OKI Revises Consolidated Earnings Projections for the Fiscal Year ending March 31, 2013
TOKYO, November 7, 2012 -- Oki Electric Industry Co., Ltd. (TSE:6703) today announced it has revised its consolidated earnings projections for the first half (from April 1, 2012 to Sept. 30, 2012) and the full-year (from April 1, 2012 to March 31, 2013) from its previous projections announced on September 14, 2012, in light of recent business performance.
1. Revision of consolidated first half projections for the fiscal year ending March 31, 2013
(From April 1, 2012 to September 30, 2012)
| Net sales | Operating income | Recurring income | Net income | Net income per share | |
|---|---|---|---|---|---|
| billion yen | billion yen | billion yen | billion yen | yen | |
| Previous projections (A) | 195.0 | -0.5 | -2.0 | -3.0 | -4.11 |
| Revised projections (B) | 193.6 | -4.0 | -6.1 | -6.7 | -9.20 |
| Changes (B-A) | -1.4 | -3.5 | -4.1 | -3.7 | — |
| Percent change (%) | -0.7 | — | — | — | — |
| Reference: Results for the 1H, fiscal year ended March 31, 2012 | 186.3 | -2.9 | -5.2 | -9.7 | -13.22 |
2. Revision of consolidated full- year projections for the fiscal year ending March 31, 2013
(From April 1, 2012 to March 31, 2013)
| Net sales | Operating income | Recurring income | Net income | Net income per share | |
|---|---|---|---|---|---|
| billion yen | billion yen | billion yen | billion yen | yen | |
| Previous projections (A) | 447.0 | 18.5 | 15.5 | 11.0 | 13.64 |
| Revised projections (B) | 445.0 | 14.0 | 11.0 | 6.5 | 7.51 |
| Changes (B-A) | -2.0 | -4.5 | -4.5 | -4.5 | — |
| Percent change (%) | -0.4 | -24.3 | -29.0 | -40.9 | — |
| Reference: Results for the fiscal year ended March 31, 2012 | 423.5 | 12.0 | 9.1 | 1.6 | 0.32 |
Reasons of revision
For consolidated 1H, upon re-examining inventory status at distributors in Spain within the Printer business, OKI had to adjust inventory. As a result, OKI projects net sales to decrease from the previous announcement, due to fall in shipments. Operating income decreased (approx. 2.0 billion yen) following the net sales decline for printers in Spain. Additionally, for products other than printers, OKI had estimated the collectability of existing account receivables based on future sales plan, since it was difficult to determine it at the end of Q1 of the FY ending March 31, 2013, and recorded allowance for doubtful accounts. However, OKI has to record allowance for doubtful accounts (approx. 1.0 billion yen) reflecting its downward revision of sales plan for products other than printers. Therefore, operating loss is projected to increase from the previous announcement.
OKI revises consolidated net sales and income projections for the full-year based on the impact of Spain within the Printer business over its consolidated 1H of the fiscal year ending March 31, 2013.
Info-telecom business continues to perform steadily.
OKI will announce the details on November 13, when it plans to announce financial results for 1H of the fiscal year ending March 31, 2013.
- Amounts are rounded to the nearest hundred million.
- The projections and plans on this release are subject to change depending upon the changes of business environments and other conditions.
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