Consolidated Financial Report; Hitachi Posts Lower profits.TARRYTOWN Tarrytown (târ`ētoun), village (1990 pop. 10,739), Westchester co., SE N.Y., a residential suburb of New York City, on the E bank of the Hudson opposite Nyack; settled in the 17th cent. by the Dutch, inc. 1870. , N.Y.--(BUSINESS WIRE)--May 29, 1997--Hitachi, Ltd. (NYSE NYSE See: New York Stock Exchange :HIT) today announced sales of 8,523,100 million Yen ($68,735 million) for the year ending March 31, 1997, a 5% increase from the preceding year. Net income decreased by 38% to 88,331 million Yen ($712 million). These consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: business results are for Hitachi Hitachi (hētä`chē), city (1990 pop. 202,141), Ibaraki prefecture, E central Honshu, Japan, on the Kashima Sea. The city is a leading producer of Japan's electrical equipment. , Ltd. and its 913 subsidiaries, including 276 overseas corporations. Against a backdrop Backdrop may refer to:
The body of the bleak is elongated and flat. The head is pointed and the relatively small mouth is turned upwards. The anal fin is long and has 18 to 23 fin rays. The lateral line is complete. during the 1996 fiscal year, despite steady consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and a moderate recovery in private sector investment. On the other hand, economic growth was brisk Brisk as a proper name may refer to:
Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" and the economic environment remained firm in the U.S. In Information Systems & Electronics, sales of mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, computer systems and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment increased, but a fall in memory prices slowed sales of semiconductors. In Power & Industrial Systems, large shipments of major orders for power systems and steady demand for industrial systems kept sales firm. In Consumer Products, the adverse effect of tough price competition was offset by steady consumer spending. In Materials, brisk sales of electronics-related materials helped boost overall results. In the Services & Other sector, sales declined, mainly as a result of a decline in semiconductor sales overseas. The company spent 503,508 million Yen ($4,061 million) on research and development, an increase of 2% from the preceding year. R&D expenditures totaled 5.9% of sales. During the period, Hitachi's plant and equipment investment amounted to 740,135 million Yen ($5,969 million), an increase of 2% from the preceding year, with the top priority being given to the electronics sector. All figures were converted at the rate of 124 Yen = US$1, the approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. exchange rate on the Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. Foreign Exchange Market on March 31, 1997. Hitachi, Ltd., headquartered in Tokyo, Japan, is the world's leading global electronics company. The company manufactures and markets a wide range of products, including computers, semiconductors, consumer products and power and industrial equipment. -0-
Hitachi Ltd. and Subsidiaries
Consolidated Financial Statements
For the year ended March 31, 1997
(Japanese Yen 124 = $1)
YEN
(millions)
Income Statements 1997 1996
Net sales 8,523,100 8,123,810
Cost of sales 6,250,895 5,828,887
S.G.A. expenses 1,975,039 1,962,341
Operating income 297,166 332,582
Other income 87,831 110,963
Other deductions 121,673 94,918
Income before income taxes 263,324 348,627
Income taxes 138,495 165,764
Minority interests 36,498 41,093
Net income 88,331 141,770
Net income per share(a) 25.55 40.09
(yen and dollars)
U.S. Dollars %Increase
(millions) (Decrease)
1997 1996
Net sales 68,735 65,515 5
Cost of sales 50,410 47,008 7
S.G.A. expenses 15,928 15,825 1
Operating income 2,397 2,682 (11)
Other income 708 895 (21)
Other deductions 981 765 28
Income before income taxes 2,124 2,812 (24)
Income taxes 1,117 1,337 (16)
Minority interests 295 332 (11)
Net income 712 1,143 (38)
Net income per share(a) 0.21 0.32 (36)
(yen and dollars)
(a) Note: In computing net income per share, the average number
of shares during each year and the number of shares issuable upon
conversion of common share equivalents at the beginning of the year
(or at time of debt issuance, if later) have been used.
-0-
YEN
(millions)
Balance Sheets 1997 1996
Current assets 6,347,907 6,442,382
Noncurrent receivables and
restricted funds 188,473 161,795
Investments and advances 529,369 507,437
Property, plant and equipment 2,559,497 2,421,785
Other assets 339,463 270,039
Total assets 9,964,709 9,803,438
Current liabilities 3,935,976 3,965,087
Noncurrent liabilities 2,001,105 1,942,178
Minority interests(b) 743,738 696,101
Stockholders' equity(b) 3,283,890 3,200,072
Liabilities and stockholders'
equity 9,964,709 9,803,438
U.S. Dollars %Increase
(millions) (Decrease)
1997 1996
Current assets 51,193 51,955 (1)
Noncurrent receivables and
restricted funds 1,520 1,305 16
Investments and advances 4,269 4,092 4
Property, plant and equipment 20,641 19,530 6
Other assets 2,738 2,178 26
Total assets 80,361 79,060 2
Current liabilities 31,742 31,976 (1)
Noncurrent liabilities 16,138 15,663 3
Minority interests(b) 5,998 5,614 7
Stockholders' equity(b) 26,483 25,807 3
Liabilities and stockholders'
equity 80,361 79,060 2
(b) Note: SFAS No. 115, "Accounting for Certain Investments in
Debt and Equity Securities," has not been implemented in the
consolidated balance sheets as allowed by the U.S. Securities and
Exchange Commission. If implemented, unrealized holding gains (net) of
securities in the scope of SFAS No. 115 were included in measurement
of these investments, and the balances of "Minority Interests" and
"Stockholders' Equity" were increased as follows.
