FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of February, 2005
Commission File Number 1-7616
PIONEER CORPORATION
4-1, MEGURO 1-CHOME, MEGURO-KU, TOKYO 153-8654, JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ | Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o | No þ |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
SIGNATURES | ||||||||
Pioneer Announces Third-Quarter and Nine-Month Results for Fiscal 2005 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PIONEER CORPORATION (Registrant) |
||||
Date: February 1, 2005 | ||||
By | /s/ Kaneo Ito | |||
Kaneo Ito President and Representative Director |
||||
This report on Form 6-K contains the following:
1. | The announcement released by the Company to the press in Japan dated January 31, 2005, concerning its consolidated third-quarter and nine-month business results, for the period ended December 31, 2004. |
For Immediate Release
January 31, 2005
Pioneer Announces Third-Quarter and Nine-Month Results for Fiscal 2005
TOKYO Pioneer Corporation today announced its consolidated third-quarter and nine-month business results, for the period ended December 31, 2004.
Consolidated Financial Highlights
(In millions of yen except per share information) | ||||||||||||||||||||||||
Three months | Nine months | |||||||||||||||||||||||
ended December 31 | ended December 31 | |||||||||||||||||||||||
% to | % to | |||||||||||||||||||||||
prior | prior | |||||||||||||||||||||||
2004 | 2003 | year | 2004 | 2003 | year | |||||||||||||||||||
Operating revenue |
¥ | 196,303 | ¥ | 198,022 | 99.1 | % | ¥ | 541,350 | ¥ | 518,004 | 104.5 | % | ||||||||||||
Operating income |
1,632 | 16,689 | 9.8 | 14,905 | 34,247 | 43.5 | ||||||||||||||||||
Income from continuing operations
before income taxes |
3,514 | 15,860 | 22.2 | 15,952 | 32,445 | 49.2 | ||||||||||||||||||
Income from continuing
operations |
1,785 | 9,087 | 19.6 | 6,594 | 16,923 | 39.0 | ||||||||||||||||||
Net income |
¥ | 1,785 | ¥ | 9,140 | 19.5 | % | ¥ | 6,594 | ¥ | 21,615 | 30.5 | % | ||||||||||||
Basic earnings per share: |
||||||||||||||||||||||||
Income from continuing
operations |
¥ | 10.17 | ¥ | 51.80 | ¥ | 37.59 | ¥ | 96.46 | ||||||||||||||||
Income from discontinued
operations, net of tax |
| 0.30 | | 26.75 | ||||||||||||||||||||
Net income |
¥ | 10.17 | ¥ | 52.10 | ¥ | 37.59 | ¥ | 123.21 | ||||||||||||||||
Diluted earnings per share: |
||||||||||||||||||||||||
Income from continuing
operations |
¥ | 8.98 | ¥ | 51.78 | ¥ | 33.43 | ¥ | 96.44 | ||||||||||||||||
Income from discontinued
operations, net of tax |
| 0.30 | | 26.74 | ||||||||||||||||||||
Net income |
¥ | 8.98 | ¥ | 52.08 | ¥ | 33.43 | ¥ | 123.18 |
Note: | As a result of the sales of subsidiaries in the audio/video software business in fiscal 2004, the gain on such sales, as well as the operating results of the discontinued operations, are presented as a separate line item in consolidated statements of income in accordance with Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Previously reported amounts have been reclassified accordingly. |
-1-
Consolidated Business Results
Home Electronics sales increased 6.2% to ¥97,078 million (US$933.4 million) from the corresponding period last year. In Japan, sales rose 7.5% to ¥30,324 million (US$291.6 million) primarily due to a large increase in sales of plasma displays, including the expansion of our OEM (original equipment manufacturing) business, despite the decreased sales of DVD recorders as well as recordable DVD drives for personal computers (PCs). Overseas sales also rose 5.6% to ¥66,754 million (US$641.9 million) primarily due to an increase in sales of plasma displays worldwide and DVD recorders in Europe, despite a decrease in sales of DVD players worldwide, recordable DVD drives for PCs in Europe and audio products in Europe and Asia, as well as withdrawal of our digital cable TV set-top box business in North America.
