TIDM35SV
RNS Number : 4347N
Pioneer Corporation
17 February 2009
The '3rd Quarter Results' announcement released on February 12 at 11:51 A.M.
under RNS No. 2278N has been amended.
Amendments are identified with an asterisk (*).
The full amended text is shown below.
Pioneer Announces Business Results for 3Q Fiscal 2009
TOKYO - Pioneer Corporation today announced its consolidated third-quarter and
nine-month business results for the periods ended December 31, 2008.
Consolidated Financial Highlights
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| | | (In millions of yen except per share information) |
+---------------------------+-+-------------------------------------------------------------------------------+
| | | Three months | | Nine months |
| | | ended December 31 | | ended December 31 |
+---------------------------+-+--------------------------------------+-+--------------------------------------+
| | | 2008 | | 2007 | | % to | | 2008 | | 2007 | | % to |
| | | | | | |prior | | | | | |prior |
| | | | | | | year | | | | | | year |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Operating | | JPY131,231 | | JPY211,039 | | 62.2% | | JPY458,273 | | JPY594,200 | | 77.1% |
| revenue | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Operating income | | (10,723) | | 6,887 | | - | | (23,814) | | 9,149 | | - |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Income (loss) before | | (20,954) | | 7,620 | | - | | (57,831) | | 25,265 | | - |
| income taxes | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Net income | | JPY(26,147) | | JPY1,688 | | -% | | JPY(79,125) | | JPY11,624 | | -% |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Net income (loss) per | | | | | | | | | | | | |
| share: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Basic | | JPY(127.54) | | JPY9.43 | | | | JPY(385.95) | | JPY66.07 | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
| Diluted | | JPY(127.54) | | JPY8.31 | | | | JPY(385.95) | | JPY59.68 | | |
+---------------------------+-+-------------+-+------------+-+-------+-+-------------+-+------------+-+-------+
Consolidated Business Results
For the third quarter of fiscal 2009, the three months ended December 31, 2008,
consolidated operating revenue decreased 37.8% compared with the third quarter
of fiscal 2008 to JPY131,231 million (US$1,442.1 million). This was mainly the
result of a decline in sales of car audio products, plasma displays and DVD
drives, which largely reflected the sharp deterioration in consumer spending
worldwide in the wake of the U.S. financial crisis as well as the impact of the
Japanese yen's appreciation.
Pioneer reported an operating loss of JPY10,723 million (US$117.8 million),
compared with operating income of JPY6,887 million in the third quarter of
fiscal 2008, due to lower operating revenue and deterioration in the gross
profit margin. In addition, Pioneer recorded a write-down of marketable
securities of JPY5,098 million (US$56.0 million), business restructuring
expenses of JPY3,693 million (US$40.6 million) and income taxes following an
evaluation of deferred tax assets. Consequently, Pioneer reported a net loss of
JPY26,147 million (US$287.3 million), compared with net income of JPY1,688
million in the same period a year earlier.
During the third quarter of fiscal 2009, the average value of the Japanese
yen appreciated 17.5% and 29.3% against the U.S. dollar and the euro,
respectively, compared with the same period of the previous fiscal year.
Car Electronics operating revenue decreased 28.4% year on year to JPY66,340
million (US$729.0 million) because of lower sales of both car audio products and
car navigation systems, partly due to lackluster auto sales worldwide. In car
navigation systems, consumer-market sales declined year on year, mainly due to
lower sales in Japan and North America. Meanwhile, OEM sales rose on the back of
higher sales in Japan and China, despite lower sales in North America. In car
audio products, consumer-market sales decreased, mainly because of lower
overseas sales. OEM sales also decreased due to lower sales in Japan and North
America. Total OEM sales in this segment accounted for approximately 47% of Car
Electronics operating revenue, compared with approximately 40% in the third
quarter of fiscal 2008.
In terms of geographic operating revenue, operating revenue in Japan
decreased 11.7% year on year to JPY29,613 million (US$325.4 million), and
overseas operating revenue declined 37.9% year on year to JPY36,727 million
(US$403.6 million).
This segment recorded an operating loss of JPY1,213 million (US$13.3
million), compared with operating income of JPY5,905 million in the third
quarter of fiscal 2008. This chiefly reflected, in car audio products, lower
sales and deterioration in the gross profit margin due to a drop in production
volume and the impact of the stronger yen.
