Question-and-Answer Session
Operator
Thank you. [Operator Instructions]. Our first question comes from Brian White of Jefferies & Company. Please go ahead.
Brian White - Jefferies & Company
Good morning.
John Gilbertson - Chief Executive Officer and President
Good morning, Brian.
Brian White - Jefferies & Company
I am wondering if you can talk a little bit about what you thought were the strongest end markets in the September quarter. And what you are looking for in terms of the strongest markets in the December quarter?
John Gilbertson - Chief Executive Officer and President
Well, Brian, as you are probably aware, the state of the market is very strong, and the debt market for us picked up almost 3 points quarter-to-quarter. So, continue to see it strong and they are expediting products across the board in the study of the marketplace, so that's going to be very good. Consumer is good. The gaming portion of that business is growing, and we are looking for a healthy season upcoming, so I think the two big markets for us were the cellular and, I would say, gaming product lines.
Brian White - Jefferies & Company
And as we look into the December quarter, you expect that to continue that both markets will remain strong. They are going to grow sequentially?
John Gilbertson - Chief Executive Officer and President
Yes, I think, both markets will grow sequentially. What will happen and what we are seeing right now is October, November will be very strong, December will be good in the first half and then weaker in the second half. But there is no question that they are building and expediting product. We do have some delivery issues at some of our customers during the expediting as they are doing. But it seems like their view of the summer... of the holiday season is that they are going to move a lot of product, particularly in cell phones.
Brian White - Jefferies & Company
Okay. And just on the margins, margins took a pretty big, sequential dip, you mentioned mix. I think the restructuring, even when excluding the restructuring, gross margins declined by, I don't know, 180 points sequentially --
John Gilbertson - Chief Executive Officer and President
Exactly a 180 points, if you look at the numbers. The issue, as we talk about a little bit earlier, was that the resell, when we have consumer, we have more resell business. As you know we are a reseller for Kyocera products outside of Japan. And because the consumer was so strong in this September quarter, we saw much of the increase in that shipment; and of the 180 points basic points, 0.9 of that was the cost related to that resell business. And if you look at the other break out, we saw perhaps another 0.5 point, based on medical and military business off. We're seeing weakness in the medical business, and we don't think it will return until the March quarter. So, that was perhaps another 0.5 point, and then currency in Europe was another 0.5 point.
Brian White - Jefferies & Company
Okay. Thank you.
Operator
Thank you. Our next question comes from Shawn Harrison of Longbow Research. Please go ahead.
Shawn Harrison - Longbow Research
Hi, good morning. I was just hoping that you could provide maybe a little bit of commentary on the sales run rate with American Technical Ceramics as well as gross margins and EBIT margins since the last add point we have was in the June quarter?
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
Shawn, it's a little, this is Kurt. It's a little early to call where that's headed. And certainly, because you have access to all their reports through June, we have no reason to believe that their sales run rate for last year and the margins they saw shouldn't continue. We're still factoring in the effects of purchase accounting, the amortization of intangibles into that equation, but right now we see them adding sales at the similar quarterly levels that they saw last year, and probably pretty much of a wash on the bottom-line because of that amortization of intangible was in the short term.
Shawn Harrison - Longbow Research
Okay. The second question I have has to deal with the sequential growth forecasted. Does that include American Technical Ceramics necessarily? It looks like you are forecasting almost flattish organic growth on a sequential basis?
John Gilbertson - Chief Executive Officer and President
I think, if you look at the base business, we are talking about that, it's somewhere in the 2% to 3% range.
Shawn Harrison - Longbow Research
Okay.
John Gilbertson - Chief Executive Officer and President
But I'll also remind you, Shawn, we were up quite a bit in the September quarter, beyond what the general estimate was going to -- was at the time? So, we had a very strong September, so we think that we saw a little bit more orders in September, earlier in the season you might say then we would normally anticipate.
Shawn Harrison - Longbow Research
More on the handset side, just a little bit of pull --
John Gilbertson - Chief Executive Officer and President
Handset and the general consumer business was stronger in September than we would thought was... probably had taken some of the business out of the December quarter. But we could be conservative on that.