Car Electronics sales decreased to ¥69,375 million (US$667.1 million), down 7.7% from the corresponding period in the previous year. In Japan, sales decreased 14.3% to ¥29,578 million (US$284.4 million), primarily reflecting decreased sales of car navigation systems in the consumer market, influenced by demand lower than initially expected, and OEM products. Overseas sales decreased 2.1% to ¥39,797 million (US$382.7 million), primarily due to a decrease in sales of car audio products in the consumer market worldwide, despite a strong increase in sales of car navigation systems in Europe and North America.
Royalty revenue from Patent Licensing decreased 20.0% from the corresponding period in the previous year to ¥1,407 million (US$13.5 million), reflecting the expiration of patents included in a larger portfolio of patents licensed to the optical disc industry.
Others sales decreased 4.1% from the corresponding period in the previous year to ¥28,443 million (US$273.5 million). In Japan, sales decreased by 20.4% to ¥13,338 million (US$128.3 million) primarily due to a decrease in sales of organic light-emitting diode (OLED) display panels and a sales shift from Japan to China of devices for cellular phones and semiconductors related to laser pickups, despite an increase in sales of factory automation systems. Overseas, sales were up 17.2% to ¥15,105 million (US$145.2 million), primarily due to increased sales in China of devices for cellular phones and semiconductors related to laser pickups, despite decreased sales of optical disc manufacturing systems in Southeast Asia.
- 2 -
Operating income decreased 90.2% from the corresponding period of the previous year to ¥1,632 million (US$15.7 million). Due mainly to intensified price competition, market prices of our major products dropped, which adversely affected gross profit margin. Net income was ¥1,785 million (US$17.2 million), an 80.5% decrease from the corresponding period of the previous year.
Nine-month results Operating revenue for the nine-month period ended December 31, 2004 was ¥541,350 million (US$5,205.3 million), a 4.5% increase, while net income for the period was ¥6,594 million (US$63.4 million), a 69.5% decrease, each compared with the corresponding period in the previous year.
Cash Flows
Business Forecasts for Fiscal 2005
(In millions of yen) | ||||||||||||
Revised | Previous | |||||||||||
projections | projections | Results | ||||||||||
for fiscal 2005 | for fiscal 2005 | for fiscal 2004 | ||||||||||
Operating revenue |
¥ | 730,000 | ¥ | 800,000 | ¥ | 700,885 | ||||||
Operating income |
2,000 | 27,000 | 43,719 | |||||||||
Income before income taxes |
0 | 25,000 | 41,848 | |||||||||
Net income (loss) |
¥ | (8,000 | ) | ¥ | 10,000 | ¥ | 24,838 | |||||
The projection of operating revenue for fiscal 2005 is revised downward, reflecting intensified competition and rapid decline of market prices of our major products such as plasma displays, DVD recorders and recordable DVD drives.
The projections for fiscal 2005 of operating income, income before income taxes and net income are also revised downward, reflecting our forecast of the sales decline from our expectation last time of our major products mentioned above, the decrease in gross profit margin, mainly due to the fall of market prices and the decrease of production level in terms of units, and the disposal and the write-down of inventories.
- 3 -
Cautionary Statement with Respect to Forward-Looking Statements
Pioneer Corporation is one of the leading manufacturers of consumer- and business-use electronics products such as audio, video and car electronics on a global scale. Its shares are traded on the New York Stock Exchange (ticker symbol PIO), Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities Exchange.
# # # # # #
The U.S. dollar amounts in this release represent translation of Japanese yen, for convenience only, at the rate of ¥104=US$1.00, the approximate rate prevailing on December 31, 2004.
Attached are consolidated financial statements for the three months and the nine months ended December 31, 2004.