Home Electronics operating revenue decreased 48.8% year on year to JPY51,426
million (US$565.1 million). This was largely as a result of lower sales of
plasma displays, DVD drives and audio products. Display product sales accounted
for approximately 39% of Home Electronics operating revenue in the third quarter
of fiscal 2009, compared with approximately 42% in the third quarter of fiscal
2008.
In terms of geographic operating revenue, operating revenue in Japan
declined 30.4% year on year to JPY10,233 million (US$112.5 million), and
overseas operating revenue fell 52.0% to JPY41,193 million (US$452.7 million).
This segment posted an operating loss of JPY9,752 million (US$107.2
million), compared with operating income of JPY777 million in the same period of
the previous fiscal year. This was due to lower sales and deterioration in the
gross profit margin chiefly for plasma displays.
In the Others segment, operating revenue decreased 24.5% year on year to
JPY13,465 million (US$148.0 million) due principally to lower sales of
electronic devices and parts, and speaker units for cellular phones.
In terms of geographic operating revenue, operating revenue in Japan
decreased 17.5% year on year to JPY9,092 million (US$99.9 million), and overseas
operating revenue decreased 35.9% year on year to JPY4,373 million (US$48.1
million).
In line with lower sales, this segment posted an operating loss of JPY624
million (US$6.9 million), compared with operating income of JPY448 million in
the same period of the previous fiscal year.
For the nine-month period ended December 31, 2008, consolidated operating
revenue decreased 22.9% year on year to JPY458,273 million (US$5,036.0 million).
Pioneer recorded an operating loss of JPY23,814 million (US$261.7 million),
compared with operating income of JPY9,149 million in same period of the
previous fiscal year. It also posted a net loss of JPY79,125 million (US$869.5
million), compared with net income of JPY11,624 million in the corresponding
period of fiscal 2008, which included a gain on sale of all land and buildings
at the Tokorozawa Plant and some at the Omori Plant.
Notes:
1.Operating income (loss) in each business segment represents operating income
(loss) before elimination of intersegment transactions.
2.Effective from fiscal 2009, the patent licensing business, which was
previously classified as an independent business segment, has been included in
the "Others" segment because of its reduced importance to consolidated business
results. Figures for the corresponding period of fiscal 2008 have been
reclassified accordingly.
Consolidated Financial Position
Total assets as of December 31, 2008 were JPY493,806 million (US$5,426.4
million), a decrease of JPY82,310 million from March 31, 2008. This mainly
reflected decreases in cash and cash equivalents, trade receivables, less
allowance, investments and long-term receivables, and noncurrent deferred tax
assets, despite an increase in inventories. Inventories rose JPY19,118 million
to JPY123,286 million (US$1,354.8 million), due to the build-up of mainly plasma
display inventories as a result of lower sales. Trade receivables, less
allowance declined JPY21,331 million to JPY71,737 million (US$788.3 million),
mainly reflecting lower sales. Investments and long-term receivables decreased
JPY16,906 million to JPY19,491 million (US$214.2 million), mainly due to falling
prices of shares held by the Company. Noncurrent deferred tax assets declined
JPY13,221 million to JPY26,694 million (US$293.3 million) in line with an
increase in the valuation allowance.
Total liabilities as of December 31, 2008 were JPY350,715 million
(US$3,854.0 million), up JPY23,356 million from March 31, 2008. This mainly
reflected an increase of JPY58,353 million in short-term borrowings.
Total shareholders' equity was JPY141,788 million (US$1,558.1 million), a
decrease of JPY105,607 million from March 31, 2008. This mainly reflected an
increase of JPY26,407 million in accumulated other comprehensive loss due to the
Japanese yen's appreciation, as well as a decrease of JPY79,200 million in
retained earnings.
Cash Flows
During the nine-month period ended December 31, 2008, operating activities used
net cash of JPY64,598 million (US$709.9 million). The main factors reducing cash
were a net loss of JPY79,125 million (US$869.5 million) and an increase in
inventories of JPY33,262 million (US$365.5 million). These factors outweighed
the addback of non-cash expenses, namely depreciation and amortization of
JPY20,338 million (US$223.5 million), deferred income taxes of JPY17,670 million
(US$194.2 million) and the write-down of marketable securities and sundry
investments of JPY13,749 million (US$151.1 million), among other factors
increasing cash. Investing activities used net cash of JPY17,576 million
(US$193.1 million), mainly for capital expenditures in the Car Electronics
business. Financing activities provided net cash of JPY49,771 million (US$546.9
million), mainly through an increase in short-term borrowings.
