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TIDM35SV
RNS Number : 6592Q
Pioneer Corporation
06 August 2010
For Immediate Release
August 6, 2010
Pioneer Announces Business Results for 1Q Fiscal 2011
Pioneer Corporation today announced its consolidated first-quarter business
results for the period ended June 30, 2010.
Consolidated Financial Highlights
+-------------------------------+--+------------+--+------------+--+----------+
| | | (In millions of yen except per share |
| | | information) |
+-------------------------------+--+------------------------------------------+
| | | Three months ended June 30 |
+-------------------------------+--+------------------------------------------+
| | | 2010 | | 2009 | | % to |
| | | | | | | prior |
| | | | | | | year |
+-------------------------------+--+------------+--+------------+--+----------+
| Net sales | | JPY109,848 | | JPY95,757 | | 114.7% |
+-------------------------------+--+------------+--+------------+--+----------+
| Operating income (loss) | | 2,368 | | (8,756) | | - |
+-------------------------------+--+------------+--+------------+--+----------+
| Ordinary income (loss) | | 1,685 | | (8,941) | | - |
+-------------------------------+--+------------+--+------------+--+----------+
| Net income (loss) | | JPY598 | | JPY(4,099) | | -% |
+-------------------------------+--+------------+--+------------+--+----------+
| | | | | | | |
+-------------------------------+--+------------+--+------------+--+----------+
| Net income (loss) per share | | JPY1.86 | | JPY(19.99) | | |
+-------------------------------+--+------------+--+------------+--+----------+
Consolidated Business Results
For the first quarter of fiscal 2011, the three months ended June 30, 2010,
consolidated net sales increased 14.7% from the first quarter of fiscal 2010 to
JPY109,848 million (US$1,248.3 million). This was mainly the result of increased
sales of Blu-ray Disc drive-related products, and higher car audio product sales
in both OEM and consumer markets. This was despite decreased sales of plasma
displays, from which business Pioneer withdrew in fiscal 2010, and the impact of
the Japanese yen's appreciation.
Pioneer posted operating income of JPY2,368 million (US$26.9 million), compared
with an operating loss of JPY8,756 million in the first quarter of fiscal 2010.
This mainly reflected substantial improvement in the gross profit margin owing
to the benefits of restructuring, in addition to higher gross profit in line
with sales growth, despite increased selling, general and administrative (SG&A)
expenses compared with the first quarter of fiscal 2010, when Pioneer recorded
lump-sum income from patents. Net income was JPY598 million (US$6.8 million)
compared with a net loss of JPY4,099 million, which included a gain on sale of
patents, in the first quarter of fiscal 2010.
During the first quarter of fiscal 2011, the average value of the Japanese yen
appreciated 5.8% against the U.S. dollar and 13.3% against the euro, compared
with the first quarter of fiscal 2010.
Car Electronics sales increased 15.6% year on year to JPY62,698 million
(US$712.5 million). In car navigation systems, OEM sales decreased mainly in
Japan. Consumer-market sales declined, due partly to a shortage of certain
components in Japan. In car audio products, consumer-market sales rose primarily
in Central and South America and Europe. OEM sales increased in Japan and North
America. Total OEM sales in this business segment accounted for approximately
45% of Car Electronics sales, compared with approximately 39% in the first
quarter of fiscal 2010.
By geographic region, sales in Japan increased 6.6% to JPY26,256 million
(US$298.4 million), and overseas sales increased 23.1% to JPY36,442 million
(US$414.1 million).
This segment reported operating income of JPY1,987 million (US$22.6
million) compared with an operating loss of JPY8,693 million in the first
quarter of fiscal 2010. This improvement was mainly due to a large improvement
in the gross profit margin owing to restructuring benefits, in addition to
higher gross profit in line with sales growth.
Home Electronics sales rose 16.2% year on year to JPY35,057 million (US$398.4
million). This mainly reflected substantial growth in sales of Blu-ray Disc
drive-related products as an optical disc joint venture commenced operations in
the second half of fiscal 2010, in addition to favorable sales of AV receivers,
primarily in North America.
By geographic region, sales in Japan increased 83.3% to JPY14,858 million
(US$168.8 million), while overseas sales declined 8.4% to JPY20,199 million
(US$229.5 million).
