KYOTO, Jan. 24, 2012 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced consolidated results under U.S.GAAP for the third quarter (October-December 2011) and nine months (April-December 2011) of its fiscal year ending March 31, 2012.
Highlights are as follows:
- December quarter sales down 11.6% y/y and 13.5% q/q, largely due to supply chain disruptions triggered by a historic flooding in Thailand.
- December quarter operating income ratio stood at 8.6%, despite operating income down 39.5% y/y and 35.3% q/q.
- Concerted recovery efforts by Thai factories and a dynamic production realignment among other Asian factories helped mitigate the HDD motor production loss, enabling the December quarter unit sales to maintain at a level equivalent to 80% of the September quarter unit sales.
- Projected FY2011 annual dividend of JPY 90 per share remains unchanged (payout ratio: 30.9%).
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Consolidated Results of Operations (unaudited) |
Yen in millions (except for per share amounts and percentages) | |||||
|
Nine months ended December 31 |
Increase (Decrease) |
Three months ended December 31 |
Increase (Decrease) | |||
| 2011 | 2010 | 2011 | 2010 | |||
| (unaudited) | (unaudited) | |||||
| Net sales | 519,680 | 514,974 | 0.9% | 157,982 | 178,659 | (11.6%) |
| Operating income | 52,691 | 73,566 | (28.4%) | 13,147 | 21,731 | (39.5%) |
| Ratio of operating income to net sales | 10.1% | 14.3% | -- | 8.3% | 12.2% | -- |
| Income from continuing operations before income taxes | 47,054 | 61,320 | (23.3%) | 13,831 | 19,711 | (29.8%) |
| Ratio of income from continuing operations before income taxes to net sales | 9.1% | 11.9% | -- | 8.8% | 11.0% | -- |
| Net income attributable to Nidec Corporation | 31,654 | 40,473 | (21.8%) | 9,125 | 13,459 | (32.2%) |
| Ratio of net income attributable to Nidec Corporation to net sales | 6.1% | 7.9% | -- | 5.8% | 7.5% | -- |
| Net income attributable to Nidec Corporation stockholders per share-basic | 229.86 | 290.46 | -- | 66.68 | 96.52 | -- |
| Net income attributable to Nidec Corporation stockholders per share-diluted | 214.87 | 283.25 | -- | 62.30 | 90.32 | |
Full copy of the financial statements for Nidec's third quarter and nine months ended December 31, 2011: http://www.nidec.co.jp/english/ir/lib/indexdata2/2012/Q3_3.pdf
A conference call webcast (audio-only, user-control slides attached) discussing Nidec's financial results for the third quarter and nine months ended December 31, 2011 is scheduled for 09:00 a.m. EST on Tuesday, January 24, 2012. To listen to the webcast, please visit Nidec website at: http://www.nidec.co.jp/english/ir/information/FY11Q3
About Nidec Corporation
Nidec Corporation (NYSE:NJ) (Tokyo/Osaka:6594) is a global leader in electric motor drive technology. For the nine months ended December 31, 2011, "Small Precision Motors" and "General Motors" represented 70.4% of the total sales; "Electronic and Optical Components," "Machinery," and "Others" comprised the remainder. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current President and CEO.
The Nidec Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1734