TOKYO, July 30, 2020 -- Oki Electric Industry Co., Ltd. (TOKYO:6703) today announced its full-year consolidated earnings projections for the fiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021), which has been undecided in the "Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2020 [J-GAAP] " announced on May 13, 2020.

1. Full-year consolidated earnings projections for the fiscal year ending March 31, 2021 (From April 1, 2020 to March 31, 2021)

2. Reasons of financial projections

The consolidated financial forecast for the fiscal year ending March 31, 2021 was undetermined because it was difficult to rationally estimate the impact of the spread of COVID-19 on OKI Group. However, as there are signs of economic activity resuming in Japan and overseas, and the impact on each business of the OKI Group is expected to some extent, the OKI decided to announce its earnings forecasts calculated based on currently available information and forecasts.

In the fiscal year ending March 31, 2021, net sales and earnings are expected to decline year on year due to a reactionary decline from large-scale projects in the previous fiscal year and a certain negative impact from the new coronavirus infection.

The forecast of ordinary income, net income attributable to owners of the parent and net income per share is still undecided as a drastic business structure improvement measure is currently being worked out.

For details, please refer to the "Summary of Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2021 (J-GAAP) " announced today.

• *The projections and plans on this document are subject to change depending upon the changes of business environments and other conditions.

• * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.