For further information, please contact:
Investor Relations Department, Corporate Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6774 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Website: http://www.pioneer.co.jp/corp/ir/index-e.html
- 4 -
Pioneer Corporation and Subsidiaries
(1) | OPERATING REVENUE BY SEGMENT |
(In millions of yen) | ||||||||||||||||||||
Three months ended December 31 | ||||||||||||||||||||
2004 | 2003 | % to | ||||||||||||||||||
% to | % to | prior | ||||||||||||||||||
Amount | total | Amount | total | year | ||||||||||||||||
Domestic |
¥ | 30,324 | 15.4 | % | ¥ | 28,199 | 14.2 | % | 107.5 | % | ||||||||||
Overseas |
66,754 | 34.1 | 63,241 | 32.0 | 105.6 | |||||||||||||||
Home Electronics |
97,078 | 49.5 | 91,440 | 46.2 | 106.2 | |||||||||||||||
Domestic |
29,578 | 15.1 | 34,514 | 17.4 | 85.7 | |||||||||||||||
Overseas |
39,797 | 20.2 | 40,658 | 20.6 | 97.9 | |||||||||||||||
Car Electronics |
69,375 | 35.3 | 75,172 | 38.0 | 92.3 | |||||||||||||||
Domestic |
| | | | | |||||||||||||||
Overseas |
1,407 | 0.7 | 1,759 | 0.9 | 80.0 | |||||||||||||||
Patent Licensing |
1,407 | 0.7 | 1,759 | 0.9 | 80.0 | |||||||||||||||
Domestic |
13,338 | 6.8 | 16,760 | 8.5 | 79.6 | |||||||||||||||
Overseas |
15,105 | 7.7 | 12,891 | 6.4 | 117.2 | |||||||||||||||
Others |
28,443 | 14.5 | 29,651 | 14.9 | 95.9 | |||||||||||||||
Domestic |
73,240 | 37.3 | 79,473 | 40.1 | 92.2 | |||||||||||||||
Overseas |
123,063 | 62.7 | 118,549 | 59.9 | 103.8 | |||||||||||||||
Total |
¥ | 196,303 | 100.0 | % | ¥ | 198,022 | 100.0 | % | 99.1 | % | ||||||||||
(In millions of yen) | ||||||||||||||||||||
Nine months ended December 31 | ||||||||||||||||||||
2004 | 2003 | % to | ||||||||||||||||||
% to | % to | prior | ||||||||||||||||||
Amount | total | Amount | total | year | ||||||||||||||||
Domestic |
¥ | 65,988 | 12.2 | % | ¥ | 60,885 | 11.8 | % | 108.4 | % | ||||||||||
Overseas |
154,774 | 28.6 | 148,838 | 28.7 | 104.0 | |||||||||||||||
Home Electronics |
220,762 | 40.8 | 209,723 | 40.5 | 105.3 | |||||||||||||||
Domestic |
91,362 | 16.9 | 91,624 | 17.7 | 99.7 | |||||||||||||||
Overseas |
132,338 | 24.4 | 125,388 | 24.2 | 105.5 | |||||||||||||||
Car Electronics |
223,700 | 41.3 | 217,012 | 41.9 | 103.1 | |||||||||||||||
Domestic |
| | | | | |||||||||||||||
Overseas |
8,146 | 1.5 | 10,163 | 2.0 | 80.2 | |||||||||||||||
Patent Licensing |
8,146 | 1.5 | 10,163 | 2.0 | 80.2 | |||||||||||||||
Domestic |
39,873 | 7.3 | 44,254 | 8.5 | 90.1 | |||||||||||||||
Overseas |
48,869 | 9.1 | 36,852 | 7.1 | 132.6 | |||||||||||||||
Others |
88,742 | 16.4 | 81,106 | 15.6 | 109.4 | |||||||||||||||
Domestic |
197,223 | 36.4 | 196,763 | 38.0 | 100.2 | |||||||||||||||
Overseas |
344,127 | 63.6 | 321,241 | 62.0 | 107.1 | |||||||||||||||
Total |
¥ | 541,350 | 100.0 | % | ¥ | 518,004 | 100.0 | % | 104.5 | % | ||||||||||
Pioneer Corporation and Subsidiaries
(2) | CONSOLIDATED STATEMENTS OF INCOME |
