TIDM35SV
RNS Number : 0341C
Pioneer Corporation
05 November 2009
For Immediate Release
November 5, 2009
Pioneer Announces Business Results for 2Q Fiscal 2010
TOKYO - Pioneer Corporation today announced its consolidated second-quarter and
semiannual business results for the periods ended September 30, 2009.
Consolidated Financial Highlights
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| | | (In millions of yen except per share information) |
+--------------------+-+---------------------------------------------------------------------------------------+
| | | Three months | | Six months |
| | | ended September 30 | | ended September 30 |
+--------------------+-+------------------------------------------+-+------------------------------------------+
| | | 2009 | | 2008 | | % | | 2009 | | 2008 | | % |
| | | | | | |to prior | | | | | |to prior |
| | | | | | | year | | | | | | year |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| Net sales | | JPY107,976 | | JPY166,076 | | 65.0% | | JPY203,733 | | JPY327,042 | | 62.3% |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| Operating | | (14,004) | | (7,515) | | - | | (22,760) | | (14,340) | | - |
| loss | | | | | | | | | | | | |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| Ordinary loss | | (15,329) | | (8,023) | | - | | (24,270) | | (13,540) | | - |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| Net loss | | JPY(36,758) | | JPY(34,584) | | -% | | JPY(40,857) | | JPY(44,071) | | -% |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| | | | | | | | | | | | | |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
| Net loss per share | | JPY(179.30) | | JPY(168.69) | | | | JPY(199.29) | | JPY(214.96) | | |
+--------------------+-+-------------+-+-------------+-+----------+-+-------------+-+-------------+-+----------+
Consolidated Business Results
For the second quarter of fiscal 2010, the three months ended September 30,
2009, consolidated net sales decreased 35.0% from the second quarter of fiscal
2009 to JPY107,976 million (US$1,199.7 million). This was mainly the result of a
decline in sales of car electronics products, which largely reflected generally
weak economic conditions and the impact of the yen's appreciation, as well as
lower sales in the plasma display business, from which Pioneer will withdraw.
Pioneer recorded an operating loss of JPY14,004 million (US$155.6 million),
compared with an operating loss of JPY7,515 million in the second quarter of
fiscal 2009. The larger operating loss reflected the drop in net sales and
deterioration in the gross profit margin, despite lower selling, general and
administrative (SG&A) expenses, mainly owing to restructuring benefits. The net
loss increased from JPY34,584 million in the second quarter of fiscal 2009 to
JPY36,758 million (US$408.4 million). This change mainly reflected restructuring
costs of JPY17,738 million (US$197.1 million) incurred primarily due to the
implementation of early retirement programs, despite decreased income taxes.
During the second quarter of fiscal 2010, the average value of the Japanese
yen appreciated 15.0% against the U.S. dollar and 21.1% against the euro,
compared with the second quarter of fiscal 2009.
Car Electronics sales decreased 29.5% year on year to JPY60,330 million
(US$670.3 million) because of lower sales of both car audio products and car
navigation systems, partly as the worldwide auto market has yet to stage a
convincing recovery. In car navigation systems, consumer-market sales declined
year on year, due to lower sales in Europe, Japan and North America. OEM sales
decreased because of lower sales in North America, Japan and China. In car audio
products, consumer-market sales declined, mainly due to lower overseas sales.
OEM sales decreased mainly because of lower sales in North America. Total OEM
sales in this segment accounted for approximately 42% of Car Electronics sales,
compared with approximately 40% in the second quarter of fiscal 2009.
In terms of geographic sales, sales in Japan decreased 16.0% to JPY23,874
million (US$265.3 million), and overseas sales declined 36.2% to JPY36,456
million (US$405.1 million).
This segment recorded an operating loss of JPY5,312 million (US$59.0
million), compared with operating income of JPY1,072 million in the second
quarter of fiscal 2009. This was mainly due to the drop in net sales and
deterioration in the gross profit margin caused by a decline in production
volume and the impact of the strong yen.
Home Electronics sales decreased 45.7% year on year to JPY33,979 million
(US$377.5 million). Despite increased sales of Blu-ray Disc drives, the decrease
in Home Electronics sales largely reflected lower overseas sales in the plasma
display business, from which Pioneer will withdraw by the end of fiscal 2010.
In terms of geographic sales, sales in Japan decreased 12.4% to JPY5,909
million (US$65.7 million), and overseas sales declined 49.7% to JPY28,070
million (US$311.9 million).
