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RNS Number:2628L Pioneer Corporation 31 October 2006 For Immediate Release October 31, 2006 Pioneer Announces Business Results for 2Q Fiscal 2007 TOKYO - Pioneer Corporation today announced its consolidated second-quarter and semiannual business results, and non-consolidated semiannual business results, for the periods ended September 30, 2006. Consolidated Financial Highlights (In millions of yen except per share information) Three months Six months ended September 30 ended September 30 2006 2005 % to prior 2006 2005 % to prior year year Operating revenue 188,643 179,888 104.9 380,319 339,084 112.2 Operating income (loss) 4,614 (7,733) - 11,691 (16,664) - Income (loss) from continuing operations before income taxes 4,620 (37,481) - 12,624 (44,153) - Income (loss) from continuing operations 887 (52,838) - 6,433 (58,207) - Income from discontinued operations, net of tax 2,659 137 - 2,775 163 - Net income (loss) 3,546 (52,701) - 9,208 (58,044) - Basic net income (loss) per share: Income (loss) from continuing operations 5.09 (302.92) 36.88 (333.70) Income from discontinued operations, net of tax 15.24 0.78 15.91 0.93 Net income (loss) 20.33 (302.14) 52.79 (332.77) Diluted net income (loss) per share: Income (loss) from continuing operations 4.28 (302.92) 33.15 (333.70) Income from discontinued operations, net of tax 14.04 0.78 14.65 0.93 Net income (loss) 18.32 (302.14) 47.80 (332.77) Note: In fiscal 2006, the Company sold a subsidiary engaged in the development of cable TV software, and in the second quarter of fiscal 2007, sold subsidiaries involved in the electronic components business. The operating results of these subsidiaries and the gain on the sales are presented as income from discontinued operations in the above table. Previously reported amounts have been reclassified accordingly. Consolidated Business Results For the second quarter of fiscal 2007, the three months ended September 30, 2006, consolidated operating revenue increased 4.9% from the second quarter of fiscal 2006 to Y188,643 million (US$1,598.7 million), mainly due to higher sales of plasma displays and car navigation systems, and the weaker yen, despite lower sales of DVD recorders. Operating income was Y4,614 million (US$39.1 million), compared with an operating loss of Y7,733 million in the corresponding period a year earlier. This reflected higher sales, as well as an improved gross profit margin and lower selling, general and administrative expenses due to the benefits of business restructuring measures started in the previous fiscal year and the weaker yen. Net income totaled Y3,546 million (US$30.1 million), compared with a net loss of Y52,701 million in the same period in fiscal 2006. This was due to the absence of impairment losses on property, plant and equipment, equity in losses of affiliated companies and valuation allowances for deferred tax assets, which we recorded in connection with business restructuring in the corresponding period of the previous year, as well as a gain on sale of subsidiaries involved in the electronic components business in the period under review. During the second quarter of fiscal 2007, the average value of the Japanese yen was weaker against the U.S. dollar and the euro by 4.3% and 8.4%, respectively, compared with the second quarter of fiscal 2006. Home Electronics sales increased 6.8% year on year to Y87,301 million (US$739.8 million). Plasma display sales rose due to strong performance by our own-brand models in North America and Europe, despite a drop in OEM (original equipment manufacturing) sales. Sales of plasma displays accounted for approximately 46% of total Home Electronics sales. In addition, sales of DVD drives rose, while there was a large drop in sales of DVD recorders from the same period a year ago. In terms of geographic sales, sales in Japan declined 15.1% to Y 16,152 million (US$136.9 million), while overseas sales climbed 13.4% to Y71,149 million (US$603.0 million). The operating loss in this segment was Y3,848 million (US$32.6 million), showing an improvement compared with an operating loss of Y13,140 million in the corresponding period of the previous