KYOTO, Japan, July 22, 2011 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced upward revisions to its previously released first-half and full-year financial forecasts for the fiscal year ending March 31, 2012.
The details are as follows:
Revised Consolidated Financial Forecasts (U.S. GAAP) for the Six Months Ending September 30, 2011
| From April 1, 2011 through September 30, 2011 (Millions of yen, except per share amounts and percentages) | |||||
| For the six months ending September 30, 2011 | |||||
| Previous forecast | Revised | Change |
For the six months ended September 30, 2010 |
||
| (as of April 25, 2011) | Forecast | Amount | % | ||
| Net sales | 305,000 | 360,000 | 55,000 | 18 | 336,315 |
| Operating income | 32,000 | 37,000 | 5,000 | 15.6 | 51,835 |
| Income from continuing operations before income taxes | 30,000 | 32,500 | 2,500 | 8.3 | 41,609 |
| Net income (attributable to the Company) | 18,500 | 21,000 | 2,500 | 13.5 | 27,014 |
| Earnings per share (attributable to the Company) | 133.59 | 151.69 | -- | -- | 193.94 |
Revised Consolidated Financial Forecasts (U.S. GAAP) for the Year Ending March 31, 2012
| From April 1, 2011 through March 31, 2012 (Millions of yen, except per share amounts and percentages) | |||||
| For the year ending March 31, 2012 | |||||
| Previous forecast | Revised | Change |
For the year ended March 31, 2011 |
||
| (as of April 25, 2011) | Forecast | Amount | % | ||
| Net sales | 720,000 | 760,000 | 40,000 | 5.6 | 688,530 |
| Operating income | 85,000 | 90,000 | 5,000 | 5.9 | 90,527 |
| Income from continuing operations before income taxes | 81,000 | 83,500 | 2,500 | 3.1 | 79,525 |
| Net income (attributable to the Company) | 52,500 | 55,000 | 2,500 | 4.8 | 52,333 |
| Earnings per share (attributable to the Company) | 379.11 | 397.28 | -- | -- | 375.91 |
At the time of the announcement of our previous financial forecasts (on April 25, 2011), it was difficult to provide estimates of future results of operations as customer and market demand for our products was highly uncertain due to disruptions in the supply chains for major industries in Japan, caused by the earthquake in northern Japan on March 11, 2011. Uncertainties still remain, including a further increase in raw material prices and fluctuations in foreign exchange rates, which could adversely affect our results of operations for the fiscal year ending March 31, 2012. In the meantime, the supply chains began to return to normal in May 2011, and our results of operations thus far have exceeded our initial expectations.
In light of the foregoing, we have revised upward our previously announced financial forecasts for the six months and the fiscal year ending March 31, 2012.
The provided financial forecast assumes the exchange rates of 80 yen against the U.S. dollar and 110 yen against the euro. Yen exchange rates against Asian currencies have been set in relation to the exchange rates between the U.S. Dollar and the respective Asian currencies.
Pursuant to FASB Accounting Statements Codification (ASC) 205-20, "Presentation of Financial Statements-Discontinued Operations," the results of discontinued operations have been reclassified in the Company's financial data. The relevant prior-period statements have been retrospectively adjusted to reflect this reclassification.
Disclaimer Regarding Forward-looking Statements
This press release material contains forward-looking statements including expectations, judgement, plans, and strategies. The forward-looking statements are based on management's assumptions and belief in light of the information currently available. Certain risks, uncertainties and other factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to: fluctuation of currency exchange rates, overall supply and customer demand in the motor industry, product development and production capabilities, performance of affiliated companies, and other risks and uncertainties. Nidec undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date the statements are made.
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