Consequently, cash and cash equivalents at December 31, 2008 were JPY43,322
million (US$476.1 million), down JPY37,858 million from March 31, 2008.
Business Forecasts for Fiscal 2009
Pioneer has revised its consolidated business forecasts for fiscal 2009, ending
March 31, 2009, which were announced on October 30, 2008, as follows:
The Company has decided to change its accounting principles for preparing
consolidated financial statements from U.S. generally accepted accounting
principles (GAAP) to Japanese GAAP. This change will take effect beginning with
full-year business results for fiscal 2009. The following "Revised forecasts for
fiscal 2009 (A)" are based on Japanese GAAP, while "Previous forecasts for
fiscal 2009 (B)" and "Results for fiscal 2008" were based on U.S. GAAP.
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| | | | | | | (In millions of yen) |
+---------------------------+-+--------------+-+-------------+-+------------------------------+
| | | Revised | | Previous | | Changes | |Results for |
| | | forecasts | | forecasts | | (A - B) | |fiscal 2008 |
| | | for fiscal | | for | | | | || |
| | | 2009 | |fiscal 2009 | | | | |
| | | (A) | | | | | | | |
| | | | | (B) || | | | | |
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| Operating | | JPY560,000 | | JPY700,000 | | JPY(140,000) | | JPY774,477 |
| revenue | | | | | | | | |
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| Operating | | (69,000) | | (17,000) | | (52,000) | | 10,907 |
| income | | | | | | | | |
| (loss) | | | | | | | | |
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| Income | | (110,000) | | (54,000) | | (56,000) | | 3,434 |
| (loss) | | | | | | | | |
| before income | | | | | | | | |
| taxes | | | | | | | | |
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| Net loss | | JPY(130,000) | | JPY(78,000) | | JPY(52,000) | | JPY(17,992) |
+---------------------------+-+--------------+-+-------------+-+--------------+-+-------------+
| Based on Japanese GAAP
|| Based on U.S. GAAP
Pioneer has lowered its operating revenue forecast from JPY700 billion to JPY560
billion. This is because the Car Electronics business and Home Electronics
business are both expected to post lower-than-projected operating revenue due to
intensifying competition involving our core products, as well as the impact of
the worsening global economic downturn and the Japanese yen's rapid
appreciation.
We have revised our operating loss forecast from JPY17 billion to JPY69
billion mainly based on expectations of worsening profitability due to lower
sales.
We have also revised our forecast for the loss before income taxes from
JPY54 billion to JPY110 billion. This forecast primarily reflects
larger-than-projected operating loss and the recording of an additional JPY5.1
billion write-down of marketable securities and sundry investments. For the
aforementioned reasons, we have also revised the projected net loss from JPY78
billion to JPY130 billion, despite a projected decrease of JPY4.0 billion in
income taxes.
In the preceding table, if "Previous forecasts for fiscal 2009 (B)" are restated
to reflect the change in accounting standards, there would be negative impacts
of JPY2.0 billion and JPY0.5 billion on the operating loss and loss before
income taxes, respectively; and a positive impact of JPY4.5 billion on the net
loss.
We are assuming an average fourth-quarter yen-U.S. dollar exchange rate of
JPY90, JPY10 stronger than previously assumed, and a yen-euro exchange rate of
JPY115, JPY15 stronger than before, for the revised forecasts.
Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this release with respect to our current plans, estimates,
strategies and beliefs, and other statements that are not historical facts are
forward-looking statements about our future performance. These statements are
based on management's assumptions and beliefs in light of the information
currently available to it. We caution that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. It is not our obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. We disclaim any such obligation. Risks and uncertainties
that might affect us include, but are not limited to: (i) general economic
conditions in our markets, particularly levels of consumer spending; (ii)
exchange rates, particularly between the Japanese yen and the U.S. dollar, the
euro, and other currencies in which we make significant sales or in which our
assets and liabilities are denominated; (iii) our ability to continuously design
and develop highly rated products and services in extremely competitive
markets, which are characterized by continual product launches, rapid
technological development, intense price-based competition, subjective and
changing consumer preferences and other factors; (iv) our ability to
successfully implement our business strategies; (v) our ability to compete, as
well as develop and implement successful sales and distribution strategies, in
light of technological developments in and affecting our businesses; (vi) our
continued ability to devote sufficient resources to research and development,
and capital expenditure; (vii) our ability to continuously enhance our brand
image; (viii) the success of our joint ventures and alliances; (ix) the success
of our business restructuring plans; and (x) the outcome of contingencies.