fiscal year. In addition to growth in sales, this improvement principally reflected an increased gross profit margin mainly in the plasma display field, largely due to the benefits of business restructuring measures and efforts to strictly control costs and improve manufacturing efficiency. Car Electronics sales increased 7.0% to Y83,634 million (US$708.8 million), mainly due to increased sales of car navigation systems, despite slightly lower sales of car audio products. In car navigation systems, consumer-market sales increased in Japan and elsewhere, while OEM sales rose in North America. In car audio products, consumer-market sales rose in Central and South America, but fell in Japan and North America. Total OEM sales in this segment accounted for approximately 35% of Car Electronics sales. In terms of geographic sales, sales in Japan increased 8.9% to Y 28,564 million (US$242.1 million), and overseas sales rose 6.1% to Y55,070 million (US$466.7 million). Operating income in this segment increased 92.9% year on year to Y 5,586 million (US$47.3 million) due to sales growth and cost reductions achieved by reorganizing our production sites. In Patent Licensing, royalty revenue decreased 88.0% to Y500 million (US$4.2 million). This decrease was mainly attributable to the impact of the expiration of some patents licensed to the optical disc industry. Operating income in this segment declined 94.8% to Y187 million (US$1.6 million) compared with the same period of the previous fiscal year. In the Others segment, sales rose 8.7% to Y17,208 million (US$145.8 million), mainly reflecting higher sales of factory automation systems and organic light-emitting diode (OLED) displays in Japan. In terms of geographic sales, sales in Japan increased 33.2% to Y 11,262 million (US$95.4 million), while overseas sales declined 19.4% to Y5,946 million (US$50.4 million). Operating income in this segment was Y2,566 million (US$21.7 million) compared with an operating loss of Y780 million in the corresponding period of the previous fiscal year. This mainly reflected improved profitability in OLED displays due to the benefits of business restructuring measures. For the first half of fiscal 2007, the six months ended September 30, 2006, consolidated operating revenue rose 12.2% from the first half of fiscal 2006 to Y380,319 million (US$3,223.0 million). Operating income was Y11,691 million (US$99.1 million), compared with an operating loss of Y16,664 million in the corresponding period a year earlier. Net income was Y9,208 million (US$78.0 million), compared with a net loss of Y58,044 million in the same period of fiscal 2006. Note: Operating income (loss) in each business segment represents operating income (loss) before elimination of intersegment transactions. Cash Flows During the first half of fiscal 2007, operating activities used net cash of Y 9,855 million (US$83.5 million). This was mainly due to an increase in trade receivables and inventories of Y42,652 million (US$361.5 million), as well as a decrease in accrued liabilities of Y7,866 million (US$66.7 million), which were partially offset by net income of Y9,208 million (US$78.0 million) and depreciation and amortization of Y18,500 million (US$156.8 million) for this period. Meanwhile, investing activities used net cash of Y7,758 million (US$65.7 million). Although the sale of subsidiaries provided net cash of Y10,862 million (US$92.1 million), we used Y20,477 million (US$173.5 million) for capital expenditures related mainly to car electronics products and plasma displays. Financing activities provided net cash of Y5,035 million (US$42.7 million), mainly from an increase in short-term borrowings. Consequently, cash and cash equivalents at September 30, 2006 were Y 109,822 million (US$930.7 million), Y11,858 million lower than at March 31, 2006. Dividend Policy Pioneer positions its dividend policy as one of its highest management priorities. On the basis of maintaining stable dividends, the Company sets dividend payments appropriately in light of its financial position, consolidated business results, and other factors. Retained earnings are effectively used primarily to develop businesses, as well