This segment recorded an operating loss of JPY8,153 million (US$90.6
million), compared with an operating loss of JPY6,953 million in the second
quarter of fiscal 2009. The larger operating loss mainly resulted from the drop
in net sales and deterioration in the gross profit margin, despite lower SG&A
expenses, mainly owing to restructuring benefits.
In the Others segment, sales decreased 23.8% year on year to JPY13,667 million
(US$151.9 million) due to lower sales of factory automation systems and speaker
units for cellular phones.
In terms of geographic sales, sales in Japan decreased 15.5% to JPY9,012
million (US$100.1 million), and overseas sales declined 36.0% to JPY4,655
million (US$51.7 million).
The operating loss in this segment was JPY205 million (US$2.3 million)
compared with operating income of JPY443 million in the second quarter of fiscal
2009. The operating loss resulted from the drop in net sales and deterioration
in the gross profit margin.
For the first half of fiscal 2010, the six months ended September 30, 2009,
consolidated net sales decreased 37.7% to JPY203,733 million (US$2,263.7
million). Pioneer recorded an operating loss of JPY22,760 million (US$252.9
million) compared with an operating loss of JPY14,340 million in the first half
of fiscal 2009. It also posted a net loss of JPY40,857 million (US$454.0
million) compared with a net loss of JPY44,071 million in the same period of
fiscal 2009. The improvement mainly reflected the recording of a gain on sales
of noncurrent assets such as patents related to plasma displays, and decreased
income taxes.
Note:Operating income (loss) in each business segment represents operating
income (loss) before elimination of intersegment transactions.
Consolidated Financial Position
Total assets as of September 30, 2009 were JPY396,165 million (US$4,401.8
million), a decrease of JPY32,928 million from March 31, 2009, mainly reflecting
decreases in inventories as well as property, plant and equipment and intangible
assets. Inventories declined JPY19,376 million from March 31, 2009 to JPY65,510
million (US$727.9 million), reflecting progress with inventory reductions in the
plasma display business, from which we will withdraw, as well as reduced
inventories in the Car Electronics business. Property, plant and equipment
decreased JPY8,800 million from March 31, 2009 to JPY103,367 million (US$1,148.5
million) as we curtailed capital expenditures. Intangible assets were JPY36,558
million (US$406.2 million), a decrease of JPY8,240 million from the previous
fiscal year-end, mainly due to curbs on new acquisitions and the sale of
patents.
Total liabilities as of September 30, 2009 were JPY329,443 million
(US$3,660.5 million), an increase of JPY12,198 million from March 31, 2009. This
mainly reflected an increase of JPY15,371 million in trade payables accompanying
increased production.
Total equity was JPY66,722 million (US$741.4 million), a decrease of
JPY45,126 million from March 31, 2009. This chiefly reflected the recording of a
net loss of JPY40,857 million (US$454.0 million).
Cash Flows
During the first half of fiscal 2010 (April 1 to September 30, 2009), operating
activities provided net cash of JPY5,926 million (US$65.8 million). The main
factors increasing cash were the addback of non-cash expenses, including
depreciation and amortization of JPY21,006 million (US$233.4 million), as well
as a decrease in inventories of JPY17,888 million (US$198.8 million) and an
increase in trade payables of JPY16,822 million (US$186.9 million). These
factors were partially offset by a loss before income taxes and minority
interests of JPY37,898 million (US$421.1 million). Net cash used in investing
activities was JPY2,099 million (US$23.3 million), despite the payment of
JPY11,456 million (US$127.3 million) for new purchases of noncurrent assets,
owing to proceeds of JPY9,116 million (US$101.3 million) from sales of
noncurrent assets such as patents. Financing activities used net cash of JPY631
million (US$7.0 million), mainly due to the repayment of debt.
Consequently, cash and cash equivalents at September 30, 2009 were JPY65,201
million (US$724.5 million), up JPY1,455 million from March 31, 2009.
Business Forecasts for Fiscal 2010
Consolidated full-year business forecasts for fiscal 2010, ending March 31,
2010, have not been changed from those announced on October 29, 2009, as shown
below.
We are assuming an average yen-U.S. dollar exchange rate in the second half of
fiscal 2010 of JPY90 and a yen-euro exchange rate of JPY130 for these forecasts.