Shawn Harrison - Longbow Research
Okay.
John Gilbertson - Chief Executive Officer and President
The revenue numbers, we were conservative last quarter.
Shawn Harrison - Longbow Research
And just, maybe you could provide a breakout of sales by product type to help us out a little bit?
John Gilbertson - Chief Executive Officer and President
If you looked at the numbers by product type. Ceramics was about 14% of it, of the overall business, panel was 20%, connector were about 12%, the resale business was 31%, that's the highest we've ever shipped on that number, and the advanced products was about 23%.
Shawn Harrison - Longbow Research
Okay. So the resale went up 2.5 points quarter-to-quarter.
John Gilbertson - Chief Executive Officer and President
Right. Depending on what quarter you're looking at.
Shawn Harrison - Longbow Research
Okay. Thank you.
Operator
Thank you. Our next question comes from Yuri Krapivin of Lehman Brothers. Please go ahead.
Yuri Krapivin - Lehman Brothers
Good morning. John you mentioned that you would expect your gross margin to improve in the March quarter as the result of recent mix. Why do you think your margins could grow in March quarter back to the June quarter level?
John Gilbertson - Chief Executive Officer and President
Yes I definitely thank that, if not a little bit better. The thing that we are seeing is in the September quarter military which traditionally is a little slower during that quarter was down. But also medical which is traditionally not down as much as you may be aware, some of the issues going on in the medical, we are very strong in medical. And in a good year we are running about 7 or 8 points of our overall business. This September quarter, it was in the 3% or 4% range. But, we saw a quite a drop off on medical which impacted on our margins. But what we're hearing from that entire market segment is they are not going to see activity in December, but they are going to see replacement activity and restocking and new programs in the March quarter. So, we think the March quarter we will really rebound as results in some of those are getting stronger.
Yuri Krapivin - Lehman Brothers
Okay. And then you mentioned book-to-bill in the month of October of 1.1. Can you give us book-to-bill for the September quarter as a whole?
John Gilbertson - Chief Executive Officer and President
Give me a second, excuse me, I don't have it off the top of my --
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
1.05.
John Gilbertson - Chief Executive Officer and President
It's about 1.05.
Yuri Krapivin - Lehman Brothers
Okay. And then, John, can you give us the breakdown of your sales by end markets.
John Gilbertson - Chief Executive Officer and President
Yes, I have that, just a second. If you look at the end market: automotive was 12%; cellular was 15%; computer was 25%; consumer was 12%; industrial was about 11%; vehicle was about 4%, I mentioned that earlier, military was 5%, networking was 2.5%, and telecom, the general telecom was about 14%.
Yuri Krapivin - Lehman Brothers
Okay, and finally probably for Kurt. What should we expect in terms of the tax rate for the balance of fiscal '08?
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
Very similar to this quarter, 28%.
Yuri Krapivin - Lehman Brothers
Thank you very much.
Operator
Thank you. Our next question comes from Andrew Huang of American Technology. Please go ahead.
Andrew Huang - American Technology
Well, hi, guys, good morning.
John Gilbertson - Chief Executive Officer and President
Good morning, Andrew.
Andrew Huang - American Technology
So, I think the concern out there is that your gross margin kind of that you hit this quarter. I think your managers yesterday kind of have a statement. I think there is a general doubt, maybe, that you won't be able to kind of return to up-tick in the December quarter. What do you think is the risk that the gross margins kind of cut-down again in December?
John Gilbertson - Chief Executive Officer and President
I don't see that risk being that high. We are going to see some improvement in both. We are seeing a little improvement now in military. I don't think military will improve until the March quarter. And we are probably going to see late in the quarter some medical to come back. So, I don't see that risk. If you look at the numbers which, again, are not going to have as dominant resell business in the December quarter, because again we are going to be a little bit back to normal, as the quarter progresses. But I think if you look at the numbers, and you brought up the compare. I think they, the one you are referring to saw a selling price decrease, which also hurt their margins. So, I believe, that we didn't see that selling price increase, it was pretty well flat quarter-on-quarter. And we expect to see that again flat quarter-on-quarter. So, I don't see another reduction in risk and margins being an issue.