Pioneer Corporation is a leading global manufacturer of consumer- and
business-use electronics products such as audio, video and car electronics. Its
shares are traded on the Tokyo Stock Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translations of the Japanese
yen, for convenience only, at the rate of JPY91=US$1.00, the approximate rate
prevailing on December 31, 2008.
Attached are consolidated financial statements for the three months and the nine
months ended December 31, 2008.
For further information, please contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6773 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
(1) CONSOLIDATED BALANCE SHEETS
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| | | | | (In millions of |
| | | | | yen) |
+-------------------------------------------------------------------------+-+----------------------------------------------+----------+-----------------------------+
| | | December 31 | | March 31 |
+-------------------------------------------------------------------------+-+----------------------------------------------+----------+-----------------------------+
| | | 2008 | | 2007 | | Increase | | 2008 | | Increase |
| | | | | | | | | | | |
| | | | | | | (Decrease) | | | | (Decrease) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| ASSETS | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Current assets: | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Cash and cash | | JPY43,322 | | JPY93,755 | | JPY(50,433) | | JPY81,180 | | JPY(37,858) |
| equivalents | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Trade receivables, | | 71,737 | | 127,906 | | (56,169) | | 93,068 | | (21,331) |
| less allowance | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Inventories | | 123,286 | | 135,101 | | (11,815) | | 104,168 | | 19,118 |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Other current assets | | 69,126 | | 72,779 | | (3,653) | | 70,821 | | (1,695) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | 307,471 | | 429,541 | | (122,070) | | 349,237 | | (41,766) |
| current | | | | | | | | | | |
| assets | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Investments and long-term | | 19,491 | | 44,586 | | (25,095) | | 36,397 | | (16,906) |
| receivables | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Property, plant and equipment, | | 115,240 | | 145,786 | | (30,546) | | 122,752 | | (7,512) |
| less depreciation | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Intangible assets | | 15,963 | | 18,801 | | (2,838) | | 17,738 | | (1,775) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Deferred income taxes | | 26,694 | | 34,653 | | (7,959) | | 39,915 | | (13,221) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Other assets | | 8,947 | | 10,946 | | (1,999) | | 10,077 | | (1,130) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | JPY493,806 | | JPY684,313 | | JPY(190,507) | | JPY576,116 | | JPY(82,310) |
| assets | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY | | | | | | |
+---------------------------------------------------------------------------------------------------------+-+--------------+----------+-------------+-+-------------+
| Current liabilities: | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Short-term borrowings | | JPY73,165 | | JPY43,442 | | JPY29,723 | | JPY14,812 | | JPY58,353 |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Current portion | | 2,800 | | 14,166 | | (11,366) | | 13,672 | | (10,872) |
| of long-term | | | | | | | | | | |
| debt | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Trade payables | | 75,116 | | 108,278 | | (33,162) | | 86,195 | | (11,079) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Accrued | | 72,057 | | 91,456 | | (19,399) | | 80,632 | | (8,575) |
| liabilities | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Other current | | 23,479 | | 13,167 | | 10,312 | | 26,696 | | (3,217) |
| liabilities | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | 246,617 | | 270,509 | | (23,892) | | 222,007 | | 24,610 |
| current | | | | | | | | | | |
| liabilities | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Long-term debt | | 68,198 | | 73,115 | | (4,917) | | 72,041 | | (3,843) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Other long-term liabilities | | 35,900 | | 22,848 | | 13,052 | | 33,311 | | 2,589 |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | 350,715 | | 366,472 | | (15,757) | | 327,359 | | 23,356 |
| liabilities | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Minority interests | | 1,303 | | 1,397 | | (94) | | 1,362 | | (59) |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Shareholders' equity: | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Common stock | | 69,824 | | 69,824 | | - | | 69,824 | | - |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Capital surplus | | 103,578 | | 103,578 | | - | | 103,578 | | - |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Retained | | 66,095 | | 175,421 | | (109,326) | | 145,295 | | (79,200) |
| earnings | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Accumulated | | (86,585) | | (21,255) | | (65,330) | | (60,178) | | (26,407) |
| other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| loss | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Treasury stock | | (11,124) | | (11,124) | | - | | (11,124) | | - |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | 141,788 | | 316,444 | | (174,656) | | 247,395 | | (105,607) |
| shareholders' | | | | | | | | | | |
| equity | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | JPY493,806 | | JPY684,313 | | JPY(190,507) | | JPY576,116 | | JPY(82,310) |
| liabilities, | | | | | | | | | | |
