TIDM35SV
RNS Number : 8761G
Pioneer Corporation
09 February 2010
For Immediate Release
February 9, 2010
Pioneer Announces Business Results for 3Q Fiscal 2010
Pioneer Corporation today announced its consolidated third-quarter and
nine-month business results for the periods ended December 31, 2009.
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| | | (In millions of yen except per share information) |
+-------------------------+----------+-----------------------------------------------------------------------------------------------------------------------------+
| | | Three months | | Nine months |
| | | ended December 31 | | ended December 31 |
+-------------------------+----------+--------------------------------------------------------+----------+---------------------------------------------------------+
| | | 2009 | | 2008 | | % to | | 2009 | | 2008 | | % to |
| | | | | | |prior | | | | | |prior |
| | | | | | | year | | | | | | year |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| Net sales | | JPY119,051 | | JPY131,231 | | 90.7% | | JPY322,784 | | JPY458,273 | | 70.4% |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| Operating income (loss) | | 1,003 | | (11,350) | | - | | (21,757) | | (25,690) | | - |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| Ordinary loss | | (566) | | (11,962) | | - | | (24,836) | | (25,502) | | - |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| Net loss | | JPY(3,873) | | JPY(29,895) | | -% | | JPY(44,730) | | JPY(73,966) | | -% |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| | | | | | | | | | | | | |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
| Net loss per share | | JPY(18.89) | | JPY(145.82) | | | | JPY(218.18) | | JPY(360.78) | | |
+-------------------------+----------+------------+----------+-------------+----------+-------+----------+-------------+----------+-------------+----------+-------+
For the third quarter of fiscal 2010, the three months ended December 31, 2009,
consolidated net sales decreased 9.3% from the third quarter of fiscal 2009 to
JPY119,051 million (US$1,294.0 million). This was mainly the result of lower
sales in the plasma display business, from which Pioneer will withdraw.
Pioneer recorded operating income of JPY1,003 million (US$10.9
million), compared with an operating loss of JPY11,350 million in the third
quarter of fiscal 2009. This change primarily reflected improvement in the gross
profit margin and lower selling, general and administrative (SG&A) expenses,
mainly owing to benefits from restructuring, despite the drop in net sales. The
net loss improved to JPY3,873 million (US$42.1 million), compared with JPY29,895
million in the third quarter of fiscal 2009. In addition to improved operating
profitability, the smaller net loss reflected the absence of a loss on valuation
of investment securities recorded in the third quarter of fiscal 2009.
During the third quarter of fiscal 2010, the average value of the
Japanese yen appreciated 7.4% against the U.S. dollar but depreciated 4.5%
against the euro, compared with the third quarter of fiscal 2009.
Car Electronics sales decreased 2.4% year on year to JPY64,751 million (US$703.8
million) because of lower sales of car navigation systems, despite higher car
audio product sales. In car navigation systems, consumer-market sales declined
year on year, mainly due to lower sales in Japan. OEM sales decreased because of
lower sales in Japan and North America. In car audio products, consumer-market
sales rose due to higher sales in Central and South America and India, despite
lower sales in North America. OEM sales increased because of higher sales in
Japan, China and North America. Total OEM sales in this segment accounted for
approximately 47% of Car Electronics sales, mostly the same as the corresponding
period of the previous fiscal year.
In terms of geographic sales, sales in Japan decreased 7.8% to
JPY27,297 million (US$296.7 million), while overseas sales increased 2.0% to
JPY37,454 million (US$407.1 million).
This segment recorded operating income of JPY2,176 million (US$23.7
million), compared with an operating loss of JPY1,213 million in the third
quarter of fiscal 2009. This was mainly due to a drop in fixed cost, mainly
owing to benefits from restructuring, despite a decline in production volume.
Home Electronics sales decreased 24.4% year on year to JPY38,854 million
(US$422.3 million), due to lower sales of plasma displays and DVD drives,
despite higher sales of Blu-ray Disc-related products as an optical disc joint
venture commenced operations.
In terms of geographic sales, sales in Japan increased 40.6% to
JPY14,383 million (US$156.3 million), while overseas sales declined 40.6% to
JPY24,471 million (US$266.0 million).
This segment recorded an operating loss of JPY2,318 million (US$25.2
million), compared with JPY9,752 million in the third quarter of fiscal 2009.
