Nidec Corporation
Nidec Announces Differences Between Projected and Actual Financial Results for First-Half FY2009 and Raises Full-Year FY2009 Guidance
Nidec Corporation / 26.10.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- KYOTO, Japan, Oct. 26, 2009 (GLOBE NEWSWIRE) -- Nidec Corporation (the 'Company') (NYSE:NJ) today announced differences between its financial forecast for the six months ended September 30, 2009 (announced on July 24, 2009) and the actual financial results released today. In this connection, the Company has also revised its financial forecast for the fiscal year ending March 31, 2010. The details are as follows. 1. Differences between Projected and Actual Financial Results for Six Months Ended September 30, 2009 (U.S. GAAP) From April 1, 2009 to September 30, 2009 (Millions of yen, except per share amounts and percentages) --------------------------------------------------------------------- For the six months ended September 30, 2009 ---------------------------------- For the six Forecast months (as of ended July 24, Change Change Sept. 30, 2009) Actual (amount) (%) 2008 --------------------------------------------------------------------- Net sales 250,000 268,743 18,743 7.5 363,276 --------------------------------------------------------------------- Operating income 20,000 28,321 8,321 41.6 40,778 --------------------------------------------------------------------- Income from continuing operations before income taxes 18,000 22,474 4,474 24.9 43,379 --------------------------------------------------------------------- Net income (attributable to the Company) 12,000 13,788 1,788 14.9 27,840 --------------------------------------------------------------------- Earnings per share (attributable to the Company) 86.15 98.99 -- -- 192.06 --------------------------------------------------------------------- 2. Revised Consolidated Financial Forecasts (U.S. GAAP) for the Year Ending March 31, 2010 From April 1, 2009 to March 31, 2010 (Millions of yen, except per share amounts and percentages) -------------------------------------------------------------------- For the year ending March 31, 2010 ---------------------------------- For the Previous year forecast ended (July 24, Revised Change Change March 31, 2009) Forecast (amount) (%) 2009 -------------------------------------------------------------------- Net sales 550,000 570,000 20,000 3.6 610,803 -------------------------------------------------------------------- Operating income 50,000 58,000 8,000 16.0 52,015 -------------------------------------------------------------------- Income before Income Tax 47,000 55,000 8,000 17.0 47,270 -------------------------------------------------------------------- Net income 30,000 35,000 5,000 16.7 28,353 -------------------------------------------------------------------- Earnings per share 215.38 251.27 -- -- 197.42 -------------------------------------------------------------------- 3. Factors behind the Differences between Projected and Actual Six Months Results and Reasons for Revising Full-year Forecast The Company's sales and profits increased beyond the previous expectations during the six months ended September 30, 2009, reflecting a fast-paced recovery in sales from the main operations ('small precision motors' and 'electronic and optical components') and a tangible progress in the continuing profitability reform project (WPR(tm)). Consolidated operating margin substantially improved to 12.4% in the second quarter (July-September quarter) from 11.8% in the same period of the previous year. The Company now expects higher full-year sales and profits and has revised upward its financial forecast for the year ending March 2010 in a manner that reflects the stated progress during the first six months of fiscal 2009. Notes: (1) The provided financial forecast assumes an exchange rate of 90 yen against the U.S. dollar for the second half of fiscal 2009. (2) In accordance with ASC205-20 'Presentation of Financial Statements-Discontinued Operations' (formerly SFAS No.144 'Accounting for the Impairment or Disposal of Long-lived Assets'), part of the prior-period statements have been retrospectively restated to reflect the reclassification of discontinued operations. (3) The Company adopted ASC 810 'Consolidation' (formerly SFAS No. 160, 'Non-controlling Interests in Consolidated Financial Statements - an amendment of ARB No. 51') as of April 1, 2009. Accordingly, the line of item previously titled 'Net income' has been renamed 'Net income attributable to Nidec Corporation. The Nidec Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1734 Disclaimer Regarding Forward-looking Statements This press release material contains forward-looking statements including expectations, judgement, plans, and strategies. The forward-looking statements are based on management's assumptions and belief in light of the information currently available. Certain risks, uncertainties and other factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to: fluctuation of currency exchange rates, overall supply and customer demand in the motor industry, product development and production capabilities, performance of affiliated companies, and other risks and uncertainties. Nidec undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date the statements are made. WPR was named by Shigenobu Nagamori of NIDEC CORPORATION based on his unique business management method in 2008. WPR(tm) is a trademark of NIDEC CORPORATION in Japan. WPR (c) Shigenobu Nagamori NIDEC CORPORATION 2008 CONTACT: Nidec Corporation Investor Relations Masahiro Nagayasu, General Manager +81-75-935-6140 ir@jp.nidec.com News Source: NASDAQ OMX 26.10.2009 Financial News transmitted by DGAP --------------------------------------------------------------------------- Language: English Company: Nidec Corporation Japan Phone: Fax: E-mail: Internet: ISIN: JP3734800000 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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