KYOTO, Japan, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced a downward revision to its U.S. GAAP-based consolidated full-year financial forecasts announced on October 24, 2012 and year-end dividend projection announced on April 24, 2012, for the year ending March 31, 2013.
1. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2013
|From April 1, 2012 to March 31, 2013 (Millions of yen, except per share amounts and percentages)|
|For the year ending March 31, 2013||(Reference)|
|Previous Forecasts||Revised||Change||For the Year Ended|
|(Oct. 24, 2012)||Forecast||Amount||Percent||March 31, 2012|
|Income from continuing operations before income taxes||71,000||12,500||(58,500)||(82.4%)||70,856|
|Net income attributable to Nidec Corporation||50,000||4,500||(45,500)||(91.0%)||40,731|
|Net income attributable to Nidec Corporation stockholders per share (basic)||370.45||33.37||--||--||296.25|
Reasons for the revisionSince the middle of the fiscal third quarter ended December 31, 2012, the Company has experienced a drastic decline in demand for its core products, including those used in personal computers, digital still cameras, and LCD (Liquid Crystal Display) panel manufacturing equipment. Under the assumption that the weak demand environment would continue to affect the Company's businesses through the fiscal fourth quarter, the Company initiated a structural reform to bolster its earnings strength and incurred the resulting expenses in the fiscal third quarter. The Company is prepared to incur additional streamlining costs and associated adjustment expenses in the fiscal fourth quarter and now expects its sales and operating income for the fiscal year ending March 31, 2013 to significantly underperform its previous forecasts announced in October 2012.