+-----------------------+-+------------------+-+------------------+-+
| | | | | (In millions of | |
| | | | | yen) | |
+-----------------------+-+------------------+-+------------------+-+
| | | Forecasts for | | Results for | |
| | | fiscal 2010 | | fiscal 2009 | |
+-----------------------+-+------------------+-+------------------+-+
| Net | | JPY451,000 | | JPY 558,837 | |
| sales | | | | | |
+-----------------------+-+------------------+-+------------------+-+
| Operating | | (25,500) | | (54,529) | |
| loss | | | | | |
+-----------------------+-+------------------+-+------------------+-+
| Ordinary | | (30,000) | | (54,420) | |
| loss | | | | | |
+-----------------------+-+------------------+-+------------------+-+
| Net | | JPY (59,500) | | JPY(130,529) | |
| loss | | | | | |
+-----------------------+-+------------------+-+------------------+-+
Issues to Be Addressed
Pioneer is currently implementing drastic restructuring comprising measures to
realign the business portfolio, streamline the business framework of the entire
Pioneer group, and improve the Company's financial position. Progress with
restructuring is as follows.
Regarding business portfolio realignment, in its core Car Electronics
business, Pioneer has executed joint development agreement on car navigation
platforms with Mitsubishi Electric Corporation, and is vigorously pursuing joint
development work. We also established a joint venture in October 2009 with
Shanghai Automotive Industry Corporation (Group) of China and the operations
will start in November 2009. In the display business, Pioneer terminated
production in August 2009 and plans to completely withdraw from this business
after ending plasma TV sales by March 31, 2010, as scheduled. Regarding the
optical disc joint venture with Sharp Corporation, the joint venture plans to
promptly begin operations as procedures related to compliance with anti-trust
laws overseas have been completed. In connection with the formation of this
joint venture, in fiscal 2010, we expect to save approximately JPY16 billion in
restructuring costs and curtail cash outflows by approximately JPY6 billion.
Regarding streamlining the business framework of the entire Pioneer group,
we are consolidating our current network of production companies around the
world. Five companies have already been closed and the operations of one company
have been downsized. Going forward, we plan to close three additional companies
and downsize the operations of five more companies by March 31, 2010. Phased
production transfers from the remaining one company are currently under way, and
we plan to close this company by the end of the first half of fiscal 2011.
Regarding our sales structures in Japan, in October 2009, we integrated domestic
sales divisions and several sales companies in the Car Electronics and Home
Electronics businesses into single sales companies for each business, in order
to raise efficiency. Regarding streamlining overseas sales structures, we are
currently implementing measures in North America and Europe. Furthermore, we are
proceeding with the integration of Pioneer's network of five operating bases in
Japan's Kanto region into two locations at the cities of Kawasaki and Kawagoe,
and expect to relocate the Head Office on November 24, 2009 from Meguro to
Kawasaki. After the relocation is complete, we plan to promptly sell the current
Meguro Head Office site to generate cash. In line with these measures, we
implemented early retirement programs in Japan with a retirement date of
September 30, 2009, resulting in the retirement of roughly 1,600 employees
(including 1,204 employees related to Pioneer Corporation). There has been a
decrease in group-wide personnel of around 6,300 regular employees and about
1,900 temporary and contract employees (excluding the retirees as of September
30, 2009) compared with the workforce as of December 31, 2008.
Regarding improving the Company's financial position, Pioneer has continued
working to generate cash by actively reducing inventories and other accounts.
Pioneer expects substantial free cash flow improvement due to a smaller
operating loss than originally planned, and to a boost from savings in
restructuring costs. Furthermore, Pioneer's main banks have agreed to maintain
their existing loans to the Company. As a result, Pioneer now expects that the
amount of funds needed to implement its medium-term management plan will be
reduced to around half of the original estimate of approximately JPY40 billion.
The Company will reduce this amount further through the sale of assets,
including the Head Office site. However, we will continue discussions on
financial partnerships with potential sponsors. In addition, Pioneer plans to
determine the timeframe for a JPY2.5 billion third-party allotment of shares to
Honda Motor Co., Ltd. by the time the Company reaches agreement on financial
partnerships with other potential sponsors.
In this manner, restructuring is proceeding largely on schedule. Going
forward, we will continue making every effort to bring this restructuring to a
successful conclusion.
Material Events Regarding Going Concern Assumption
Pioneer's financial position remains under strain due to a sharp drop in net
sales and large losses, although operating cash flow turned positive in the
second quarter of fiscal 2010. As a result, conditions have given rise to
material uncertainty about Pioneer's ability to continue its business activities
into the future. However, Pioneer believes that this uncertainty can be avoided
by steadily implementing the drastic restructuring that is currently under way.
Also, from fiscal 2009, the Company's business performance and financial
position have triggered breaches of financial covenants stipulated by loan
agreements with multiple banks. However, in recognition of the Company's
situation as described above, the banks have agreed to maintain their existing
loans to Pioneer under the terms of loan agreements. Furthermore, Pioneer has
received loans on an ongoing basis chiefly from its main banks, which have
pledged their intention to continue providing financial support to the Company.
