Science & Technology
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Published in Science and Technology on Thursday, July 28th 2011 at 1:00 GMT by Market Wire
KYOTO, Japan--([ BUSINESS WIRE ])--[ Kyocera Corporation ] (NYSE:KYO)(TOKYO:6971) today announced its consolidated financial results for the first quarter of fiscal year 2012 (the three months ended June 30, 2011), as summarized below. Complete details are available at: [ http://global.kyocera.com/ir/financial/f_results.html ]
Financial Results: Three Months Ended June 30 | ||||||||||||
Unit: Millions (except percentages and per-share amounts) | ||||||||||||
2010 | 2011 | Increase | 2011 | 2011 | ||||||||
Amount | % | |||||||||||
| Net sales | 313,175 | 305,231 | (7,944) | (2.5) | 3,768 | 2,609 | ||||||
| Profit from operations | 40,603 | 33,313 | (7,290) | (18.0) | 411 | 285 | ||||||
| Income before income taxes | 46,323 | 39,922 | (6,401) | (13.8) | 493 | 341 | ||||||
Net income attributable to | 29,893 | 24,804 | (5,089) | (17.0) | 306 | 212 | ||||||
Diluted earnings per share | 162.89 | 135.19 | - | - | 1.67 | 1.16 | ||||||
Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are based on the rates of USD1 = JPY81 and EUR1 = JPY117, rounded to the nearest unit.
Summary of Consolidated Financial Results
Industrial machinery markets expanded steadily during the three months ended June 30, 2011 (the "first quarter"). However, growth in demand for digital consumer equipment, a principal market for many Kyocera products, fell below initial projections. Further, the Japanese economy stagnated due to broad aftereffects of the March 11 earthquake, and the yen's appreciation adversely affected the company's net sales and profits as compared to the previous first quarter ("FY11-Q1").
Consequently, as compared to FY11-Q1, consolidated net sales decreased 2.5%, to JPY305,231 (USD3,768) million; profit from operations decreased 18.0%, to JPY33,313 (USD411) million; income before income taxes decreased 13.8%, to JPY39,922 (USD493) million; and net income attributable to shareholders of Kyocera Corporation decreased 17.0%, to JPY24,804 (USD306) million.
Consolidated Forecasts for the Year Ending March 31, 2012
Despite the impact of the Great East Japan Earthquake, Kyocera's results were roughly in line with initial projections for the first quarter. Ongoing uncertainties include the possible further appreciation of the yen; rising public debt in European economies; and concerns of economic slowdown in Asia. However, Kyocera expects manufacturing levels in Japan to begin improving from the second quarter ("FY12-Q2") onward, as earthquake recovery efforts progress.
Accordingly, Kyocera has made no changes to the forecasts of consolidated sales and profits for the year ending March 31, 2012 ("fiscal 2012") announced on April 27, 2011. However, average exchange rates for fiscal 2012 have been revised as set forth below in light of the first quarter and forecasted rates from the second quarter onward; which is expected to cause a negative impact of JPY9 billion and JPY4 billion on net sales and income before income taxes, respectively.
Consolidated Forecasts: Year Ending March 31, 2012 | |||||||||||
| Unit: Yen in millions (except percentages, per-share amounts and exchange rates) | |||||||||||
Fiscal 2012 Forecasts Announced on | Increase | ||||||||||
Fiscal 2011 | April 27, 2011 | July 28, 2011 | |||||||||
| Net sales | 1,266,924 | 1,360,000 | 1,360,000 | 7.3 | |||||||
| Profit from operations | 155,924 | 168,000 | 168,000 | 7.7 | |||||||
| Income before income taxes | 172,332 | 180,000 | 180,000 | 4.4 | |||||||
Net income attributable to shareholders | 122,448 | 112,000 | 112,000 | (8.5 | ) | ||||||
Diluted earnings per share attributable to | 667.23 | 610.30 | 610.46 | - | |||||||
| Average USD exchange rate | 86 | 81 | 80 | - | |||||||
| Average EUR exchange rate | 113 | 115 | 113 | - | |||||||
Notes:
1. Forecast of earnings per share announced on July 28, 2011 is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2011.
2. Forecast of earnings per share announced on April 27, 2011 is computed based on the diluted average number of shares outstanding during the year ended March 31, 2011.
FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission.
[ About KYOCERA ]
[ Kyocera Corporation ](NYSE:KYO)(TOKYO:6971) ([ http://global.kyocera.com/ ]), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of [ fine ceramics ] (also known as "advanced ceramics"). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, telecommunications equipment, printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2011, the company's net sales totaled 1.27 trillion yen (approx. USD15.3 billion). The company is ranked #604 on Forbes magazine's 2011 "Global 2000" listing of the world's largest publicly traded companies.
