[January 29, 2014] |
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KYOCERA Announces Consolidated Financial Results for Nine Months Ended December 31, 2013
KYOTO, Japan --(Business Wire)--
Kyocera
Corporation ("Kyocera (News - Alert)")(NYSE:KYO)(TOKYO:6971) today announced its
third-quarter consolidated financial results for the fiscal year ending
March 31, 2014. The results, summarized below, represent the nine months
ended December 31, 2013 ("the period"). Complete details are available
at: http://global.kyocera.com/ir/financial/f_results.html
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Consolidated Financial Highlights: Nine Months Ended December 31
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Unit: Millions (except percentages and per-share amounts)
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Nine Months Ended December 31,
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2012 (FY13) in JPY
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2013 (FY14) in JPY
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Increase (Decrease)
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2013 (FY14) in USD
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2013 (FY14) in EUR
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Amount
in JPY
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%
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Net sales:
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926,524
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1,071,388
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144,864
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15.6
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10,204
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7,389
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Profit from operations:
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51,234
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89,696
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38,462
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75.1
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854
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619
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Income before income taxes:
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68,882
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110,344
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41,462
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60.2
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1,051
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761
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Net income attributable to shareholders of Kyocera Corporation:
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44,970
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69,364
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24,394
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54.2
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661
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478
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Diluted earnings per share attributable to shareholders of Kyocera
Corporation*1:
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122.57
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189.07
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-
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-
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1.80
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1.30
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Note: As a convenience to the reader, U.S. dollar (USD) and euro
(EUR) conversions are provided at the rates of USD1 = JPY105 and
EUR1 = JPY145, rounded to the nearest unit.
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Summary
The digital consumer equipment market represents a principal source of
revenue for Kyocera Corporation and its consolidated subsidiaries
("Kyocera"). This market experienced mixed conditions during the period,
as compared to the nine months ended December 31, 2012 (the "year-ago
nine-month period"). Shipments of conventional mobile phones, PCs,
flat-screen TVs and digital cameras decreased, while shipments of
smartphones and tablet PCs rose. As a result, overall component demand
within the digital consumer equipment market showed moderate growth.
Additionally, Japan's solar energy market grew substantially as compared
to the year-ago nine-month period, due primarily to stronger demand in
the public and commercial sectors.
Sales increased in all reporting segments as compared with the year-ago
nine-month period. In particular, double-digit revenue increases were
recorded in the Applied Ceramic Products Group (driven by strong sales
in the solar energy business) and in both the Telecommunications
Equipment and Information Equipment groups. The depreciation of the yen
contributed to rising sales, resulting in the highest corresponding
nine-month revenue results in the company's history. Profit also
increased in all reporting segments of the components and equipment
businesses as compared with the year-ago nine-month period due to higher
sales and reduced costs. In particular, consolidated profit increased in
the Applied Ceramic Products Group; elsewhere, profit rebounded through
the absence of an environmental remediation charge of JPY21,300 (USD266)
million*2 that was recorded in the year-ago nine-month
period at AVX (News - Alert) Corporation, a U.S.-based consolidated subsidiary.
In summary, consolidated net sales increased 15.6%, to JPY1,071,388
(USD10,204) million, as compared with the year-ago nine-month period;
profit from operations increased 75.1%, to JPY89,696 (USD854) million;
income before income taxes increased 60.2%, to JPY110,344 (USD1,051)
million; and net income attributable to shareholders of Kyocera
Corporation increased 54.2%, to JPY69,364 (USD661) million.
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Consolidated Financial Highlights: Third Quarter Comparison
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Unit: Millions (except percentages)
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Three Months Ended December 31,
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2012 (FY13-Q3) in JPY
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2013 (FY14-Q3) in JPY
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Increase (Decrease)
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2013 (FY14-Q3) in USD
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2013 (FY14-Q3) in EUR
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Amount
in JPY
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%
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Net sales:
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318,093
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371,725
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53,632
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16.9
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3,540
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2,564
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Profit from operations:
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25,343
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31,493
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6,150
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24.3
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300
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217
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Income before income taxes:
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33,150
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41,291
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8,141
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24.6
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393
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285
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Net income attributable to shareholders of Kyocera Corporation:
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19,599
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26,434
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6,835
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34.9
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252
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182
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Note: As a convenience to the reader, U.S. dollar (USD) and euro
(EUR) conversions are provided at the rates of USD1 = JPY105 and
EUR1 = JPY145, rounded to the nearest unit.
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Consolidated Financial Forecasts: Year Ending March 31, 2014
For the three months ending March 31, 2014 (the "fourth quarter"), the
solar energy business is expected to show further growth as Japan-market
demand continues to expand; revenue from the Information Equipment Group
is likewise expected to increase beyond previous forecasts. However,
demand for components used in smartphones and digital cameras is
predicted to fall below previous expectations; and a one-off cost
resulting from a revision of a certain product portfolio is expected in
the Electronic Device Group. In addition, sales from the
Telecommunications Equipment Group are predicted to fall below previous
expectations due to fourth-quarter product launch delays.
Taking these factors into account, Kyocera has revised its full-year
financial forecasts for fiscal 2014 announced in October 2013, as
follows. Kyocera has also revised full-year forecasts of average
exchange rates for fiscal 2014, as follows.
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Consolidated Forecasts: Year Ending March 31, 2014
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Unit: Yen in millions
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(except percentages, per-share amounts and exchange rates)
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Fiscal 2014 Forecasts Announced on
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Increase (Decrease) (%) to Fiscal 2013 Results
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Fiscal 2013 Results
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October 31, 2013
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January 29, 2014
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Net sales:
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1,280,054
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1,430,000
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1,430,000
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11.7
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Profit from operations:
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76,926
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140,000
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115,000
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49.5
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Income before income taxes:
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101,363
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150,000
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138,000
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36.1
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Net income attributable to shareholders of Kyocera Corporation:
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66,473
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96,000
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84,500
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27.1
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Diluted earnings per share attributable to shareholders of Kyocera
Corporation*3:
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181.18
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261.67
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230.32
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-
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Average USD exchange rate:
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83
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98
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101
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-
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Average EUR exchange rate:
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107
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130
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134
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-
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*1 A "two-for-one" split of all Kyocera Corporation common
shares was implemented on October 1, 2013. To allow comparison, "Diluted
earnings per share attributable to shareholders of Kyocera Corporation"
is computed as though this stock split had taken effect on April 1, 2012. *2
This charge was converted into yen using the P&L rate of USD1 =
JPY80, the average exchange rate in FY13-Q1, rounded to the nearest
unit, according to the actual amount recorded in Kyocera's FY13-Q1
consolidated results. *3 "Diluted earnings per share
attributable to shareholders of Kyocera Corporation" announced on
January 29, 2014 is computed based on the average number of shares
outstanding during the nine months ended December 31, 2013, in
reflection of an assumption that the stock split that took effect on
October 1, 2013, had taken effect April 1, 2012.
FORWARD-LOOKING STATEMENTS
Except 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 integrating them with other
technologies, Kyocera has become a leading supplier of solar power
generating systems, mobile phones, printers, copiers, electronic
components, semiconductor packages, cutting tools and industrial
ceramics. During the year ended March 31, 2013, the company's net sales
totaled 1.28 trillion yen (approx. USD13.6 billion). The company is
ranked #492 on Forbes magazine's 2013 "Global 2000" listing of
the world's largest publicly traded companies, and in 2013 was ranked by Ceramic
Industry magazine as the world's No.1 manufacturer of advanced
ceramics.

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