Pioneer remains committed to improving its performance by implementing
restructuring, while working hard to ensure the continued support of the banks.
Details of progress with restructuring are provided in the "Issues to Be
Addressed" section shown above.
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
restructuring plans; and (x) the outcome of contingencies.
Pioneer Corporation is a leading global manufacturer of consumer- and
business-use electronics products such as car electronics, audio and video
products. Its shares are traded on the Tokyo Stock Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translations of Japanese yen,
for convenience only, at the rate of JPY90=US$1.00, the approximate rate
prevailing on September 30, 2009.
Attached are consolidated financial statements for the three months and the six
months ended September 30, 2009.
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) |
+----------------------------------------------------+-+---------------------------+
| | | September | | March 31, |
| | | 30, | | |
+----------------------------------------------------+-+------------+-+------------+
| | | 2009 | | 2009 |
+----------------------------------------------------+-+------------+-+------------+
| ASSETS | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Current assets: | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Cash and deposits | | JPY65,201 | | JPY63,745 |
+----------------------------------------------------+-+------------+-+------------+
| Trade receivables | | 65,263 | | 60,989 |
+----------------------------------------------------+-+------------+-+------------+
| Merchandise and finished goods | | 33,845 | | 45,169 |
+----------------------------------------------------+-+------------+-+------------+
| Work in process | | 11,628 | | 14,699 |
+----------------------------------------------------+-+------------+-+------------+
| Raw materials and supplies | | 20,037 | | 25,018 |
+----------------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 6,814 | | 7,097 |
+----------------------------------------------------+-+------------+-+------------+
| Other current assets | | 14,495 | | 17,420 |
+----------------------------------------------------+-+------------+-+------------+
| Allowance for doubtful receivables | | (2,021) | | (2,035) |
+----------------------------------------------------+-+------------+-+------------+
| Total current assets | | 215,262 | | 232,102 |
+----------------------------------------------------+-+------------+-+------------+
| Noncurrent assets: | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Property, plant and equipment: | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Buildings and structures | | 101,536 | | 102,285 |
+----------------------------------------------------+-+------------+-+------------+
| Machinery, vehicles, | | 177,045 | | 176,593 |
| tools, furniture and | | | | |
| fixtures | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Others | | 33,473 | | 34,078 |
+----------------------------------------------------+-+------------+-+------------+
| Accumulated depreciation | | (208,687) | | (200,789) |
+----------------------------------------------------+-+------------+-+------------+
| Total property, plant and | | 103,367 | | 112,167 |
| equipment | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Intangible assets: | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Goodwill | | 1,380 | | 1,420 |
+----------------------------------------------------+-+------------+-+------------+
| Software | | 33,602 | | 39,215 |
+----------------------------------------------------+-+------------+-+------------+
| Others | | 1,576 | | 4,163 |
+----------------------------------------------------+-+------------+-+------------+
| Total intangible assets | | 36,558 | | 44,798 |
+----------------------------------------------------+-+------------+-+------------+
| Investments and other assets: | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Investment securities | | 21,909 | | 18,972 |
+----------------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 11,142 | | 12,484 |
+----------------------------------------------------+-+------------+-+------------+
| Others | | 7,859 | | 8,470 |
+----------------------------------------------------+-+------------+-+------------+
| Allowance for doubtful | | (7) | | (7) |
| accounts | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Total investments and | | 40,903 | | 39,919 |
| other assets | | | | |
+----------------------------------------------------+-+------------+-+------------+
| Total noncurrent assets | | 180,828 | | 196,884 |
+----------------------------------------------------+-+------------+-+------------+
| Deferred assets | | 75 | | 107 |
+----------------------------------------------------+-+------------+-+------------+
| Total assets | | JPY396,165 | | JPY429,093 |
+----------------------------------------------------+-+------------+-+------------+
+--------------------------------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+--------------------------------------------------------------------+-+---------------------------+
| | | September | | March 31, |
| | | 30, | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| | | 2009 | | 2009 |
+--------------------------------------------------------------------+-+------------+-+------------+