as reinforce competitiveness and our management base. Based on this dividend policy, Pioneer has decided to pay an interim dividend for fiscal 2007 of Y5.0 (US$0.04) per share of common stock. Business Forecasts for Fiscal 2007 We revised our consolidated business forecasts for fiscal 2007, ending March 31, 2007, which were announced on July 31, 2006, as follows: (In millions of yen) Revised Previous projections projections for fiscal 2007 for fiscal 2007 Changes Results (A) (B) (A- B) for fiscal 2006 Operating revenue 820,000 845,000 (25,000) 754,964 Operating income (loss) 18,000 18,000 0 (16,409) Income (loss) before income taxes 19,000 19,000 0 (71,165) Net income (loss) 10,000 7,500 2,500 (84,986) Our previous operating revenue forecast has been lowered because second-half sales of plasma displays, DVD recorders and car electronics products are projected to fall below initial forecasts due to intensifying competition, falling market prices and other factors. We have not revised our forecasts for operating income and income before income taxes mainly in consideration of the impact of the weaker yen and cost reduction benefits, despite lower operating revenue than forecast previously. Net income is expected to surpass the previous forecast because we posted a gain on sale of subsidiaries involved in the electronic components business in the second quarter of fiscal 2007. We are assuming average yen-U.S. dollar and yen-euro exchange rates of Y115 and Y145, respectively, for the revised projections. 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 yen and the U.S. dollar, euro, and other currencies in which we make significant sales or in which our assets and liabilities are denominated; (iii) our ability to continue to design and develop and win acceptance for our products and services, which are offered in highly competitive markets characterized by continual new product introductions, rapid developments in technology, severe price competition and subjective and changing consumer preferences; (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 expenditures; (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. Risk Factors Business risks that may have an adverse effect on our business results, financial position and share price include, but are not limited to, the following: * Fluctuations in foreign exchange rates, especially the appreciation of the yen * Intensified competition with other companies * Larger-than-anticipated declines in prices for our core products * Failure of the plasma display market, a main area of focus for us, to grow as anticipated * Failure of Blu-ray Disc, a next-generation optical disc format we have adopted, with the view to gaining broader market acceptance * Decline in profitability due to a large drop in royalty revenue as a result of the expiration of many of our existing patents relating to laser optical disc technologies * Greater-than-expected contraction of consumer markets for car electronics products due to growth in OEM markets * Impact of the growing portable car navigation systems market on growth in the in-dash car navigation systems market, a main area of focus for us * Substantial dependence of our OEM business on customer business performance and other customer-related factors * Product recalls or successful product liability claims brought against us, which could result in a significant cost or a negative impact on our reputation * Significant reduction in our production capacity which may be caused by damage to our production facilities due to natural disasters or other events, as production of certain products is concentrated at specific facilities Basic Management Policies and Medium-term Business Plan Pioneer positions customer satisfaction at the core of management. We seek to offer innovative, high-quality, and value-added electronics products that create new value for customers, aiming to share the Pioneer Group's philosophy, "Move the Heart and Touch the Soul," with more people around the world. Based on this group philosophy, in April 2006 Pioneer formulated a new group vision to guide management over the medium term: "To become a company that encourages all its members