Operating income in this segment was JPY6 million (US$0.1 million), compared
with JPY972 million in the first quarter of fiscal 2010. This decrease mainly
reflected the recording of lump-sum income from patents related to plasma
displays in the first quarter of fiscal 2010, despite growth in sales of Blu-ray
Disc drive-related products and restructuring benefits in the period under
review.
In the Others segment, sales increased 6.5% year on year to JPY12,093 million
(US$137.4 million), mainly due to increased sales of electronics devices and
parts, and factory automation systems.
By geographic region, sales in Japan decreased 1.4% to JPY7,812 million (US$88.8
million), while overseas sales increased 24.7% to JPY4,281 million (US$48.6
million).
This segment reported operating income of JPY94 million (US$1.1 million)
compared with an operating loss of JPY1,567 million in the first quarter of
fiscal 2010. This improvement was mainly the result of increased sales and
restructuring benefits.
Notes: 1. Operating income (loss) in each business segment represents
operating income (loss) before elimination of intersegment transactions.
2. In the first quarter of fiscal 2011, AV accessories were
reclassified from the Others segment to the Home Electronics segment.
Consequently, figures for the first quarter of fiscal 2010 were also
reclassified in accordance with the presentation used in the first quarter of
fiscal 2011.
Consolidated Financial Position
Total assets as of June 30, 2010 were JPY373,986 million (US$4,249.8 million), a
decrease of JPY15,733 million from March 31, 2010, mainly reflecting decreases
in trade receivables and property, plant and equipment, despite increased
inventories. Inventories increased JPY6,010 million to JPY61,060 million
(US$693.9 million). This increase reflected the stockpiling of car electronics
and home electronics inventories in line with sales plans for the second quarter
onward. Trade receivables were JPY64,052 million (US$727.9 million), a decrease
of JPY6,748 million mainly reflecting progress with the collection of trade
receivables. Property, plant and equipment decreased JPY6,769 million to
JPY83,295 million (US$946.5 million), mainly due to the sale of land and
buildings owned by subsidiaries, in addition to curbs on capital expenditures.
Total liabilities as of June 30, 2010 were JPY291,463 million (US$3,312.1
million), a decrease of JPY7,602 million from March 31, 2010. This mainly
reflected a decrease in short-term borrowings due to the repayment of debt, as
well as lower accrued expenses.
Total equity was JPY82,523 million (US$937.8 million), a decrease of JPY8,131
million from March 31, 2010. This chiefly reflected a deterioration of JPY6,169
million in foreign currency translation adjustments due to the yen's sharp
appreciation, in addition to a decrease of JPY2,880 million in unrealized gain
on available-for-sale securities due to the decline of market price of
investment securities.
Cash Flows
During the first quarter of fiscal 2011, operating activities provided net cash
of JPY6,255 million (US$71.1 million). The main factors providing cash were the
addback of non-cash expenses, namely depreciation and amortization of JPY8,162
million (US$92.8 million), an increase in trade payables of JPY5,651 million
(US$64.2 million) and a decrease in trade receivables of JPY4,476 million
(US$50.9 million), despite an increase in inventories of JPY8,487 million
(US$96.4 million). Investing activities used net cash of JPY679 million (US$7.7
million). This mainly reflected capital expenditures of JPY5,125 million
(US$58.2 million), despite proceeds of JPY3,036 million (US$34.5 million) from
the sale of property, plant and equipment, mainly land and buildings owned by
subsidiaries. Financing activities used net cash of JPY3,485 million (US$39.6
million), mainly for the repayment of JPY2,696 million (US$30.6 million) in
short-term borrowings. In addition, cash and cash equivalents denominated in
foreign currencies declined by JPY2,987 million (US$33.9 million) upon
translation into Japanese yen, due to the yen's sharp appreciation.
Consequently, cash and cash equivalents as of June 30, 2010 were
JPY83,246 million (US$946.0 million), down JPY896 million from March 31, 2010.
Business Forecasts for Fiscal 2011
Consolidated business forecasts for fiscal 2011, ending March 31, 2011, have not
been changed from those announced on May 13, 2010, as shown below.
In the first quarter of fiscal 2011, sales and profits were both
better than initially planned, but we have conservatively estimated consumption
trends and the competitive environment from the second quarter of fiscal 2011
onward. The yen-U.S. dollar and yen-euro exchange rate assumptions for these
consolidated business forecasts are unchanged at JPY90 and JPY120, respectively.