| LIABILITIES | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Current liabilities: | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Trade payables | | JPY56,169 | | JPY40,798 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Short-term borrowings | | 110,536 | | 110,000 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Current portion of long-term debt | | 2,664 | | 2,664 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Accrued income taxes | | 3,522 | | 4,153 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Accrued expenses | | 57,068 | | 50,763 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Warranty reserve | | 3,934 | | 4,222 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Other current liabilities | | 14,364 | | 19,820 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total current liabilities | | 248,257 | | 232,420 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Long-term liabilities: | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Bonds payable | | 60,600 | | 60,600 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Long-term debt | | 5,305 | | 6,515 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Accrued pension and severance costs | | 10,197 | | 12,704 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Other long-term liabilities | | 5,084 | | 5,006 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total long-term liabilities | | 81,186 | | 84,825 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total | | 329,443 | | 317,245 |
| liabilities | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| EQUITY | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Shareholders' equity: | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Common stock | | 69,824 | | 69,824 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Capital surplus | | 102,054 | | 102,054 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Retained earnings | | (27,607) | | 13,250 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Treasury stock | | (11,124) | | (11,124) |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total shareholders' equity | | 133,147 | | 174,004 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Valuation and translation adjustments: | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Unrealized gain on | | 4,934 | | 1,552 |
| available-for-sale securities | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Deferred gain (loss) on derivatives | | (81) | | 42 |
| under hedge accounting | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Foreign currency translation | | (70,980) | | (63,549) |
| adjustments | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Pension adjustments | | (1,485) | | (1,551) |
| recognized by foreign | | | | |
| consolidated subsidiaries | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total valuation and translation | | (67,612) | | (63,506) |
| adjustments | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
| Minority interests | | 1,187 | | 1,350 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total equity | | 66,722 | | 111,848 |
+--------------------------------------------------------------------+-+------------+-+------------+
| Total | | JPY396,165 | | JPY429,093 |
| liabilities | | | | |
| and equity | | | | |
+--------------------------------------------------------------------+-+------------+-+------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+----------------------------------------------------+-+-------------+--+-------------+
| | | (In millions of yen) |
+----------------------------------------------------+-+------------------------------+
| | | Three months ended |
| | | September 30 |
+----------------------------------------------------+-+------------------------------+
| | | 2008 | | 2009 |
+----------------------------------------------------+-+-------------+--+-------------+
| Net sales | | JPY166,076 | | JPY107,976 |
+----------------------------------------------------+-+-------------+--+-------------+
| Cost of sales | | 133,247 | | 95,653 |
+----------------------------------------------------+-+-------------+--+-------------+
| Gross profit | | 32,829 | | 12,323 |
+----------------------------------------------------+-+-------------+--+-------------+
| Selling, general and administrative expenses | | 40,344 | | 26,327 |
+----------------------------------------------------+-+-------------+--+-------------+
| Operating loss | | (7,515) | | (14,004) |
+----------------------------------------------------+-+-------------+--+-------------+
| Non-operating income: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Interest income | | 991 | | 172 |
+----------------------------------------------------+-+-------------+--+-------------+
| Dividends income | | - | | 48 |
+----------------------------------------------------+-+-------------+--+-------------+
| Subsidy income | | - | | 402 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 393 | | 262 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total non-operating income | | 1,384 | | 884 |
+----------------------------------------------------+-+-------------+--+-------------+
| Non-operating loss: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Interest expenses | | 896 | | 876 |
+----------------------------------------------------+-+-------------+--+-------------+
| Foreign exchange loss | | 655 | | 323 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 341 | | 1,010 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total non-operating loss | | 1,892 | | 2,209 |
+----------------------------------------------------+-+-------------+--+-------------+
| Ordinary loss | | (8,023) | | (15,329) |
+----------------------------------------------------+-+-------------+--+-------------+
| Extraordinary income: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Gain on sales of | | 251 | | 108 |
| noncurrent assets | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 1 | | 122 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total extraordinary income | | 252 | | 230 |
+----------------------------------------------------+-+-------------+--+-------------+
| Extraordinary loss: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Impairment loss | | 586 | | 28 |
+----------------------------------------------------+-+-------------+--+-------------+
| Loss on valuation of | | - | | 16 |
| investment securities | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Restructuring costs | | 15,728 | | 17,738 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 487 | | 996 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total extraordinary loss | | 16,801 | | 18,778 |
+----------------------------------------------------+-+-------------+--+-------------+
| Loss before income taxes and minority interests | | (24,572) | | (33,877) |
