Oki announces summary of financial results for interim period ended September 30, 2001, and earnings projections for fiscal year ending March 31, 2002
October 30, 2001, Tokyo, Japan ---Oki Electric Industry Co., Ltd. today announced its summary of financial results for the first-half year ended September 30, 2001, and earnings projections for the fiscal year ending March 31, 2002 (FY2002).
1. Outline of First-half Consolidated Results
As for the first-half consolidated results, business environment surrounding the Oki group is getting severe. This is due to economic slowdowns in Japan, the United States and Europe, which were triggered by falling demand in the global IT sector, as well as a slump in the semiconductor market, which was caused by weaker demand for PCs and cellular phones.
Under such conditions, Oki has been moving forward with a company-wide restructuring effort dubbed "Phoenix 21," which was first introduced in September 1998. However, because the business environment has worsened beyond expectations, the first-half financial results have reached a momentary standstill.
2. Summary of Consolidated P/L
| 1st half FY2002 |
1st half FY2001 |
FY2001 | ||
|---|---|---|---|---|
| Net sales | Million yen | 290,006 | 311,305 | 740,250 |
| Operating income | Million yen | 911 | 9,450 | 28,314 |
| Net income | Million yen | -9,685 | 2,013 | 8,944 |
| Net income per share | Yen | -15.82 | 3.29 | 14.61 |
| Diluted net income per share | Yen | — | — | 14.52 |
| Net income ratio to total shareholders' equity | % | -7.2 | 1.4 | 6.0 |
| Operating income ratio to net sales | % | 0.3 | 3.0 | 3.8 |
3. Summary of Consolidated Financial Conditions
| 2001/9/30 | 2000/9/30 | 2001/3/31 | ||
|---|---|---|---|---|
| Total assets | Million yen | 660,438 | 737,577 | 732,483 |
| Total shareholders' equity | Million yen | 133,861 | 143,596 | 148,844 |
| Total shareholders' equity ratio | % | 20.3 | 19.5 | 20.3 |
| Shareholders' equity per share | Yen | 218.65 | 234.55 | 243.12 |
4. Summary of Consolidated Statements of Cash Flows
| 1st half FY2002 |
1st half FY2001 |
FY2001 | ||
|---|---|---|---|---|
| Net cash provided by (used in) operating activities | Million yen | -2,534 | 5,809 | 62,405 |
| Net cash used in investing activities | Million yen | -15,833 | -12,360 | -13,938 |
| Net cash used in financing activities | Million yen | -5,082 | -13,119 | -63.557 |
| Cash and cash equivalents at end of the period | Million yen | 29,751 | 47,659 | 52,885 |
5. Projections for Consolidated Results for FY2002 (April 1, 2001 - March 31, 2002)
| Net sales | Operating income | Net income | ||
|---|---|---|---|---|
| FY2002 projections (Consolidated) | Million yen | 700,000 | 15,000 | -8,500 |
6. Consolidated Results by Business Segments
(1) Net Sales by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half 2002 | 1st half 2001 | Increase (Decrease) | FY2002 projections | FY2001 | Increase (Decrease) | |
| Information systems | 153.7 | 145.9 | 7.8 | 370.0 | 352.4 | 17.6 |
| Telecommunications systems | 54.3 | 64.4 | -10.1 | 150.0 | 163.3 | -13.3 |
| Electronic devices | 66.3 | 84.3 | -18.0 | 140.0 | 181.9 | -41.9 |
| Other operations | 15.5 | 16.5 | -1.0 | 40.0 | 42.5 | -2.5 |
| Total | 290.0 | 311.3 | -21.3 | 700.0 | 740.2 | -40.2 |
