OKI Revises its Full Year Projections for the Fiscal Year ending March 31, 2009
TOKYO, March 10, 2009 -- OKI Electric Industry (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)
| Net sales | Operating income |
Recurring income |
Net income | Net income per share |
|
|---|---|---|---|---|---|
| billion yen | billion yen | billion yen | billion yen | yen | |
| Previous projections announced 10/31/08 (A) |
585.0 | 3.0 | -3.0 | -33.0 | -48.32 |
| Revised projections announced today 3/10/09 (B) |
555.0 | 0.5 | -6.5 | -48.0 | -70.28 |
| Changes (B-A) | -30.0 | -2.5 | -3.5 | -15.0 | -21.96 |
| Percent change (%) | -5.1 | -83.3 | -116.7 | -45.5 | — |
| Reference: Results for the full fiscal year ended March 2008 |
719.7 | 6.2 | -3.9 | 0.6 | 0.83 |
2. Reasons of revision
OKI expects net sales to fall below previous announcements mainly due to the rapidly deteriorating economic environment after September 2008, and the impact of currency exchange. Though the amount of operating income will also fall short of previous announcement, OKI plans to setoff the decline in sales and achieve an operating profit through thorough efforts in reducing costs including fixed costs. In the major business segments operating income will slightly decline in "Info-telecom" and "Printer" businesses. However, for the "Others" segment, OKI expects a major decline in operating income, especially from subsidiaries selling components, as the profitability worsened with the deterioration of the economic environment. Net loss is expected to increase from previous projections, particularly from the reversal of foreign currency translation adjustments in extraordinary loss, which occurred in Q3. For more details, please refer to the materials posted on our website at http://www.oki.com/en/ir/accounts/2009b/0310.pdf.
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 and printer business. All 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.
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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.