+----------------------------------------------------+-+-------------+--+-------------+
| Income taxes?current | | 6,471 | | 737 |
+----------------------------------------------------+-+-------------+--+-------------+
| Income taxes?deferred | | 3,492 | | 2,040 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total income taxes | | 9,963 | | 2,777 |
+----------------------------------------------------+-+-------------+--+-------------+
| Minority interests in income | | 49 | | 104 |
+----------------------------------------------------+-+-------------+--+-------------+
| Net loss | | JPY(34,584) | | JPY(36,758) |
+----------------------------------------------------+-+-------------+--+-------------+
+----------------------------------------------------+-+-------------+--+-------------+
| | | (In millions of yen) |
+----------------------------------------------------+-+------------------------------+
| | | Six months ended September |
| | | 30 |
+----------------------------------------------------+-+------------------------------+
| | | 2008 | | 2009 |
+----------------------------------------------------+-+-------------+--+-------------+
| Net sales | | JPY327,042 | | JPY203,733 |
+----------------------------------------------------+-+-------------+--+-------------+
| Cost of sales | | 262,643 | | 182,004 |
+----------------------------------------------------+-+-------------+--+-------------+
| Gross profit | | 64,399 | | 21,729 |
+----------------------------------------------------+-+-------------+--+-------------+
| Selling, general and administrative expenses | | 78,739 | | 44,489 |
+----------------------------------------------------+-+-------------+--+-------------+
| Operating loss | | (14,340) | | (22,760) |
+----------------------------------------------------+-+-------------+--+-------------+
| Non-operating income: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Interest income | | 2,026 | | 345 |
+----------------------------------------------------+-+-------------+--+-------------+
| Dividends income | | - | | 261 |
+----------------------------------------------------+-+-------------+--+-------------+
| Foreign exchange income | | 210 | | 58 |
+----------------------------------------------------+-+-------------+--+-------------+
| Subsidy income | | - | | 402 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 814 | | 441 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total non-operating income | | 3,050 | | 1,507 |
+----------------------------------------------------+-+-------------+--+-------------+
| Non-operating loss: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Interest expenses | | 1,651 | | 1,641 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 599 | | 1,376 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total non-operating loss | | 2,250 | | 3,017 |
+----------------------------------------------------+-+-------------+--+-------------+
| Ordinary loss | | (13,540) | | (24,270) |
+----------------------------------------------------+-+-------------+--+-------------+
| Extraordinary income: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Gain on sales of | | 789 | | 6,062 |
| noncurrent assets | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 68 | | 130 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total extraordinary income | | 857 | | 6,192 |
+----------------------------------------------------+-+-------------+--+-------------+
| Extraordinary loss: | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Impairment loss | | 1,445 | | 28 |
+----------------------------------------------------+-+-------------+--+-------------+
| Loss on valuation of | | - | | 363 |
| investment securities | | | | |
+----------------------------------------------------+-+-------------+--+-------------+
| Restructuring costs | | 15,728 | | 18,376 |
+----------------------------------------------------+-+-------------+--+-------------+
| Others | | 580 | | 1,053 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total extraordinary loss | | 17,753 | | 19,820 |
+----------------------------------------------------+-+-------------+--+-------------+
| Loss before income taxes and minority interests | | (30,436) | | (37,898) |
+----------------------------------------------------+-+-------------+--+-------------+
| Income taxes?current | | 9,112 | | 1,407 |
+----------------------------------------------------+-+-------------+--+-------------+
| Income taxes?deferred | | 4,426 | | 1,516 |
+----------------------------------------------------+-+-------------+--+-------------+
| Total income taxes | | 13,538 | | 2,923 |
+----------------------------------------------------+-+-------------+--+-------------+
| Minority interests in income | | 97 | | 36 |
+----------------------------------------------------+-+-------------+--+-------------+
| Net loss | | JPY(44,071) | | JPY(40,857) |
+----------------------------------------------------+-+-------------+--+-------------+
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
+----------------------------------------------------+-+-------------+-+-------------+
| | | (In millions of yen) |
+----------------------------------------------------+-+-----------------------------+
| | | Six months ended |
| | | September 30 |
+----------------------------------------------------+-+-----------------------------+
| | | 2008 | | 2009 |
+----------------------------------------------------+-+-------------+-+-------------+
| I.Cash flows from operating | | | | |
| activities: | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Loss before income | | JPY(30,436) | | JPY(37,898) |
| taxes and minority | | | | |
| interests | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Depreciation and | | 20,559 | | 21,006 |
| amortization | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Impairment loss | | 1,445 | | 28 |
+----------------------------------------------------+-+-------------+-+-------------+
| Decrease in accrued | | - | | (2,526) |
| pension and | | | | |
| severance costs | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Interest and | | (2,404) | | (606) |