| minority interests | | | | | | | | | | |
| and | | | | | | | | | | |
| shareholders' | | | | | | | | | | |
| equity | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Breakdown of accumulated | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive loss: | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Pension | | JPY(13,278) | | JPY(5,137) | | JPY(8,141) | | JPY(12,279) | | JPY(999) |
| liability | | | | | | | | | | |
| adjustments | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Net unrealized | | 361 | | 5,857 | | (5,496) | | 1,943 | | (1,582) |
| gains on | | | | | | | | | | |
| securities | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Foreign currency | | (73,668) | | (21,975) | | (51,693) | | (49,842) | | (23,826) |
| translation | | | | | | | | | | |
| adjustments | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
| Total | | JPY(86,585) | | JPY(21,255) | | JPY(65,330) | | JPY(60,178) | | JPY(26,407) |
| accumulated | | | | | | | | | | |
| other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| loss | | | | | | | | | | |
+-------------------------------------------------------------------------+-+-------------+-+-------------+-+--------------+----------+-------------+-+-------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+------------------------------------------+--+-------------+--+------------+--+--------+
| | | (In millions of yen) |
+------------------------------------------+--+-----------------------------------------+
| | | Three months ended December 31 |
+------------------------------------------+--+-----------------------------------------+
| | | 2008 | | 2007 | | % to |
| | | | | | | prior |
| | | | | | | year |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating revenue: | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Net sales | | JPY131,175 | | JPY210,891 | | 62.2% |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Royalty revenue | | 56 | | 148 | | 37.8 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total operating | | 131,231 | | 211,039 | | 62.2 |
| revenue | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating costs and expenses: | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Cost of sales | | 110,257 | | 157,817 | | 69.9 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Selling, general | | 31,697 | | 46,335 | | 68.4 |
| and administrative | | | | | | |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total operating | | 141,954 | | 204,152 | | 69.5 |
| costs and | | | | | | |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating income (loss) | | (10,723) | | 6,887 | | - |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Other income (expenses): | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Business restructuring | | (3,693) * | | - | | - |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Write-down of | | (5,098) | | (23) | | - |
| marketable | | | | | | |
| securities and | | | | | | |
| sundry | | | | | | |
| investments | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Interest income | | 624 | | 1,562 | | 39.9 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Foreign exchange loss | | (1,188) | | (367) | | 323.7 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Interest expense | | (382) | | (357) | | 107.0 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Other-net | | (494) | | (82) | | 602.4 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total other | | (10,231) | | 733 | | - |
| income | | | | | | |
| (expenses) | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Income (loss) before income taxes | | (20,954) | | 7,620 | | - |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Income taxes | | 5,162 | | 5,929 | | 87.1 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Minority interest in earnings | | (25) | | (63) | | 39.7 |
| of subsidiaries | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Equity in earnings (losses) of | | (6) | | 60 | | - |
| affiliated companies | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Net income (loss) | | JPY(26,147) | | JPY1,688 | | -% |
+------------------------------------------+--+-------------+--+------------+--+--------+
+------------------------------------------+--+-------------+--+------------+--+--------+
| | | (In millions of yen) |
+------------------------------------------+--+-----------------------------------------+
| | | Nine months ended December 31 |
+------------------------------------------+--+-----------------------------------------+
| | | 2008 | | 2007 | | % to |
| | | | | | | prior |
| | | | | | | year |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating revenue: | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Net sales | | JPY458,073 | | JPY593,637 | | 77.2% |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Royalty revenue | | 200 | | 563 | | 35.5 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total operating | | 458,273 | | 594,200 | | 77.1 |
| revenue | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating costs and expenses: | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Cost of sales | | 372,221 | | 451,548 | | 82.4 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Selling, general | | 109,866 | | 133,503 | | 82.3 |
| and administrative | | | | | | |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total operating | | 482,087 | | 585,051 | | 82.4 |
| costs and | | | | | | |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Operating income (loss) | | (23,814) | | 9,149 | | - |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Other income (expenses): | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Business restructuring | | (19,310) | | - | | - |
