KYOCERA Announces Consolidated Financial Results For Nine Months Ended December 31, 2012
Kyocera Corporation ("Kyocera") (NYSE:KYO) (TOKYO:6971) today issued its third quarterly announcement of consolidated financial results for the fiscal year ending March 31, 2013. The results, summarized below, represent the nine months ended December 31, 2012 ("the period"). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html
| Consolidated Financial Highlights: Nine Months Ended December 31Unit: Millions (except percentages and per-share amounts) | ||||||||||||
| Nine Months Ended December 31 | ||||||||||||
| 2011(FY12)in JPY | 2012(FY13)in JPY | Increase(Decrease) | 2012(FY13)in USD | 2012(FY13)in EUR | ||||||||
| Amountin JPY | % | |||||||||||
| Net sales: | 885,389 | 926,524 | 41,135 | 4.6 | 10,650 | 8,057 | ||||||
| Profit from operations: | 88,373 | 51,234 | (37,139) | (42.0) | 589 | 446 | ||||||
| Income before income taxes: | 102,604 | 68,882 | (33,722) | (32.9) | 792 | 599 | ||||||
| Net income attributable toshareholders of KyoceraCorporation: | 72,110 | 44,970 | (27,140) | (37.6) | 517 | 391 | ||||||
| Diluted earnings per shareattributable to shareholdersof Kyocera Corporation: | 393.07 | 245.15 | - | - | 2.82 | 2.13 | ||||||
| Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at therates of USD1 = JPY87 and EUR1 = JPY115, rounded to the nearest unit. | ||||||||||||
SummaryDespite continued harsh conditions in the overall business environment, Kyocera recorded increased sales in its semiconductor components and applied ceramic products segments during the period, as compared with the nine months ended December 31, 2011 ("the previous period"). In addition, new wholly-owned subsidiaries acquired during the fourth quarter of the year ended March 31, 2012 contributed to Kyocera's net sales throughout the period. However, profit decreased as compared with the previous period, due primarily to a JPY21,300 (USD266) million charge 1 recorded at AVX Corporation, a U.S.-based subsidiary, for environmental remediation in New Bedford Harbor, Massachusetts (U.S.A.), coupled with price erosion in the electronic components market and the impact of currency fluctuations.
As a result, compared with the previous period, consolidated net sales increased by 4.6%, to JPY926,524 (USD10,650) million; while profit from operations decreased by 42.0%, to JPY51,234 (USD589) million; income before income taxes decreased 32.9%, to JPY68,882 (USD792) million; and net income attributable to shareholders of Kyocera Corporation decreased by 37.6%, to JPY44,970 (USD517) million.
| Consolidated Financial Highlights: Third Quarter ComparisonUnit: Millions (except percentages) | ||||||||||||
| Three Months Ended December 31 | ||||||||||||
| 2011(FY12-Q3)in JPY | 2012(FY13-Q3)in JPY | Increase(Decrease) | 2012(FY13-Q3)in USD | 2012(FY13-Q3)in EUR | ||||||||
| Amountin JPY | % | |||||||||||
| Net sales: | 281,121 | 318,093 | 36,972 | 13.2 | 3,656 | 2,766 | ||||||
| Profit from operations: | 20,610 | 25,343 | 4,733 | 23.0 | 291 | 220 | ||||||
| Income before income taxes: | 27,039 | 33,150 | 6,111 | 22.6 | 381 | 288 | ||||||
| Net income attributable toshareholders of KyoceraCorporation: | 25,342 | 19,599 | (5,743) | (22.7) | 225 | 170 | ||||||
| Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at therates of USD1 = JPY87 and EUR1 = JPY115, rounded to the nearest unit. | ||||||||||||
Consolidated Financial Forecasts: Year Ending March 31, 2013During the three months ended December 31, 2012 (the "third quarter," or "Q3"), demand for component products fell short of projections in consumer equipment and industrial machinery markets. In the three months ending March 31, 2013 (the "fourth quarter," or "Q4"), it is expected that, while sales in the company's solar energy business in Japan will grow significantly, general demand for components used in digital consumer electronics will be lower than expected at the time of the company's October 2012 forecast.
Based on these expectations, Kyocera has revised its forecasts of consolidated financial results and average exchange rates for the year ending March 31, 2013 from the projections announced in October 2012, as shown below.| Unit: Yen in millions (except percentages and exchange rates) | |||||||||
| Fiscal 2013 Forecasts Announced on | Increase(Decrease)(%) toFiscal 2012Results | ||||||||
| Fiscal 2012Results | October 31, 2012 | January 31, 2013 | |||||||
| Net sales: | 1,190,870 | 1,320,000 | 1,280,000 | 7.5 | |||||
| Profit from operations: | 97,675 | 100,000 | 73,000 | (25.3 | ) | ||||
| Income before income taxes: | 114,893 | 115,000 | 91,500 | (20.4 | ) | ||||
| Net income attributable to shareholdersof Kyocera Corporation: | 79,357 | 75,000 | 57,000 | (28.2 | ) | ||||
| Average USD exchange rate: | 79 | 79 | 82 | - | |||||
| Average EUR exchange rate: | 109 | 101 | 106 | - | |||||
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