| dividends income | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Interest expenses | | 1,651 | | 1,641 |
+----------------------------------------------------+-+-------------+-+-------------+
| Loss on valuation of | | 489 | | 363 |
| investment | | | | |
| securities | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Gain on sales and | | (698) | | (5,010) |
| disposal of | | | | |
| noncurrent assets | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Decrease (increase) | | 5,215 | | (4,850) |
| in trade receivables | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Decrease (increase) | | (23,552) | | 17,888 |
| in inventories | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Increase in trade | | 7,774 | | 16,822 |
| payables | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Increase in accrued | | 11,448 | | 6,504 |
| expenses | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (3,444) | | (2,983) |
+----------------------------------------------------+-+-------------+-+-------------+
| Subtotal | | (11,953) | | 10,379 |
+----------------------------------------------------+-+-------------+-+-------------+
| Interest and | | 2,118 | | 546 |
| dividends income | | | | |
| received | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Interest expenses | | (1,449) | | (1,656) |
| paid | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Income taxes paid | | (5,962) | | (3,343) |
+----------------------------------------------------+-+-------------+-+-------------+
| Net cash | | (17,246) | | 5,926 |
| provided by | | | | |
| (used in) | | | | |
| operating | | | | |
| activities | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| II.Cash flows from investing | | | | |
| activities: | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Purchase of | | (24,571) | | (11,456) |
| noncurrent assets | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Proceeds from sales | | 1,094 | | 9,116 |
| of noncurrent assets | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Proceeds from sales | | 137 | | 200 |
| of investment | | | | |
| securities | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (320) | | 41 |
+----------------------------------------------------+-+-------------+-+-------------+
| Net cash used | | (23,660) | | (2,099) |
| in investing | | | | |
| activities | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| III.Cash flows from financing | | | | |
| activities: | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Net increase in | | 43,354 | | 803 |
| short-term | | | | |
| borrowings | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Repayment of | | (1,610) | | (1,210) |
| long-term debt | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Redemption of bonds | | (10,000) | | - |
+----------------------------------------------------+-+-------------+-+-------------+
| Dividends paid | | (513) | | - |
+----------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (362) | | (224) |
+----------------------------------------------------+-+-------------+-+-------------+
| Net cash | | 30,869 | | (631) |
| provided | | | | |
| by (used in) | | | | |
| financing | | | | |
| activities | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Effect of exchange rate changes on cash and | | 1,288 | | (1,741) |
| cash equivalents | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Net increase (decrease) in cash and cash | | (8,749) | | 1,455 |
| equivalents | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Cash and cash equivalents, beginning of | | 81,180 | | 63,746 |
| period | | | | |
+----------------------------------------------------+-+-------------+-+-------------+
| Cash and cash equivalents, end of period | | JPY72,431 | | JPY65,201 |
+----------------------------------------------------+-+-------------+-+-------------+
(4) SEGMENT INFORMATION
<Net Sales by Segment>
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| | | (In millions of yen) |
+-------------------------+-+-------------------------------------------------------------------------------------+
| | | Three months ended September 30 |
+-------------------------+-+-------------------------------------------------------------------------------------+
| | | 2008 | | 2009 | | % to |
| | | | | | |prior year |
+-------------------------+-+------------------------+-+-----------------------------------+---------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | JPY28,428 | | 17.1% | | JPY23,874 | | 22.1% | | 84.0% |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 57,118 | | 34.4 | | 36,456 | | 33.8 | | 63.8 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Car Electronics | | 85,546 | | 51.5 | | 60,330 | | 55.9 | | 70.5 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 6,747 | | 4.1 | | 5,909 | | 5.5 | | 87.6 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 55,842 | | 33.6 | | 28,070 | | 26.0 | | 50.3 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Home Electronics | | 62,589 | | 37.7 | | 33,979 | | 31.5 | | 54.3 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 10,668 | | 6.4 | | 9,012 | | 8.3 | | 84.5 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 7,273 | | 4.4 | | 4,655 | | 4.3 | | 64.0 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Others | | 17,941 | | 10.8 | | 13,667 | | 12.6 | | 76.2 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 45,843 | | 27.6 | | 38,795 | | 35.9 | | 84.6 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 120,233 | | 72.4 | | 69,181 | | 64.1 | | 57.5 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Total | | JPY166,076 | | 100.0% | | JPY107,976 | | 100.0% | | 65.0% |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| | | (In millions of yen) |
+-------------------------+-+-------------------------------------------------------------------------------------+
| | | Six months ended September 30 |
+-------------------------+-+-------------------------------------------------------------------------------------+
| | | 2008 | | 2009 | | % to |
| | | | | | |prior year |
