Revision of FY10 Forecast
29 October 2009 - 6:00PM
UK Regulatory
TIDM35SV
RNS Number : 5685B
Pioneer Corporation
29 October 2009
For Immediate Release
October 29, 2009
Pioneer Revises Consolidated Business Forecasts for Fiscal 2010
TOKYO - Pioneer Corporation today announced that it has revised its full-year
and semiannual consolidated business forecasts for fiscal 2010, the year ending
March 31, 2010, which were announced on May 13, 2009, as follows:
Revision of Full-Year Consolidated Business Forecasts
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
| | | | | | | (In millions of yen) |
+-----------------------+-+-------------+-+-------------+-+------------------------------+
| | | Revised | | Previous | | Changes | | Full-year |
| | | forecasts | | forecasts | | (A - B) | |results for |
| | | (A) | | (B) | | | | fiscal 2009 |
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
| Net | | JPY451,000 | | JPY420,000 | | JPY31,000 | | JPY558,837 |
| sales | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
| Operating | | (25,500) | | (33,000) | | 7,500 | | (54,529) |
| loss | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
| Ordinary | | (30,000) | | (37,500) | | 7,500 | | (54,420) |
| loss | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
| Net loss | | JPY(59,500) | | JPY(83,000) | | JPY23,500 | | JPY(130,529) |
+-----------------------+-+-------------+-+-------------+-+-------------+-+--------------+
We have upwardly revised our previous net sales forecast due to the following
reasons.
In the Car Electronics business, we now anticipate higher consumer
market sales volume, based on expectations of recovering auto sales primarily in
newly emerging economies, and a boost from new product launches in consumer
markets. Higher OEM sales are also projected as automakers raise their
production plans. In the Home Electronics business, we have included in our
revised forecast an increased estimate of optical disc sales in connection with
the formation of an optical disc joint venture with Sharp Corporation. In
addition, we have incorporated the positive impact of the weaker yen into the
revised forecasts.
As restructuring proceeds steadily, we are now projecting an improved
operating loss and ordinary loss relative to previous forecasts. The operating
loss is anticipated to improve mainly due to a smaller-than-expected drop in
plasma display prices and weaker-than-expected yen exchange rates. The ordinary
loss is expected to improve in line with the reduced operating loss.
We are now forecasting an improved net loss relative to the previous
forecast mainly due to restructuring cost savings in connection with the
formation of the optical disc joint venture.
We are assuming an average yen-U.S. dollar exchange rate in the second half of
fiscal 2010 of JPY90, unchanged from before, and a yen-euro exchange rate of
JPY130, JPY15 weaker than before, for the revised forecasts.
Revision of Semiannual Consolidated Business Forecasts
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| | | | | | | (In millions of yen) |
+-----------------------+-+-------------+-+-------------+-+-----------------------------+
| | | Revised | | Previous | | Changes | | Semiannual |
| | | forecasts | | forecasts | | (A - B) | |results for |
| | | (A) | | (B) | | | |fiscal 2009 |
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net | | JPY203,000 | | JPY195,000 | | JPY8,000 | | JPY327,042 |
| sales | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Operating | | (23,000) | | (32,000) | | 9,000 | | (14,340) |
| loss | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Ordinary | | (24,500) | | (35,000) | | 10,500 | | (13,540) |
| loss | | | | | | | | |
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
| Net loss | | JPY(41,000) | | JPY(47,000) | | JPY6,000 | | JPY(44,071) |
+-----------------------+-+-------------+-+-------------+-+-------------+-+-------------+
Reference Information
The Company plans to announce on November 5, 2009 (Japan time) its consolidated
second-quarter and semiannual business results for fiscal 2010.
Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this release with respect to our current plans, estimates,
strategies and beliefs, and other statements that are not historical facts are
forward-looking statements about our future performance. These statements are
based on management's assumptions and beliefs in light of the information
currently available to it. We caution that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. It is not our obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. We disclaim any such obligation. Risks and uncertainties
that might affect us include, but are not limited to: (i) general economic
conditions in our markets, particularly levels of consumer spending; (ii)
exchange rates, particularly between the Japanese yen and the U.S. dollar, the
euro, and other currencies in which we make significant sales or in which our
assets and liabilities are denominated; (iii) our ability to continuously design
and develop highly rated products and services in extremely competitive markets,
which are characterized by continual product launches, rapid technological
development, intense price-based competition, subjective and changing consumer
preferences and other factors; (iv) our ability to successfully implement our
business strategies; (v) our ability to compete, as well as develop and
implement successful sales and distribution strategies, in light of
technological developments in and affecting our businesses; (vi) our continued
ability to devote sufficient resources to research and development, and capital
expenditure; (vii) our ability to continuously enhance our brand image; (viii)
the success of our joint ventures and alliances; (ix) the success of our
restructuring plans; and (x) the outcome of contingencies.
Pioneer Corporation is a leading global manufacturer of consumer- and
business-use electronics products such as car electronics, audio and video
products. Its shares are traded on the Tokyo Stock Exchange.
# # # # # #
For further information, please contact:
Hideki Okayasu
Senior Managing Director and Representative Director
Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431
E-mail: pioneer_shr@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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