KYOTO, Japan--(BUSINESS WIRE)--Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today issued its third quarterly announcement of consolidated financial results for the fiscal year ending March 31, 2011. The results, summarized below, represent the nine months ended December 31, 2010 ("the period"). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html
Financial Results: Nine Months Ended December 31
Unit: Millions (except percentages and per-share amounts) |
||||||||||||
2009
|
2010
|
Increase |
2010
in USD |
2010
|
||||||||
Amount in JPY |
% | |||||||||||
Net sales | 768,920 | 956,914 | 187,994 | 24.4 | 11,814 | 8,860 | ||||||
Profit from operations | 38,013 | 119,769 | 81,756 | 215.1 | 1,479 | 1,109 | ||||||
Income before income taxes | 32,739 | 133,136 | 100,397 | 306.7 | 1,644 | 1,233 | ||||||
Net income attributable to shareholders of Kyocera Corporation |
18,481 | 93,717 | 75,236 | 407.1 | 1,157 | 868 | ||||||
Diluted earnings per share
attributable to shareholders of |
100.70 | 510.67 | - | - | 6.30 | 4.73 | ||||||
Note: As a convenience to the reader, U.S. dollar (USD) and euro
(EUR) conversions are based on the rates |
Summary of Consolidated Financial Results
Despite the yen's appreciation, the period showed a favorable business environment compared to the nine months ended December 31, 2009 ("the prior period"), with increased sales in every business segment. Net sales increased 24.4% compared to the prior period, to JPY956,914 (USD11,814) million.
In addition to increased sales, efforts to enhance profitability in every business segment produced measurable results. Compared to the prior period, profit from operations increased 215.1%, to JPY119,769 (USD1,479) million; and income before income taxes increased 306.7%, to JPY133,136 (USD1,644) million, due in part to the absence of an impairment loss of JPY19,987 million on an investment in WILLCOM, Inc. As a result, net income attributable to shareholders of Kyocera Corporation increased 407.1%, to JPY93,717 (USD1,157) million.
Outlook and Future Prospects
Kyocera believes that a full-scale recovery in demand for components used in digital consumer equipment will require more time — although strong demand for solar modules is expected to continue during the three months ending March 31, 2011 ("FY11-Q4"). After assessing these circumstances, the company has made no further revision to the upwardly revised forecasts of consolidated financial results announced on October 28, 2010.
Consolidated Forecasts: Year Ending March 31, 2011
Unit: Yen in millions (except percentages, per-share amounts and exchange rates) | |||||||
Fiscal 2010 |
Fiscal 2011
Forecasts
Announced on
October 28, |
Increase
% to Fiscal |
|||||
Net sales | 1,073,805 | 1,260,000 | 17.3 | ||||
Profit from operations | 63,860 | 147,000 | 130.2 | ||||
Income before income taxes | 60,798 | 160,000 | 163.2 | ||||
Net income attributable to shareholders of |
40,095 | 105,000 | 161.9 | ||||
Diluted earnings per share attributable to shareholders of Kyocera Corporation |
218.47 | 572.15 | - | ||||
Average USD exchange rate | 93 |
85 |
- | ||||
Average EUR exchange rate | 131 |
112 |
- |
Notes:
The forecast of diluted earnings per share attributable to shareholders of Kyocera Corporation was computed based on the diluted average number of shares outstanding during the period.
FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission.
Kyocera Corporation (NYSE:KYO)(TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as "advanced ceramics"). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, telecommunications equipment, electronic components, printers, copiers, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2010, the company's net sales totaled 1.07 trillion yen (approximately USD11.5 billion). The company is ranked #554 on Forbes magazine's 2010 "Global 2000" listing of the world's largest publicly traded companies.