+-------------------------+-+------------------------+-+-----------------------------------+---------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | JPY63,320 | | 19.4% | | JPY48,504 | | 23.8% | | 76.6% |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 110,321 | | 33.7 | | 66,061 | | 32.4 | | 59.9 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Car Electronics | | 173,641 | | 53.1 | | 114,565 | | 56.2 | | 66.0 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 13,375 | | 4.1 | | 13,671 | | 6.7 | | 102.2 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 106,557 | | 32.6 | | 50,013 | | 24.6 | | 46.9 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Home Electronics | | 119,932 | | 36.7 | | 63,684 | | 31.3 | | 53.1 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 21,037 | | 6.4 | | 17,281 | | 8.5 | | 82.1 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 12,432 | | 3.8 | | 8,203 | | 4.0 | | 66.0 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Others | | 33,469 | | 10.2 | | 25,484 | | 12.5 | | 76.1 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Domestic | | 97,732 | | 29.9 | | 79,456 | | 39.0 | | 81.3 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Overseas | | 229,310 | | 70.1 | | 124,277 | | 61.0 | | 54.2 |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
| Total | | JPY327,042 | | 100.0% | | JPY203,733 | | 100.0% | | 62.3% |
+-------------------------+-+------------+-+---------+-+------------+------------+---------+---------+------------+
<Business Segments>
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+--------------------------------------------------------------------------------------------+
| Three months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Unaffiliated | | JPY85,546 | | JPY62,589 | | JPY17,941 | | JPY166,076 | | - | | JPY166,076 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Inter-segment | | 473 | | 169 | | 8,095 | | 8,737 | | JPY(8,737) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Total | | 86,019 | | 62,758 | | 26,036 | | 174,813 | | (8,737) | | 166,076 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
| Operating income | | JPY1,072 | | JPY(6,953) | | JPY443 | | JPY(5,438) | | JPY(2,077) | | JPY(7,515) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+------------+-+--------------+-+--------------+
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+---------------------------------------------------------------------------------------------+
| Three months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2009 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY60,330 | | JPY33,979 | | JPY13,667 | | JPY107,976 | | - | | JPY107,976 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 482 | | 151 | | 4,131 | | 4,764 | | JPY(4,764) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 60,812 | | 34,130 | | 17,798 | | 112,740 | | (4,764) | | 107,976 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating loss | | JPY(5,312) | | JPY(8,153) | | JPY(205) | | JPY(13,670) | | JPY(334) | | JPY(14,004) |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+---------------------------------------------------------------------------------------------+
| Six months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2008 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY173,641 | | JPY119,932 | | JPY33,469 | | JPY327,042 | | - | | JPY327,042 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 942 | | 282 | | 16,565 | | 17,789 | | JPY(17,789) | | - |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Total | | 174,583 | | 120,214 | | 50,034 | | 344,831 | | (17,789) | | 327,042 |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY2,776 | | JPY(14,347) | | JPY179 | | JPY(11,392) | | JPY(2,948) | | JPY(14,340) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+-----------+-+-------------+-+--------------+-+--------------+
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| | | (In millions of yen) |
+---------------------------+-+----------------------------------------------------------------------------------------------+
| Six months ended | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| September 30, 2009 | |Electronics | |Electronics | | | | | | and | | |
| | | | | | | | | | |Eliminations | | |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Net sales: | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Unaffiliated | | JPY114,565 | | JPY63,684 | | JPY25,484 | | JPY203,733 | | - | | JPY203,733 |
| customers | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Inter-segment | | 867 | | 333 | | 7,701 | | 8,901 | | JPY(8,901) | | - |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Total | | 115,432 | | 64,017 | | 33,185 | | 212,634 | | (8,901) | | 203,733 |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
| Operating income | | JPY(14,005) | | JPY(7,133) | | JPY(1,820) | | JPY(22,958) | | JPY198 | | JPY(22,760) |
| (loss) | | | | | | | | | | | | |
+---------------------------+-+-------------+-+-------------+-+------------+-+-------------+-+--------------+-+--------------+
Note: Business segments are determined according to type of products and
similarity of sales markets.
Notes:
1.Effective from fiscal 2010, "Net sales" has included "Other operating revenue"
(Royalty revenue) because of its reduced importance to consolidated business
results. Previously, "Net sales" and "Other operating revenue" composed
"Operating revenue." Figures for the previous year have been reclassified to
conform to this presentation.
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:
audio systems, audio components, DJ equipment, equipment
for cable-TV systems, Blu-ray Disc players, Blu-ray Disc recorders, Blu-ray Disc
drives, DVD players, DVD recorders, DVD drives and plasma displays
Others:
factory automation systems, speaker units, electronics devices and
parts, organic light-emitting diode displays, telephones, AV accessories,
business-use AV systems and licensing of patents related to laser optical disc
technologies
Note relating to going concern assumption:
Not applicable.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGMGMMKLGLZM
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