(In millions of yen) | ||||||||||||
Three months ended December 31 | ||||||||||||
% to | ||||||||||||
2004 | 2003 | prior year | ||||||||||
Operating revenue: |
||||||||||||
Net sales |
¥ | 194,896 | ¥ | 196,263 | 99.3 | % | ||||||
Royalty revenue |
1,407 | 1,759 | 80.0 | |||||||||
Total operating revenue |
196,303 | 198,022 | 99.1 | |||||||||
Operating costs and expenses: |
||||||||||||
Cost of sales |
149,418 | 134,462 | 111.1 | |||||||||
Selling, general and administrative |
45,253 | 46,871 | 96.5 | |||||||||
Total operating costs and expenses |
194,671 | 181,333 | 107.4 | |||||||||
Operating income from continuing operations |
1,632 | 16,689 | 9.8 | |||||||||
Other income (expenses): |
||||||||||||
Interest income |
530 | 377 | 140.6 | |||||||||
Foreign exchange gain (loss) |
1,512 | (867 | ) | | ||||||||
Interest expense |
(506 | ) | (503 | ) | 100.6 | |||||||
Othernet |
346 | 164 | 211.0 | |||||||||
Total other income (expenses) |
1,882 | (829 | ) | | ||||||||
Income from continuing operations before income taxes |
3,514 | 15,860 | 22.2 | |||||||||
Income taxes |
1,090 | 6,159 | 17.7 | |||||||||
Minority interest in earnings of subsidiaries |
(65 | ) | (382 | ) | 17.0 | |||||||
Equity in losses of affiliated companies |
(574 | ) | (232 | ) | 247.4 | |||||||
Income from continuing operations |
1,785 | 9,087 | 19.6 | |||||||||
Income from discontinued operations, net of tax |
| 53 | | |||||||||
Net income |
¥ | 1,785 | ¥ | 9,140 | 19.5 | % | ||||||
(In millions of yen) | ||||||||||||
Nine months ended December 31 | ||||||||||||
% to | ||||||||||||
2004 | 2003 | prior year | ||||||||||
Operating revenue: |
||||||||||||
Net sales |
¥ | 533,204 | ¥ | 507,841 | 105.0 | % | ||||||
Royalty revenue |
8,146 | 10,163 | 80.2 | |||||||||
Total operating revenue |
541,350 | 518,004 | 104.5 | |||||||||
Operating costs and expenses: |
||||||||||||
Cost of sales |
400,296 | 353,790 | 113.1 | |||||||||
Selling, general and administrative |
126,149 | 129,967 | 97.1 | |||||||||
Total operating costs and expenses |
526,445 | 483,757 | 108.8 | |||||||||
Operating income from continuing operations |
14,905 | 34,247 | 43.5 | |||||||||
Other income (expenses): |
||||||||||||
Interest income |
1,320 | 1,107 | 119.2 | |||||||||
Foreign exchange gain (loss) |
351 | (1,872 | ) | | ||||||||
Interest expense |
(1,195 | ) | (1,689 | ) | 70.8 | |||||||
Othernet |
571 | 652 | 87.6 | |||||||||
Total other income (expenses) |
1,047 | (1,802 | ) | | ||||||||
Income from continuing operations before income taxes |
15,952 | 32,445 | 49.2 | |||||||||
Income taxes |
6,634 | 12,979 | 51.1 | |||||||||
Minority interest in earnings of subsidiaries |
(625 | ) | (550 | ) | 113.6 | |||||||
Equity in losses of affiliated companies |
(2,099 | ) | (1,993 | ) | 105.3 | |||||||
Income from continuing operations |
6,594 | 16,923 | 39.0 | |||||||||
Income from discontinued operations, net of tax |
