Hitachi Maxell Annual Report to Shareholders: 'Innovation and Speed'.Tokyo, Japan, Oct 19, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Hitachi Maxell Hitachi Maxell (日立マクセル Hitachi Makuseru (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 6810), a leading manufacturer of information storage media, optical disks and batteries, is pleased to present its Annual Report to Shareholders for the fiscal year ended March 31, 2006. Chairman of the Board Hiroshi Kuwahara and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Yoshito Tsunoda offered the following remarks: In fiscal 2006, the Maxell Group faced tough business conditions. Although the market for digital consumer electronics expanded and the yen weakened, product prices fell while raw material costs rose due to hikes in the price of crude oil. Faced with these business conditions, we aggressively reformed structures to optimize operations from a Group-wide standpoint to turn around business results. Thanks to those efforts, we achieved our first increase in revenues and earnings for four fiscal years, with income growing due to comprehensive cost reductions and the capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. effect that accompanied higher net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight . In April 2006, we launched a new medium-term business plan based on the themes of 'Innovation and Speed', 'Selection and Concentration', and 'Revolutionizing Our Mind Set'. The new plan calls for enhancement of the Group's growth potential through 'Change for Growth'. In these efforts, we aim to grow business scale and profitability, with our sights set on the Maxell Group's 50th anniversary in fiscal 2011. We will achieve the goals of the new medium-term business plan by steadily carrying out three action plans that focus on reconstructing and newly developing core operations, developing robust new businesses early and acquiring new technology for the future, and bolstering and exploiting our organizational strength. We expect business conditions to remain challenging. However, the Group will raise corporate value through concerted efforts to reach the targets of its new medium-term business plan and management that considers the interests of all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . We ask our stakeholders and other investors for their continued support as we take on new challenges. [Excerpt ex·cerpt n. A passage or segment taken from a longer work, such as a literary or musical composition, a document, or a film. tr.v. ex·cerpt·ed, ex·cerpt·ing, ex·cerpts 1. from Hitachi Maxell Annual Report 2006: 'Innovation and Speed'] To download the Hitachi Maxell Annual Report 2006, please visit http://www.maxell.co.jp/e/ir/annual/annual2006.html About Hitachi Maxell Since its foundation in 1960, Hitach Maxell, Ltd. (TSE: 6810) has led the electronics industry at home and abroad in the fields of memory and mobility. Maxell is a leading manufacturer of information storage media products including magnetic tapes, optical disks, and battery products including lithium ion A rechargeable battery technology introduced in 1991 that provides greater charge per pound than nickel metal hydride. In 1993, Toshiba introduced the first notebook in the U.S. with a Li-ion battery. rechargeable batteries, micro batteries and dry cell batteries. For more information on Maxell, please visit the Company's web site at www.maxell.com Source: Hitachi Maxell Contact: Takanori Yamashita Public & Investor Relations Group Tel: +81-3-3515-8283 E-mail: takanori-yamashita@maxell.co.jp Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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