The smaller operating loss reflected a decline in fixed cost, mainly owing to
benefits from restructuring.
In the Others segment, sales increased 14.7% year on year to JPY15,446 million
(US$167.9 million), due to increased royalty revenue from patents related to
optical disc technologies, as well as higher sales of electronics devices and
parts, and business-use AV systems. This was despite lower sales of factory
automation systems.
In terms of geographic sales, sales in Japan increased 2.4% to
JPY9,307 million (US$101.2 million), and overseas sales increased 40.4% to
JPY6,139 million (US$66.7 million).
Operating income in this segment was JPY1,368 million (US$14.9
million), compared with an operating loss of JPY624 million in the third quarter
of fiscal 2009. This change was mainly due to increased royalty revenue from
patents related to optical disc technologies.
For the nine-month period ended December 31, 2009, consolidated net sales
decreased 29.6% to JPY322,784 million (US$3,508.5 million). Meanwhile, the
operating loss improved to JPY21,757 million (US$236.5 million), compared with
JPY25,690 million in the same period of the previous fiscal year. Furthermore,
as a result of declines in loss on valuation of investment securities and income
taxes, the net loss improved to JPY44,730 million (US$486.2 million), compared
with JPY73,966 million in the corresponding period of fiscal 2009.
Note: Operating income (loss) in each business segment represents operating
income (loss) before elimination of intersegment transactions.
Total assets as of December 31, 2009 were JPY389,738 million (US$4,236.3
million), a decrease of JPY39,355 million from March 31, 2009, mainly reflecting
decreases in inventories as well as property, plant and equipment and intangible
assets. Inventories declined JPY19,646 million from March 31, 2009 to JPY65,240
million (US$709.1 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 JPY11,177 million from March 31, 2009 to JPY100,990 million
(US$1,097.7 million) as of December 31, 2009, as we curtailed capital
expenditures, and intangible assets were JPY34,227 million (US$372.0 million) as
of December 31, 2009, a decrease of JPY10,571 million from March 31, 2009,
mainly due to curbs on new software acquisitions and to the sale of patents.
Total liabilities as of December 31, 2009 were JPY320,570 million
(US$3,484.5 million), an increase of JPY3,325 million from March 31, 2009. This
mainly reflected an increase of JPY22,112 million in trade payables accompanying
increased production, despite a decrease of JPY9,753 million in accrued expenses
mainly due to special retirement benefits paid.
Total equity as of December 31, 2009 was JPY69,168 million (US$751.8
million), a decrease of JPY42,680 million from March 31, 2009. This chiefly
reflected the net loss of JPY44,730 million (US$486.2 million) for the nine
months ended December 31, 2009.
During the nine months ended December 31, 2009, net cash used in operating
activities was JPY323 million (US$3.5 million). The main factors reducing cash
were loss before income taxes and minority interests of JPY39,844 million
(US$433.1 million), a decrease in accrued expenses of JPY9,877 million (US$107.4
million), and an increase in trade receivables of JPY8,583 million (US$93.3
million). These factors outweighed the addback of non-cash expenses, namely
depreciation and amortization of JPY30,868 million (US$335.5 million) and an
increase in trade payables of JPY22,867 million (US$248.6 million).
Net cash used in investing activities was JPY7,180 million (US$78.0
million). This principally reflected the payment of JPY17,360 million (US$188.7
million) for new purchases of noncurrent assets, despite proceeds of JPY9,910
million (US$107.7 million) from sales of noncurrent assets such as patents.
Financing activities provided net cash of JPY1,934 million (US$21.0
million) in the nine months ended December 31, 2009, principally reflecting
proceeds from stock issuance to minority shareholders in relation to the
establishment of a joint venture.
Consequently, cash and cash equivalents at December 31, 2009 amounted
to JPY57,100 million (US$620.7 million), down JPY6,646 million from March 31,
2009.
Consolidated full-year business forecasts for fiscal 2010, ending March 31,
2010, have been revised from those announced on October 29, 2009, as shown
below.