| expenses | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Write-down of | | (13,749) | | (28) | | - |
| marketable | | | | | | |
| securities and | | | | | | |
| sundry | | | | | | |
| investments | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Interest income | | 2,650 | | 4,476 | | 59.2 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Foreign exchange loss | | (929) | | (199) | | 466.8 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Interest expense | | (1,597) | | (1,286) | | 124.2 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Other-net | | (1,082) | | 13,153 | | - |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Total other | | (34,017) | | 16,116 | | - |
| income | | | | | | |
| (expenses) | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Income (loss) before income taxes | | (57,831) | | 25,265 | | - |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Income taxes | | 21,043 | | 13,507 | | 155.8 |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Minority interest in earnings | | (122) | | (201) | | 60.7 |
| of subsidiaries | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Equity in earnings (losses) of | | (129) | | 67 | | - |
| affiliated companies | | | | | | |
+------------------------------------------+--+-------------+--+------------+--+--------+
| Net income (loss) | | JPY(79,125) | | JPY11,624 | | -% |
+------------------------------------------+--+-------------+--+------------+--+--------+
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+-+
| | | | | (In millions of |
| | | | | yen) |
+------------------------------------------------+-+-----------------------------+-+-----------------------------+
| | | Three months | | Nine months |
| | | ended December 31 | | ended December 31 |
+------------------------------------------------+-+-----------------------------+-+-----------------------------+
| | | 2008 | | 2007 | | 2008 | | 2007 |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| I.Cash flows from | | | | | | | | |
| operating activities: | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net income | | JPY(26,147) | | JPY1,688 | | JPY(79,125) | | JPY11,624 |
| (loss) | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Depreciation | | 6,858 | | 9,382 | | 20,338 | | 26,154 |
| and | | | | | | | | |
| amortization | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Deferred | | 5,620 | | 3,735 | | 17,670 | | 7,003 |
| income | | | | | | | | |
| taxes | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Write-down | | 5,098 | | 23 | | 13,749 | | 28 |
| of | | | | | | | | |
| marketable | | | | | | | | |
| securities | | | | | | | | |
| and sundry | | | | | | | | |
| investments | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Loss | | 12 | | 248 | | (529) | | (12,402) |
| (gain) on | | | | | | | | |
| sale and | | | | | | | | |
| disposal | | | | | | | | |
| of fixed | | | | | | | | |
| assets, | | | | | | | | |
| net | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Decrease | | 7,961 | | (4,286) | | 13,176 | | (9,477) |
| (increase) | | | | | | | | |
| in trade | | | | | | | | |
| receivables | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Decrease | | (10,007) | | 3,249 | | (33,262) | | (29,060) |
| (increase) | | | | | | | | |
| in | | | | | | | | |
| inventories | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Increase | | (12,522) | | (6,415) | | (4,748) | | 16,221 |
| (decrease) | | | | | | | | |
| in trade | | | | | | | | |
| payables | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Decrease | | (13,052) | | (5,635) | | (2,223) | | (5,116) |
| in other | | | | | | | | |
| accrued | | | | | | | | |
| liabilities | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Other | | (2,777) | | (4,224) | | (9,644) | | (12,375) |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net | | (38,956) | | (2,235) | | (64,598) | | (7,400) |
| cash | | | | | | | | |
| used | | | | | | | | |
| in | | | | | | | | |
| operating | | | | | | | | |
| activities | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| II.Cash flows from | | | | | | | | |
| investing activities: | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Payment | | (8,259) | | (8,930) | | (24,429) | | (34,240) |
| for | | | | | | | | |
| purchase | | | | | | | | |
| of fixed | | | | | | | | |
| assets | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Payment | | - | | (330) | | - | | (14,672) |
| for | | | | | | | | |
| purchase | | | | | | | | |
| of shares | | | | | | | | |
| of | | | | | | | | |
| consolidated | | | | | | | | |
| subsidiaries | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Payment | | - | | (19,750) | | - | | (19,750) |
| for | | | | | | | | |
| purchase | | | | | | | | |
| of | | | | | | | | |
| marketable | | | | | | | | |
| equity | | | | | | | | |
| securities | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Proceeds | | 5,515 | | - | | 5,515 | | - |
| from | | | | | | | | |
| cancellation | | | | | | | | |
| return of | | | | | | | | |
| insurance | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Other | | 432 | | (240) | | 1,338 | | 2,657 |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net | | (2,312) | | (29,250) | | (17,576) | | (66,005) |
| cash | | | | | | | | |
| used | | | | | | | | |
| in | | | | | | | | |
| investing | | | | | | | | |
| activities | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| III.Cash flows from | | | | | | | | |
| financing activities: | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Increase | | 18,935 | | 3,209 | | 50,679 | | 27,536 |
| (decrease) | | | | | | | | |
| in | | | | | | | | |
| short-term | | | | | | | | |
