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Nidec Copal Revises Financial Guidance For Fiscal Year 2010

Stocks in this article: NJ

KYOTO, Japan, March 18, 2011 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) today announced that one of its consolidated subsidiaries, Nidec Copal Corporation ("Nidec Copal") (Tokyo Stock Exchange 1 st Section: 7756), has revised its financial forecast for the year ending March 31, 2011.

The details are as follows.

1. Revised Consolidated Financial Forecast (Japanese GAAP) for the Year Ending March 31, 2011

From April 1, 2010 to March 31, 2011 (Millions of yen, except per share amounts and percentages)
  For the year ending March 31, 2011 For the year ended 
  Previous forecast  Revised forecast  Change March 31, 2010
  (Apr. 26, 2010)  (Mar. 18, 2011) Amount % (Reference)
Net sales 73,000 73,500 500 0.7 65,062
Operating income 9,000 8,500 (500) (5.6) 5,903
Recurring income   8,800 7,600 (1,200) (13.6) 5,915
Net income  4,950 2,400 (2,550) (51.5) 3,888
Earnings per share  78.75 38.18 - - 61.87

2. Reasons for Revision

Nidec Copal now expects lower full-year profits on slightly higher sales for the year ending March 31, 2011, primarily reflecting a harsh pricing environment in the compact digital camera market and the resulting cost pressures on the company's production and development operations, most notably for specialty lens units. Nidec Copal's production of specialty lens units had continued at record levels until halfway through the fiscal year 2010 and then suddenly slowed down in the third quarter as the customers started switching over to new product lines.

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