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MATSUSHITA FISCAL YEAR SALES RISE 13 PERCENT, NET IS OFF 49 PERCENT; PARENT-ALONE SALES ADVANCE 6 PERCENT AS NET DECREASES 29 PERCENT

MATSUSHITA FISCAL YEAR SALES RISE 13 PERCENT, NET IS OFF 49 PERCENT;
 PARENT-ALONE SALES ADVANCE 6 PERCENT AS NET DECREASES 29 PERCENT
 OSAKA, Japan, May 21 /PRNewswire/ -- Matsushita Electric Industrial Co., Ltd. (NYSE: MC; Pacific) today announced its consolidated and parent-alone results for the fiscal year ended March 31, 1992.
 Consolidated sales for the year increased 13 percent to a record 7,449.9 billion yen (U.S. $56.02 billion), including sales of MCA INC., from last year's 6,599.3 billion yen. The company said, however, that factors including the effects of the world economic slowdown, the rising yen, increased future-oriented capital and R&D investment, and costs related to the MCA acquisition had a negative impact on earnings.
 Operating profit was off 18 percent to 389.0 billion yen ($2.92 billion) from last year's 472.6 billion yen. Income before income taxes was 363.4 billion yen ($2.73 billion), down 39 percent from 597.4 billion yen in the previous year, and net income was 132.9 billion yen ($999 million), 49 percent lower than last year's 258.9 billion yen. The consolidated income also reflects the write-down of an expected loss on bad loans incurred by Matsushita's domestic leasing subsidiary.
 Annual net income per common share was 60.67 yen (equal to $4.56 per American Depositary Share), compared with 117.12 yen per common share for the previous fiscal year.
 Matsushita said it was able to achieve its fiscal-year sales increase in spite of slower economic growth in Japan, especially in its second fiscal half, and continuing recessionary conditions in Europe and the United States. It cited the use of its leading-edge technology to develop new products with consumer appeal and the implementation of several management innovation programs, including the reinforcement of its sales and distribution systems, as contributors to the growth.
 The company noted that it has added a new product category to its consolidated sales breakdown for the year: "Entertainment," which represents the sales of MCA, consolidated for the first time on an annual basis, and certain other audiovisual software products.
 Details of sales by major product category are as follows:
 Video equipment sales were virtually level with those of the previous fiscal year. Market successes in flat-screen color TVs with satellite broadcast tuners and camcorders with special new functions offset decreased sales of Matsushita's table-top VCRs.
 Audio equipment had a 6 percent increase in sales, as CD radio- cassette recorders, portable CD players and car audio products all sold well.
 Home appliances scored sales gains of 9 percent. Air conditioners had strong year-round growth. High-value-added products, such as large- size refrigerators, fully-automatic washing machines and dryers, dishwashers, induction-heating rice cookers and water-purifying electric thermo pots, all achieved increases.
 Communication and industrial equipment sales rose 8 percent, with solid growth in such mobile communications equipment as ultra-compact personal cellular telephones. Cordless telephone and facsimile sales advanced in Europe and Asia, and systems equipment deliveries recorded steady growth. However, orders and deliveries of factory automation equipment decreased in Japan in the second fiscal half because of the adverse economic climate.
 Electronic components grew 3 percent, with sales growth of semiconductors and passive and other components slowed by external economic conditions.
 In batteries and kitchen-related products, Matsushita had a 5 percent increase, with continuing strong demand for compact, high- performance batteries such as nickel-cadmium and lithium cells, but decreased housing investment in Japan held back demand for integrated kitchen systems.
 The company said that no year-to-year comparison for its new Entertainment category would be valid, but that overall sales of this category for the year were 626.4 billion yen ($4.71 billion). Beginning with the fiscal year under review, certain audio-video and CD software products formerly included in the "Video equipment" and "Other" product categories have been transferred to the "Entertainment" category.
 Consolidated domestic sales for the year were up 6 percent to 3,859.7 billion yen ($29.02 billion), while overseas sales increased 21 percent to 3,590.2 billion yen ($26.99 billion).
 Concurrently with its consolidated figures, Matsushita announced the results of its parent company alone for the fiscal year ended March 31, 1992.
 Parent-alone sales increased 6 percent from the previous fiscal year to 4,994.7 billion yen. Domestic sales gained 4 percent, to 3,251.7 billion yen, and exports grew 11 percent, to 1,743.0 billion yen. Operating profit was off 14 percent, at 132.5 billion yen; recurring profit was down 29 percent, to 196.4 billion yen, and net income was also down 29 percent, to 109.5 billion yen.
 Parent-alone net income per common share was 52.27 yen.