Andrew Huang - American Technology
Okay. Great. And then a question on the revenue, the $400.7 million that you just reported, is there about one week of ATC in there?
John Gilbertson - Chief Executive Officer and President
Yeah, you said, roughly it was about $700,000 to $1 million.
Andrew Huang - American Technology
Okay. Got it.
Operator
Thank you. Our next question comes from Matt Sheerin of Thomas Weisel Partners. Please go ahead.
Matthew Sheerin - Thomas Weisel Partners
Good morning, John and Kurt. Question just regarding distribution and inventory. It sounds like they are in pretty good shape, but with capacity utilization so high, and maybe you can also comment on lead times but would you expect distribution to start building some buffer, particularly, as they get into... prepare for the normally strong first quarter?
John Gilbertson - Chief Executive Officer and President
I think you are right about lead times are moving out, particularly in the specialty products. And anything... High CV, any larger case size handling, some of the transient suppression devices are moving out. I believe that there... my real view is that we won't see a sort of a restocking level in distribution until we get into the March quarter, late in the March quarter, I think they are pretty well positioned between now and the end of the year, and again their going to get their inventory in place, some of them before the end of the year, so I think we are not going to see a lot of restocking and distribution until we get to the March quarter.
Matthew Sheerin - Thomas Weisel Partners
Okay. And then just in terms of your own capacity. I know you are adding people, but in terms of your physical capacity and capabilities there, what are you thinking about in terms of expanding?
John Gilbertson - Chief Executive Officer and President
I am having the same problem, Matt, that everybody else is having, and that is bringing on new equipment. We've got orders in place for new equipment but we are not bringing a lot of it on... there is some testing capacity coming on at different regions. We have a couple of plating lines coming on, but it is hard to build up equipment. We have not put any substantial buildup equipment in place all year. And from what I'm hearing, in the Asian region, they are also having difficulty putting on build up equipment and you may be aware that the recent note out by one of the Taiwanese PCB board people who are saying they are still having difficulty getting High CV product. So, I think, that we are not going to see a capacity in this industry until sometime late summer next year.
Matthew Sheerin - Thomas Weisel Partners
That's really because of your inability to get the equipment as opposed to just being more rational?
John Gilbertson - Chief Executive Officer and President
I think that we all started a little too late. I like to use the word rational, but I think perhaps there were more indecisions, people were more hesitant to add capacity than had been in previous years, and so everybody went the same door knocking, and there wasn't that much equipment available, there's not a level of capacity put on place even in a modest year this year. And we will see more next year, but I think, again, for roughly three quarters, we are not going to see much capacity come on place.
Matthew Sheerin - Thomas Weisel Partners
So, in the short term then, would you expect lead times, perhaps, to go out further if we start to see some of the markets you talked about come back, and then perhaps firmer pricing.
John Gilbertson - Chief Executive Officer and President
I think, exactly, my view, if you look at a traditional year, we are going to see things slow down in the second half of December and the first two weeks of January. So, lead times will ease up during that period, and that's what some of the distributors are carrying on, because again you will see 'wait and see' attitude from the handset makers as they see what happens to the networks. So, for the first couple of weeks, they won't be a big drawdown on capacity. And they'll also be bringing on new models in that, say, March to June timeframe. So lead times won't go back, be moving back out until in the March, April timeframe.
Matthew Sheerin - Thomas Weisel Partners
Okay. Thank you.
John Gilbertson - Chief Executive Officer and President
Thank you.
Operator
Thank you. Our next question comes from Steven Fox with Merrill Lynch. Please go ahead.
Steven Fox - Merrill Lynch
Hi, good morning. I'm a little confused on this mix issue because you are also saying that you're seeing good demand for your High CV products, you don't have enough capacity there. And aren't the margins on that business enough, it's just going into the same market to offset some of the weakness you're seeing in the resale business?
John Gilbertson - Chief Executive Officer and President
They are absolutely are, but I'm not seeing weakness in the resale business, okay, but the issue is that we get a... we get a standard margin on that, we're little bit like a distributor, so even though the selling prices maybe higher, our margin on that stays pretty consistent, so if the mix are going to High CVs then help us, it does help Kyocera. But I think you should be aware that we're seeing very limited -- we could have shipped a lot more High CV had we hadn't invested. It's a limited supply High CV at this particular time.