to work as a team, with everyone customer-focused, integrating each one's professionalism in pursuing innovations one after another." Through this vision, we believe that we can set a process in motion where employees fulfill their duties from the customer's perspective, and come up with ideas that resonate with other employees around them to give rise to major innovations. This innovation will realize new lifestyle proposals and revolutionary products that change consumers' ways of life. Pioneer has also established new numerical targets for the fiscal year ending March 31, 2009, aiming for operating revenue and operating income of at least Y950 billion and Y30 billion, respectively, on a consolidated basis. More specifically, we aim to raise the operating margin to at least 7% in the Car Electronics business, and to improve operating profitability in the Home Electronics business, which is still weak, to at least the break-even level. To attain these targets, we will allocate more resources to the Car Electronics business to maintain a leading position in consumer markets, while aiming to drive overall earnings growth across the entire business by further expanding OEM operations. Meanwhile, production capacity will be ramped up in Thailand and China to prepare for overall business expansion in this segment. In the Home Electronics business, we will provide new forms of value for customers, mainly through plasma displays, in terms of picture quality, product design, user-friendliness, product quality, and sound. Pioneer aims to improve the image of its brands, while improving earnings by carefully screening products based on their profitability. We remain committed to enhancing our business results by growing earnings in the Car Electronics business and improving profitability in the Home Electronics business as quickly as possible. Issues to Be Addressed The economic outlook is for stable growth overall, supported by favorable corporate earnings and consumer spending, despite some concerns over surging materials prices and slower U.S. economic growth. However, Pioneer faces extremely challenging business conditions such as price-based competition in its core products. In the plasma display business, Pioneer will continue to reduce costs, and review options for increasing production capacity in response to the higher forecast demand for plasma displays. In this regard, we are considering all options, including renovating existing plants through a "Scrap & Build" approach and joint investments with other companies. Demand for high-resolution panels is projected to increase in step with the launch of high-definition (HD) broadcasting, and uptake of HD content worldwide through media such as Blu-ray Discs. Pioneer will therefore leverage its technological edge in panel technologies, one of its defining strengths, to offer outstanding high-resolution plasma displays. In the optical disc business, Pioneer is focusing on products based on Blu-ray Disc, a next-generation optical disc format, as well as DVD products. The market for DVD products is growing, but prices are rapidly falling. In response, Pioneer will reduce costs through production in China and collaborations with other companies, and raise the return on product development investments through external sales of key components. Furthermore, Pioneer is shifting the main thrust of product development to Blu-ray Disc products, as part of efforts to improve profitability by offering new value-added proposals. Turning to the entire Home Electronics business, Pioneer is constructing a new office in Kawasaki City, Kanagawa Prefecture with the aim of consolidating planning, development and design departments to generate synergies between plasma displays and other audio-visual products. Plans call for construction to be completed in spring 2007. In the Car Electronics business, specifically in car audio products for consumer markets, Pioneer is focusing on fast-growing markets such as Central and South America and Russia in order to retain its position of leadership in these products. The Company will also offer products that stand apart from those of other companies by delivering new value