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TheStreet Open House

KYOCERA Announces Consolidated Financial Results For Six Months Ended September 30, 2012

Stocks in this article: KYO

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced consolidated financial results for the first half of fiscal year 2013 ("first half" or "FY13-H1," covering the six months ended September 30, 2012), as summarized below. Details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Consolidated Financial Highlights: First Half

Unit: Millions (except percentages and per-share amounts)

    Six Months Ended September 30
2011

(FY12-H1)

in JPY

  2012

(FY13-H1)

in JPY

  Increase (Decrease)   2012 (FY13-H1)

in USD

  2012 (FY13-H1)

in EUR

Amount

in JPY

  %
Net sales: 604,268 608,431 4,163 0.7 7,800 6,084
Profit from operations: 67,763 25,891 (41,872) (61.8) 332 259
Income before income taxes: 75,565 35,732 (39,833) (52.7) 458 357
Net income attributable to shareholders of Kyocera Corporation: 46,768 25,371 (21,397) (45.8) 325 254
Diluted earnings per share attributable to shareholders of Kyocera Corporation:   254.93   138.31   -   -   1.77   1.38

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY78 and EUR1 = JPY100, rounded to the nearest unit.

 

Summary

In comparison with the prior first half ("FY12-H1"), this first half was characterized by the impact of the yen's appreciation; sluggish growth in demand for components used in industrial equipment and digital consumer electronics; a decrease in sales of solar energy products outside of Japan; and an overall decrease in sales of telecommunications equipment. Nonetheless, newly added revenue from LCD manufacturer Optrex Corporation (now Kyocera Display Corporation) led to increased consolidated net sales as compared to FY12-H1 *1. Profit decreased compared with the previous first half, primarily due to a JPY21,300 (USD266) million charge *2 recorded at AVX Corporation, a U.S.-based subsidiary, for environmental remediation in New Bedford Harbor, Massachusetts (U.S.A.), and to the general impact of the yen's appreciation.

As a result, compared to FY12-H1, consolidated net sales increased 0.7%, to JPY608,431 (USD7,800) million; profit from operations decreased 61.8%, to JPY25,891 (USD332) million; income before income taxes decreased 52.7%, to JPY35,732 (USD458) million; and net income attributable to shareholders of Kyocera Corporation decreased 45.8%, to JPY25,371 (USD325) million.

 

Consolidated Financial Highlights: Second Quarter Comparisons

Unit: Millions (except percentages)

Against FY12-Q2

  Three Months Ended September 30
2011

(FY12-Q2)

in JPY

  2012

(FY13-Q2)

in JPY

  Increase (Decrease)   2012 (FY13-Q2)

in USD

  2012 (FY13-Q2)

in EUR

Amount

in JPY

  %
Net sales: 299,037 310,705 11,668 3.9 3,983 3,107
Profit from operations: 34,450 27,893 (6,557) (19.0) 358 279
Income before income taxes: 35,643 31,005 (4,638) (13.0) 398 310
Net income attributable to shareholders of Kyocera Corporation:   21,964   18,801   (3,163)   (14.4)   241   188
 

Against FY13-Q1

  Three Months Ended
June 30, 2012

(FY13-Q1)

in JPY

  September 30,

2012

(FY13-Q2)

in JPY

  Increase (Decrease)   2012 (FY13-Q2)

in USD

  2012 (FY13-Q2)

in EUR

Amount

in JPY

  %
Net sales: 297,726 310,705 12,979 4.4 3,983 3,107
Profit from operations: -2,002 27,893 29,895 - 358 279
Income before income taxes: 4,727 31,005 26,278 555.9 398 310
Net income attributable to shareholders of Kyocera Corporation: 6,570 18,801 12,231 186.2 241 188

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY78 and EUR1 = JPY100, rounded to the nearest unit.

 

"In the second quarter, we saw increased demand for components used in digital consumer electronics, in particular for smartphones, as well as expanded sales in our solar energy business in the Japanese market," stated Kyocera Corporation president, Tetsuo Kuba. "This led to increased sales and profit compared to the first quarter, and with a pretax profit ratio of 10%, we have bounced back to double-digit margins."

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