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
| | | | | | | (In millions of yen) |
+-------------------+-+-------------+-+-------------+-+-----------------------------+
| | | Revised | | Previous | | Changes | | Full-year |
| | | forecasts | | forecasts | | (A - B) | | results |
| | | (A) | | (B) | | | | for |
| | | | | | | | | fiscal |
| | | | | | | | | 2009 |
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
| Net sales | | JPY445,000 | | JPY451,000 | | JPY(6,000) | | JPY558,837 |
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
| Operating loss | | (21,600) | | (25,500) | | 3,900 | | (54,529) |
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
| Ordinary loss | | (27,100) | | (30,000) | | 2,900 | | (54,420) |
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
| Net loss | | JPY(54,000) | | JPY(59,500) | | JPY 5,500 | | JPY(130,529) |
+-------------------+-+-------------+-+-------------+-+------------+-+--------------+
Pioneer has revised its net sales forecast from JPY451.0 billion to JPY445.0
billion, mainly based on lower-than-projected sales of consumer-market car
navigation systems, and a drop in orders for Blu-ray Disc-related products.
Despite the reduced net sales forecast, Pioneer has revised its
operating loss forecast from JPY25.5 billion to JPY21.6 billion, primarily
reflecting the reduction in fixed cost and improvement in the gross profit
margin, mainly owing to benefits from restructuring. We have also revised the
ordinary loss forecast from JPY30.0 billion to JPY27.1 billion. The net loss
forecast has been revised from JPY59.5 billion to JPY54.0 billion.
We are assuming an average fourth-quarter yen-U.S. dollar exchange
rate of JPY93 and a yen-euro exchange rate of JPY133, for the revised forecasts.
Pioneer has revised its medium-term consolidated business forecasts announced on
April 28, 2009 for fiscal 2010, 2011 and 2012 as shown in the table below. These
revisions reflect the subsequent formation of joint-venture businesses and other
initiatives, the improved earnings due to benefits from restructuring, sales of
assets, further reductions in the costs of materials and exchange-rate
assumptions.
+------------------------+-+-+---------------+-+---------------+-+---------------+
| | | | | | |
| | | | | | (In millions of yen) |
+------------------------+-+-+---------------+-+---------------------------------+
| | | |Forecasts for | |Forecasts for | |Forecasts for |
| | | | Fiscal 2010 | | Fiscal 2011 | | Fiscal 2012 |
+------------------------+-+-+---------------+-+---------------+-+---------------+
| Net sales | | | JPY445,000 | | JPY485,000 | | JPY566,000 |
+------------------------+-+-+---------------+-+---------------+-+---------------+
| Operating income | | | (21,600) | | 17,000 | | 27,000 |
| (loss) | | | | | | | |
+------------------------+-+-+---------------+-+---------------+-+---------------+
| Net income (loss) | | | JPY(54,000) | | JPY9,000 | | JPY16,500 |
+------------------------+-+-+---------------+-+---------------+-+---------------+
We are assuming an average yen-U.S. dollar exchange rate of JPY93 and an average
yen-euro exchange rate of JPY133 for consolidated business forecasts for fiscal
2010 onward.
Pioneer has upwardly revised the forecasts for fiscal 2011 and 2012 mainly
because of increased sales in the optical disc business resulting from the
establishment of a joint venture in the Home Electronics business, increased
sales in the Car Electronics business, and improved profitability due to further
reductions in the costs of materials.
Although total equity as of March 31, 2010 should decline due to the
implementation of the restructuring measures, the Company expects an increase in
total equity by March 31, 2012 mainly as a result of improved operating
profitability primarily owing to benefits from restructuring. Concurrently, the
Company will work to reduce net interest-bearing debt.
Pioneer also improved cash flow due to improved operating profitability mainly
owing to benefits from restructuring, and sales of assets and other measures.
And Pioneer expects positive free cash flow of JPY24.0 billion for fiscal 2012.
Pioneer's financial position remains under strain due to a sharp drop in net
sales and large losses. However, Pioneer has rigorously implemented drastic
restructuring and this led to a significantly improved third-quarter business
performance, including returning to profitability at the operating income level.
Also, in fiscal 2009, the Company's business performance and financial position
triggered breaches of financial covenants arising from loan agreements with a
number of banks. However, as a result of discussions with the relevant banks,
the loan did not become capable of acceleration, and the banks have agreed to
maintain their existing loans to Pioneer under the terms of the loan agreements.