 In forecasting results for the current fiscal year, ending March 31, 1993, Matsushita cited the many factors of uncertainty, such as domestic and world economic recovery, international trade friction, corporate competition and environmental protection concerns, which must be considered.
 With those caveats in mind, management expects consolidated sales to increase 1 percent to about 7,500 billion yen, with pre-tax income up 6 percent to about 385 billion yen, and a net income increase of 9 percent to about 145 billion yen.
 For the parent company alone, management foresees sales up 1 percent to about 5,050 billion yen. Recurring profit is forecast at about 197 billion yen and net income at some 110 billion yen, both about level with the year ended March 1992.
 Matsushita management today proposed to distribute year-end cash dividends of 6.25 yen per common share (62.5 yen per American Depositary Share), consisting of a 1.25 yen special dividend in addition to the ordinary year-end dividend of 5 yen per common share, subject to approval at the annual shareholders meeting to be held on June 26, 1992. Added to the 6.25 yen per share semi-annual dividend already paid by Matsushita, this will bring the total dividend for the year to 12.5 yen per common share, the same as the total paid in the previous year.
 Matsushita Electric Industrial Co., Ltd. is Japan's largest manufacturer of consumer electric and electronic products. The company's stock is listed on the New York and Pacific stock exchanges and outside Japan on the Amsterdam, Dusseldorf, Frankfurt and Paris stock exchanges. Its products are marketed around the world under the "Panasonic," "National," "Quasar" and "Technics" brand names.
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 AND CONSOLIDATED SUBSIDIARIES (A)(B)(C)
 Financial Summary
 Yen (billions except US$(D)
 per share amounts ) Percentage (millions)
 Year ended March 31 1992 1991 1992/1991 1992
 Net sales Y7,449.9 Y6,599.3 113 $56,015
 Operating profit 389.0 472.6 82 2,924
 Income before
 income taxes 363.4 597.4 61 2,732
 Net income 132.9 258.9 51 999
 Net income per
 common share 60.67 117.12 $.46
 Net income per
 American Depositary
 Share (E) 606.7 1,171.2 $4.56
 Notes to financial statements
 (A) -- Operations of MCA INC. from Jan. 1 through Dec. 31, 1991 are included in the company's consolidated financial results for the year ended March 31, 1992, on a one-quarter lag basis relative to MCA's fiscal year, which ends December 31.
 (B) -- Number of consolidated companies: 301
 (C) -- Number of companies reflected on the equity method: 139
 (D) -- United States dollar amounts are translated for convenience at the rate of U.S. $1.00 equals 133 yen.
 (E) -- Each American Depositary Share (ADS) represents 10 shares of common stock.
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 Consolidated Statement of Income
 Yen US$
 (in millions) (in millions)
 Year ended March 31 1992 1991 1992
 Net sales Y7,449,933 Y6,599,306 $56,015
 Cost of sales 5,065,387 4,393,502 38,086
 Selling, general and
 administrative expenses 1,995,589 1,733,214 15,005
 Operating profit 388,957 472,590 2,924
 Other income (deductions):
 Interest and dividend
 income 170,915 266,634 1,285
 Interest expense (177,324) (161,371) (1,333)
 Other, net (19,127) 19,583 (144)
 Income before income taxes 363,421 597,436 2,732
 Provision for income taxes 201,826 304,994 1,517
 Equity in earnings of
 affiliated companies 4,723 13,040 35
 Minority interests 33,445 46,568 251
 Net income Y 132,873 Y 258,914 $ 999
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 Consolidated Quarterly Sales and Net Income
 Yen US$
 (in millions) (in millions)
 Sales
 1st quarter ended June 30, 1991 Y1,770,588 $13,313
 2nd quarter ended Sept. 30, 1991 1,897,077 14,264
 3rd quarter ended Dec. 31, 1991 2,005,135 15,076
 4th quarter ended March 31, 1992 1,777,133 13,362
 Year total Y7,449,933 $56,015
 Net income
 1st quarter ended June 30, 1991 Y 38,201 $ 287
 2nd quarter ended Sept. 30, 1991 39,478 297
 3rd quarter ended Dec. 31, 1991 52,435 394
 4th quarter ended March 31, 1992 2,759 21
 Year total Y 132,873 $ 999
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 Consolidated Balance Sheet
 Yen US$
 (in millions) (in millions)
 As of March 31 1992 1991 1992
 Assets