and functions. In car navigation systems for consumer markets, Pioneer will actively press ahead with business expansion in Europe and North America, as well as in Japan, where Pioneer's car navigation systems have enjoyed a strong reputation. Aiming to reduce increasing software development costs accompanying product advancements, Pioneer is reforming product development processes and pursuing sharing and standardization in this area. In the OEM car audio products business, Pioneer aims to make the most of its strengths in consumer markets to drive further business expansion. In the OEM car navigation system business, Pioneer is reinforcing efforts in the growing market for car navigation systems offered as dealer options in Japan. In parallel, the Company aims to capture new orders by offering new proposals to OEM customers that leverage our own product planning capabilities, which have been proven in consumer markets, and the advantages of conducting map-related content production within its group. 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 translation of Japanese yen, for convenience only, at the rate of Y118=US$1.00, the approximate rate prevailing on September 30, 2006. Attachments: I. Consolidated financial statements for the three months and the six months ended September 30, 2006 II. Non-consolidated financial statements for the six months ended September 30, 2006 For further information, please contact: Investor Relations Department, Corporate Branding and 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/ Pioneer Corporation and Subsidiaries I. CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND THE SIX MONTHS ENDED SEPTEMBER 30, 2006 (1) OPERATING REVENUE BY SEGMENT (In millions of yen) Three months ended September 30 2006 2005 % to Amount % to total Amount % to total prior year Domestic 16,152 8.6 19,028 10.6 84.9 Overseas 71,149 37.7 62,725 34.8 113.4 Home Electronics 87,301 46.3 81,753 45.4 106.8 Domestic 28,564 15.1 26,236 14.6 108.9 Overseas 55,070 29.2 51,904 28.8 106.1 Car Electronics 83,634 44.3 78,140 43.4 107.0 Domestic - - - - - Overseas 500 0.3 4,162 2.3 12.0 Patent Licensing 500 0.3 4,162 2.3 12.0 Domestic 11,262 6.0 8,455 4.7 133.2 Overseas 5,946 3.1 7,378 4.2 80.6 Others 17,208 9.1 15,833 8.9 108.7 Domestic 55,978 29.7 53,719 29.9 104.2 Overseas 132,665 70.3 126,169 70.1 105.1 Total 188,643 100.0 179,888 100.0 104.9 (In millions of yen) Six months ended September 30 2006 2005 % to Amount % to total Amount % to total prior year Domestic 32,602 8.6 36,068 10.6 90.4 Overseas 138,150 36.3 108,890 32.1 126.9 Home Electronics 170,752 44.9 144,958 42.7 117.8 Domestic 62,882 16.5 56,177 16.6 111.9 Overseas 112,088 29.5 104,176 30.7 107.6 Car Electronics 174,970 46.0 160,353 47.3 109.1 Domestic - - - - - Overseas 1,761 0.5 5,285 1.6 33.3 Patent Licensing 1,761 0.5 5,285 1.6 33.3 Domestic 21,293 5.6 15,016 4.4 141.8 Overseas 11,543 3.0 13,472 4.0 85.7 Others 32,836 8.6 28,488 8.4 115.3 Domestic 116,777 30.7 107,261 31.6 108.9 Overseas 263,542 69.3 231,823 68.4 113.7 Total 380,319 100.0 339,084 100.0 112.2 (2) CONSOLIDATED STATEMENTS OF OPERATIONS (In millions of yen) Three months ended September 30 2006 2005 % to prior year Operating revenue: Net sales 188,143 175,726 107.1 Royalty revenue 500 4,162 12.0 Total operating revenue 188,643 179,888 104.9 Operating costs and expenses: Cost of sales 142,817 143,257 99.7 Selling, general and administrative expenses 41,212 44,364 92.9 Total operating costs and expenses 184,029 187,621 98.1 Operating income (loss) 4,614 (7,733) - Other income (expenses): Interest income 1,136 624 182.1 Foreign exchange loss (986) (320) 308.1 Interest expense (217) (325) 66.8 Other-net 73 (29,727) - Total other income (expenses) 6 (29,748) - Income (loss) from continuing operations before income taxes 4,620 (37,481) - Income taxes 3,470 (5,347) - Minority interest in losses (earnings) of subsidiaries (245) 3,601 - Equity in losses of affiliated companies (18) (24,305) 0.1 Income (loss) from continuing operations 887 (52,838) - Income from discontinued operations, net of tax 2,659 137 - Net income (loss) 3,546 (52,701) - (In millions of yen) Six months ended September 30 2006 