Pioneer originally estimated that it had funding requirements of approximately
JPY40 billion, including for the redemption in March 2011 of JPY60 billion in
aggregate principal amount of its convertible bonds due 2011. However, Pioneer
now intends to meet these requirements through continued borrowings from lender
financial institutions and its internal funds generated by the sale of certain
assets which are less relevant to Pioneer's business operations, including the
site of the former Head Office in Meguro. Furthermore, measures for funding
Pioneer's growth, such as those announced today relating to the offering of new
shares overseas and the issuance of new shares through third-party allotments,
are expected to significantly improve Pioneer's equity.
As a result, the Company believes that material uncertainty about Pioneer's
ability to continue its business activities into the future can be resolved.
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, and levels
of demand in the major industrial sectors which we serve; (ii) exchange rates,
particularly between the Japanese yen and the euro, the U.S. dollar, 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 and win acceptance for our products in extremely competitive markets;
(iv) our ability to successfully implement our business strategies; (v) the
success of our joint ventures, alliances and other business relationships with
third parties; (vi) our ability to access funding; (vii) our continued ability
to devote sufficient resources to research and development, and capital
expenditure; (viii) our ability to ensure the quality of our products; (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 JPY92=US$1.00, the approximate rate
prevailing on December 31, 2009.
Attached are consolidated financial statements for the three months and the nine
months ended December 31, 2009.
For further information, please contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Japan
Phone: +81-44-580-1004 / Fax: +81-44-580-4064
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
This news release has been prepared for the purpose of announcing to the public
certain matters relating to the business results for third quarter of fiscal
2010 of Pioneer Corporation (the "Company"), and not for the purpose of inducing
any investment. This news release is not an offer of any securities of the
Company for sale in Japan, the United Kingdom or the United States nor shall it
constitute an invitation or inducement to engage in investment activity or
financial promotion for purposes of the Financial Services and Markets Act 2000
of the United Kingdom. The securities have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may
not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No public offering of securities in
Japan, the United States or the United Kingdom will be made in connection with
the offering described herein.
+-------------------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+---------------------------+
| | | December | | March |
| | | 31, | | 31, |
+-------------------------------------------------------+-+------------+-+------------+
| | | 2009 | | 2009 |
+-------------------------------------------------------+-+------------+-+------------+
| ASSETS | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Current assets: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Cash and deposits | | JPY57,099 | | JPY63,745 |
+-------------------------------------------------------+-+------------+-+------------+
| Trade receivables | | 69,730 | | 60,989 |
+-------------------------------------------------------+-+------------+-+------------+
| Merchandise and finished goods | | 32,905 | | 45,169 |
+-------------------------------------------------------+-+------------+-+------------+
| Work in process | | 11,863 | | 14,699 |
+-------------------------------------------------------+-+------------+-+------------+
| Raw materials and supplies | | 20,472 | | 25,018 |
+-------------------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 6,803 | | 7,097 |
+-------------------------------------------------------+-+------------+-+------------+
| Other current assets | | 15,484 | | 17,420 |
+-------------------------------------------------------+-+------------+-+------------+
| Allowance for doubtful receivables | | (2,069) | | (2,035) |
+-------------------------------------------------------+-+------------+-+------------+
| Total current assets | | 212,287 | | 232,102 |
+-------------------------------------------------------+-+------------+-+------------+
| Noncurrent assets: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Property, plant and equipment: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Buildings and structures | | 101,942 | | 102,285 |
+-------------------------------------------------------+-+------------+-+------------+
| Machinery, vehicles, tools, furniture and fixtures | | 163,863 | | 176,593 |
+-------------------------------------------------------+-+------------+-+------------+
| Others | | 33,768 | | 34,078 |
+-------------------------------------------------------+-+------------+-+------------+
| Accumulated depreciation | | (198,583) | | (200,789) |
+-------------------------------------------------------+-+------------+-+------------+
| Total property, plant and equipment | | 100,990 | | 112,167 |
+-------------------------------------------------------+-+------------+-+------------+
| Intangible assets: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Goodwill | | 1,360 | | 1,420 |
+-------------------------------------------------------+-+------------+-+------------+
| Software | | 31,397 | | 39,215 |
+-------------------------------------------------------+-+------------+-+------------+
| Others | | 1,470 | | 4,163 |
+-------------------------------------------------------+-+------------+-+------------+
| Total intangible assets | | 34,227 | | 44,798 |
+-------------------------------------------------------+-+------------+-+------------+
| Investments and other assets: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Investment securities | | 23,311 | | 18,972 |