 Current assets:
 Cash Y1,189,092 Y1,515,176 $ 8,941
 Marketable securities 312,960 325,178 2,353
 Trade receivables
 (notes and accounts) 1,464,457 1,279,711 11,011
 Inventories 1,087,139 931,090 8,174
 Other current assets 386,791 351,774 2,908
 Total current assets 4,440,439 4,402,929 33,387
 Noncurrent receivables 451,364 423,741 3,394
 Noncurrent film costs 184,284 -- 1,385
 Investments and advances 1,650,971 2,460,042 12,413
 Property, plant and equipment,
 net of accumulated
 depreciation 1,496,507 1,158,252 11,252
 Other assets 796,142 316,179 5,986
 Total assets Y9,019,707 Y8,761,143 $67,817
 Liabilities & Stockholders'
 Equity
 Current liabilities:
 Short-term bank loans Y1,494,852 Y1,478,056 $11,239
 Trade payables
 (notes and accounts) 580,217 594,278 4,363
 Accrued income taxes 124,432 173,916 936
 Other current liabilities 1,063,375 931,037 7,995
 Total current liabilities 3,262,876 3,177,287 24,533
 Long-term liabilities 1,565,646 1,513,057 11,772
 Minority interests 695,318 636,052 5,228
 Common stock 196,386 195,258 1,476
 Capital surplus 563,485 561,872 4,237
 Retained earnings 2,879,468 2,775,606 21,650
 Cumulative translation
 adjustments (143,472) (97,989) (1,079)
 Total liabilities and
 stockholders' equity Y9,019,707 Y8,761,143 $67,817
 Matsushita Electric Industrial Co., Ltd.
 Consolidated Sales Breakdown
 Yen Percent US$
 (in billions) change (in millions)
 Year ended March 31 1992 1991 1992/1991 1992
 Video equipment Y1,699.8 Y1,694.2 100 $12,780
 Audio equipment 631.7 597.9 106 4,750
 Home appliances 982.2 899.5 109 7,385
 Communication and
 industrial equipment 1,678.6 1,553.4 108 12,621
 Electronic components 862.7 841.7 103 6,487
 Batteries and kitchen-
 related products 367.8 349.4 105 2,766
 Other 600.7 600.3 100 4,517
 Entertainment 626.4 62.9 - 4,709
 Total Y7,449.9 Y6,599.3 113 $56,015
 Domestic sales 3,859.7 3,632.4 106 29,021
 Overseas sales 3,590.2 2,966.9 121 26,994
 (Details of product categories)
 Video equipment (video cassette recorders and related
 equipment, color TV, etc.)
 Audio equipment (radios, radio/cassettes, CD players,
 stereo equipment, car audio products, etc.)
 Home appliances (refrigerators, air conditioners, home
 laundry equipment, microwave ovens, vacuum
 cleaners, heaters, etc.)
 Communication and
 industrial equipment (office automation equipment, communication
 equipment, welders, robots, air
 conditioning equipment, etc.)
 Electronic components (semiconductors, tubes, tuners, speakers,
 etc.)
 Batteries and kitchen-
 related products (dry batteries, storage batteries, gas
 appliances, kitchen fixture systems, solar
 energy equipment, etc.)
 Other (bicycles, photographic equipment, imported
 materials and products and others.)
 Entertainment (filmed entertainment, music entertainment,
 pre-recorded video and audio tapes and discs,
 publishing, etc.)
 Information by Segment(AA)
 1. By Business Segment:
 (Year ended March 31, 1992)
 Sales Pct.to Operating Pct. to
 Previous Profit Previous
 (in billions of yen) Year Year
 Audiovisual equipment
 & home appliances Y3,549.2 103 Y187.0 79
 Information/communication
 & industrial
 equipment 3,834.9 106 181.9 78
 Entertainment 626.4 -- 20.6 --
 Eliminations 560.6 -- (0.5) --
 Consolidated total Y7,449.9 113 Y389.0 82
 Notes:
 (A) -- Method of segmentation:
 The company's businesses were divided into audiovisual equipment & home appliances, primarily for consumers, information/communication & industrial equipment, mainly for corporations, and entertainment, a new segment.
 (B) -- Major products:
 Audiovisual equipment & home appliances include audiovisual equipment such as VCRs and color TVs, and home appliances like air conditioners, refrigerators, washing machines, etc.
 Information/communication & industrial equipment includes information/communication equipment such as telephones, facsimile and personal computers, as well as factory automation equipment, air conditioning equipment, semiconductors and electronic components.
 Entertainment includes filmed entertainment, music entertainment, publishing, etc.
 (C) -- Operating profit of Entertainment represents income amount after the excess annual amortization of the difference between costs and market value of the assets of MCA INC. at the time of acquisition by the company.