2005 % to prior year Operating revenue: Net sales 378,558 333,799 113.4 Royalty revenue 1,761 5,285 33.3 Total operating revenue 380,319 339,084 112.2 Operating costs and expenses: Cost of sales 283,384 269,201 105.3 Selling, general and administrative expenses 85,244 86,547 98.5 Total operating costs and expenses 368,628 355,748 103.6 Operating income (loss) 11,691 (16,664) - Other income (expenses): Interest income 2,085 1,251 166.7 Foreign exchange loss (385) (1,062) 36.3 Interest expense (616) (720) 85.6 Other-net (151) (26,958) 0.6 Total other income (expenses) 933 (27,489) - Income (loss) from continuing operations before income taxes 12,624 (44,153) - Income taxes 6,214 (6,935) - Minority interest in losses of subsidiaries 1 4,169 0.0 Equity in earnings (losses) of affiliated companies 22 (25,158) - Income (loss) from continuing operations 6,433 (58,207) - Income from discontinued operations, net of tax 2,775 163 - Net income (loss) 9,208 (58,044) - (3) CONSOLIDATED BALANCE SHEETS (In millions of yen) September 30 March 31 2006 2005 Increase/ 2006 Increase/ (Decrease) (Decrease) ASSETS Current assets: Cash and cash equivalents 109,822 107,198 2,624 121,680 (11,858) Trade receivables, less allowance 119,106 126,981 (7,875) 107,563 11,543 Inventories 139,030 126,594 12,436 104,226 34,804 Assets held for sale - - - 25,577 (25,577) Others 70,826 73,878 (3,052) 69,626 1,200 Total current assets 438,784 434,651 4,133 428,672 10,112 Investments and long-term receivables 27,795 25,268 2,527 29,772 (1,977) Property, plant and equipment, less depreciation 159,857 171,893 (12,036) 160,231 (374) Intangible assets 19,482 22,723 (3,241) 20,576 (1,094) Other assets 42,232 44,518 (2,286) 38,795 3,437 Total assets 688,150 699,053 (10,903) 678,046 10,104 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings and current portion of long-term debt 40,270 55,560 (15,290) 30,370 9,900 Trade payables 120,322 104,831 15,491 102,082 18,240 Liabilities held for sale - - - 17,863 (17,863) Others 116,351 122,463 (6,112) 121,977 (5,626) Total current liabilities 276,943 282,854 (5,911) 272,292 4,651 Long-term debt 89,225 79,512 9,713 92,970 (3,745) Other long-term liabilities 25,168 41,225 (16,057) 25,425 (257) Minority interests 14,056 14,202 (146) 14,109 (53) Shareholders' equity: Common stock 49,049 49,049 - 49,049 - Capital surplus 82,959 82,834 125 82,910 49 Retained earnings 182,162 201,204 (19,042) 173,826 8,336 Accumulated other comprehensive loss (18,964) (39,390) 20,426 (20,092) 1,128 Treasury stock (12,448) (12,437) (11) (12,443) (5) Total shareholders' equity 282,758 281,260 1,498 273,250 9,508 Total liabilities and shareholders' equity 688,150 699,053 (10,903) 678,046 10,104 Breakdown of accumulated other comprehensive loss: Minimum pension liability adjustments (4,650) (11,391) 6,741 (3,680) (970) Net unrealized holding gain on securities 9,342 7,475 1,867 10,352 (1,010) Cumulative foreign currency translation adjustments (23,656) (35,474) 11,818 (26,764) 3,108 Total accumulated other comprehensive loss (18,964) (39,390) 20,426 (20,092) 1,128 (4) CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions of yen) Common Capital Retained Accumulated Treasury Total Stock Surplus Earnings Other Stock Shareholders Comprehensive ' Loss Equity Balance at March 31, 2005 49,049 82,735 260,556 (47,669) (12,432) 332,239 Net loss (84,986) (84,986) Other comprehensive income 27,577 27,577 Value ascribed to stock options 175 175 Cash dividends (10 per share) (1,744) (1,744) Purchase and sales of treasury (11) (11) stock, net Balance at March 31, 2006 49,049 82,910 173,826 (20,092) (12,443) 273,250 Net Income 9,208 9,208 Other comprehensive income 1,128 1,128 Value ascribed to stock options 49 49 Cash dividends (5 per share) (872) (872) Purchase and sales of treasury (5) (5) stock, net Balance at September 30, 2006 49,049 82,959 182,162 (18,964) (12,448) 282,758 (5) CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions of yen) Three months Six months ended September 30 ended September 30 2006 2005 2006 2005 I. Operating activities: Net income (loss) 3,546 (52,701) 9,208 (58,044) Depreciation and amortization 9,348 11,575 18,500 24,122 (Increase) decrease