+-------------------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 11,320 | | 12,484 |
+-------------------------------------------------------+-+------------+-+------------+
| Others | | 7,551 | | 8,470 |
+-------------------------------------------------------+-+------------+-+------------+
| Allowance for doubtful accounts | | (7) | | (7) |
+-------------------------------------------------------+-+------------+-+------------+
| Total investments and other assets | | 42,175 | | 39,919 |
+-------------------------------------------------------+-+------------+-+------------+
| Total noncurrent assets | | 177,392 | | 196,884 |
+-------------------------------------------------------+-+------------+-+------------+
| Deferred assets | | 59 | | 107 |
+-------------------------------------------------------+-+------------+-+------------+
| Total assets | | JPY389,738 | | JPY429,093 |
+-------------------------------------------------------+-+------------+-+------------+
+-------------------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+---------------------------+
| | | December | | March |
| | | 31, | | 31, |
+-------------------------------------------------------+-+------------+-+------------+
| | | 2009 | | 2009 |
+-------------------------------------------------------+-+------------+-+------------+
| LIABILITIES | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Current liabilities: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Trade payables | | JPY62,910 | | JPY40,798 |
+-------------------------------------------------------+-+------------+-+------------+
| Short-term borrowings | | 111,847 | | 110,000 |
+-------------------------------------------------------+-+------------+-+------------+
| Current portion of long-term debt | | 2,664 | | 2,664 |
+-------------------------------------------------------+-+------------+-+------------+
| Accrued income taxes | | 4,946 | | 4,153 |
+-------------------------------------------------------+-+------------+-+------------+
| Accrued expenses | | 41,010 | | 50,763 |
+-------------------------------------------------------+-+------------+-+------------+
| Warranty reserve | | 3,890 | | 4,222 |
+-------------------------------------------------------+-+------------+-+------------+
| Other current liabilities | | 13,200 | | 19,820 |
+-------------------------------------------------------+-+------------+-+------------+
| Total current liabilities | | 240,467 | | 232,420 |
+-------------------------------------------------------+-+------------+-+------------+
| Long-term liabilities: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Bonds payable | | 60,600 | | 60,600 |
+-------------------------------------------------------+-+------------+-+------------+
| Long-term debt | | 4,700 | | 6,515 |
+-------------------------------------------------------+-+------------+-+------------+
| Accrued pension and severance costs | | 10,152 | | 12,704 |
+-------------------------------------------------------+-+------------+-+------------+
| Other long-term liabilities | | 4,651 | | 5,006 |
+-------------------------------------------------------+-+------------+-+------------+
| Total long-term liabilities | | 80,103 | | 84,825 |
+-------------------------------------------------------+-+------------+-+------------+
| Total liabilities | | 320,570 | | 317,245 |
+-------------------------------------------------------+-+------------+-+------------+
| EQUITY | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Shareholders' equity: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Common stock | | 69,824 | | 69,824 |
+-------------------------------------------------------+-+------------+-+------------+
| Capital surplus | | 102,054 | | 102,054 |
+-------------------------------------------------------+-+------------+-+------------+
| Retained earnings | | (31,480) | | 13,250 |
+-------------------------------------------------------+-+------------+-+------------+
| Treasury stock | | (11,124) | | (11,124) |
+-------------------------------------------------------+-+------------+-+------------+
| Total shareholders' equity | | 129,274 | | 174,004 |
+-------------------------------------------------------+-+------------+-+------------+
| Valuation and translation adjustments: | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Unrealized gain on available-for-sale securities | | 6,464 | | 1,552 |
+-------------------------------------------------------+-+------------+-+------------+
| Deferred gain on derivatives under hedge accounting | | 0 | | 42 |
+-------------------------------------------------------+-+------------+-+------------+
| Foreign currency translation adjustments | | (68,371) | | (63,549) |
+-------------------------------------------------------+-+------------+-+------------+
| Pension adjustments recognized by foreign | | (1,516) | | (1,551) |
| consolidated subsidiaries | | | | |
+-------------------------------------------------------+-+------------+-+------------+
| Total valuation and translation adjustments | | (63,423) | | (63,506) |
+-------------------------------------------------------+-+------------+-+------------+
| Minority interests | | 3,317 | | 1,350 |
+-------------------------------------------------------+-+------------+-+------------+
| Total equity | | 69,168 | | 111,848 |
+-------------------------------------------------------+-+------------+-+------------+
| Total liabilities and equity | | JPY389,738 | | JPY429,093 |
+-------------------------------------------------------+-+------------+-+------------+
+-------------------------------------------------------+-+-------------+-+---------------------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+-------------------------------------+
| | | Three months ended |
| | | December 31 |
+-------------------------------------------------------+-+-------------------------------------+
