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Nidec Revises Consolidated Financial Forecasts and Year-End Dividend Projection for the Year Ending March 31, 2013
January 23, 2013 --
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 | ||
Net sales | 720,000 | 690,000 | (30,000) | (4.2%) | 682,320 | |
Operating income | 80,000 | 20,000 | (60,000) | (75.0%) | 73,070 | |
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 revision
Since 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.
The revised financial forecasts assume the exchange rates of 85 yen against the U.S. dollar and 115 yen against the euro. The assumed exchange rates of the yen against other currencies, including Asian currencies, have been determined in relation to the yen-dollar exchange rate.
2. Revised year-end dividend projection for the year ending March 31, 2013
Dividend per share (yen) for the year ended March 31, 2013
Annual Dividend | |||||
First Quarter-end | Second Quarter-end | Third Quarter-end | Fourth Quarter-end | Full year | |
Previous Forecast (as of April 24, 2012) | -- | 45 | -- | 50 | 95 |
Revised Forecast | -- | -- | -- | 35 | 80 |
Dividend Paid (for the year ending March 31, 2013) | -- | 45 | -- | -- | -- |
Dividend Paid (for the year ended March 31, 2012) | -- | 45 | -- | 45 | 90 |
Reasons for revision
Based on the stated revision to the Company's consolidated financial forecasts for the year ending March 31, 2013, the Company has revised downward its year-end dividend projection for the year ending March 31, 2013 from 50 yen per share to 35 yen per share, making the projected aggregate annual dividend 80 yen per share.
The Nidec Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=1734
CONTACT: Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@jp.nidec.com