Unrealized holding gains (net)
March 31, 1997 Japanese Yen 514,613 million ($4,150 million)
March 31, 1996 Japanese Yen 785,038 million ($6,331 million)
Minority interests
March 31, 1997 Japanese Yen 25,098 million ($202 million)
March 31, 1996 Japanese Yen 37,362 million ($303 million)
Stockholders' equity
March 31, 1997 Japanese Yen 229,547 million ($1,851 million)
March 31, 1996 Japanese Yen 349,874 million ($2,822 million)
-0-
YEN
(millions)
SALES BY INDUSTRY SEGMENTS
1997 1996
Information Systems
& Electronics 3,289,337 (109%) 3,025,063 (112%)
Power & Industrial
Systems 2,719,775 (108%) 2,523,508 (105%)
Consumer Products 990,895 (104%) 952,751 (103%)
Materials 1,413,174 (103%) 1,372,263 (106%)
Services & Other 2,424,410 (98%) 2,472,154 (111%)
Subtotal 10,837,591 (105%) 10,345,739 (108%)
Eliminations (2,314,491) (--) (2,221,929) (--)
Total 8,523,100 (105%) 8,123,810 (107%)
U.S. DOLLARS
(millions)
1997 1996
Information Systems
& Electronics 26,527 24,396
Power & Industrial
Systems 21,934 20,351
Consumer Products 7,991 7,683
Materials 11,396 11,066
Services & Other 19,552 19,937
Subtotal 87,400 83,433
Eliminations (18,665) (17,918)
Total 68,735 65,515
OPERATING INCOME BY
INDUSTRY SEGMENTS
Yen (Millions)
1997 1996
Information Systems
& Electronics 103,682 (56%) 184,849 (129%)
Power & Industrial
Systems 116,067 (102%) 114,080 (97%)
Consumer Products 7,372 (--) (14,786) (--)
Materials 63,532 (84%) 75,193 (120%)
Services & Other 41,100 (111%) 36,974 (103%)
Subtotal 331,753 (84%) 396,310 (119%)
Elimination &
Corporate items (34,587) (--) (63,728) (--)
Total 297,166 (89%) 332,582 (109%)
U.S. Dollars
1997 1996
Information Systems
& Electronics 836 1,491
Power & Industrial
Systems 936 920
Consumer Products 60 (119)
Materials 512 606
Services & Other 331 298
Subtotal 2,675 3,196
Elimination &
Corporate items (278) (514)
Total 2,397 2,682
SALES BY GEOGRAPHIC SEGMENTS
Yen (Millions) U.S. Dollars
(millions)
1997 1996 1997 1996
Japan 7,841,517 (105%) 7,497,664 (106%) 63,238 60,465
Other areas 1,830,830 (109%) 1,680,533 (122%) 14,765 13,553
Subtotal 9,672,347 (105%) 9,178,197 (109%) 78,003 74,018
Eliminations (1,149,247) (--) (1,054,387) (--) (9,268) (8,503)
Total 8,523,100 (105%) 8,123,810 (107%) 68,735 65,515
OPERATING INCOME BY
GEOGRAPHIC SEGMENTS
1997 1996 1997 1996
Japan 318,998 (86%) 369,848 (122%) 2,573 2,983
Other areas 21,597 (52%) 41,615 (99%) 174 335
Subtotal 340,595 (83%) 411,463 (119%) 2,747 3,318
Eliminations &
Corporate items (43,429) (--) (78,881) (--) (350) (636)
Total 297,166 (89%) 332,582 (109%) 2,397 2,682
SALES BY MARKET
1997 1996 1997 1996
Domestic sales 6,070,552 (101%) 6,020,922 (104%) 48,956 48,556
Overseas sales 2,452,548 (117%) 2,102,888 (115%) 19,779 16,959
Total 8,523,100 (105%) 8,123,810 (107%) 68,735 65,515
FORECAST FOR THE YEAR
ENDED MARCH 31, 1998
Income before
Net sales income taxes Net income
Millions of Yen 8,620,000 310,000 105,000
Millions of U.S. dollars 69,516 2,500 847
CONTACT: Ken Mizoguchi Mizoguchi (溝口 "gutter/drain entrance") is a Japanese surname. People named Mizoguchi:
Hitachi America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Ltd. (914) 333-2902 e-mail: mizoguchi_k@halny Halny – a föhn wind that blows in southern Poland and in Slovakia in the Carpathian Mountains. The most turbulent halny[1] blows in Podhale, coming from the South, down the slopes of the Tatra Mountains; in Slovakia, on the other side of the mountains, it comes .hitachi.com or Betsy Betsy is an English name for females, used as a nickname for Elizabeth. It is also a surname. Famous uses or users of Betsy include:
Burson-Marsteller Burson-Marsteller is one of the largest public relations agencies in the world. It is unit of Young & Rubicam, which is owned by WPP Group PLC.[1] It was formed by Harold Burson and Bill Marsteler in 1954. (212) 614-4417 e-mail: elizabeth Elizabeth, sister of King Louis XVI of France Elizabeth, 1764–94, sister of King Louis XVI of France, known as Madame Elizabeth. Deeply loyal to her brother, she remained in France during the French Revolution, suffered imprisonment, and was _ricci@bm.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion