% 15.4% Adjusted selling, general and administrative 20,795$ 20,741$ SG&A as a percentage of net sales 10.0% 10.0% Adjusted operating income 11,621$ 5,881$ Adjusted net income (loss) from continuing operations 892$ (4,582)$ Income (loss) per share from continuing operations - basic 0.02$ (0.10)$ Income (loss) per share from continuing operations - diluted 0.02$ (0.10)$ Adjusted EBITDA from continuing operations 23,223$ 17,784$ Weighted avg. shares - basic 45,120 45,092 Weighted avg. shares - diluted 52,494 45,092 (Amounts in thousands, except percentages and per share data) For the Quarters Ended 4

Adjusted Gross Margin (Amounts in thousands, except percentages) Dec-13 Sep-13 Net sales 207,339$ 208,449$ Gross margin 37,662$ 30,917$ Adjustments: Stock-based compensation 265 213 Plant start-up costs 485 1,050 Adjusted gross margin 38,412$ 32,180$ Adjusted gross margin as a percentage of net sales 18.5% 15.4% For the Quarters Ended 5

Adjusted Selling, General & Administrative Expenses Dec-13 Sep-13 Net sales 207,339$ 208,449$ Selling, general and administrative expenses 22,431$ 22,315$ Adjustments: NEC TOKIN investment related expenses (249) (125) ERP integration costs (994) (1,072) Stock-based compensation (393) (377) Adjusted selling, general and administrative expenses 20,795$ 20,741$ Adjusted selling, general and administrative as a percentage of net sales 10.0% 10.0% (Amounts in thousands, except percentages) For the Quarters Ended 6

Financial Highlights (Amounts in millions, except DSO and DPO) Dec-13 Sep-13 Cash, cash equivalents and restricted cash 69,622$ 72,339$ Capital expenditures (for the qtrs ended) 6,656$ 8,663$ Short-term debt 27,672$ 29,772$ Long-term debt 371,388 370,684 Debt premium 2,835 2,822 Total debt 401,895$ 403,278$ Equity 237,827$ 237,907$ Net working capital (1) 222,797$ 223,366$ Days in receivables (DSO)(2) 41 44 Days in payables (DPO)(2) 32 35 (1) Calculated as accounts receivable, net, plus inventories, net, less accounts payable (2) Calculated by annualizing the current quarter’s Net sales and Cost of sales 7

Adjusted Operating Income Dec-13 Sep-13 Net sales 207,339$ 208,449$ Operating income 3,623 1,583 Adjustments: Write down long-lived assets 3,358 - Restructuring charges 2,194 1,365 ERP integration costs 994 1,072 Plant start-up costs 485 1,050 Stock-based compensation 689 644 NEC TOKIN investment related expenses 249 125 Net loss on sales and disposals of assets 29 42 Adjusted operating income 11,621$ 5,881$ (Amounts in thousands) For the Quarters Ended 8

Adjusted Net Income (Loss) From Continuing Operations and Adjusted EBITDA Dec-13 Sep-13 Loss from continuing operations (4,746)$ (11,947)$ Adjustments: Write down of long-lived assets 3,358 - Restructuring charges 2,194 1,365 Equity (income) loss from NEC TOKIN (1,657) 1,243 ERP integration costs 994 1,072 Change in value of NEC TOKIN options (1,716) 383 Plant start-up costs 485 1,050 Amortization included in interest expense 858 945 Stock-based compensation 689 644 Net foreign exchange loss 207 514 NEC TOKIN investment related expenses 249 125 Net loss on sales and disposals of assets 29 42 Income tax effect of non-U.S. GAAP adjustments (52) (18) Adjusted net income (loss) from continuing operations 892$ (4,582)$ Adjusted EPS from continuing operations - basic 0.02$ (0.10)$ Adjusted EPS from continuing operations - diluted 0.02$ (0.10)$ Adjusted EBITDA from continuing operations 23,223$ 17,784$ Weighted avg. shares - basic 45,120 45,092 Weighted avg. shares - diluted 52,494 45,092 (Amounts in thousands, except percentages and per share data) For the Quarters Ended 9

Adjusted Operating Income Solid Capacitors Dec-13 Sep-13 Net sales 156,082$ 157,714$ Operating income 27,616 25,387 Adjustments: Write down of long-lived assets 2,802 - Restructuring charges 91 99 Net loss on sales and disposals of assets (8) 60 ERP integration costs 12 18 Stock-based compensation 118 39 Adjusted operating income 30,631$ 25,603$ (Amounts in thousands) For the Quarters Ended 10

