OKI Revises its Full Year Projections for the Fiscal Year ending March 31, 2009
TOKYO, August 14, 2008 -- Oki Electric Industry Co., Ltd. (TSE:6703) today announced it has made revisions to its full year projections for the fiscal year ending March 31, 2009.
1. Revision of consolidated full year projections for the fiscal year ending March 31, 2009 (From April 1, 2008 to March 31, 2009)
| Previously announced May 28, 2008 |
Announced today Aug. 14, 2008 |
Changes | Reference FY Mar. 31, 2008 |
||
|---|---|---|---|---|---|
| Amount | Ratio | ||||
| Billion yen | Billion yen | Billion yen | % | Billion yen | |
| Net sales | 700.0 | 629.0 | -71.0 | -10.1 | 719.7 |
| Operating income | 12.0 | 7.0 | -5.0 | -41.7 | 6.2 |
| Recurring income | 4.0 | 0.5 | -3.5 | -87.5 | -3.9 |
| Net income | -14.0 | -17.5 | -3.5 | -25.0 | 0.6 |
| Yen | Yen | Yen | % | Yen | |
| Net income per share | -20.50 | -25.62 | — | — | 0.83 |
2. Reasons of revision
On July 24, 2008, OKI signed a definitive agreement with Rohm Co. Ltd. to transfer shares of OKI's semiconductor subsidiary. Due to this transfer of shares, OKI revises its full year projections for the full fiscal year for the following reasons:
- Net sales and operating income of the semiconductor segment will be excluded from the second half of the fiscal year ending March 2009
- OKI expects an improvement in its "Other income"
In addition to the following factors, other events that may affect OKI's business performance are expected. We are currently in the midst of assessing those impacts for first half and full year, and will disclose them as soon as they are determined.
The expected events include the following:
- Though expected to remain within the plan, the transfer price and asset value may change as each of them will be fixed at the time of transfer
- Investment to strengthen info-telecom and mechatronics (ATMs, printers, etc.) businesses is currently discussed
- Plans to review OKI Group operation structure
About Oki Electric Industry Co., Ltd.
Founded in 1881, Oki Electric Industry Co., Ltd. is Japan's first telecommunications manufacturer, with its headquarters in Tokyo, Japan. OKI provides top-quality products, technologies and solutions to its customers through its info-telecom system business, semiconductor business and printer business. All three businesses function as a collective force to create exciting new products and technologies that satisfy a spectrum of customer needs in various markets. Visit OKI's global web site at http://www.oki.com/.
- Amounts are rounded to the nearest hundred million.
- The projections and plans in this document are subject to change depending upon the changes of business environments and other conditions.
- Press Contact:
- For Europe and Americas: Public Relations Division
Phone: +1-408-737-6279 - For Asia and Other Areas: Public Relations Division
Phone: +81-3-5403-1247
- * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.