Oki Announces Financial Results for the First Half Ended September 30, 2002, and Earnings Projections for the Fiscal Year Ending March 31, 2003
October 31, 2002, Tokyo, Japan -- Oki Electric Industry Co., Ltd. (TSE: 6703) today announced its summary of financial results for the first-half year ended September 30, 2002, and earnings projections for the fiscal year ending March 31, 2003.
1. Outline of First-half Consolidated Results
For the first half of fiscal year ending March 2003, the Japanese economy began to see signs of recovery such as increase in exportation, investments, and the leveling-off of production. However, the economy still remains in a state of recession.
The business environment surrounding the Oki group has been difficult. This is due to a continuing deterioration of worldwide telecommunications market and sluggish demand in the global IT sector. Steady recovery in the semiconductor market, expected at the beginning of the first half of this fiscal year, has regrettably slowed. Although the company announced an operating loss for this half-year, Oki Electric is making positive gains with steady results from a company-wide restructuring effort.
2. Summary of Consolidated P/L
| 1st half of FY ending Mar. 31, 2003 |
1st half of FY ended Mar. 31, 2002 |
Fiscal year ended Mar. 31, 2002 |
||
|---|---|---|---|---|
| Net sales | Million yen | 250,635 | 290,006 | 604,572 |
| Operating income | Million yen | -10,561 | 911 | -27,247 |
| Net income | Million yen | -11,515 | -9,685 | -34,077 |
| Net income per share | Yen | -18.81 | -15.82 | -55.66 |
3. Summary of Consolidated Financial Conditions
| 2002/9/30 | 2001/9/30 | 2002/3/31 | ||
|---|---|---|---|---|
| Total assets | Million yen | 607,876 | 660,438 | 651,581 |
| Total shareholders' equity | Million yen | 97,047 | 133,861 | 109,066 |
| Total shareholders' equity ratio | % | 16.0 | 20.3 | 16.7 |
| Shareholders' equity per share | Yen | 158.56 | 218.65 | 178.16 |
4. Summary of Consolidated Statements of Cash Flows
| 1st half of FY ending Mar. 31, 2003 | 1st half of FY ended Mar. 31, 2002 | Fiscal year ended Mar. 31, 2002 | ||
|---|---|---|---|---|
| Cash from operating activities | Million yen | -9,036 | -2,534 | 16,927 |
| Cash from investing activities | Million yen | -4,420 | -15,833 | -25,848 |
| Cash from financing activities | Million yen | -6,014 | -5,082 | 320 |
| Cash and cash equivalents at end of the period | Million yen | 25,499 | 29,751 | 45,445 |
5. Projections for Consolidated Results for FY ending March 31, 2003
| Net sales | Operating income | Net income | ||
|---|---|---|---|---|
| Projections for FY ending Mar. 31, 2003 (Consolidated) | Million yen | 620,000 | 2,000 | 0 |
6. Consolidated Results by Business Segments
(1) Net Sales by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half of FY ending Mar. 31, 2003 | 1st half of FY ended Mar. 31, 2002 | Difference | Projections for FY ending Mar. 31, 2003 | FY ended Mar. 31, 2002 | Difference | |
| Information systems | 134.3 | 153.8 | -19.4 | 345.0 | 347.4 | -2.4 |
| Telecommunications systems | 37.7 | 52.0 | -14.2 | 90.0 | 103.2 | -13.2 |
| Electronic devices | 58.5 | 66.3 | -7.8 | 130.0 | 113.6 | 16.4 |
| Other operations | 19.9 | 17.7 | 2.2 | 55.0 | 40.2 | 14.8 |
| Total | 250.6 | 290.0 | -39.3 | 620.0 | 604.5 | 15.5 |
(2) Operating Income by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half of FY ending Mar. 31, 2003 | 1st half of FY ended Mar. 31, 2002 | Difference | Projections for FY ending Mar. 31, 2003 | FY ended Mar. 31, 2002 | Difference | |
| Information systems | 3.5 | 2.2 | 1.2 | 16.0 | 3.1 | 12.9 |
| Telecommunications systems | -7.1 | -1.8 | -5.2 | -7.0 | -9.5 | 2.5 |
| Electronic devices | -1.6 | 6.0 | -7.7 | 3.0 | -11.8 | 14.8 |
| Other operations | -0.2 | -0.2 | 0.0 | 1.0 | 0.7 | 0.3 |
| Corporate and eliminations | -5.0 | -5.2 | 0.1 | -11.0 | -9.7 | -1.3 |
| Total | -10.5 | 0.9 | -11.4 | 2.0 | -27.2 | 29.2 |
Figures of FY ended Mar. 2002 are re-categorized to new segmentation from FY ending Mar. 2003.