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| | | | | (In millions of yen) |
+------------------+----------+----------------------------------------------------------+----------+----------------------------------------------------------+
| | | First half | | Full year |
+------------------+----------+----------------------------------------------------------+----------+----------------------------------------------------------+
| | | Forecasts | | Results | |Percent | | Forecasts | | Results | |Percent |
| | | for | | for | |changes | | for | | for | |changes |
| | | fiscal | | fiscal | | | | fiscal | | fiscal | | |
| | | 2011 | | 2010 | | | | 2011 | | 2010 | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Net sales | | JPY223,500 | | JPY203,733 | | +9.7% | | JPY480,000 | | JPY438,998 | | +9.3% |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Operating income | | 6,000 | | (22,760) | | - | | 17,000 | | (17,514) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Ordinary income | | 3,500 | | (24,270) | | - | | 12,500 | | (24,740) | | - |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
| Net income | | JPY7,500 | | JPY(40,857) | | -% | | JPY11,000 | | JPY(58,276) | | -% |
| (loss) | | | | | | | | | | | | |
+------------------+----------+------------+----------+-------------+----------+---------+----------+------------+----------+-------------+----------+---------+
Material Events Regarding Going Concern Assumption
Pioneer's financial position remained under strain in fiscal 2010, due to a
sharp drop in net sales and large losses. However, Pioneer's financial position
has improved substantially, mainly due to measures implemented in March 2010,
including stable funding secured through the refinancing of loans from financial
institutions, and capital increases through an international offering.
In the first quarter of fiscal 2011, Pioneer restored profitability at the
operating income and net income levels, supported by a large increase in net
sales compared with the first quarter of fiscal 2010. As in fiscal 2010, Pioneer
has continued to sell assets that have a low degree of relevance to its main
businesses. The sale of the Company's former head office in Meguro, Tokyo was
completed on schedule at the end of July 2010. In light of the above, Pioneer
plans to use its own internal funds for the redemption of JPY60 billion in the
aggregate principal amount of its convertible bonds due in March 2011.
As a result of the foregoing, the Company believes that material uncertainty
about Pioneer's ability to continue its business activities into the future has
been largely 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; and (ix)
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 JPY88=US$1.00, the approximate rate
prevailing on June 30, 2010.
Attached are consolidated financial statements for the three months ended June
30, 2010.
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/
(1) CONSOLIDATED BALANCE SHEETS
+----------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | June 30, | | March 31, |
| | | 2010 | | 2010 |
+----------------------------------------------+-+------------+-+------------+
| ASSETS | | | | |
+----------------------------------------------+-+------------+-+------------+
| Current assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Cash and deposits | | JPY89,335 | | JPY90,245 |
+----------------------------------------------+-+------------+-+------------+
| Trade receivables | | 64,052 | | 70,800 |
+----------------------------------------------+-+------------+-+------------+
| Merchandise and finished goods | | 29,308 | | 25,218 |
+----------------------------------------------+-+------------+-+------------+
| Work in process | | 11,468 | | 10,211 |
+----------------------------------------------+-+------------+-+------------+
| Raw materials and supplies | | 20,284 | | 19,621 |
+----------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 5,569 | | 5,808 |
+----------------------------------------------+-+------------+-+------------+
| Other current assets | | 13,551 | | 13,845 |
+----------------------------------------------+-+------------+-+------------+
| Allowance for doubtful receivables | | (1,794) | | (1,875) |
+----------------------------------------------+-+------------+-+------------+
| Total current assets | | 231,773 | | 233,873 |
+----------------------------------------------+-+------------+-+------------+
| Noncurrent assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Property, plant and equipment: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Buildings and structures | | 87,850 | | 92,245 |
+----------------------------------------------+-+------------+-+------------+
| Machinery, vehicles, tools, furniture and | | 161,658 | | 168,397 |
| fixtures | | | | |
+----------------------------------------------+-+------------+-+------------+
| Others | | 26,945 | | 29,395 |
+----------------------------------------------+-+------------+-+------------+
| Accumulated depreciation | | (193,158) | | (199,973) |
+----------------------------------------------+-+------------+-+------------+
| Total property, plant and equipment | | 83,295 | | 90,064 |
