KYOCY Kyocera Corporation (PK)

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2012, as summarized below. Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Financial Results: Years Ended March 31

Unit: Millions (except percentages and per-share amounts)

    Years Ended March 31

2011(FY11)in JPY

 

2012(FY12)in JPY

 

Increase(Decrease)

 

2012(FY12)in USD

 

2012(FY12)in EUR

Amountin JPY

  % Net sales 1,266,924 1,190,870 (76,054) (6.0) 14,523 10,826 Profit from operations 155,924 105,575 (50,349) (32.3) 1,288 960 Income before income taxes 172,332 122,793 (49,539) (28.7) 1,497 1,116

Net income attributable toshareholders of KyoceraCorporation

122,448 82,901 (39,547) (32.3) 1,011 754

Diluted earnings per shareattributable to shareholdersof Kyocera Corporation

  667.23   451.90   -   -   5.51   4.11 Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY82 and EUR1 = JPY110, rounded to the nearest unit.  

Summary of Consolidated Financial ResultsWhile sales and operating profit increased in some reporting segments during the year ended March 31, 2012 ("the period"), these gains were not sufficient to offset the negative impact of other factors influencing Kyocera's consolidated results — including the yen's continued appreciation against the euro and U.S. dollar; weak demand for components used in consumer electronic equipment; and a decline in sales of mobile phones. Consequently, Kyocera's overall results declined during the period in comparison with the year ended March 31, 2011 ("the prior period").

Specifically, consolidated net sales for the period decreased 6.0% compared to the prior period, to JPY1,190,870 (USD14,523) million; profit from operations decreased 32.3%, to JPY105,575 (USD1,288) million; income before income taxes decreased 28.7%, to JPY122,793 (USD1,497) million; and net income attributable to shareholders of Kyocera Corporation decreased 32.3%, to JPY82,901 (USD1,011) million.

"Although this fiscal year was characterized by a difficult business environment, we nevertheless made strategic efforts through merger and acquisition to enhance the future growth prospects of the Kyocera Group," stated Tetsuo Kuba, president of Kyocera Corporation. "In July 2011 we added the Denmark-based industrial cutting tools manufacturer Unimerco Group A/S as a wholly owned subsidiary; as well as the Japan-based LCD manufacturer Optrex Corporation in February of this year. These acquisitions will allow us to further expand our sales networks and enhance our business in each respective market."

 

Financial Results: Three Months Ended March 31

Unit: Millions (except percentages)

    Three Months Ended March 31

2011(FY11-Q4)in JPY

 

2012(FY12-Q4)in JPY

 

Increase(Decrease)

 

2012(FY12-Q4)in USD

 

2012(FY12-Q4)in EUR

 

Amountin JPY

  % Net sales 310,010 305,481 (4,529) (1.5) 3,725 2,777 Profit from operations 36,155 17,202 (18,953) (52.4) 210 156 Income before income taxes 39,196 20,189 (19,007) (48.5) 246 184

Net income attributable toshareholders of KyoceraCorporation

  28,731   10,791   (17,940)   (62.4)   132   98 Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY82 and EUR1 = JPY110, rounded to the nearest unit.  

Consolidated Forecasts for the Year Ending March 31, 2013During the year ending March 31, 2013 ("fiscal 2013"), despite uncertainties regarding the European economy and exchange rates, the Japanese economy is forecast to move toward recovery due to demand from reconstruction projects following the Great East Japan Earthquake. In addition, the U.S. economy is expected to recover moderately while the Chinese economy is expected to show continued strong growth.

Kyocera expects recovery in production of consumer electronic equipment as the impact of the Thai floods dissipates; as well as an increase in demand for components, primarily for smartphones. In the environment and energy markets, demand is expected to show general improvement compared with fiscal 2012, primarily due to projected growth from the expansion of government subsidy policies, including the implementation of Japan's Renewable Energy Law. Kyocera aims to enhance its financial performance and expand its business in these potentially high-growth markets by introducing new products, reducing costs, boosting productivity, and pursuing synergies within the Kyocera Group. Specific financial forecasts for fiscal 2013 are as follows.

 

Consolidated Forecasts: Year Ending March 31, 2013

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)  

Fiscal 2012Results

 

Fiscal 2013Forecasts

 

Increase(Decrease)(%) to Fiscal2012 Results

Net sales 1,190,870 1,370,000 15.0 Profit from operations 105,575 140,000 32.6 Income before income taxes 122,793 151,200 23.1

Net income attributable toshareholders of Kyocera Corporation

82,901 96,000 15.8

Diluted earnings per share attributableto shareholders of Kyocera Corporation

451.90 523.30 - Average USD exchange rate 79 80 - Average EUR exchange rate 109 105 - NOTE: Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the year ended March 31, 2012.  

FORWARD-LOOKING STATEMENTSExcept for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission.

About KYOCERA

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as "advanced ceramics"). By combining these engineered materials with metals and plastics, and integrating them with other technologies, Kyocera has become a leading supplier of printers, copiers, solar power generating systems, telecommunications equipment, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2012, the company's net sales totaled 1.19 trillion yen (approx. USD14.5 billion). The company is ranked #426 on Forbes magazine's 2012 "Global 2000" listing of the world's largest publicly traded companies.