| | | 2008 | | 2009 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Net sales | | JPY131,231 | | JPY119,051 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Cost of sales | | 110,654 | | 93,146 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Gross profit | | 20,577 | | 25,905 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Selling, general and administrative expenses | | 31,927 | | 24,902 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Operating income (loss) | | (11,350) | | 1,003 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Non-operating income: | | | | |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Interest income | | 624 | | 126 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Dividends income | | 234 | | 124 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Subsidy income | | - | | 41 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Others | | 6 | | 182 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Total non-operating income | | 864 | | 473 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Non-operating expenses: | | | | |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Interest expenses | | 642 | | 823 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Foreign exchange losses | | 548 | | 879 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Others | | 286 | | 340 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Total non-operating expenses | | 1,476 | | 2,042 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Ordinary loss | | (11,962) | | (566) |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Extraordinary income: | | | | |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Gain on sales of noncurrent assets | | 86 | | 171 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Gain on sales of subsidiaries' stocks | | - | | 72 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Others | | 4 | | 22 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Total extraordinary income | | 90 | | 265 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Extraordinary loss: | | | | |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Impairment loss | | 515 | | - |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Loss on valuation of investment securities | | 13,728 | | - |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Restructuring costs | | 2,284 | | 1,173 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Others | | 99 | | 472 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Total extraordinary loss | | 16,626 | | 1,645 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Loss before income taxes and minority interests | | (28,498) | | (1,946) |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Income taxes?current | | (443) | | 2,012 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Income taxes?deferred | | 1,813 | | (183) |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Total income taxes | | 1,370 | | 1,829 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Minority interests in income | | 27 | | 98 |
+-------------------------------------------------------+-+-------------+-+---------------------+
| Net loss | | JPY(29,895) | | JPY(3,873) |
+-------------------------------------------------------+-+-------------+-+---------------------+
+-------------------------------------------------------+-+-------------+-+-------------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+-----------------------------+
| | | Nine months ended |
| | | December 31 |
+-------------------------------------------------------+-+-----------------------------+
| | | 2008 | | 2009 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net sales | | JPY458,273 | | JPY322,784 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Cost of sales | | 373,297 | | 275,150 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Gross profit | | 84,976 | | 47,634 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Selling, general and administrative expenses | | 110,666 | | 69,391 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Operating loss | | (25,690) | | (21,757) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Non-operating income: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest income | | 2,650 | | 471 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Dividends income | | - | | 385 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Subsidy income | | - | | 443 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Others | | 1,054 | | 623 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Total non-operating income | | 3,704 | | 1,922 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Non-operating expenses: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest expenses | | 2,293 | | 2,464 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Foreign exchange losses | | 338 | | 821 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Others | | 885 | | 1,716 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Total non-operating expenses | | 3,516 | | 5,001 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Ordinary loss | | (25,502) | | (24,836) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Extraordinary income: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Gain on sales of noncurrent assets | | 875 | | 6,233 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Others | | 72 | | 224 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Total extraordinary income | | 947 | | 6,457 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Extraordinary loss: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Impairment loss | | 1,960 | | 28 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Loss on valuation of investment securities | | 14,217 | | 363 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Restructuring costs | | 18,012 | | 19,549 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Others | | 190 | | 1,525 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Total extraordinary loss | | 34,379 | | 21,465 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Loss before income taxes and minority interests | | (58,934) | | (39,844) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Income taxes?current | | 8,669 | | 3,419 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Income taxes?deferred | | 6,239 | | 1,333 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Total income taxes | | 14,908 | | 4,752 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Minority interests in income | | 124 | | 134 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net loss | | JPY(73,966) | | JPY(44,730) |
