Tokyo, Feb 13, 2009 - (JCN Newswire) - Pioneer Corporation today announced its consolidated third-quarter and ninemonth business results for the periods ended December 31, 2008.
For the third quarter of fiscal 2009, the three months ended December 31, 2008, consolidated operating revenue decreased 37.8% compared with the third quarter of fiscal 2008 to 131,231 million yen (US$1,442.1 million). This was mainly the result of a decline in sales of car audio products, plasma displays and DVD drives, which largely reflected the sharp deterioration in consumer spending worldwide in the wake of the U.S. financial crisis as well as the impact of the Japanese yen's appreciation.
Pioneer reported an operating loss of 10,723 million yen (US$117.8 million), compared with operating income of 6,887 million yen in the third quarter of fiscal 2008, due to lower operating revenue and deterioration in the gross profit margin. In addition, Pioneer recorded a write-down of marketable securities of 5,098 million yen (US$56.0 million), business restructuring expenses of 3,693 million yen (US$40.6 million) and income taxes following an evaluation of deferred tax assets. Consequently, Pioneer reported a net loss of 26,147 million yen (US$287.3 million), compared with net income of 1,688 million yen in the same period a year earlier. During the third quarter of fiscal 2009, the average value of the Japanese yen appreciated 17.5% and 29.3% against the U.S. dollar and the euro, respectively, compared with the same period of the previous fiscal year.
Car Electronics operating revenue decreased 28.4% year on year to 66,340 million yen (US$729.0 million) because of lower sales of both car audio products and car navigation systems, partly due to lackluster auto sales worldwide. In car navigation systems, consumer-market sales declined year on year, mainly due to lower sales in Japan and North America. Meanwhile, OEM sales rose on the back of higher sales in Japan and China, despite lower sales in North America. In car audio products, consumer-market sales decreased, mainly because of lower overseas sales. OEM sales also decreased due to lower sales in Japan and North America. Total OEM sales in this segment accounted for approximately 47% of Car Electronics operating revenue, compared with approximately 40% in the third quarter of fiscal 2008.
In terms of geographic operating revenue, operating revenue in Japan decreased 11.7% year on year to 29,613 million yen (US$325.4 million), and overseas operating revenue declined 37.9% year on year to 36,727 million yen (US$403.6 million).
This segment recorded an operating loss of 1,213 million yen (US$13.3 million), compared with operating income of 5,905 million yen in the third quarter of fiscal 2008. This chiefly reflected, in car audio products, lower sales and deterioration in the gross profit margin due to a drop in production volume and the impact of the stronger yen. Home Electronics operating revenue decreased 48.8% year on year to 51,426 million yen (US$565.1 million). This was largely as a result of lower sales of plasma displays, DVD drives and audio products. Display product sales accounted for approximately 39% of Home Electronics operating revenue in the third quarter of fiscal 2009, compared with approximately 42% in the third quarter of fiscal 2008.
In terms of geographic operating revenue, operating revenue in Japan declined 30.4% year on year to 10,233 million yen (US$112.5 million), and overseas operating revenue fell 52.0% to 41,193 million yen (US$452.7 million).
This segment posted an operating loss of 9,752 million yen (US$107.2 million), compared with operating income of 777 million yen in the same period of the previous fiscal year. This was due to lower sales and deterioration in the gross profit margin chiefly for plasma displays.
In the Others segment, operating revenue decreased 24.5% year on year to 13,465 million yen (US$148.0 million) due principally to lower sales of electronic devices and parts, and speaker units for cellular phones.
In terms of geographic operating revenue, operating revenue in Japan decreased 17.5% year on year to 9,092 million yen (US$99.9 million), and overseas operating revenue decreased 35.9% year on year to 4,373 million yen (US$48.1 million).
In line with lower sales, this segment posted an operating loss of 624 million yen (US$6.9 million), compared with operating income of 448 million yen in the same period of the previous fiscal year.
For the nine-month period ended December 31, 2008, consolidated operating revenue decreased 22.9% year on year to 458,273 million yen (US$5,036.0 million). Pioneer recorded an operating loss of 23,814 million yen (US$261.7 million), compared with operating income of 9,149 million yen in same period of the previous fiscal year. It also posted a net loss of 79,125 million yen (US$869.5 million), compared with net income of 11,624 million yen in the corresponding period of fiscal 2008, which included a gain on sale of all land and buildings at the Tokorozawa Plant and some at the Omori Plant.
* Operating income (loss) in each business segment represents operating income (loss) before elimination of intersegment transactions.
* Effective from fiscal 2009, the patent licensing business, which was previously classified as an independent business segment, has been included in the "Others" segment because of its reduced importance to consolidated business results. Figures for the corresponding period of fiscal 2008 have been reclassified accordingly.
About Pioneer
Pioneer Corporation, headquartered in Tokyo, is a leading global manufacturer of consumer and business-use electronics products such as audio, video and car electronics. Its shares are traded on the Tokyo Stock Exchange (TSE: 6773). For more information , please visit http://pioneer.jp .
Contact:
Pioneer Corporation
Investor Relations Department,
Corporate Communications Division
Phone: +81-3-3495-6773
Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://pioneer.jp/ir-e/
Feb 13, 2009
Source: Pioneer
Pioneer (TSE: 6773) (U.S: PNCOF)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Press release summary
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