| 4,692 | | |||||||||
Net income |
¥ | 6,594 | ¥ | 21,615 | 30.5 | % | ||||||
Pioneer Corporation and Subsidiaries
(3) | CONSOLIDATED BALANCE SHEETS |
(In millions of yen) | ||||||||||||||||||||
December 31 | March 31 | |||||||||||||||||||
Increase/ | Increase/ | |||||||||||||||||||
2004 | 2003 | (Decrease) | 2004 | (Decrease) | ||||||||||||||||
ASSETS |
||||||||||||||||||||
Current assets: |
||||||||||||||||||||
Cash and cash equivalents |
¥ | 115,607 | ¥ | 132,740 | ¥ | (17,133 | ) | ¥ | 192,419 | ¥ | (76,812 | ) | ||||||||
Trade receivables, less allowance |
128,473 | 125,664 | 2,809 | 112,055 | 16,418 | |||||||||||||||
Inventories |
131,974 | 116,217 | 15,757 | 107,806 | 24,168 | |||||||||||||||
Others |
71,356 | 63,565 | 7,791 | 67,508 | 3,848 | |||||||||||||||
Total current assets |
447,410 | 438,186 | 9,224 | 479,788 | (32,378 | ) | ||||||||||||||
Investments and long-term receivables |
31,001 | 29,639 | 1,362 | 33,725 | (2,724 | ) | ||||||||||||||
Property, plant and equipment,
less depreciation |
208,307 | 155,174 | 53,133 | 156,201 | 52,106 | |||||||||||||||
Intangible assets |
25,362 | 18,065 | 7,297 | 18,966 | 6,396 | |||||||||||||||
Other assets |
38,940 | 39,919 | (979 | ) | 33,862 | 5,078 | ||||||||||||||
Total assets |
¥ | 751,020 | ¥ | 680,983 | ¥ | 70,037 | ¥ | 722,542 | ¥ | 28,478 | ||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||||||
Current liabilities: |
||||||||||||||||||||
Short-term borrowings and current
portion of long-term debt |
¥ | 50,385 | ¥ | 41,424 | ¥ | 8,961 | ¥ | 27,837 | ¥ | 22,548 | ||||||||||
Trade payables |
104,962 | 88,329 | 16,633 | 79,439 | 25,523 | |||||||||||||||
Others |
94,004 | 109,157 | (15,153 | ) | 116,022 | (22,018 | ) | |||||||||||||
Total current liabilities |
249,351 | 238,910 | 10,441 | 223,298 | 26,053 | |||||||||||||||
Long-term debt |
86,416 | 28,500 | 57,916 | 89,691 | (3,275 | ) | ||||||||||||||
Other long-term liabilities |
59,302 | 72,071 | (12,769 | ) | 58,771 | 531 | ||||||||||||||
Minority interests |
17,941 | 17,728 | 213 | 17,844 | 97 | |||||||||||||||
Shareholders equity: |
||||||||||||||||||||
Common stock |
49,049 | 49,049 | | 49,049 | | |||||||||||||||
Capital surplus |
82,674 | 82,379 | 295 | 82,464 | 210 | |||||||||||||||
Retained earnings |
278,119 | 272,688 | 5,431 | 273,718 | 4,401 | |||||||||||||||
Accumulated other comprehensive loss |
(61,366 | ) | (69,882 | ) | 8,516 | (61,829 | ) | 463 | ||||||||||||
Treasury stock |
(10,466 | ) | (10,460 | ) | (6 | ) | (10,464 | ) | (2 | ) | ||||||||||
Total shareholders equity |
338,010 | 323,774 | 14,236 | 332,938 | 5,072 | |||||||||||||||
Total liabilities and
shareholders equity |
¥ | 751,020 | ¥ | 680,983 | ¥ | 70,037 | ¥ | 722,542 | ¥ | 28,478 | ||||||||||
Breakdown of accumulated other comprehensive
income (loss) |
||||||||||||||||||||
Minimum pension liability adjustments |
