Revision of FY10 Forecast

 

TIDM35SV 
 
RNS Number : 5685B 
Pioneer Corporation 
29 October 2009 
 

For Immediate Release 
October 29, 2009 
Pioneer Revises Consolidated Business Forecasts for Fiscal 2010 
TOKYO - Pioneer Corporation today announced that it has revised its full-year 
and semiannual consolidated business forecasts for fiscal 2010, the year ending 
March 31, 2010, which were announced on May 13, 2009, as follows: 
 
 
Revision of Full-Year Consolidated Business Forecasts 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
|                       | |             | |             | |         (In millions of yen) | 
+-----------------------+-+-------------+-+-------------+-+------------------------------+ 
|                       | |  Revised    | |  Previous   | |  Changes    | |  Full-year   | 
|                       | | forecasts   | | forecasts   | |  (A - B)    | |results for   | 
|                       | |    (A)      | |    (B)      | |             | | fiscal 2009  | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
|             Net       | |  JPY451,000 | |  JPY420,000 | |   JPY31,000 | |   JPY558,837 | 
|             sales     | |             | |             | |             | |              | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
|             Operating | |    (25,500) | |    (33,000) | |       7,500 | |     (54,529) | 
|             loss      | |             | |             | |             | |              | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
|             Ordinary  | |    (30,000) | |    (37,500) | |       7,500 | |     (54,420) | 
|             loss      | |             | |             | |             | |              | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
|             Net loss  | | JPY(59,500) | | JPY(83,000) | |   JPY23,500 | | JPY(130,529) | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+ 
 
 
We have upwardly revised our previous net sales forecast due to the following 
reasons. 
In the Car Electronics business, we now anticipate higher consumer 
market sales volume, based on expectations of recovering auto sales primarily in 
newly emerging economies, and a boost from new product launches in consumer 
markets. Higher OEM sales are also projected as automakers raise their 
production plans. In the Home Electronics business, we have included in our 
revised forecast an increased estimate of optical disc sales in connection with 
the formation of an optical disc joint venture with Sharp Corporation. In 
addition, we have incorporated the positive impact of the weaker yen into the 
revised forecasts. 
    As restructuring proceeds steadily, we are now projecting an improved 
operating loss and ordinary loss relative to previous forecasts. The operating 
loss is anticipated to improve mainly due to a smaller-than-expected drop in 
plasma display prices and weaker-than-expected yen exchange rates. The ordinary 
loss is expected to improve in line with the reduced operating loss. 
    We are now forecasting an improved net loss relative to the previous 
forecast mainly due to restructuring cost savings in connection with the 
formation of the optical disc joint venture. 
 
 
We are assuming an average yen-U.S. dollar exchange rate in the second half of 
fiscal 2010 of JPY90, unchanged from before, and a yen-euro exchange rate of 
JPY130, JPY15 weaker than before, for the revised forecasts. 
 
 
Revision of Semiannual Consolidated Business Forecasts 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
|                       | |             | |             | |        (In millions of yen) | 
+-----------------------+-+-------------+-+-------------+-+-----------------------------+ 
|                       | |  Revised    | |  Previous   | |  Changes    | | Semiannual  | 
|                       | | forecasts   | | forecasts   | |  (A - B)    | |results for  | 
|                       | |    (A)      | |    (B)      | |             | |fiscal 2009  | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
|             Net       | |  JPY203,000 | |  JPY195,000 | |    JPY8,000 | |  JPY327,042 | 
|             sales     | |             | |             | |             | |             | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
|             Operating | |    (23,000) | |    (32,000) | |       9,000 | |    (14,340) | 
|             loss      | |             | |             | |             | |             | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
|             Ordinary  | |    (24,500) | |    (35,000) | |      10,500 | |    (13,540) | 
|             loss      | |             | |             | |             | |             | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
|             Net loss  | | JPY(41,000) | | JPY(47,000) | |    JPY6,000 | | JPY(44,071) | 
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+ 
 
 
 
 
Reference Information 
The Company plans to announce on November 5, 2009 (Japan time) its consolidated 
second-quarter and semiannual business results for fiscal 2010. 
 
 
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 
restructuring plans; and (x) the outcome of contingencies. 
 
 
Pioneer Corporation is a leading global manufacturer of consumer- and 
business-use electronics products such as car electronics, audio and video 
products. Its shares are traded on the Tokyo Stock Exchange. 
 
 
# # # # # # 
 
 
For further information, please contact: 
Hideki Okayasu 
Senior Managing Director and Representative Director 
Pioneer Corporation, Tokyo 
Phone: [phone] / Fax: [phone] 
E-mail: [e-mail] 
IR Website: http://pioneer.jp/ir-e/ 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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