Oki Announces the Revised Financial Earning Projections for the First Half and the Fiscal Year Ending March 31, 2003
October 10, 2002, Tokyo, Japan -- Oki Electric Industry Co., Ltd. (TSE: 6703) today announced that it revised its financial earning projections for the first half year and for the fiscal year ending March 31, 2003.
1. Revision of consolidated earning projections for the first half of the fiscal year ending Mar. 31, 2003 (Apr. 1, 02 - Sept. 30, 02)
| | Net sales | Operating income (loss) | Net income (loss) |
Previous projections (A)
(Apr. 26, 02 announced) | 260,000 | (9,500) | (8,500) |
| Revised projections (B) | 250,000 | (10,500) | (11,500) |
| Difference (B-A) | (10,000) | (1,000) | (3,000) |
| Changes (%) | (3.8) | (10.5) | (35.3) |
Financial results for the FY
ended March 31, 2002 | 290,006 | 911 | (9,685) |
2. Revision of consolidated earning projections for the fiscal year ending Mar. 31, 2003 (Apr. 1, 02 - Mar. 31, 03)
| | Net sales | Operating income (loss) | Net income (loss) |
Previous projections (A)
(Apr. 26, 02 announced) | 640,000 | 8,000 | 0 |
| Revised projections (B) | 620,000 | 2,000 | 0 |
| Difference (B-A) | (20,000) | (6,000) | 0 |
| Changes (%) | (3.1) | (75.0) | - |
Financial results for the FY
ended March 31, 2002 | 604,572 | (27,247) | (34,077) |
3. Reasons for revisions of consolidated earning projections
- The first half year
The earning projections announced on April 26, 2002 were revised due to reduction in sales and profits caused by telecom carriers' investment curb, loss from currency exchanges caused by yen appreciation, and increase in extraordinary loss from accelerated business reform.
- The full year
Though reduction in sales and profits from network equipment will reduce operating income, Oki is currency accelerating its restructuring plan in order to construct business structure flexibly responding to drastic changes in the business environments. Although additional extraordinary loss caused by business reforms may occur, Oki expects extraordinary income gaining from the sales of assets, etc. As a result, net income is supposed to be break-even, same as the projections previously announced.
(Note) The projections and plans above are subject to change depending upon the changes of business environments and other conditions.
Press Contact:
Public Relations Division
Phone: +81-3-3580-8950 |
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