Adjusted Operating Income Film & Electrolytics Dec-13 Sep-13 Net sales 51,257$ 50,735$ Operating loss (2,374) (2,212) Adjustments: Write down of long-lived assets 556 - Restructuring charges 2,100 1,062 Pla t start-up costs 485 1,050 Stock-based compensation 147 173 ERP integration costs 80 74 Net gain on sales and disposals of assets 19 (66) Adjusted operating income 1,013$ 81$ (Amounts in thousands) For the Quarters Ended 11

Sales Summary Q3 FY14 12 Telecom 18% Computer 15% Consumer 8% Ind/Light 25% Automotive 22% Def/Med 12% Industry EMS 18% OEM 40% Dist 42% Channel Americas 32% EMEA 33% APAC 35% Region SC 74% F&E 26% Business Group

Adjusted EBITDA From Continuing Operations Reconciliation (Amounts in thousands) Dec-13 Sep-13 GAAP Loss from continuing operations (4,746)$ (11,947)$ Depreciation and amortization 11,762 11,952 Interest expense, net 10,342 9,897 Income tax expense 1,033 1,444 EBITDA from continuing operations 18,391 11,346 Excluding the following items (Non-GAAP) Write down of long-lived assets 3,358 - Restructuring charges 2,194 1,365 Equity (income) loss from NEC TOKIN (1,657) 1,243 ERP integration costs 994 1,072 Change in value of NEC TOKIN options (1,716) 383 Plant start-up costs 485 1,050 Stock-based compensation expense 689 644 Net foreign exchange (gain) loss 207 514 NEC TOKIN investment related expenses 249 125 Net loss on sales and disposals of assets 29 42 Adjusted EBITDA from continuing operations 23,223$ 17,784$ For the Quarters Ended 13

Non-GAAP Financial Measures Non-GAAP Financial Measures Included in this presentation are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Adjusted gross margin Adjusted gross margin represents net sales less cost of sales excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted gross margin to facilitate our analysis and understanding of our business operations and believes that Adjusted gross margin is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted gross margin should not be considered as an alternative to gross margin or any other performance measure derived in accordance with GAAP. Adjusted selling, general and administrative expenses Adjusted selling, general and administrative expenses represents selling, general and administrative expenses excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted selling, general and administrative expenses to facilitate our analysis and understanding of our business operations and believes that Adjusted selling, general and administrative expenses is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted selling, general and administrative expenses should not be considered as an alternative to selling, general and administrative expenses or any other performance measure derived in accordance with GAAP. Adjusted operating income Adjusted operating income represents operating income (loss), excluding adjustments which are outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted operating income to facilitate our analysis and understanding of our business operations and believes that Adjusted operating income is useful to investors because it provides a supplemental way to understand the underlying operating performance of the Company. Adjusted operating income should not be considered as an alternative to operating loss or any other performance measure derived in accordance with GAAP. 14

Non-GAAP Financial Measures Continued Adjusted net income (loss) and Adjusted EPS from continuing operations Adjusted net income (loss) and Adjusted EPS from continuing operations represent net income (loss) and EPS from continuing operations, excluding adjustments which are more specifically outlined in the quantitative reconciliation provided earlier in this presentation. Management uses Adjusted net income and Adjusted EPS from continuing operations to evaluate the Company's operating performance and believes that Adjusted net income and Adjusted EPS from continuing operations are useful to investors because they provide a supplemental way to possibly better understand the underlying operating performance of the Company. Adjusted net income and Adjusted EPS from continuing operations should not be considered as alternatives to net income, operating income or any other performance measures derived in accordance with GAAP. Adjusted EBITDA from continuing operations Adjusted EBITDA from continuing operations represents net loss from continuing operations before income tax expense (benefit), interest expense, net, and depreciation and amortization expense, excluding adjustments which are more specifically outlined in the quantitative reconciliation provided earlier in this presentation. We present Adjusted EBITDA from continuing operations as a supplemental measure of our performance and ability to service debt. We also present Adjusted EBITDA from continuing operations because we believe such measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We believe Adjusted EBITDA from continuing operations is an appropriate supplemental measure of debt service capacity, because cash expenditures on interest are, by definition, available to pay interest, and tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up; depreciation and amortization are non-cash charges. The other items excluded from Adjusted EBITDA from continuing operations are excluded in order to better reflect our continuing operations. In evaluating Adjusted EBITDA from continuing operations, you should be aware that in the future we may incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA from continuing operations should not be construed as an inference that our future results will be unaffected by these types of adjustments. Adjusted EBITDA from continuing operations is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our liquidity. 15

Non-GAAP Financial Measures Continued Our Adjusted EBITDA from continuing operations measure has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: • it does not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments; • it does not reflect changes in, or cash requirements for, our working capital needs; • it does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and our Adjusted EBITDA measure does not reflect any cash requirements for such replacements; • it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; • it does not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; • it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and • other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, Adjusted EBITDA from continuing operations should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA from continuing operations only supplementally. 16