| borrowings | | | | | | | | |
| and | | | | | | | | |
| long-term | | | | | | | | |
| debt | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Dividends | | - | | (872) | | (513) | | (1,744) |
| paid | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Proceeds | | - | | 41,358 | | - | | 41,358 |
| from new | | | | | | | | |
| shares | | | | | | | | |
| issued, | | | | | | | | |
| net of | | | | | | | | |
| stock | | | | | | | | |
| issuance | | | | | | | | |
| cost | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Other | | (33) | | (647) | | (395) | | (2,409) |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net | | 18,902 | | 43,048 | | 49,771 | | 64,741 |
| cash | | | | | | | | |
| provided | | | | | | | | |
| by | | | | | | | | |
| financing | | | | | | | | |
| activities | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Effect of exchange rate changes on | | (6,743) | | 72 | | (5,455) | | 599 |
| cash and | | | | | | | | |
| cash equivalents | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net increase (decrease) in cash | | (29,109) | | 11,635 | | (37,858) | | (8,065) |
| and cash equivalents | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Cash and cash equivalents, | | 72,431 | | 82,120 | | 81,180 | | 101,820 |
| beginning of period | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Cash and cash equivalents, end of | | JPY43,322 | | JPY93,755 | | JPY43,322 | | JPY93,755 | |
| period | | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+-+
| | | | | | | | | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Free cash flows (I + II) | | JPY(41,268) | | JPY(31,485) | | JPY(82,174) | | JPY(73,405) | |
+------------------------------------------------+-+-------------+-+-------------+-+-------------+-+-------------+-+
(4) OPERATING REVENUE BY SEGMENT
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| | | (In millions of yen) |
+-------------------------+-+----------------------------------------------------------------+
| | | Three months ended December 31 |
+-------------------------+-+----------------------------------------------------------------+
| | | 2008 | | 2007 | | % to |
+-------------------------+-+-----------------------+-+-----------------------+-+------------+
| | | Amount | | % to | | Amount | | % to | |prior year |
| | | | | total | | | | total | | |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | JPY29,613 | | 22.6% | | JPY33,519 | | 15.9% | | 88.3% |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 36,727 | | 28.0 | | 59,172 | | 28.0 | | 62.1 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Car Electronics | | 66,340 | | 50.6 | | 92,691 | | 43.9 | | 71.6 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 10,233 | | 7.8 | | 14,709 | | 7.0 | | 69.6 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 41,193 | | 31.4 | | 85,803 | | 40.6 | | 48.0 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Home Electronics | | 51,426 | | 39.2 | | 100,512 | | 47.6 | | 51.2 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 9,092 | | 6.9 | | 11,017 | | 5.2 | | 82.5 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 4,373 | | 3.3 | | 6,819 | | 3.3 | | 64.1 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Others | | 13,465 | | 10.2 | | 17,836 | | 8.5 | | 75.5 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 48,938 | | 37.3 | | 59,245 | | 28.1 | | 82.6 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 82,293 | | 62.7 | | 151,794 | | 71.9 | | 54.2 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Total | | JPY131,231 | | 100.0% | | JPY211,039 | | 100.0% | | 62.2% |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| | | (In millions of yen) |
+-------------------------+-+----------------------------------------------------------------+
| | | Nine months ended December 31 |
+-------------------------+-+----------------------------------------------------------------+
| | | 2008 | | 2007 | | % to |
+-------------------------+-+-----------------------+-+-----------------------+-+------------+
| | | Amount | | % to | | Amount | | % to | |prior year |
| | | | | total | | | | total | | |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | JPY92,933 | | 20.3% | | JPY94,392 | | 15.9% | | 98.5% |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 147,048 | | 32.1 | | 188,046 | | 31.6 | | 78.2 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Car Electronics | | 239,981 | | 52.4 | | 282,438 | | 47.5 | | 85.0 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 23,608 | | 5.2 | | 38,084 | | 6.4 | | 62.0 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 147,750 | | 32.2 | | 221,308 | | 37.3 | | 66.8 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Home Electronics | | 171,358 | | 37.4 | | 259,392 | | 43.7 | | 66.1 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 30,129 | | 6.5 | | 31,888 | | 5.4 | | 94.5 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 16,805 | | 3.7 | | 20,482 | | 3.4 | | 82.0 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Others | | 46,934 | | 10.2 | | 52,370 | | 8.8 | | 89.6 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Domestic | | 146,670 | | 32.0 | | 164,364 | | 27.7 | | 89.2 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Overseas | | 311,603 | | 68.0 | | 429,836 | | 72.3 | | 72.5 |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
| Total | | JPY458,273 | | 100.0% | | JPY594,200 | | 100.0% | | 77.1% |
+-------------------------+-+------------+-+--------+-+------------+-+--------+-+------------+
(5) SEGMENT INFORMATION
The following segment information is prepared pursuant to the regulations under
the Financial Instruments and Exchange Law of Japan.