+-------------------------------------------------------+-+-------------+-+-------------+
+-------------------------------------------------------+-+-------------+-+-------------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+-----------------------------+
| | | Nine months ended |
| | | December 31 |
+-------------------------------------------------------+-+-----------------------------+
| | | 2008 | | 2009 |
+-------------------------------------------------------+-+-------------+-+-------------+
| I. Cash flows from operating activities: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Loss before income taxes and minority interests | | JPY(58,934) | | JPY(39,844) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Depreciation and amortization | | 32,171 | | 30,868 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Impairment loss | | 1,960 | | 28 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Decrease in accrued pension and severance costs | | - | | (2,592) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest and dividends income | | (3,262) | | (856) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest expenses | | 2,293 | | 2,464 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Loss on valuation of investment securities | | 14,217 | | 363 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Gain on sales and disposal of noncurrent assets | | (685) | | (4,854) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Decrease (increase) in trade receivables | | 13,176 | | (8,583) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Decrease (increase) in inventories | | (33,638) | | 19,080 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Increase (decrease) in trade payables | | (4,748) | | 22,867 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Increase (decrease) in accrued expenses | | 486 | | (9,877) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (7,114) | | (3,526) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Subtotal | | (44,078) | | 5,538 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest and dividends income received | | 2,791 | | 855 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Interest expenses paid | | (1,924) | | (2,463) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Income taxes paid | | (8,059) | | (4,253) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net cash used in operating activities | | (51,270) | | (323) |
+-------------------------------------------------------+-+-------------+-+-------------+
| II. Cash flows from investing activities: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Purchase of noncurrent assets | | (37,762) | | (17,360) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Proceeds from sales of noncurrent assets | | 1,294 | | 9,910 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Proceeds from sales of investment securities | | 145 | | 532 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Proceeds from cancellation return of insurance | | 5,515 | | - |
+-------------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (96) | | (262) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net cash used in investing activities | | (30,904) | | (7,180) |
+-------------------------------------------------------+-+-------------+-+-------------+
| III. Cash flows from financing activities: | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net increase in short-term borrowings | | 62,894 | | 1,967 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Repayment of long-term debt | | (2,215) | | (1,815) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Redemption of bonds | | (10,000) | | - |
+-------------------------------------------------------+-+-------------+-+-------------+
| Dividends paid | | (513) | | - |
+-------------------------------------------------------+-+-------------+-+-------------+
| Proceeds from stock issuance to minority shareholders | | - | | 2,040 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Other, net | | (395) | | (258) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net cash provided by financing activities | | 49,771 | | 1,934 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Effect of exchange rate changes on cash and cash | | (5,455) | | (1,077) |
| equivalents | | | | |
+-------------------------------------------------------+-+-------------+-+-------------+
| Net decrease in cash and cash equivalents | | (37,858) | | (6,646) |
+-------------------------------------------------------+-+-------------+-+-------------+
| Cash and cash equivalents, beginning of period | | 81,180 | | 63,746 |
+-------------------------------------------------------+-+-------------+-+-------------+
| Cash and cash equivalents, end of period | | JPY43,322 | | JPY57,100 |
+-------------------------------------------------------+-+-------------+-+-------------+
<Net Sales by Segment>
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| | | (In millions of yen) |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | Three months ended December 31 |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | 2008 | | 2009 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+--------------------------------+----------+----------------------------------+----------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | JPY29,613 | | 22.6% | | JPY27,297 | | 22.9% | | 92.2% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 36,727 | | 28.0 | | 37,454 | | 31.5 | | 102.0 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Car Electronics | | 66,340 | | 50.6 | | 64,751 | | 54.4 | | 97.6 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 10,233 | | 7.8 | | 14,383 | | 12.1 | | 140.6 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 41,193 | | 31.4 | | 24,471 | | 20.5 | | 59.4 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Home Electronics | | 51,426 | | 39.2 | | 38,854 | | 32.6 | | 75.6 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 9,092 | | 6.9 | | 9,307 | | 7.8 | | 102.4 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 4,373 | | 3.3 | | 6,139 | | 5.2 | | 140.4 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Others | | 13,465 | | 10.2 | | 15,446 | | 13.0 | | 114.7 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 48,938 | | 37.3 | | 50,987 | | 42.8 | | 104.2 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 82,293 | | 62.7 | | 68,064 | | 57.2 | | 82.7 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Total | | JPY131,231 | | 100.0% | | JPY119,051 | | 100.0% | | 90.7% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| | | (In millions of yen) |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | Nine months ended December 31 |