Steven Fox - Merrill Lynch
And so, I know, I've asked this question in the past, but so what are... what is the industry doing, what is it... if it can't get a High CVs to its customers, can you just go through what the checklist would be in terms of replacing those parts with different capacitors?
John Gilbertson - Chief Executive Officer and President
I think that the reason that you're saying more strength in the tantalum business right now is because they can't get High CVs, their other option is to go to the panel, which obviously is already a Higher CV product traditionally. If you look at, they've always run at 10 micromeres [ph] or higher. And just recently in the last few years as ceramics got there. So, if you can't get High CVs, you are sticking with the panel and socket more, are you are going to the product. And that's a good example why we are seeing more activity in some of our smaller High CV panel product. If you look at it again, I am pretty well maxed-out right now on the panel and production. And we tended to be more selective of what we have taken and product this quarter from tantalum as it relates to prices.
Steven Fox - Merrill Lynch
Okay. And then just, Kurt, do you have the interest income for the quarter?
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
Yes Steve virtually all of the other income was interest and about $13 million.
Steven Fox - Merrill Lynch
Okay. So, it looks like you are getting about 20% or more of your pretax profits from interest income. You are doing a little bit of a buyback, Should we continue to think that the rest of the cash is being held for potential acquisitions going forward?
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
Sure.
Steven Fox - Merrill Lynch
Thanks. Any more clarification on that --?
John Gilbertson - Chief Executive Officer and President
I think we've always said that we have an acquisition program. We are very happy with the ATC thing. I think there has been no surprises there. We want to get that under our belt, be all right with that, we have a program moving on, and we would like to add something similar to the ATC acquisition.
Steven Fox - Merrill Lynch
Okay. Thanks.
John Gilbertson - Chief Executive Officer and President
Thank you, Steve.
Operator
Thank you. Our next question comes from Jim Suva of Citi. Please go ahead.
Jim Suva - Citigroup
Great. John. Thank you very much. Can you just help me understand or triangulate a bit about your comments for gross margin outlook kind of flattish next quarter. I understand that consumer picked up more this quarter. But I would expect consumer to even pick-up more in the December quarter, and have a little bit of a headwind on margins, or is there something offsetting there?
John Gilbertson - Chief Executive Officer and President
Yes, I think you have to look at what's happening on the consumer. If you are going to ship it, if you want it on the shelves, you know, before Christmas period. So, what we normally see is, consumer really dropping off in that first week of December. So, if you look at it, you might look at it... different way to say it is we'll have still strong months of consumer but the third month won't be strong in consumer at all, while the previous quarter we saw three strong months of consumer as they were holding for this season to get it on the shelf.
Jim Suva - Citigroup
Okay. And then a little bit about capital expenditures from your company as well as where you kind of see the industry. Well, when you talk about tightness, and you spent, I believe, it was around 13.5 million this quarter. Do you need to increase that a little bit more and to free up some more of those bottlenecks.
John Gilbertson - Chief Executive Officer and President
I think the answer, Jim, is yes we do. We've been talking about $60 million to $65 million next year. Right now we're not spending anywhere near that level. Again, it goes back to the availability of getting the equipment in place. So that's been stretched out quite a bit. But we also are looking, the connector business is doing well, we're looking at another facility in connectors, and we do think that we'll raise that... we'll meet that $65 million to $70 million spend next year. But right now, again, there's not that level of capacity coming online. And if you look at some of the other big players in this market, they're putting on some facility movements but there is not a lot of equipment involved in place.
Jim Suva - Citigroup
Okay. Thank you.
Operator
[Operator Instructions]. Our next question comes from Tom Dinges of JP Morgan. Please go ahead.
Thomas J. Dinges - JP Morgan
Hi. Good morning, guys. John, something you could kind of walk me through a little bit of help on the margin side, again, as well, but this time taking more of a year-on-year approach to it, because it looks like on the revenue side, as you'd have been talking about the... a lot of the strength this quarter when you compare it to last year did come from the Kyocera resell. So, if you look at it on a year-on-year basis, did it probably has even a greater impact on the year-on-year decline because the year-on-year decline was obviously a lot more than even what the sequential decline was, and then I just had a quick follow-up for you.
