Printer Friendly

NISSAN ANNOUNCES GROUP LOSS OF $481 MILLION (56 BILLION YEN)

 TOKYO, May 28 /PRNewswire/ -- Nissan Motor Co. Ltd. (NASDAQ: NSANY) today announced its non-consolidated and consolidated financial results for the fiscal year 1993 ended March 31, 1993.
 Non-Consolidated Results
 In the period under review, decreased sales in Japan and sluggish demand in overseas markets posed a difficult operating environment for all Japanese automobile manufacturers. Worse-than-expected sales prompted Nissan last February to revise its projections of non- consolidated financial results for fiscal 1993. The company's performance was approximately in line with the revised projections.
 Non-consolidated net sales declined 8.7 percent from the prior fiscal year to 3,896.9 billion yen ($33.5 billion) reflecting a 12.9 percent decline in unit vehicle sales. Although the company's rationalization efforts partially offset the impact of slumping sales, operating income and recurring income fell short of the break- even point and registered losses of 33.6 billion yen ($288.9 million) and 26.3 billion yen ($226.1 million) respectively. At the net income level, Nissan recorded a loss of 15.1 billion yen ($129.8 million). As announced last February, Nissan will pay year- end cash dividends of 7.00 yen ($0.06) per common share ($0.12 per ADR).
 Total domestic sales declined 17.7 percent to 2,083.1 billion yen ($17.9 billion). Vehicle sales in Japan totaled 1,126,405 units, down 17.3 percent from the previous fiscal year. Export sales rose 4.2 percent to 1,813.8 billion yen ($15.6 billion) due primarily to export sales of parts and components for overseas production, which showed a significant 39.5 percent increase to 373.9 billion yen ($3.2 billion), in step with Nissan's steadily expanding overseas manufacturing operations particularly in the United States and the United Kingdom.
 Consolidated Results
 On a consolidated basis, Nissan's net sales declined 3.4 percent to 6,197.6 billion yen ($53.3 billion). Operating income and recurring income fell below the break-even point. At the net income level, Nissan recorded a loss of 56.0 billion yen ($481.5 million).
 Commenting on the company's consolidated fiscal 1993 results, Nissan executive vice president and chief financial officer Atsushi Muramatsu said, "We suffered decreases both in sales and income compared with the prior fiscal year. This is mainly attributable to the continued appreciation of the Japanese yen against major foreign currencies and the steep decline in vehicle demand in the Japanese domestic market. In order to cope with such a difficult business environment, we are now aggressively implementing various measures for restructuring. On the other hand, Nissan's local manufacturing operations in the U.S. and Europe are going well."
 Non-consolidated Forecast of Fiscal Year Ending March 31, 1994
 For fiscal 1994, which will end March 31, 1994, Nissan projects non-consolidated net sales will increase to 4,000.0 billion yen ($34.4 billion). Nissan expects to break even with respect to recurring income and net income.
 Notes: 1. Financial data has been prepared in accordance with
 accounting principles and practices generally
 accepted in Japan.
 2. Dollar equivalency computed at 116.3 yen to the
 dollar, the approximate exchange rate prevailing on
 March 31, 1993. Figures have been rounded.
 NISSAN MOTOR CO. LTD.
 Summary Consolidated Results
 FY 93 FY 92 FY 93
 (Billions of Yen) (Millions U.S. Dollars)
 Net sales 6,198 6,418 53,290
 Net income (56) 101 (48)
 Total assets 7,186 7,073 61,787
 Net worth 1,721 1,815 14,801
 Unit sales (000s) 2,813 2,927 ---
 -0- 5/28/93
 /CONTACT: Seth Petok of Nissan Finance of America Inc., (New York) 212-765-3990, or Steve Spurgeon, 310-719-3276, or Debra Sanchez Fair, 310-719-5958, both of Nissan North America Inc./
 (NSANY)


CO: Nissan Motor Co. Ltd. ST: IN: AUT SU: ERN

JB-EH -- LA012 -- 3431 05/28/93 14:11 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1993
Words:636
Previous Article:COMMERCIAL NET LEASE REALTY, INC. COMPLETES OFFERING OF 2 MILLION SHARES OF COMMON STOCK
Next Article:RAYTHEON ELECTS TWO VICE PRESIDENTS
Topics:


Related Articles
NISSAN REPORTS FINANCIAL RESULTS FOR FISCAL 1992
NISSAN REPORTS FINANCIAL RESULTS FOR FIRST HALF OF FISCAL 1993 (Previously issued in Japan on Nov. 2, 1992)
NISSAN'S FINANCIAL RESULTS FOR THE FIRST HALF OF FISCAL 1994 (NON-CONSOLIDATED); NET LOSS OF 32.8 BILLION YEN ($310 MILLION)
NISSAN CONSOLIDATED NET LOSS AT 86.9 BILLION YEN ($844 MILLION) FOR THE FISCAL YEAR ENDED MARCH 31, 1994
NISSAN ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 1995
NISSAN ANNOUNCES FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 1996
Nissan Announces Financial Results for the First Half of the Fiscal Year Ending March 31, 1997
Nissan Announces Financial Results For The Fiscal Year That Ended March 31, 1997
Nissan Announces Financial Results for the Fiscal Year That Ended March 31, 1998

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters