Pioneer Announces Business Results for 1Q Fiscal 2008.Tokyo, Japan, July 31, 2007 - (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) - Pioneer Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 6773) today announced its consolidated first-quarter business results for the period ended June 30, 2007. Consolidated operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. decreased 4.7% from the first quarter of fiscal 2007 to JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 182,641 million (US$1,484.9 million). This decrease mainly reflected a drop in sales of plasma displays Also called "gas discharge display," a flat-screen technology that uses tiny cells lined with phosphor that are full of inert ionized gas (typically a mix of xenon and neon). Three cells make up one pixel (one cell has red phosphor, one green, one blue). , despite higher sales of car navigation See GPS. systems and DVD drives DVD drives come in a variety of speeds and options. The original drive (1x) transferred data at 1.35MB per second. By doubling the spindle speed (RPMs) for 2x drives, the transfer rate increased to 2.7MB/sec and has been increasing ever since. , and the weaker yen. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. decreased 81.3% to JPY 1,323 million (US$10.8 million) from the corresponding period a year earlier. This mainly reflected deterioration in the profitability of the Home Electronics segment primarily due to lower sales. Net income totaled JPY 12,331 million (US$100.3 million), approximately 2.2 times the corresponding period in fiscal 2007, due to a gain on sale of all land and buildings at the Tokorozawa Plant and some at the Omori Plant of JPY 11,903 million (US$96.8 million). Car Electronics sales increased 6.2% year on year to JPY 97,017 million (US$788.8 million), due to higher sales of both car navigation systems and car audio products. In car navigation systems, consumer-market and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales decreased in Japan, but both increased in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In car audio products, consumer-market sales increased in Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , but decreased in North America; meanwhile, OEM sales declined in North America, but rose in Japan and China. Total OEM sales in this segment accounted for approximately 36% of Car Electronics sales. In terms of geographic sales, sales in Japan decreased 5.4% to JPY 32,458 million (US$263.9 million) and overseas sales increased 13.2% to JPY 64,559 million (US$524.9 million). Operating income in this segment increased 1.0% year on year to JPY 7,609 million (US$61.9 million) due to sales growth. Home Electronics sales decreased 14.7% year on year to JPY 69,431 million (US$564.5 million). There was a drop in plasma display sales, from the corresponding period a year earlier, which saw favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. sales, because the large, flat-panel TV market experienced fiercer competition and in line with Pioneer's expectations of moderate sales of the current generation of plasma displays upon launching new models in North America and Europe. Sales of plasma displays accounted for approximately 34% of Home Electronics sales. Sales of DVD drives rose year on year, but sales of DVD recorders (1) A recordable or rewritable DVD drive that is connected to the computer. It may be an internal or external device. See DVD drives, DVD-R, DVD-RW, DVD+R and DVD+RW. (2) decreased mainly in Japan. In terms of geographic sales, sales in Japan declined 11.3% to JPY 12,763 million (US$103.8 million), while overseas sales decreased 15.4% to JPY 56,668 million (US$460.7 million). Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in this segment was JPY 5,437 million (US$44.2 million), compared with an operating loss of JPY 452 million in the corresponding period of the previous fiscal year. This was due mainly to deterioration in the profitability of plasma displays resulting from the drop in sales. In Patent Licensing, royalty revenue decreased 91.5% year on year to JPY 107 million (US$0.9 million). This decrease was attributable to the impact of the expiration of some patents licensed to the optical disc industry. Operating loss in this segment was JPY 76 million (US$0.6 million), compared with operating income of JPY 787 million in the corresponding period of the previous fiscal year. In the Others segment, sales decreased 9.1% year on year to JPY 16,086 million (US$130.8 million). This mainly reflected lower sales of factory automation systems, despite higher sales of passive-matrix organic light-emitting diode Noun 1. organic light-emitting diode - a self-luminous diode (it glows when an electrical field is applied to the electrodes) that does not require backlighting or diffusers OLED displays. In terms of geographic sales, sales in Japan decreased 14.3% to JPY 10,355 million (US$84.2 million), while overseas sales were up 2.2% at JPY 5,731 million (US$46.6 million). Operating loss in this segment was JPY 674 million (US$5.5 million) compared with operating income of JPY 293 million in the corresponding period of the previous fiscal year. This mainly reflected worsened profitability in speaker units for cellular phones due to falling prices. Consolidated Financial Highlights
(In millions of yen except per share information)
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Three months ended June 30
2007 2006 Y-o-Y %
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Operating revenue 182,641 191,676 95.3
Operating income 1,323 7,077 18.7
Income from continuing
operations before income taxes 16,185 8,004 202.2
Income from continuing
operations 12,331 5,546 222.3
Income from discontinued
operations, net of tax -- 116 --
Net income 12,331 5,662 217.8
Net income per share:
Basic 70.70 32.46
Diluted 64.68 29.48
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* In fiscal 2007, the Company sold subsidiaries involved in the
electronic components business. Operating results of these subsidiaries
are presented as income from discontinued operations in the table above.
* Operating income (loss) in each business segment represents operating
income (loss) before elimination of intersegment transactions.
Cash Flows During the first quarter of fiscal 2008, operating activities used net cash of JPY 14,180 million (US$115.3 million). This was mainly due to increases in trade receivables of JPY 9,389 million (US$76.3 million) and inventories of JPY 21,702 million (US$176.4 million), a decrease in accrued liabilities Accrued liabilities are liabilities which have occurred, but have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. of JPY 9,445 million (US$76.8 million), as well as a gain on sale and disposal of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → of JPY 12,923 million (US$105.1 million), for which we received most of the cash proceeds in fiscal 2007. These factors outweighed cash provided by net income of JPY 12,331 million (US$100.3 million), depreciation and amortization of JPY 8,717 million (US$70.9 million) and an increase in trade payables of JPY 23,919 million (US$194.5 million). Meanwhile, investing activities used net cash of JPY 27,653 million (US$224.8 million). This reflected JPY 15,460 million (US$125.7 million) for capital expenditures mainly related to the newly established Kawasaki Plant and car electronics products, as well as JPY 13,704 million (US$111.4 million) for the purchase of shares of Tohoku Pioneer Corporation through a tender offer. Financing activities provided net cash of JPY 22,948 million (US$186.6 million), mainly through an increase in short-term borrowings. Consequently, cash and cash equivalents at June 30, 2007 were JPY 86,506 million (US$703.3 million), JPY 15,314 million lower than at March 31, 2007. For more information and to download the full Pioneer 1Q Financial Report, please visit http://pioneer.jp/index-e.html About Pioneer Corporation Pioneer Corporation is one of the leading manufacturers of consumer and business-use electronics products such as audio, video and car electronics on a global scale. Its shares are traded on the Tokyo Stock Exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. . For more information , please visit http://pioneer.jp. Source: Pioneer Corporation Contact: Investor Relations Department, Corporate Branding and Communications Division Pioneer Corporation, Tokyo Phone: +81-3-3495-6773 Fax: +81-3-3495-4301 E-mail: pioneer_ir@post.pioneer.co.jp IR Website: http://pioneer.jp/ir-e/ Japan Corporate News Network. All rights reserved. |
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