Matsushita to Close Panasonic Mobile Communications Corporation of the Philippines.OSAKA, Japan -- Matsushita Electric Industrial Co., Ltd. - MEI (NYSE NYSE See: New York Stock Exchange symbol: MC), best known for its Panasonic brand, today announced plans to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: operations at its subsidiary Panasonic Mobile Communications Corporation of the Philippines (PMCP PMCP Programming Metadata Communication Protocol (Digital Broadcast Television) PMCP Parameterized Model Checking Problem PMCP Project Management Certification Program PMCP Productivity and Morale Construction Program ) in March 2006, after which it will begin closing/liquidation procedures. PMCP is mainly responsible for the manufacture of Global Standard for Mobile Communications (GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. ) mobile terminals for the Asian market, in addition to in-vehicle Electronic Toll Collection Electronic Toll Collection (ETC), an adaptation of military "identification friend or foe" technology, aims to eliminate the delay on toll roads. It is a technological implementation of a road pricing concept. (ETC ETC - ExTendible Compiler. Fortran-like, macro extendible. "ETC - An Extendible Macro-Based Compiler", B.N. Dickman, Proc SJCC 38 (1971). ) terminals, video surveillance CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. monitors and other products. In explaining the reason for the closing of PMCP, Matsushita cited intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: global competition in the GSM market and a strategic decision by the company to shift management resources to the third generation (3G) mobile terminal business, for which the market is rapidly expanding. This closing is a part of Matsushita's global restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). initiatives in its mobile terminal business. PMCP was established in 1987 under the name of Matsushita Communication Industrial Corporation of the Philippines, as a manufacturing base for floppy disk drives floppy disk drive - disk drive and electret condenser microphones Noun 1. condenser microphone - microphone consisting of a capacitor with one plate fixed and the other forming the diaphragm moved by sound waves capacitor microphone microphone, mike - device for converting sound waves into electrical energy . PMCP began manufacturing mobile terminals in 1999, and has since supplied the market with approximately 14 million units.
(Reference)
Panasonic Mobile Communications Corporation of the Philippines
Company Overview (as of September 30, 2005)
Company name Panasonic Mobile Communications
Corporation of the Philippines
Representative Reynaldo S. Lico, President
Location of head office 102 Laguna Boulevard, Laguna
Technopark, Sta.Rosa, Laguna 4026,
Philippines
Date of incorporation December 4, 1987
Principal business Manufacture of GSM mobile terminals,
in-vehicle ETC terminals, video
surveillance CRT monitors and other
products
Share capital Peso 728,000,000
Financial closing date March 31
Number of employees 842
Total number of outstanding
shares 728,000,000 shares
Shareholder's equity Peso 3,248,254,000
Total assets Peso 8,525,381,000
Shareholders (% ownership) Panasonic Mobile Communications Co.,
Ltd.: 57.9%
MEI: 37.1%
Principal customers Sales companies of Matsushita in Asia
Principal Financial
Institution Citibank
Financial Results (for the most recent three fiscal years)
(Thousands of Pesos, except per share amounts, which are in Pesos)
Fiscal year ended: March 2003 March 2004 March 2005
-------------------------------- ----------- ------------ ------------
Net Sales * 26,248,220 35,786,846 27,030,988
-------------------------------- ----------- ------------ ------------
Income before taxes * 799,124 2,108,055 132,338
-------------------------------- ----------- ------------ ------------
Net income * 768,800 1,939,809 60,649
-------------------------------- ----------- ------------ ------------
Net income per share 1.06 2.66 0.08
-------------------------------- ----------- ------------ ------------
Cash dividends per share 0.10 0.25 2.16
-------------------------------- ----------- ------------ ------------
Shareholders' equity per share 4.20 6.61 4.53
-------------------------------- ----------- ------------ ------------
(Note) * Amounts less than 1, 000 Pesos have been omitted. This matter is not expected to have any material effect on Matsushita's consolidated financial position or performance for the year ending March 31, 2006. |
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