Tokyo, Oct 29, 2009 - (JCN Newswire) - 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)
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Revised Previous Full-year
forecasts forecasts Changes results for
(A) (B) (A - B) fiscal 2009
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Net sales 451,000 420,000 31,000 558,837
Operating loss (25,500) (33,000) 7,500 (54,529)
Ordinary loss (30,000) (37,500) 7,500 (54,420)
Net loss (59,500) (83,000) 23,500 (130,529)
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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 90 yen, unchanged from before, and a yen-euro exchange rate of 130 yen, 15 yen weaker than before, for the revised forecast.
Revision of Semiannual Consolidated Business Forecasts
(In millions of yen)
----------------------------------------------------------------------
Revised Previous Full-year
forecasts forecasts Changes results for
(A) (B) (A - B) fiscal 2009
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Net sales 203,000 195,000 8,000 327,042
Operating loss (23,000) (32,000) 9,000 (14,340)
Ordinary loss (24,500) (35,000) 10,500 (13,540)
Net loss (41,000) (47,000) 6,000 (44,071)
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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.
About Pioneer Corporation
Pioneer Corporation, headquartered in Tokyo, is a leading global manufacturer of consumerand business-use electronics products such as audio, video and car electronics. Its shares are traded on the Tokyo Stock Exchange (TSE: 6773). For more information , please visit http://pioneer.jp .
Source: Pioneer Corporation
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/
Copyright 2009 JCN Newswire. All rights reserved. www.japancorp.net
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