KYOTO, Japan, Jan. 24, 2012 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced a downward revision to its previous consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2012 as follows.
1. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2012
| From April 1, 2011 to March 31, 2012 (Millions of yen, except per share amounts and percentages) | |||||
| For the year ending March 31, 2012 | (Reference) | ||||
| Previous forecast | Revised | Change | Change | For the year ended | |
| (July 22, 2011) | Forecast | (amount) | (percent) | March 31, 2011 | |
| Net sales | 760,000 | 700,000 | (60,000) | (7.9%) | 688,530 |
| Operating income | 90,000 | 70,000 | (20,000) | (22.2%) | 90,527 |
| Income from continuing operations before income taxes | 83,500 | 62,000 | (21,500) | (25.7%) | 79,525 |
| Net income attributable to Nidec Corporation | 55,000 | 40,000 | (15,000) | (27.3%) | 52,333 |
| Net income attributable to Nidec Corporation stockholders per share (basic) | 399.71 | 290.93 | -- | -- | 375.91 |
2. Reasons for the revision
In the nine months ended December 31, 2011, the ripples of economic recessions triggered by the European debt crisis began to radiate into the global economies. In addition, a massive flooding that struck Thailand in October 2011 heavily disrupted global electronics component supply chains, compelling the Company to temporarily halt its Thailand operations. In light of the foregoing, the Company now expects its sales and profits for the year ending March 31, 2012 to be lower than previously expected.
The revised financial forecast assumes the exchange rates of 75 yen against the U.S. dollar and 95 yen against the euro. (Assumed yen/euro exchange rate has been changed from 105 yen/euro to 95 yen/euro). The exchange rates of the yen against other currencies, including Asian currencies, have been determined in relation to the yen-dollar exchange rate.
The Company also announced that its projected annual dividend for the year ending March 31, 2012 will remain unchanged at 90 yen per share.
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