¥ | (21,752 | ) | ¥ | (31,032 | ) | ¥ | 9,280 | ¥ | (22,930 | ) | ¥ | 1,178 | |||||||
Net unrealized holding gain on securities |
8,743 | 6,613 | 2,130 | 9,103 | (360 | ) | ||||||||||||||
Cumulative foreign currency translation
adjustments |
(48,357 | ) | (45,463 | ) | (2,894 | ) | (48,002 | ) | (355 | ) | ||||||||||
Total accumulated other
comprehensive income (loss) |
¥ | (61,366 | ) | ¥ | (69,882 | ) | ¥ | 8,516 | ¥ | (61,829 | ) | ¥ | 463 | |||||||
Pioneer Corporation and Subsidiaries
(4) | CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions of yen) | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2004 | 2003 | 2004 | 2003 | |||||||||||||
I. Operating activities: |
||||||||||||||||
Net income |
¥ | 1,785 | ¥ | 9,140 | ¥ | 6,594 | ¥ | 21,615 | ||||||||
Income from discontinued operations, net of tax |
| (53 | ) | | (4,692 | ) | ||||||||||
Depreciation and amortization |
14,353 | 9,772 | 35,640 | 28,615 | ||||||||||||
Increase in trade receivables |
(10,113 | ) | (22,871 | ) | (9,698 | ) | (21,949 | ) | ||||||||
(Increase) decrease in inventories |
1,147 | (6,741 | ) | (17,667 | ) | (27,725 | ) | |||||||||
Increase in trade payables |
6,264 | 12,400 | 13,432 | 27,464 | ||||||||||||
Increase (decrease) in other accrued liabilities |
(4,323 | ) | 36 | (15,508 | ) | 5,141 | ||||||||||
Other |
(2,128 | ) | 7,602 | (9,839 | ) | 3,927 | ||||||||||
Net cash provided by operating activities |
6,985 | 9,285 | 2,954 | 32,396 | ||||||||||||
II. Investing activities: |
||||||||||||||||
Payment for purchase of fixed assets |
(19,194 | ) | (14,877 | ) | (45,478 | ) | (42,998 | ) | ||||||||
Payment for purchase of subsidiary |
(64 | ) | | (36,679 | ) | | ||||||||||
Other |
(290 | ) | 24 | 48 | 3,647 | |||||||||||
Net cash used in investing activities |
(19,548 | ) | (14,853 | ) | (82,109 | ) | (39,351 | ) | ||||||||
III. Financing activities: |
||||||||||||||||
Increase in short-term borrowings
and long-term debt |
9,802 | 5,342 | 6,768 | 9,952 | ||||||||||||
Dividends paid |
(2,193 | ) | (2,193 | ) | (4,386 | ) | (3,947 | ) | ||||||||
Other |
(105 | ) | (102 | ) | (428 | ) | (293 | ) | ||||||||
Net cash provided by financing activities |
7,504 | 3,047 | 1,954 | 5,712 | ||||||||||||
Effect of exchange rate changes on cash
and cash equivalents |
(3,270 | ) | (2,675 | ) | 389 | (8,497 | ) | |||||||||
Net decrease in cash and cash equivalents |
(8,329 | ) | (5,196 | ) | (76,812 | ) | (9,740 | ) | ||||||||
Cash and cash equivalents, beginning of period |
123,936 | 137,936 | 192,419 | 142,480 | ||||||||||||
Cash and cash equivalents, end of period |
¥ | 115,607 | ¥ | 132,740 | ¥ | 115,607 | ¥ | 132,740 | ||||||||
Free cash flow (I + II) |
¥ | (12,563 | ) | ¥ | (5,568 | ) | ¥ | (79,155 | ) | ¥ | (6,955 | ) | ||||
Pioneer Corporation and Subsidiaries
(5) | SEGMENT INFORMATION |
The following segment information is prepared pursuant to the regulations under the Securities and Exchange Law of Japan.