 2. By Domestic and Overseas Companies:
 Year ended March 31, 1992 Sales Percent to
 (in billions of yen) Previous Year
 Domestic companies Y5,996.8 105
 Overseas companies 2,498.4 130
 Eliminations (1,045.3) --
 Consolidated total Y7,449.9 113
 (AA) Under the new disclosure system established by Japan's Ministry of Finance, companies are required to include this "Information by Segment" section in their annual consolidated financial reports.
 NOTE: The following are financial statements on a parent company- alone basis. They should not be confused with the consolidated results.
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 (Parent Alone)
 Statement of Income
 Yen (millions)
 Year ended March 31 1992 1991
 Net sales Y4,994,719 Y4,691,556
 Cost of sales (4,085,214) (3,804,034)
 Selling, general and
 administrative expenses (777,007) (732,795)
 Operating profit 132,497 154,726
 Interest and dividend income 109,527 166,225
 Other income 24,331 26,532
 Interest expense (40,657) (44,749)
 Other expenses (29,293) (26,221)
 Recurring profit 196,405 276,513
 Non-recurring profit 0 0
 Income before taxes 196,405 276,513
 Provision for taxes 86,900) (123,200)
 Net income 109,505 153,313
 Unappropriated retained
 earnings at beginning
 of period 37,224 36,515
 Interim dividend (13,092) (10,451)
 Appropriation of legal reserve (1,309) (1,045)
 Unappropriated retained
 earnings at end of period 132,328 178,331
 NOTE: In accordance with the Regulations concerning Corporate Financial Statements under the Japanese Commercial Code, amounts less than 1 million yen have been omitted in the accompanying Parent-Alone financial statements.
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 (Parent Alone)
 Balance Sheet
 Yen (millions)
 As of As of
 March 31, 1992 March 31, 1991
 Current assets:
 Cash Y 680,093 Y 407,869
 Trade receivables
 (notes and accounts) 630,204 641,982
 Inventories 222,374 215,169
 Other current assets 225,751 249,993
 Total current assets 1,758,424 1,515,015
 Fixed assets:
 Tangible fixed assets 370,041 306,733
 Intangibles 3,011 2,469
 Investments and advances 1,799,022 2,079,277
 Total fixed assets 2,172,075 2,388,481
 Total assets Y3,930,500 Y3,903,496
 Liabilities:
 Trade payables
 (notes and accounts) Y 618,068 Y 614,326
 Accrued income taxes 52,298 68,464
 Other current liabilities 527,831 581,362
 Total current liabilities 1,198,198 1,264,153
 Long-term debt and employee
 severance and death benefits 571,611 561,213
 Total liabilities 1,769,810 1,825,366
 Shareholders' equity:
 Capital 196,386 195,258
 Statutory reserves 263,974 259,538
 Retained earning 1,700,328 1,623,331
 Total shareholders' equity 2,160,689 2,078,129
 Total liabilities and
 shareholders' equity Y3,930,500 Y3,903,496
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 (Parent Alone)
 Proposed Allocation of Income
 Yen (millions, except per share figures)
 Year ended March 31 1992 1991
 Unappropriated retained
 earnings at end of period Y132,328 Y178,331
 To be allocated as follows:
 Statutory reserve 2,000 2,000
 Year-end dividends 13,093 15,700
 (per common share) (6.25) (7.5)
 Directors' bonuses 300 380
 Statutory auditors' bonuses 22 27
 Contingency reserve 79,000 123,000
 Unappropriated retained
 earnings carried forward
 to next period 37,913 37,224
 MATSUSHITA ELECTRIC INDUSTRIAL CO., LTD.
 (Parent Alone)
 Sales Breakdown
 Yen (billions)
 Percentage
 Year ended March 31 1992 1991 1992/1991
 Video equipment Y1,026.4 Y 961.0 107
 Audio equipment 339.2 310.1 109
 Home appliances 754.0 697.6 108
 Communication and
 industrial equipment 1,27d
 products 304.6 286.0 107
 Other 499.1 456.1 109
 Total Y4,994.7 Y4,691.6 106
 Domestic sales 3,251.7 3,125.4 104
 Exports 1,743.0 1,566.2 111
 -0- 5/21/92
 /NOTE TO THE EDITORS: Dollar amounts for 1992 only have been translated for convenience at the rate of US$1.00 equals 133 yen/
 /CONTACT: Stan Igaki of Panasonic Finance, 212-371-4116, for Matsushita Electric Industrial/
 (MC) CO: Matsushita Electric Industrial Co., Ltd. ST: IN: CPR SU: ERN


TS -- NY020 -- 2714 05/21/92 10:26 EDT
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