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Funai Announces Revised Forecast of Consolidated Operating Results
2014-3-20
FUNAI ELECTRIC CO., LTD.
The following changes have been made to the forecast of consolidated operating results announced on November 11, 2013.
Revisions to the Full-Year Consolidated Earnings Forecast (April 1, 2013 to March 31, 2014)
(Units: Millions of Japanese Yen)
| Net Sales | Operating Income | Ordinary Income | Net Income | Net Income Per Share | |
|---|---|---|---|---|---|
| Previous Forecast announced on November 11, 2013 (A) |
229,000 | 500 | 2,100 | 100 | 2.93 |
| Current Forecast (B) | 230,000 | (5,100) | (2,500) | (6,500) | (190.51) |
| Net Change (B-A) | 1,000 | (5,600) | (4,600) | (6,600) | |
| Net Change (%) | 0.4 | - | - | - | |
| (Reference) Actuals from the Previous Fiscal Year ended March 2013 |
192,008 | (5,273) | (355) | (8,542) | (250.38) |
Reasons for Revisions
Although sales is outpacing previous forecasts, on the income front the Company has been affected by losses in North America and Mexico since the third quarter in PHILIPS-brand LCD TVs, audio accessory-related products and other items. Particularly in the fourth quarter, performance is being affected by the expenses to liquidate inventories. Such factors are expected to have a substantial downward impact on profitability. Accordingly, we now expect operating income to fall below previously forecast figures.
Owing to this worsening of operating income, the Company also expects ordinary income and net income to fall below its previous forecasts.
(Note) The earnings forecast is based on information available to the Group at the time such forecast is made, and contains risk and uncertainty. Actual results may differ from the forecast due to a variety of factors including changes in the economic conditions of overseas markets such as the United States (a key market for the Group), and significant fluctuations in product prices and foreign exchange.
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