+----------------------+-+----------------------------------------------------------------------------------------------------+
| | | 2008 | | 2009 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+--------------------------------+----------+----------------------------------+----------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | JPY92,933 | | 20.3% | | JPY75,801 | | 23.5% | | 81.6% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 147,048 | | 32.1 | | 103,515 | | 32.1 | | 70.4 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Car Electronics | | 239,981 | | 52.4 | | 179,316 | | 55.6 | | 74.7 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 23,608 | | 5.2 | | 28,054 | | 8.7 | | 118.8 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 147,750 | | 32.2 | | 74,484 | | 23.1 | | 50.4 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Home Electronics | | 171,358 | | 37.4 | | 102,538 | | 31.8 | | 59.8 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 30,129 | | 6.5 | | 26,588 | | 8.2 | | 88.2 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 16,805 | | 3.7 | | 14,342 | | 4.4 | | 85.3 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Others | | 46,934 | | 10.2 | | 40,930 | | 12.6 | | 87.2 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 146,670 | | 32.0 | | 130,443 | | 40.4 | | 88.9 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 311,603 | | 68.0 | | 192,341 | | 59.6 | | 61.7 |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
| Total | | JPY458,273 | | 100.0% | | JPY322,784 | | 100.0% | | 70.4% |
+----------------------+-+------------+----------+--------+----------+------------+----------+----------+----------+----------+
<Business Segments>
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+------------------------------------------------------------------------------------------------------------------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| December 31, | | | | | | | | | |Eliminations | | |
| 2008 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY66,340 | | JPY51,426 | | JPY13,465 | | JPY131,231 | | - | | JPY131,231 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 589 | | 141 | | 5,910 | | 6,640 | | JPY(6,640) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 66,929 | | 51,567 | | 19,375 | | 137,871 | | (6,640) | | 131,231 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Operating income | | JPY(1,213) | | JPY(9,752) | | JPY(624) | | JPY(11,589) | | JPY239 | | JPY(11,350) |
| (loss) | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+-----------------------------------------------------------------------------------------------------------------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| December 31, | | | | | | | | | |Eliminations | | |
| 2009 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY64,751 | | JPY38,854 | | JPY15,446 | | JPY119,051 | | - | | JPY119,051 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Inter-segment | | 495 | | 234 | | 3,363 | | 4,092 | | JPY(4,092) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Total | | 65,246 | | 39,088 | | 18,809 | | 123,143 | | (4,092) | | 119,051 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Operating income | | JPY2,176 | | JPY(2,318) | | JPY1,368 | | JPY1,226 | | JPY(223) | | JPY1,003 |
| (loss) | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+------------------------------------------------------------------------------------------------------------------------------------------+
| Nine months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| December 31, | | | | | | | | | |Eliminations | | |
| 2008 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY239,981 | | JPY171,358 | | JPY46,934 | | JPY458,273 | | - | | JPY458,273 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 1,531 | | 423 | | 22,475 | | 24,429 | | JPY(24,429) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 241,512 | | 171,781 | | 69,409 | | 482,702 | | (24,429) | | 458,273 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Operating income | | JPY1,563 | | JPY(24,099) | | JPY(445) | | JPY(22,981) | | JPY(2,709) | | JPY(25,690) |
| (loss) | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+------------------------------------------------------------------------------------------------------------------------------------------+
| Nine months | | Car | | Home | | Others | | Total | | Corporate | |Consolidated |
| ended | |Electronics | |Electronics | | | | | | and | | |
| December 31, | | | | | | | | | |Eliminations | | |
| 2009 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY179,316 | | JPY102,538 | | JPY40,930 | | JPY322,784 | | - | | JPY322,784 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Inter-segment | | 1,362 | | 567 | | 11,064 | | 12,993 | | JPY(12,993) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Total | | 180,678 | | 103,105 | | 51,994 | | 335,777 | | (12,993) | | 322,784 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
| Operating loss | | JPY(11,829) | | JPY(9,451) | | JPY(452) | | JPY(21,732) | | JPY(25) | | JPY(21,757) |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+-------------+----------+--------------+----------+--------------+
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
QRTUGUQUPUPUGUB
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