<Business Segments>
(In millions of yen) | ||||||||||||||||||||||||
Three months ended December 31 | ||||||||||||||||||||||||
2004 | 2003 | % to prior year | ||||||||||||||||||||||
Operating | Operating | Operating | Operating | Operating | Operating | |||||||||||||||||||
Revenue | Income | Revenue | Income | Revenue | Income | |||||||||||||||||||
Home Electronics |
¥ | 97,273 | ¥ | (2,499 | ) | ¥ | 91,792 | ¥ | 7,992 | 106.0 | % | | % | |||||||||||
Car Electronics |
69,668 | 2,963 | 76,426 | 7,671 | 91.2 | 38.6 | ||||||||||||||||||
Patent Licensing |
1,805 | 1,381 | 2,348 | 1,681 | 76.9 | 82.2 | ||||||||||||||||||
Others |
38,223 | (307 | ) | 40,347 | 1,067 | 94.7 | | |||||||||||||||||
Total |
206,969 | 1,538 | 210,913 | 18,411 | 98.1 | 8.4 | ||||||||||||||||||
Corporate and elimination |
(10,666 | ) | 94 | (12,891 | ) | (1,722 | ) | | | |||||||||||||||
Consolidated |
¥ | 196,303 | ¥ | 1,632 | ¥ | 198,022 | ¥ | 16,689 | 99.1 | % | 9.8 | % | ||||||||||||
(In millions of yen) | ||||||||||||||||||||||||
Nine months ended December 31 | ||||||||||||||||||||||||
2004 | 2003 | % to prior year | ||||||||||||||||||||||
Operating | Operating | Operating | Operating | Operating | Operating | |||||||||||||||||||
Revenue | Income | Revenue | Income | Revenue | Income | |||||||||||||||||||
Home Electronics |
¥ | 221,995 | ¥ | (5,888 | ) | ¥ | 210,712 | ¥ | 4,393 | 105.4 | % | | % | |||||||||||
Car Electronics |
224,670 | 13,840 | 218,917 | 21,786 | 102.6 | 63.5 | ||||||||||||||||||
Patent Licensing |
9,385 | 8,148 | 11,721 | 9,900 | 80.1 | 82.3 | ||||||||||||||||||
Others |
118,448 | 1,134 | 109,493 | 1,226 | 108.2 | 92.5 | ||||||||||||||||||
Total |
574,498 | 17,234 | 550,843 | 37,305 | 104.3 | 46.2 | ||||||||||||||||||
Corporate and elimination |
(33,148 | ) | (2,329 | ) | (32,839 | ) | (3,058 | ) | | | ||||||||||||||
Consolidated |
¥ | 541,350 | ¥ | 14,905 | ¥ | 518,004 | ¥ | 34,247 | 104.5 | % | 43.5 | % | ||||||||||||
Notes:
1. | The Companys consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. | |||
2. | The consolidated financial statements include the accounts of the parent company and 128 subsidiaries and the investments in 5 affiliated companies accounted for on an equity basis. | |||
3. | As a result of the sales of subsidiaries in the audio/video software business in fiscal 2004, the operating results of the discontinued operations are presented as a separate line item in consolidated statements of income in accordance with Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. Reclassifications have been made to consolidated statements of cash flows and segment information to conform to this presentation. | |||
4. | At the year end of fiscal 2004, the Company changed business segment classification for certain businesses. Results related to recordable DVD drives have been moved from Others to Home Electronics, and results related to plasma displays for business use have been moved from Home Electronics to Others. Corresponding figures for the previously reported operating revenue by segment and segment information have been reclassified accordingly. |