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| | | (In millions of yen) |
+-------------------------------+-+--------------------------------------------------------------------------------------------+
| | | Three months ended December 31 |
+-------------------------------+-+--------------------------------------------------------------------------------------------+
| | | 2008 | | 2007 | | % to prior year |
+-------------------------------+-+-----------------------------+-+-----------------------------+-+----------------------------+
| | | Operating | | Operating | | Operating | | Operating | | Operating | | Operating |
| | | Revenue | | Income(Loss) | | Revenue | | Income(Loss) | | Revenue | | Income(Loss) |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Car Electronics | | JPY66,929 | | JPY(1,213) | | JPY93,189 | | JPY5,905 | | 71.8% | | -% |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Home Electronics | | 51,567 | | (9,752) | | 100,677 | | 777 | | 51.2 | | - |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Others | | 19,375 | | (624) | | 26,109 | | 448 | | 74.2 | | - |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Total | | 137,871 | | (11,589) | | 219,975 | | 7,130 | | 62.7 | | - |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Corporate and | | (6,640) | | 866 | | (8,936) | | (243) | | - | | - |
| Eliminations | | | | | | | | | | | | |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
| Consolidated | | JPY131,231 | | JPY(10,723) | | JPY211,039 | | JPY6,887 | | 62.2% | | -% |
+-------------------------------+-+------------+-+--------------+-+------------+-+--------------+-+-----------+-+--------------+
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| | | (In millions of yen) |
+-------------------------------+-+------------------------------------------------------------------------------------------------------+
| | | Nine months ended December 31 |
+-------------------------------+-+------------------------------------------------------------------------------------------------------+
| | | 2008 | | 2007 | | % to prior year |
+-------------------------------+-+---------------------------------------+-+-----------------------------+-+----------------------------+
| | | Operating | | Operating Income(Loss) | | Operating | | Operating | | Operating | | Operating |
| | | Revenue | | | | Revenue | | Income(Loss) | | Revenue | | Income(Loss) |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Car Electronics | | JPY241,512 | | JPY1,563 | | JPY283,974 | | JPY19,540 | | 85.0% | | 8.0% |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Home Electronics | | 171,781 | | (24,099) | | 259,913 | | (8,765) | | 66.1 | | - |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Others | | 69,409 | | (445) | | 78,075 | | (32) | | 88.9 | | - |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Total | | 482,702 | | (22,981) | | 621,962 | | 10,743 | | 77.6 | | - |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Corporate and | | (24,429) | | (833) | | (27,762) | | (1,594) | | - | | - |
| Eliminations | | | | | | | | | | | | |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
| Consolidated | | JPY458,273 | | JPY(23,814) | | JPY594,200 | | JPY9,149 | | 77.1% | | -% |
+-------------------------------+-+------------+-+------------------------+-+------------+-+--------------+-+-----------+-+--------------+
Notes:
1.The Company's consolidated financial statements have been prepared in
conformity with accounting principles generally accepted in the United States of
America, except for the disclosure of segment information.
2.The Company's business is classified into three segments: "Car Electronics,"
"Home Electronics," and "Others." Principal products and services included in
each segment are as follows:
Car Electronics:
car navigation systems, car stereos, car AV systems and car
speakers
Home Electronics:
plasma displays, LCD TVs, DVD recorders, DVD players, DVD
drives, Blu-ray Disc recorders, Blu-ray Disc players, Blu-ray Disc drives, audio
systems, audio components, DJ equipment and equipment for cable TV systems
Others:
organic light-emitting diode displays, factory automation systems,
speaker units, electronics devices and parts, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
3.Effective from fiscal 2009, the patent licensing business, which was
previously classified as an independent business segment, has been included in
the "Others" segment because of its reduced importance to consolidated business
results. Figures for the corresponding period of fiscal 2008 have been
reclassified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTCKOKKKBKDQBD
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