KYOTO, Japan, July 23, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced an upward revision of its consolidated financial forecasts (announced on April 23, 2013) for the year ending March 31, 2014 as follows.
1. Revised consolidated financial forecasts (U.S. GAAP) for the six months ending September 30, 2013
From April 1, 2013 to September 30, 2013 (Millions of yen, except per share amounts and percentages)
| For the six months ending September 30, 2013 | |||||
|
Previous forecast (April 23, 2013) |
Revised Forecast |
Change (amount) |
Change (percent) |
(Reference) For the six months ended September 30, 2012 |
|
| Net sales | 380,000 | 400,000 | 20,000 | 5.3% | 353,540 |
| Operating income | 30,000 | 35,000 | 5,000 | 16.7% | 41,723 |
| Income before income taxes | 29,000 | 34,000 | 5,000 | 17.2% | 36,577 |
| Net income attributable to Nidec Corporation | 21,000 | 24,500 | 3,500 | 16.7% | 26,199 |
| Net income attributable to Nidec Corporation per share-basic | 155.92 | 182.59 | -- | -- | 195.28 |
2. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2014
From April 1, 2013 to March 31, 2014 (Millions of yen, except per share amounts and percentages)
| For the year ending March 31, 2014 | |||||
|
Previous forecast (April 23, 2013) |
Revised Forecast |
Change (amount) |
Change (percent) |
(Reference) For the year ended March 31, 2013 |
|
| Net sales | 800,000 | 820,000 | 20,000 | 2.5 % | 709,270 |
| Operating income | 70,000 | 75,000 | 5,000 | 7.1 % | 17,627 |
| Income before income taxes | 68,000 | 73,000 | 5,000 | 7.4 % | 13,427 |
| Net income attributable to Nidec Corporation | 50,000 | 53,500 | 3,500 | 7.0 % | 7,998 |
| Net income attributable to Nidec Corporation per share-basic | 371.25 | 398.72 | -- | -- | 59.37 |
2. Reasons for the revision
Net sales and operating and net income for the three months ended June 30, 2013 exceeded our expectations at the beginning of the period. Therefore, we have decided to revise upward our previously announced financial performance forecasts, in most part, to the extent that our net sales and operating and net income for the three months ended June 30, 2013 exceeded our expectations at the beginning of the period. Accordingly, we have revised upward our previously announced financial performance forecasts for the six months ending September 30, 2013 and the fiscal year ending March 31, 2014.
Notes:
(1) The exchange rates used for the preparation of the foregoing forecasts are US$1 = ¥95 and €1 = ¥125. The exchange rates between the relevant Asian currencies and the Japanese yen used for the preparation of the foregoing forecasts were determined assuming these exchange rates.
(2) Pursuant to ASC 805 "Business Combinations," our consolidated operating results for the three months ended June 30, 2012 have been retroactively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of Nidec ASI S.p.A. and Nidec Minster Corporation. We completed our valuation of such assets and liabilities during the three months ended March 31, 2013.
Disclaimer Regarding Forward-looking Statements
This press release contains forward-looking statements including expectations, estimates, projections, plans, and strategies. Such forward-looking statements are based on management's assumptions and beliefs 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 risks and uncertainties include, but are not limited to, changes in customer circumstances and demand, exchange rate fluctuations, and the Nidec Group's ability to design, develop, mass produce and win acceptance of its products and to acquire and successfully integrate companies with complementary technologies and product lines. Please see other disclosure documents filed or published by the Nidec Group companies, including the latest Form 20-F and Japanese securities report, for additional information regarding such risks and uncertainties. Nidec undertakes no obligation to update the forward-looking statements unless required by law.