John Gilbertson - Chief Executive Officer and President
Okay, I think, Jim, I mean, you have to... Tom, you have to realize that also we're seeing in those devices there has been some movement on prices on a year-on-year basis, and not necessarily in quarter-on-quarter but on a year-on-year there. I think you have to look at our numbers, we say this over and over again but I'm not sure everybody listens to it that we're very strong in medical. If you look at a year ago, our medical numbers were 8%, that's a pretty good number for us. And we've always run around that around 8% to 9%. If you look at this quarter, we're 4%, I think it's 4%, 4.1%. So, that's half of what we are normally seeing in medical. And the margins in medical are much better than they are, for instance, in consumer.
Thomas J. Dinges - JP Morgan
Okay. And then, as you look out, obviously, you talked a bit about the March quarter and expecting some bounce back in the medical side and so forth. And you did talk a little bit about some of the situation that could possibly benefit you on the cell phone side as well. I mean what are the markets that you are talking to your customers and you kind of going through this period of the year, the typical kind of, both, price negotiations and also kind of trying to figure out what kind of capacity you are planning with those guys as well. I mean what are the other markets that you are looking at, that you are selling into, that you think can show some strength next year, and perhaps which ones do you think maybe, might not be as strong next year as perhaps they've been this year.
John Gilbertson - Chief Executive Officer and President
Okay. Well, I think you have to mention industrial, industrial is surprising everyone. We are seeing more and more coming out of industrial applications that we have not typically seeing. We have mentioned in here before, the power film business that we have in Europe. That is really booming as far as the storage capability for windmills and that sort of thing. So that group is really growing, and we expect to see that strong all next year. There are a lot of consolidations of, as you are aware, of the different segments you might say, where the phone is becoming a computer, the computer is becoming a media player. All those are coming together. And most of our customers are most excited about what they are doing there and bringing all that together.
So, I think in next year we are going to see an entire year of a different form and functions to the cell phone, to the player, and to all these other... and the computer together. And we will see new products that we haven't see in this last year. I think the iPhone opened up the vision, you might say, of some of these designers. And there are so many programs related around that that we are hearing. And we think they will be strong next year.
Thomas J. Dinges - JP Morgan
To just follow on that last point is. Does that mean that the situation, perhaps, in the High CV area doesn't clear itself up anytime soon given that many of those devices are probably going to depend on products such as those globally?
John Gilbertson - Chief Executive Officer and President
I think you are absolutely right. We will not see that High CV thing clear up. If those products hit more of these gaming. If you do more and more gaming business, then you need higher and higher CV. Let's talk a minute off the subject of High CV. The other business that's doing well for us is what have... we have a stack capacitor which essentially capacitors stacked one on top of another, that business is seeing a lot of applications out of its traditional market into gaming, we will see more of that. So you are right. I don't personally believe High CVs will clear up all the next year.
Thomas J. Dinges - JP Morgan
Okay. Thank you.
John Gilbertson - Chief Executive Officer and President
Thank you.
Operator
Thank you. Our next question comes from Mark Hassenberg of Nottingham Capital. Please go ahead.
Mark Hassenberg - Nottingham Capital
Good morning.
John Gilbertson - Chief Executive Officer and President
Good morning.
Mark Hassenberg - Nottingham Capital
I just wanted to clarify one thing on the sales through products. Are you saying that it's because the consumer area was particularly strong or are things changing in that area in terms of new products, in terms of market share gain, that will certainly keep that a larger part of your business going forward.
John Gilbertson - Chief Executive Officer and President
I think that we are going to see the second part of your issue. We are going to see more complex devices, more applications related to the cell phone. That's going to be as you know, a computer, a player, a camera, all those things. And we are going to see more of that. And that plays more to our stream. If you look at some of these cell phones, just cell phone usage going up will not necessary help us, it will take capacity out of the market, but more complex device will help us. Selling $25, $50 phones in India doesn't necessarily help AVX specifically other than capacity, but selling an iPhone does help us. It's a very complex and it uses different components. Okay. You are still there. Probably lost him. Hello.