in trade receivables 1,765 (15,718) (9,965) 7,160 (Increase) decrease in inventories (15,446) 1,396 (32,687) (14,635) Increase in trade payables 9,519 5,607 17,184 8,016 Increase (decrease) in other accrued liabilities 8,921 10,822 (7,866) 2,737 Other (3,348) 41,299 (4,229) 31,864 Net cash provided by (used in) operating activities 14,305 2,280 (9,855) 1,220 II. Investing activities: Payment for purchase of fixed assets (12,157) (10,355) (20,477) (19,282) Proceed from sale of discontinued operations 10,862 - 10,862 - Other 1,584 3,354 1,857 7,357 Net cash provided by (used in) investing activities 289 (7,001) (7,758) (11,925) III. Financing activities: Increase (decrease) in short-term borrowings and long-term debt 5,742 (3,183) 7,198 2,866 Dividends paid - - (436) (2,180) Other (907) (1,034) (1,727) (2,073) Net cash provided by (used in) financing activities 4,835 (4,217) 5,035 (1,387) Effect of exchange rate changes on cash and cash equivalents 1,575 1,366 720 2,609 Net increase (decrease) in cash and cash equivalents 21,004 (7,572) (11,858) (9,483) Cash and cash equivalents, beginning of period 88,818 114,770 121,680 116,681 Cash and cash equivalents, end of period 109,822 107,198 109,822 107,198 Free cash flow (I + II) 14,594 (4,721) (17,613) (10,705) (6) SEGMENT INFORMATION The following segment information is prepared pursuant to the regulations under the Securities and Exchange Law of Japan. (In millions of yen) Three months ended September 30 2006 2005 % to prior year Operating Operating Operating Operating Operating Operating Revenue Income Revenue Income Revenue Income Home Electronics 87,531 (3,848) 82,264 (13,140) 106.4 29.3 Car Electronics 84,124 5,586 78,516 2,896 107.1 192.9 Patent Licensing 500 187 4,201 3,598 11.9 5.2 Others 25,989 2,566 25,099 (780) 103.5 - Total 198,144 4,491 190,080 (7,426) 104.2 - Corporate and Eliminations (9,501) 123 (10,192) (307) - - Consolidated 188,643 4,614 179,888 (7,733) 104.9 - (In millions of yen) Six months ended September 30 2006 2005 % to prior year Operating Operating Operating Operating Operating Operating Revenue Income Revenue Income Revenue Income Home Electronics 171,191 (4,245) 145,772 (25,498) 117.4 16.6 Car Electronics 175,913 13,118 161,124 8,210 109.2 159.8 Patent Licensing 1,761 974 5,324 3,969 33.1 24.5 Others 50,224 2,804 47,013 (1,666) 106.8 - Total 399,089 12,651 359,233 (14,985) 111.1 - Corporate and Eliminations (18,770) (960) (20,149) (1,679) - - Consolidated 380,319 11,691 339,084 (16,664) 112.2 - (In millions of yen) Six months ended September 30 2006 2005 % to prior year Operating Operating Operating Operating Operating Operating Revenue Income Revenue Income Revenue Income Japan 322,597 5,525 283,600 (15,923) 113.8 - North America 99,623 4,271 92,524 (1,740) 107.7 - Europe 80,026 1,528 66,311 (1,315) 120.7 - Other Regions 175,437 2,862 155,728 3,612 112.7 79.2 Total 677,683 14,186 598,163 (15,366) 113.3 - Corporate and Eliminations (297,364) (2,495) (259,079) (1,298) - - Consolidated 380,319 11,691 339,084 (16,664) 112.2 - Notes: 1. The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. 2. The consolidated financial statements include the accounts of the parent company and 118 subsidiaries and the investments in 3 affiliated companies accounted for on an equity basis. 3. In fiscal 2006, the Company sold a subsidiary engaged in the development of cable TV software, and in the second quarter of fiscal 2007, sold subsidiaries involved in the electronic components business. The operating results of these subsidiaries and the gain on the sales are presented as income from discontinued operations in the consolidated statements of operations. Reclassifications have been made to previously reported operating revenue by segment, consolidated statements of operations and segment information to conform to this presentation. Summarized financial information of the discontinued operations for the three months and the six months ended September 30, 2005 and 2006 is as follows: (In millions of yen) Three months Six months ended September 30 ended September 30 2006 2005 2006 2005 Operating revenue 2,798 5,827 10,442 10,814 Operating income 151 214 425 276 Income before income taxes 142 221 324 283 Gain on sales of discontinued operations 2,488 - 2,488 - Income taxes (29) 84 37 120 Income from discontinued operations 2,659 137 2,775 163 Pioneer Corporation-Parent Company Only II. NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2006 (1) SALES BY SEGMENT (In millions of yen) Six months ended September 30 2006 2005 % to Amount % to Amount % to prior total total year Domestic 28,748 10.6 31,923 13.0 90.1 Export 105,716 39.0 84,303 34.3 125.4 Home Electronics 134,464 49.6 116,226 47.3 115.7 Domestic 62,681 23.2 55,997 22.8 111.9 Export 73,391 27.1 73,053 29.7 100.5 Car Electronics 136,072 50.3 129,051 52.5 105.4 Domestic 338 0.1 494 0.2 68.5 Export 10 0.0 47 0.0 23.0 Others 349 0.1 541 0.2 64.5 Domestic 91,768 33.9 88,416 36.0 103.8 Export 179,118 66.1 157,403 64.0 113.8 Total 270,886 100.0 245,819 100.0 110.2 (2) CONDENSED STATEMENTS OF OPERATIONS (In millions of yen) Six months ended September 30 2006 2005 Amount % to Amount % to net sales net sales Net sales 270,886 100.0 245,819 100.0 Cost of sales 234,989 86.7 213,720 86.9 Selling, general and administrative expenses 41,825 15.5 41,592 17.0 Operating income (loss) (5,928) (2.2) (9,493) (3.9) Non-operating income -net 425 0.2 54 0.1 Ordinary income (loss) (5,503) (2.0) (9,439) (3.8) Other income (expenses)-net 4,381 1.6 357 0.1 Income (loss) before income taxes (1,122) (0.4) (9,081) (3.7) Income taxes (308) (0.1) 5,679 2.3 Net income (loss) (813) (0.3) (14,761) (6.0) (3) CONDENSED BALANCE SHEETS (In millions of yen) September 30 March 31 2006 2005 2006 ASSETS Current assets: Cash 43,289 46,162 50,305 Notes and accounts receivable-trade 49,847 46,605 46,034 Inventories 35,298 29,044 30,015 Other current assets 48,937 31,020 40,105 Total current assets 177,373 152,832 166,461 Fixed assets: Tangible 56,273 52,674 55,537 Intangible 28,366 28,523 28,752 Investments and others 200,814 199,361 201,979 Total fixed assets 285,454 280,559 286,269 Total assets 462,827 433,392 452,730 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes and accounts payable-trade 76,040 53,827 56,175 Accrued expenses 53,505 37,471 61,190 Other current liabilities 42,546 15,350 40,512 Total current liabilities 172,091 106,649 157,879 Long-term liabilities 71,860 73,279 73,351 Total liabilities 243,951 179,929 231,230 Shareholders' equity - 253,463 221,500 Total liabilities and shareholders' equity - 433,392 452,730 Net assets Shareholders' equity 212,834 - - Difference of appreciation and conversion 6,041 - - Total net assets 218,875 - - Total liabilities and net assets 462,827 - - (4) STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (In millions of yen) Shareholders' Equity Capital Surplus Retained Earnings Other Retained Earnings Common Additional Other Legal Voluntary Retained Treasury Total Stock Paid-in Capital Reserve Reserves Earnings Stock Shareholders' Capital Surplus Brought Equity Forward Balance at March 31, 49,048 81,278 36 6,140 136,931 (46,902) (12,442) 214,090 2006 Changes in the period: Issuance of new shares - Reversal of voluntary (47,800) 47,800 - reserves Dividends from surplus (436) (436) Net income (loss) (813) (813) Disposal of treasury 0 0 0 stock Purchase of treasury (7) (7) stock Net change of items - other than shareholders ' equity Total changes in the - - 0 - (47,800) 46,550 (7) (1,255) period Balance at September 49,048 81,278 36 6,140 89,131 (351) (12,449) 212,834 30, 2006 Difference of Appreciation and Conversion Net Deferred Total Total Unrealized Profit Difference of Net Assets Gains on on Hedges Appreciation Securities and Conversion Balance at March 31, 2006 7,409 - 7,409 221,500 Changes in the period: Issuance of new shares - - Reversal of voluntary reserves - - Dividends from surplus - (436) Net income (loss) - (813) Disposal of treasury stock - 0 Purchase of treasury stock - (7) Net change of items other than (1,120) (247) (1,368) (1,368) shareholders' equity Total changes in the period (1,120) (247) (1,368) (2,625) Balance at September 30, 2006 6,288 (247) 6,041 218,876 This information is provided by RNS The company news service from the London Stock Exchange END IR IIFLDILLLVIR
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