Oki Announces Gain on Sales of Investments in Securities and Write-down Losses in the Listed Marketable Securities
April 9, 2002, Tokyo, Japan -- Oki Electric announced today that it has gain on sales of investments in securities for the fiscal year ended March 31, 2002. The company has also written down losses of 16,695 million yen on marketable securities in its statement of operations for the same fiscal year.
- Gain on sales and write-down losses of securities (Non-consolidated)
(unit: millions of yen)
| (A) Gain on sales of investments in securities for the fiscal term ended March 31, 2002 | 12,079 |
| (B) Total write-down losses of securities with quoted market prices for the fiscal term ended March 31, 2002 | 16,695 |
(C) Net asset value for the fiscal term ended March 31, 2001
(A/C x 100)
(B/C x 100) | 177,056
( 6.8%)
( 9.4%) |
(D) Recurring income for the fiscal term ended March 31, 2001
(A/D x 100)
(B/D x 100) | 17,937
( 67.3%)
( 93.1%) |
(D) Net income for the fiscal term ended March 31, 2001
(A/E x 100)
(B/E x 100) | 11,892
(101.6%)
(140.4%) |
Held-to-maturity securities are either amortized or accumulated to face value. Other securities with quoted market prices are carried at market value of the closing dates. The difference between the acquisition costs and the carrying value of other securities, including unrealized gains or losses, is recognized as a component of shareholders' equity. Other securities without quoted market prices are stated at cost.
- Projections
Revised projections for the fiscal year ended March 31, 2002 (non-consolidated), which were disclosed on February 1, 2002, included 7.5 billion yen of the gain on sales of investments in securities and 13.7 billion yen of the write-down losses in the listed marketable securities. Write-down losses of certain inventories in the amount of approximately 7 billion yen (8 billion yen for consolidated basis) will be incurred in addition to the previous projections. Final amounts are to be disclosed as soon as they are fixed.
Earning projections for the fiscal year ended March 31, 2002, and the financial results for the previous fiscal term ended March 31, 2001 are as follows:
(1) Consolidated (unit: millions of yen)
| | Net sales | Recurring income | Net income |
| April 1, 2001 - March 31, 2002 (Projections) | 630,000 | (36,000) | (33,000) |
| April 1, 2000 - March 31, 2001 (Results) | 740,250 | 22,240 | 8,944 |
(2) Non-consolidated (unit: millions of yen)
| | Net sales | Recurring income | Net income |
| April 1, 2001 - March 31, 2002 (Projections) | 415,000 | (37,000) | (38,000) |
| April 1, 2000 - March 31, 2001 (Results) | 534,452 | 17,937 | 11,892 |
Note: Please note that the projections, prospects, and targets mentioned above are based on current conditions in the business environment, and that actual results might differ, depending on future developments.
Press Contact:
Public Relations Division
Phone: +81-3-3580-8950 |
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| Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice. | |
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