+----------------------------------------------+-+------------+-+------------+
| Intangible assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Goodwill | | 1,323 | | 1,343 |
+----------------------------------------------+-+------------+-+------------+
| Software | | 26,566 | | 28,357 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 1,727 | | 1,603 |
+----------------------------------------------+-+------------+-+------------+
| Total intangible assets | | 29,616 | | 31,303 |
+----------------------------------------------+-+------------+-+------------+
| Investments and other assets: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Investment securities | | 13,449 | | 17,020 |
+----------------------------------------------+-+------------+-+------------+
| Deferred tax assets | | 8,804 | | 9,389 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 6,778 | | 7,762 |
+----------------------------------------------+-+------------+-+------------+
| Allowance for doubtful accounts | | (7) | | (10) |
+----------------------------------------------+-+------------+-+------------+
| Total investments and other assets | | 29,024 | | 34,161 |
+----------------------------------------------+-+------------+-+------------+
| Total noncurrent assets | | 141,935 | | 155,528 |
+----------------------------------------------+-+------------+-+------------+
| Deferred assets | | 278 | | 318 |
+----------------------------------------------+-+------------+-+------------+
| Total assets | | JPY373,986 | | JPY389,719 |
+----------------------------------------------+-+------------+-+------------+
+----------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | June 30, | | March 31, |
| | | 2010 | | 2010 |
+----------------------------------------------+-+------------+-+------------+
| LIABILITIES | | | | |
+----------------------------------------------+-+------------+-+------------+
| Current liabilities: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Trade payables | | JPY60,966 | | JPY57,694 |
+----------------------------------------------+-+------------+-+------------+
| Short-term borrowings | | 11,601 | | 14,567 |
+----------------------------------------------+-+------------+-+------------+
| Current portion of long-term debt | | 2,554 | | 2,553 |
+----------------------------------------------+-+------------+-+------------+
| Current portion of bonds | | 60,600 | | 60,600 |
+----------------------------------------------+-+------------+-+------------+
| Accrued income taxes | | 3,324 | | 5,016 |
+----------------------------------------------+-+------------+-+------------+
| Accrued expenses | | 35,432 | | 39,813 |
+----------------------------------------------+-+------------+-+------------+
| Warranty reserve | | 3,215 | | 3,504 |
+----------------------------------------------+-+------------+-+------------+
| Other current liabilities | | 15,027 | | 15,420 |
+----------------------------------------------+-+------------+-+------------+
| Total current liabilities | | 192,719 | | 199,167 |
+----------------------------------------------+-+------------+-+------------+
| Long-term liabilities: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Long-term debt | | 86,238 | | 86,877 |
+----------------------------------------------+-+------------+-+------------+
| Accrued pension and severance costs | | 9,141 | | 9,300 |
+----------------------------------------------+-+------------+-+------------+
| Other long-term liabilities | | 3,365 | | 3,721 |
+----------------------------------------------+-+------------+-+------------+
| Total long-term liabilities | | 98,744 | | 99,898 |
+----------------------------------------------+-+------------+-+------------+
| Total liabilities | | 291,463 | | 299,065 |
+----------------------------------------------+-+------------+-+------------+
| EQUITY | | | | |
+----------------------------------------------+-+------------+-+------------+
| Shareholders' equity: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Common stock | | 87,257 | | 87,257 |
+----------------------------------------------+-+------------+-+------------+
| Capital surplus | | 119,487 | | 119,487 |
+----------------------------------------------+-+------------+-+------------+
| Retained earnings | | (44,498) | | (45,096) |
+----------------------------------------------+-+------------+-+------------+
| Treasury stock | | (11,050) | | (11,049) |
+----------------------------------------------+-+------------+-+------------+
| Total shareholders' equity | | 151,196 | | 150,599 |
+----------------------------------------------+-+------------+-+------------+
| Valuation and translation adjustments: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Unrealized gain on available-for-sale | | 2,017 | | 4,897 |
| securities | | | | |
+----------------------------------------------+-+------------+-+------------+
| Deferred gain on derivatives under hedge | | 78 | | - |
| accounting | | | | |
+----------------------------------------------+-+------------+-+------------+
| Foreign currency translation adjustments | | (72,559) | | (66,390) |
+----------------------------------------------+-+------------+-+------------+
