KYOTO, Japan, Jan. 22, 2015 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced an upward revision to its U.S. GAAP-based consolidated full-year financial forecast and year-end dividend projection for the year ending March 31, 2015.
The details are as follows.
1. Revised consolidated financial forecast (U.S. GAAP) for the year ending March 31, 2015
| From April 1, 2014 to March 31, 2015 (Millions of yen, except for per share amounts and percentages) | |||||
| For the year ending March 31, 2015 | |||||
|
Previous Forecast (announced on July 23, 2014) |
Revised Forecast |
Change (amount) |
Change (%) |
(Reference) For the year ended March 31, 2014 |
|
| Net sales | 960,000 | 1,000,000 | 40,000 | 4.2 | 875,109 |
| Operating income | 105,000 | 110,000 | 5,000 | 4.8 | 84,864 |
| Income before income taxes | 103,000 | 108,000 | 5,000 | 4.9 | 84,460 |
| Net income attributable to Nidec Corporation | 69,000 | 75,000 | 6,000 | 8.7 | 56,272 |
| Net income Attributable to Nidec Corporation per share-basic | 248.12 | 269.64 | -- | -- | 206.82 |
| *The Company implemented a two-for-one stock split of its common stock effective April 1, 2014. The previously reported "Net Income Attributable to Nidec Corporation per share-basic" has been retroactively adjusted to reflect the stock split. | |||||
Reasons for Revision
The upward revision is intended to reflect the Company's record consolidated sales and resulting profit increases for the nine months ended December 31, 2014, which exceeded the previously announced financial guidance.
Notes:
a) The revised financial forecasts assume the exchange rates of 110 yen against the U.S. dollar and 135 yen against the euro. The assumed exchange rates of the yen against other currencies including Asian currencies have been determined in relation to these exchange rates.
b) Pursuant to ASC 805 "Business Combinations," consolidated financial statements for the three months ended March 31, 2014 and for the six months ended September 30, 2014 have been retrospectively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisitions of Nidec Sankyo CMI Corporation (formerly Mitsubishi Materials C.M.I. Corporation) and Nidec Elesys Corporation (formerly Honda Elesys Co., Ltd.) in the fiscal year ended March 31, 2014. During the three months ended December 31, 2014, we completed our valuation of such assets and liabilities of Nidec Sankyo CMI Corporation and Nidec Elesys Corporation.
2. Revised year-end dividend projection for the year ending March 31, 2015
| Dividend per share (Yen) for the year ending March 31, 2015 | |||||
| Annual Dividends Per Share | |||||
|
First Quarter-end |
Second Quarter-end |
Third Quarter-end |
Fourth Quarter-end |
Full Year | |
| Previous Projection (as of July 23, 2014) | -- | 30.00 | -- | 30.00 | 60.00 |
| Revised Projection | -- | -- | -- | 40.00 | 70.00 |
| Dividend Paid (for the year ending March 31, 2015) | -- | 30.00 | -- | -- | -- |
|
<Reference> Dividend Paid (for the year ended March 31, 2014) |
-- | 45.00 | -- | 55.00 | 100.00 |
| *The Company implemented a two-for-one stock split on its common stock as of April 1, 2014. Dividends paid for the year ended March 31, 2014 represent the actual payment amounts on a pre-split basis. | |||||
Reason for the revision
The Company upholds shareholder-oriented management and places importance on regular dividend payments, seeking to increase its dividend payout to around 30% of the consolidated net income. Based on the stated upward revision to the Company's consolidated financial forecasts for the year ending March 31, 2015, the Company has revised upward its year-end dividend projection for the year ending March 31, 2015 from 30 yen per share to 40 yen per share, making the projected aggregate annual dividend 70 yen per share.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the Company's current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, changes in customer circumstances and demand, exchange rate fluctuations, available funds, future alternative uses for cash, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.