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Nidec Announces Differences Between Financial Projection And Actual Results For Fiscal Year Ended March 31, 2013 And Revision To Year-End Dividend Forecast

Stocks in this article: NJ

KYOTO, Japan, April 23, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (the "Company") (NYSE:NJ) today announced differences between its financial forecast for the year ended March 31, 2013 (announced on January 24, 2013) and the actual financial results released today. The Company also announced that it would revise its year-end dividend forecast for the year ended March 31, 2013, which is to be approved at a meeting of the Company's Board of Directors scheduled for May 28, 2013.

The details are as follows.

1.      Differences between Financial Projection and Actual Results for Fiscal Year Ended March 31, 2013 (U.S. GAAP)

From April 1, 2012 to March 31, 2013 (Millions of Yen, except per share amounts and percentages)
  For the year ended March 31, 2013 For the year ended March 31, 2012
  Forecast announced on January 24,  2013 Actual Change (amount) Change (%)
Net sales 690,000 709,270 19,270 2.8 682,320
Operating income 20,000 17,627 (2,373) (11.9) 73,070
Income from continuing operations before income taxes 12,500 13,427 927 7.4 70,856
Net income attributable to the Company 4,500 7,998 3,498 77.7 40,731
Net income Attributable to Nidec Corporation per share-basic 33.37 59.37 -- -- 296.25

The Company sees its net sales for the fiscal year 2012 in line with its expectations, but operating income fell short of the Company's expectation due to increased selling costs and general, administrative expenses. In the meantime, income from continuing operations before income taxes increased due to factors including foreign exchange gains deriving from Yen's depreciation. Net income attributable to the Company also increased to exceed the Company's expectation mainly because of positive tax effects and decreased non-controlling interests.        

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