(2) Operating Income by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half 2002 | 1st half 2001 | Increase (Decrease) | FY2002 projections | FY2001 | Increase (Decrease) | |
| Information systems | 2.8 | 0.8 | 2.0 | 13.0 | 1.4 | 11.6 |
| Telecommunications systems | -2.5 | 0.5 | -3.0 | 2.0 | 7.2 | -5.2 |
| Electronic devices | 6.0 | 13.6 | -7.6 | 11.0 | 29.8 | -18.8 |
| Other operations | -0.1 | 0.0 | -0.1 | 0.5 | 1.2 | -0.7 |
| Corporate and eliminations | -5.2 | -5.5 | 0.3 | -11.5 | -11.5 | 0.0 |
| Total | 0.9 | 9.4 | -8.5 | 15.0 | 28.3 | -13.3 |
(3) Acquisitions of Property, Plant and Equipment by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half 2002 | 1st half 2001 | Increase (Decrease) | FY2002 projections | FY2001 | Increase (Decrease) | |
| Information systems | 2.9 | 5.9 | -3.0 | 9.5 | 10.7 | -1.2 |
| Telecommunications systems | 1.5 | 1.5 | 0.0 | 3.0 | 3.3 | -0.3 |
| Electronic devices | 8.5 | 10.4 | -1.9 | 16.0 | 27.9 | -11.9 |
| Other operations | 0.8 | 1.7 | -0.9 | 2.5 | 3.4 | -0.9 |
| Total | 13.9 | 19.7 | -5.8 | 31.0 | 45.4 | -14.4 |
| Depreciation | 18.2 | 17.1 | 1.1 | 40.0 | 39.0 | 1.0 |
(4) Research and Development Expenses by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half 2002 | 1st half 2001 | Increase (Decrease) | FY2002 projections | FY2001 | Increase (Decrease) | |
| Information systems | 3.4 | 3.0 | 0.4 | 10.0 | 13.5 | -3.5 |
| Telecommunications systems | 1.1 | 2.7 | -1.6 | 4.5 | 6.6 | -2.1 |
| Electronic devices | 3.3 | 3.5 | -0.2 | 7.0 | 7.2 | -0.2 |
| Other operations | 1.2 | 1.2 | 0.0 | 2.5 | 2.3 | 0.2 |
| Total | 9.2 | 10.5 | -1.3 | 24.0 | 29.8 | -5.8 |
<Supplement> Status of Oki group
The following chart shows the business dealing relations between Oki Electric Industry Co., Ltd. (parent company) and its affiliates in Oki group.
| Types (Number of consolidated subsidiaries) |
Major Consolidated Subsidiaries |
|---|---|
| * 1 Sales Companies (33 companies) |
Oki Microelectronics Co., Ltd., Oki Telecom Co., Ltd., Oki America, Inc., Oki Data Americas Inc., Oki Europe Ltd., Oki Systems (Deutschland) GmbH, Oki Electric Europe GmbH, Oki Electronics (Hong Kong) Ltd., Oki Semiconductor (Asia) Pte. Ltd. |
| * 2 Manufacturing & Sales Companies (25 companies) |
Oki Data Corporation, Oki Communication Systems Co., Ltd., Oki Printed Circuits Co., Ltd., Nagano Oki Electric Co., Ltd. Shizuoka Oki Electric Co., Ltd., Miyazaki Oki Electric Co., Ltd. Miyagi Oki Electric Co., Ltd., Oki Sensor Device Corp., Oki Micro Design Co., Ltd., Oki Telecom, Inc., Oki (UK) Ltd., Oki Data Manufacturing (Thailand) Co., Ltd., Oki (Thailand) Co., Ltd. |
| * 3 Software & Services Companies (23 companies) |
Oki Electric Installation Co., Ltd.(**), Oki Customer Adtech Co., Ltd. Oki Software Co., Ltd., Oki Telecommunication Systems Co., Ltd. Oki Information Systems Co., Ltd., OKICOMTEC Ltd., Oki Micro Design Co., Ltd., Oki Logistics Co., Ltd., Oki Engineering Co., Ltd., Oki Alpha Create Inc. |
(Consolidated Subsidiaries: 81 companies)
- * (**) Oki Electric Installation Co., Ltd. lists stocks to the Tokyo Stock Exchange Second Section.
- * Other than the above list, Oki Electric Cable Co., Ltd. is an affiliate accounted for by the equity method.
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