| Pension adjustments recognized by foreign | | (1,838) | | (1,946) |
| consolidated subsidiaries | | | | |
+----------------------------------------------+-+------------+-+------------+
| Total valuation and translation adjustments | | (72,302) | | (63,439) |
+----------------------------------------------+-+------------+-+------------+
| Minority interests | | 3,629 | | 3,494 |
+----------------------------------------------+-+------------+-+------------+
| Total equity | | 82,523 | | 90,654 |
+----------------------------------------------+-+------------+-+------------+
| Total liabilities and equity | | JPY373,986 | | JPY389,719 |
+----------------------------------------------+-+------------+-+------------+
(2) CONSOLIDATED STATEMENTS OF OPERATIONS
+----------------------------------------------+-+------------+-+------------+
| | | (In millions of yen) |
+----------------------------------------------+-+---------------------------+
| | | Three months ended June |
| | | 30 |
+----------------------------------------------+-+---------------------------+
| | | 2009 | | 2010 |
+----------------------------------------------+-+------------+-+------------+
| Net sales | | JPY95,757 | | JPY109,848 |
+----------------------------------------------+-+------------+-+------------+
| Cost of sales | | 86,351 | | 85,143 |
+----------------------------------------------+-+------------+-+------------+
| Gross profit | | 9,406 | | 24,705 |
+----------------------------------------------+-+------------+-+------------+
| Selling, general and administrative expenses | | 18,162 | | 22,337 |
+----------------------------------------------+-+------------+-+------------+
| Operating income (loss) | | (8,756) | | 2,368 |
+----------------------------------------------+-+------------+-+------------+
| Non-operating income: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Interest income | | 173 | | 74 |
+----------------------------------------------+-+------------+-+------------+
| Dividends income | | 213 | | 134 |
+----------------------------------------------+-+------------+-+------------+
| Foreign exchange income | | 381 | | 274 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 126 | | 242 |
+----------------------------------------------+-+------------+-+------------+
| Total non-operating income | | 893 | | 724 |
+----------------------------------------------+-+------------+-+------------+
| Non-operating expenses: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Interest expenses | | 765 | | 888 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 313 | | 519 |
+----------------------------------------------+-+------------+-+------------+
| Total non-operating expenses | | 1,078 | | 1,407 |
+----------------------------------------------+-+------------+-+------------+
| Ordinary income (loss) | | (8,941) | | 1,685 |
+----------------------------------------------+-+------------+-+------------+
| Extraordinary income: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Gain on sales of noncurrent assets | | 5,954 | | 121 |
+----------------------------------------------+-+------------+-+------------+
| Gain on sales of investment securities | | - | | 642 |
+----------------------------------------------+-+------------+-+------------+
| Others | | 8 | | 2 |
+----------------------------------------------+-+------------+-+------------+
| Total extraordinary income | | 5,962 | | 765 |
+----------------------------------------------+-+------------+-+------------+
| Extraordinary loss: | | | | |
+----------------------------------------------+-+------------+-+------------+
| Loss on sales and disposal of noncurrent | | - | | 242 |
| assets | | | | |
+----------------------------------------------+-+------------+-+------------+
| Loss on valuation of investment securities | | 347 | | - |
+----------------------------------------------+-+------------+-+------------+
| Restructuring costs | | 638 | | - |
+----------------------------------------------+-+------------+-+------------+
| Loss on adjustment for changes of accounting | | - | | 359 |
| standard | | | | |
| for asset retirement obligations | | | | |
+----------------------------------------------+-+------------+-+------------+
| Others | | 57 | | 2 |
+----------------------------------------------+-+------------+-+------------+
| Total extraordinary loss | | 1,042 | | 603 |
+----------------------------------------------+-+------------+-+------------+
| Income (loss) before income taxes and | | (4,021) | | 1,847 |
| minority interests | | | | |
+----------------------------------------------+-+------------+-+------------+
| Income taxes?current | | 670 | | 1,395 |
+----------------------------------------------+-+------------+-+------------+
| Income taxes?deferred | | (524) | | (347) |
+----------------------------------------------+-+------------+-+------------+
| Total income taxes | | 146 | | 1,048 |
+----------------------------------------------+-+------------+-+------------+
| Income before minority interests | | - | | 799 |
+----------------------------------------------+-+------------+-+------------+
| Minority interests in income (loss) | | (68) | | 201 |
+----------------------------------------------+-+------------+-+------------+
