KYOTO, Japan, Dec. 19, 2008 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced a downward revision on its consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2009 as follows.
1. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2009.
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
--------------------------------------------------------------------
For the year ending March 31, 2009
------------------------------------------ For the
Previous year
forecast ended
(April 23, Revised Change Change March 31,
2008) Forecast (amount) (percent) 2008
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Net sales 800,000 630,000 (170,000) (21.3%) (742,126)
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Operating income 90,000 55,000 (35,000) (38.9%) 76,833
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Income before
Income Tax 90,000 43,000 (47,000) (52.2%) 62,683
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Net income 58,000 28,000 (30,000) (51.7%) 41,156
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Earnings per
share 400.17 193.62 -- -- 284.00
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2. Reasons for the revision
The ripples of economic unrest, radiating beyond the financial markets into the real economy worldwide, has started affecting the business environment surrounding the Company after the middle of November. Reflecting the ongoing economic uncertainties and possible business risks attributable to further demand declines, yen's appreciation and customer inventory adjustments accelerating at a pace far exceeding expectations, the Company now revises downward its financial forecast announced on April 23, 2008.
3. Reference
In this connection, the following subsidiaries of Nidec Corporation today announced downward revisions on their consolidated financial forecasts (Japanese GAAP) for the year ending March 31, 2009.
The details are as follows:
1) Nidec Sankyo Corporation (Tokyo Stock Exchange 1st Section, Code: 7757)
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
--------------------------------------------------------------------
For the year ending March 31, 2009
----------------------------------------- For the
Previous year
forecast Change ended
April 23, Revised Change Per- March 31,
2008 Forecast Amount centage 2008
--------------------------------------------------------------------
Net sales 113,000 100,000 (13,000) (11.5%) 108,987
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Operating income 10,000 6,000 (4,000) (40.0%) 9,544
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Recurring income 10,000 4,500 (5,500) (55.0%) 6,845
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Net income 6,000 2,000 (4,000) (66.7%) 5,041
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Earnings per
share 31.40 10.47 -- -- 26.42
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2) Nidec Copal Corporation (Tokyo Stock Exchange 1st Section, Code: 7756)
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
--------------------------------------------------------------------
For the year ending March 31, 2009
----------------------------------------- For the
Previous year
forecast Change ended
April 23, Revised Change Per- March 31,
2008 Forecast Amount centage 2008
--------------------------------------------------------------------
Net sales 90,000 75,000 (15,000) (16.7%) 87,957
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Operating income 8,200 5,000 (3,200) (39.0%) 7,443
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Recurring income 8,200 4,800 (3,400) (41.5%) 7,202
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Net income 5,350 3,000 (2,350) (43.9%) 4,993
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Earnings per
share 85.11 47.73 -- -- 79.45
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3) Nidec Tosok Corporation (Tokyo Stock Exchange 1st Section, Code: 7728)
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
--------------------------------------------------------------------
For the year ending March 31, 2009
------------------------------------------ For the
Previous year
forecast Change ended
April 23, Revised Change Per- March 31
2008 Forecast Amount centage 2008
---------------------------------------------------------------------
Net sales 27,000 23,500 (3,500) (13.0%) 26,213
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Operating income 2,500 1,200 (1,300) (52.0%) 2,174
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Recurring income 2,500 1,200 (1,300) (52.0%) 2,198
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Net income 1,400 400 (1,000) (71.4%) 1,634
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Earnings per
share 72.76 20.79 -- -- 84.93
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4) Nidec Copal Electronics Corporation (Tokyo Stock Exchange 1st Section, Code: 6883)
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
--------------------------------------------------------------------
For the year ending March 31, 2009
-------------------------------------------- For the
Previous year
forecast ended
April 23, Revised Change Change March 31,
2008 Forecast Amount Percentage 2008
--------------------------------------------------------------------
Net sales 33,400 29,000 (4,400) (13.2%) 33,880
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Operating income 4,500 2,650 (1,850) (41.1%) 4,306
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Recurring income 4,400 2,400 (2,000) (45.5%) 4,190
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Net income 2,600 1,400 (1,200) (46.2%) 2,547
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Earnings per
share 39.21 21.12 -- -- 38.42
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5) Nidec Servo Corporation (Tokyo Stock Exchange 2nd Section, Code: 6585)
From April 1, 2008 to March 31, 2009 (Millions of yen, except per
share amounts and percentages)
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For the year ending March 31, 2009
-------------------------------------------- For the
Previous year
forecast ended
April 23, Revised Change Change March 31,
2008 Forecast Amount Percentage 2008
--------------------------------------------------------------------
Net sales 28,000 25,000 (3,000) (10.7%) 35,046
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Operating income 2,100 850 (1,250) (59.5%) 2,053
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Recurring income 2,100 850 (1,250) (59.5%) 1,790
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Net income 1,700 650 (1,050) (61.8%) 1,654
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Earnings per
share 47.83 18.29 -- -- 46.49
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Cautionary Statements Regarding Forward-looking Statements
This press release contains forward-looking statements including expectations, judgement, plans, and strategies, associated with Nidec Group's business activities. 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, and other risks and uncertainties.