(3) Acquisitions of Property, Plant and Equipment by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half of FY ending Mar. 31, 2003 | 1st half of FY ended Mar. 31, 2002 | Difference | Projections for FY ending Mar. 31, 2003 | FY ended Mar. 31, 2002 | Difference | |
| Information systems | 3.8 | 2.9 | 0.9 | 10.0 | 7.7 | 2.3 |
| Telecommunications systems | 0.6 | 1.5 | -0.9 | 2.0 | 2.5 | -0.5 |
| Electronic devices | 5.9 | 8.5 | -2.6 | 18.0 | 14.7 | 3.3 |
| Other operations | 0.5 | 0.9 | -0.4 | 2.0 | 2.6 | -0.6 |
| Total | 11.0 | 13.9 | -2.9 | 32.0 | 27.7 | 4.3 |
| Depreciation | 14.9 | 18.2 | -3.3 | 31.0 | 37.5 | -6.5 |
Figures of FY ended Mar. 2002 are re-categorized to new segmentation from FY ending Mar. 2003.
(4) Research and Development Expenses by Business Segments
(Billion yen)
| 1st half | Year total | |||||
|---|---|---|---|---|---|---|
| 1st half of FY ending Mar. 31, 2003 | 1st half of FY ended Mar. 31, 2002 | Difference | Projections for FY ending Mar. 31, 2003 | FY ended Mar. 31, 2002 | Difference | |
| Information systems | 2.0 | 3.4 | -1.4 | 7.0 | 10.4 | -3.4 |
| Telecommunications systems | 1.1 | 1.1 | 0.0 | 2.6 | 3.0 | -0.4 |
| Electronic devices | 3.0 | 3.3 | -0.3 | 6.1 | 6.4 | -0.3 |
| Other operations | 1.0 | 1.2 | -0.2 | 2.3 | 2.6 | -0.3 |
| Total | 7.2 | 9.2 | -2.0 | 18.0 | 22.5 | -4.5 |
Appendix
Status of Oki group
The following chart shows the outline of the business dealing relations between Oki Electric Industry Co., Ltd. (parent company) and its related companies of 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 Singapore Pte. Ltd. |
| * 2 Manufacturing & Sales Companies (26 companies) |
Oki Data Corporation, Oki Communication Systems Co., Ltd.,Nagano Oki Electric Co., Ltd., Oki Printed Circuits Co., Ltd., Shizuoka Oki Electric Co., Ltd., Miyazaki Oki Electric Co., Ltd., Miyagi Oki Electric Co., Ltd., Oki Sensor Device Corp., Oki Micro Engineering Co., Ltd., Oki Telecom, Inc., Oki Data Manufacturing (Thailand) Co., Ltd., Oki (Thailand) Co., Ltd. |
| * 3 Software & Services Companies (22 companies) |
Oki Wintech 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 Wintech Co., Ltd. lists stocks to the Tokyo Stock Exchange Second Section.
- * Other than the above list, Oki Electric Cable Co., Ltd. and Center Systems Service Ltd. are affiliates accounted for by the equity method.
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