| Net income (loss) | | JPY(4,099) | | JPY598 |
+----------------------------------------------+-+------------+-+------------+
(3) CONSOLIDATED STATEMENT OF CASH FLOWS
+-------------------------------------------------------+-+------------+-+-----------+
| | | (In millions of yen) |
+-------------------------------------------------------+-+--------------------------+
| | | Three months ended |
| | | June 30 |
+-------------------------------------------------------+-+--------------------------+
| | | 2009 | | 2010 |
+-------------------------------------------------------+-+------------+-+-----------+
| I. Cash flows from operating activities: | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Income (loss) before income taxes and minority | | JPY(4,021) | | JPY1,847 |
| interests | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Depreciation and amortization | | 10,487 | | 8,162 |
+-------------------------------------------------------+-+------------+-+-----------+
| Increase (decrease) in accrued pension and severance | | (2,758) | | 120 |
| costs | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Interest and dividends income | | (386) | | (208) |
+-------------------------------------------------------+-+------------+-+-----------+
| Interest expenses | | 765 | | 888 |
+-------------------------------------------------------+-+------------+-+-----------+
| Loss (gain) on sales and disposal of noncurrent | | (5,899) | | 121 |
| assets | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Decrease (increase) in trade receivables | | (1,071) | | 4,476 |
+-------------------------------------------------------+-+------------+-+-----------+
| Decrease (increase) in inventories | | 8,784 | | (8,487) |
+-------------------------------------------------------+-+------------+-+-----------+
| Increase in trade payables | | 8,137 | | 5,651 |
+-------------------------------------------------------+-+------------+-+-----------+
| Decrease in accrued expenses | | (10,122) | | (3,434) |
+-------------------------------------------------------+-+------------+-+-----------+
| Other, net | | (8,794) | | 863 |
+-------------------------------------------------------+-+------------+-+-----------+
| Subtotal | | (4,878) | | 9,999 |
+-------------------------------------------------------+-+------------+-+-----------+
| Interest and dividends income received | | 326 | | 191 |
+-------------------------------------------------------+-+------------+-+-----------+
| Interest expenses paid | | (772) | | (827) |
+-------------------------------------------------------+-+------------+-+-----------+
| Income taxes paid | | (2,085) | | (3,108) |
+-------------------------------------------------------+-+------------+-+-----------+
| Net cash provided by (used in) operating activities | | (7,409) | | 6,255 |
+-------------------------------------------------------+-+------------+-+-----------+
| II. Cash flows from investing activities: | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Purchase of noncurrent assets | | (5,890) | | (5,125) |
+-------------------------------------------------------+-+------------+-+-----------+
| Proceeds from sales of noncurrent assets | | 9,045 | | 3,036 |
+-------------------------------------------------------+-+------------+-+-----------+
| Proceeds from sales of investment securities | | 181 | | 1,488 |
+-------------------------------------------------------+-+------------+-+-----------+
| Other, net | | 6 | | (78) |
+-------------------------------------------------------+-+------------+-+-----------+
| Net cash provided by (used in) investing activities | | 3,342 | | (679) |
+-------------------------------------------------------+-+------------+-+-----------+
| III. Cash flows from financing activities: | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Net increase (decrease) in short-term borrowings | | 643 | | (2,696) |
+-------------------------------------------------------+-+------------+-+-----------+
| Repayment of long-term debt | | (605) | | (638) |
+-------------------------------------------------------+-+------------+-+-----------+
| Other, net | | (37) | | (151) |
+-------------------------------------------------------+-+------------+-+-----------+
| Net cash provided by (used in) financing activities | | 1 | | (3,485) |
+-------------------------------------------------------+-+------------+-+-----------+
| Effect of exchange rate changes on cash and cash | | 289 | | (2,987) |
| equivalents | | | | |
+-------------------------------------------------------+-+------------+-+-----------+
| Net decrease in cash and cash equivalents | | (3,777) | | (896) |
+-------------------------------------------------------+-+------------+-+-----------+
| Cash and cash equivalents, beginning of period | | 63,746 | | 84,142 |
+-------------------------------------------------------+-+------------+-+-----------+
| Cash and cash equivalents, end of period | | JPY59,969 | | JPY83,246 |
+-------------------------------------------------------+-+------------+-+-----------+
(4) SEGMENT INFORMATION
<Net Sales by Segment>
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| | | (In millions of yen) |
