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