Operator
Thank you. Our next question is a follow-up from Andrew Huang of American Technology. Please go ahead.
Andrew Huang - American Technology
Well, hey guys. You mentioned that medical was down significantly in the quarter. I think you said a year ago like 8% and now it's 4% of sales. What happened there?
John Gilbertson - Chief Executive Officer and President
I think if you read the trade papers on this. Medical has gone through some issues with implantable devices, and what they are doing is replacing their older devices and coming out with new models, and there hasn't been. There has been some delay on the FDA on these new models. So that is the biggest impact. We see almost all these guys have new models coming out. And we're probably not going to see those into the March quarter as they get that FDA approval and get the changes required that they are doing.
Andrew Huang - American Technology
And then do you hope to started driving since June [ph].
John Gilbertson - Chief Executive Officer and President
We are across the board, I think. We're probably... we're definitely number one but I don't think there is anybody even close to us in that market. We sell to every maker in the medical group.
Andrew Huang - American Technology
Okay. And then on the margin guidance for the December quarter. You said that you expect the margins to be kind of flattish. Is that correct?
John Gilbertson - Chief Executive Officer and President
That's correct.
Andrew Huang - American Technology
But if ATCs... like, if you look at their annual report, their gross margins are like double what you just premise it, roughly. I know that it's like 5% of revenue but then it becomes like 10% of gross profit dollars. So shouldn't we expect some kind of an up-tick in the gross margin for the December quarter?
Kurt Cummings - Vice President, Chief Financial Officer, Treasurer, and Secretary
Andrew, it's Kurt. One thing you got to be careful of there is the way you classify certain administrative costs. So, we're looking at the gross profit from an AVX standpoint. And as I mentioned before, we will also have some amortization of intangibles, but that's just one piece of the puzzle. We've got a lot of different mix swings among many businesses that affect that margin.
John Gilbertson - Chief Executive Officer and President
Andrew, we didn't say the margins couldn't be better than that. We just said that we thought that they could be flattish, but if we have... right now we are having a strong shipment month, our quarter at ATC, if that holds up, it could help the margins being on what we forecasted.
Andrew Huang - American Technology
Got it. Okay. Thanks a lot.
John Gilbertson - Chief Executive Officer and President
Thank you, Andrew.
Operator
Thank you. Our next question is a follow-up from Bryan White of Jeffries & Company. Please go ahead.
Brian White - Jefferies & Company
Yes, I am wondering if we have any comments on the dilution or accretion from the American Technical Ceramics on the December quarter and calendar '08?
John Gilbertson - Chief Executive Officer and President
I think I had mentioned before, Brian, that I expected in the near term that to be a wash to our bottom-line. I am not in a position, because the purchase accounting isn't finished to tell you what the effect for next calendar will be.
Brian White - Jefferies & Company
Okay. And just on lead times. You said lead times... to understand a little bit better. Can you give us more color on where they are for the commodity products, HCV and some of the other products that you have?
John Gilbertson - Chief Executive Officer and President
Yes, Brian, if you look into the. Again, the... Brian, you might say the more smaller case sizes, that lead time is still depending on what you are looking at. You are still on that 8 to 10 weeks range. The real issue, though, the larger pay sizes, the High CV product. That is moving after that 14. I have got a chart sitting here in front of me. If you look, it goes all the way from 8 weeks to 17 weeks. So, it depends on the product line, but in general, the larger case sized, the higher CV product, the higher voltage product, game specialty device is in that longer lead time of 12 to 17 weeks.
Brian White - Jefferies & Company
Okay. And you think that will expand or remain stable in the December quarter?
John Gilbertson - Chief Executive Officer and President
I think it will remain stable in December quarter.
Brian White - Jefferies & Company
Okay. Thank you.
Operator
Thank you. And there are no further questions at this time.
John Gilbertson - Chief Executive Officer and President
Thank you very much.
Operator
Thank you. This concludes today's AVX Corporation conference call. You may now disconnect, and have a great day.
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