+----------------------+-+---------------------------------------------------------------------------------------------------+
| | | Three months ended June 30 |
+----------------------+-+---------------------------------------------------------------------------------------------------+
| | | 2009 | | 2010 | | % to |
| | | | | | | prior |
| | | | | | | year |
+----------------------+-+-------------------------------+----------+----------------------------------+----------+ +
| | | Amount | | % to | | | Amount | | % to | |
| | | | | total | | | | | total | |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | JPY24,630 | | 25.7% | | JPY26,256 | | 23.9% | | 106.6% |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 29,605 | | 30.9 | | 36,442 | | 33.2 | | 123.1 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Car Electronics | | 54,235 | | 56.6 | | 62,698 | | 57.1 | | 115.6 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 8,108 | | 8.5 | | 14,858 | | 13.5 | | 183.3 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 22,058 | | 23.0 | | 20,199 | | 18.4 | | 91.6 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Home Electronics | | 30,166 | | 31.5 | | 35,057 | | 31.9 | | 116.2 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 7,923 | | 8.3 | | 7,812 | | 7.1 | | 98.6 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 3,433 | | 3.6 | | 4,281 | | 3.9 | | 124.7 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Others | | 11,356 | | 11.9 | | 12,093 | | 11.0 | | 106.5 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Domestic | | 40,661 | | 42.5 | | 48,926 | | 44.5 | | 120.3 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Overseas | | 55,096 | | 57.5 | | 60,922 | | 55.5 | | 110.6 |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
| Total | | JPY95,757 | | 100.0% | | JPY109,848 | | 100.0% | | 114.7% |
+----------------------+-+-----------+----------+--------+----------+------------+----------+----------+----------+----------+
<Business Segments>
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+------------------------------------------------------------------------------------------------------------------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate/ | |Consolidated |
| ended | |Electronics | |Electronics | | | | | |Eliminations | | |
| June 30, 2009 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY54,235 | | JPY30,166 | | JPY11,356 | | JPY95,757 | | - | | JPY95,757 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| Inter-segment | | 385 | | 185 | | 3,567 | | 4,137 | | JPY(4,137) | | - |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| Total | | 54,620 | | 30,351 | | 14,923 | | 99,894 | | (4,137) | | 95,757 |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
| Operating income | | JPY(8,693) | | JPY972 | | JPY(1,567) | | JPY(9,288) | | JPY532 | | JPY(8,756) |
| (loss) | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+------------+----------+------------+----------+--------------+----------+--------------+
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| | | (In millions of yen) |
+------------------+----------+-----------------------------------------------------------------------------------------------------------------------------------------+
| Three months | | Car | | Home | | Others | | Total | | Corporate/ | |Consolidated |
| ended | |Electronics | |Electronics | | | | | |Eliminations | | |
| June 30, 2010 | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Net sales: | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Unaffiliated | | JPY62,698 | | JPY35,057 | | JPY12,093 | | JPY109,848 | | - | | JPY109,848 |
| customers | | | | | | | | | | | | |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Inter-segment | | 261 | | 76 | | 2,078 | | 2,415 | | JPY(2,415) | | - |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Total | | 62,959 | | 35,133 | | 14,171 | | 112,263 | | (2,415) | | 109,848 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
| Operating income | | JPY1,987 | | JPY6 | | JPY94 | | JPY2,087 | | JPY281 | | JPY2,368 |
+------------------+----------+-------------+----------+-------------+----------+-----------+----------+------------+----------+--------------+----------+--------------+
Notes:
1. 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 drives and AV accessories
Others:
factory automation systems, speaker units, electronics devices and
parts, organic light-emitting diode displays, telephones, business-use AV
systems, map software and licensing of patents related to laser optical disc
technologies
2. Effective from the first quarter of fiscal 2011, the Company applied
Accounting Standards Board of Japan (the "ASBJ") Statement No. 18, "Accounting
Standard for Asset Retirement Obligations" and ASBJ Guidance No. 21, "Guidance
on Accounting Standard for Asset Retirement Obligations," both issued on March
31, 2008. As a result of this adoption, for the period under review operating
income, ordinary income and income before income taxes and minority interests
decreased by JPY2 million, JPY2 million and JPY361 million, respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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