UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2005

Commission File Number 1-7616

PIONEER CORPORATION

(Translation of registrant’s name into English)

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): 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)(7): o

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

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.

This report on Form 6-K contains the followings:

Pioneer Announces First-Quarter Results for Fiscal 2006

TOKYO — Pioneer Corporation today announced its consolidated first-quarter business results for the period ended June 30, 2005.

Consolidated Financial Highlights

		(In millions of yen except per share information)
		Three months ended June 30
										% to
										prior
		2005				2004				year
Operating revenue		¥	164,183			¥	163,487				100.4	%
Operating income (loss)			(8,869	)			5,012				—
Income (loss) before income taxes			(6,609	)			4,239				—
Net income (loss)		¥	(5,343	)		¥	1,497				—
Net income (loss) per share:
Basic		¥	(30.63	)		¥	8.53
Diluted		¥	(30.63	)		¥	7.46

Consolidated Business Results
For the first quarter of fiscal 2006, ended June 30, 2005, consolidated operating revenue was ¥164,183 million (US$1,479.1 million), approximately the same as the corresponding period of the previous year. Operating loss, however, was ¥8,869 million (US$79.9 million), compared with operating income of ¥5,012 million for the corresponding period of the previous year and net loss amounted to ¥5,343 million (US$48.1 million), compared with net income of ¥1,497 million for the corresponding period of the previous year. The average value of the yen was up 1.9% against the U.S. dollar and down 2.4% against the euro from the corresponding period in the previous year.

Home Electronics sales increased 13.4% from the corresponding period in the previous year to ¥63,205 million (US$569.4 million). In Japan, sales increased by 19.3% to ¥17,040 million (US$153.5 million), primarily due to an increase in sales of plasma displays, reflecting the expansion of our OEM (original equipment manufacturing) sales caused by the acquisition of a new subsidiary last autumn, despite the decrease in sales of DVD recorders. Overseas sales increased 11.3% to ¥46,165 million (US$415.9 million), due to a worldwide rise in sales of plasma displays, and in Asia of DVD drives for personal computers, despite a decline in sales of audio products in Europe and Asia.

Car Electronics sales amounted to ¥82,213 million (US$740.7 million), up 3.3% over the corresponding period in the previous year. In Japan, sales decreased 7.4% to ¥29,941 million (US$269.7 million), due to a decrease in sales of car navigation systems to automobile manufacturers, which resulted from the lack of new car model launches compared with the corresponding period of the previous year, despite increased sales of such systems to consumer markets. Overseas sales increased 10.7% to ¥52,272 million (US$470.9 million), due to growth in sales of car audio products to automobile manufacturers in North America and consumer markets in Central and South America and Europe; and higher sales of car navigation systems in North America.

Royalty revenue from Patent Licensing decreased 60.9% from the corresponding period in the previous year to ¥1,123 million (US$10.1 million), reflecting the expiration of patents included in a portfolio of patents licensed to the optical disc industry and the lack of revenue from renewed contracts with licensees compared with the corresponding period of the previous year.

Others sales decreased 30.3% from the corresponding period in the previous year to ¥17,642 million (US$158.9 million). In Japan, sales decreased 30.9% to ¥8,442 million (US$76.1 million) reflecting a sales shift from Japan to China of devices for cellular phones and a decrease in sales of organic light-emitting diode (OLED) display panels.

Overseas, sales decreased 29.7% to ¥9,200 million (US$82.9 million), due to a drop in sales of optical disc manufacturing systems in Asia, despite the increase in sales of devices for cellular phones in China.

Operating loss was ¥8,869 million (US$79.9 million) compared with operating income of ¥5,012 million for the corresponding period of the previous year. The loss resulted mainly from decreased gross profit margins due to the continuing decline in market prices of our major products. Net loss amounted to ¥5,343 million (US$48.1 million) compared with net income of ¥1,497 million for the corresponding period of the previous year.

Cash Flows
Net cash used in operating activities for the first quarter ended June 30, 2005 was ¥1,060 million (US$9.5 million), compared with ¥5,676 million used in the corresponding period of the previous year. Although net loss of ¥5,343 million was posted this quarter, collection of accounts receivable increased, and resulted in less cash used in operating activities. Net cash used in investing activities was ¥4,924 million (US$44.4 million), compared with ¥13,283 million used in the corresponding period of the previous year. The difference resulted from decreased investment in production facilities as well as proceeds from sales of investment securities. Net cash provided by financing activities was ¥2,830 million (US$25.5 million), compared with ¥6,365 million used in the corresponding period of the previous year.

Business Forecasts for Fiscal 2006
Our consolidated business forecasts for fiscal 2006, ending March 31, 2006, are unchanged from those announced on April 27, 2005, which are shown below. We assume average yen-U.S. dollar and yen-euro exchange rates for the remaining period of fiscal 2006 of ¥105 and ¥135, respectively.

					(In millions of yen)
		Projections for				Results for				Percent
		fiscal 2006				fiscal 2005				changes
Operating revenue		¥	810,000			¥	733,648				+10.4	%
Operating income			8,000				2,592				+208.6	%
Income (loss) before income taxes			7,500				(187	)			—
Net income (loss)		¥	1,000			¥	(8,789	)			—

Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this release with respect to our current plans, estimates, strategies and beliefs, and other statements that are not historical facts are forward-looking statements about our future performance. These statements are based on management’s assumptions and beliefs

in light of the information currently available to it. We caution that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. You also should not believe that it is our obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We disclaim any such obligation. Risks and uncertainties that might affect us include, but are not limited to, (i) general economic conditions in our markets, particularly levels of consumer spending; (ii) exchange rates, particularly between the yen and the U.S. dollar, euro, and other currencies in which we make significant sales or in which our assets and liabilities are denominated; (iii) our ability to continue to design and develop and win acceptance of our products and services, which are offered in highly competitive markets characterized by continual new product introductions, rapid developments in technology and subjective and changing consumer preferences; (iv) our ability to successfully implement our business strategies; (v) our ability to compete, and develop and implement successful sales and distribution strategies in light of technological developments in and affecting our businesses; (vi) our continued ability to devote sufficient resources to research and development, and capital expenditure; (vii) our ability to continuously enhance our brand image; (viii) the success of our joint ventures and alliances; and (ix) the outcome of contingencies.

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 ¥111=US$1.00, the approximate rate prevailing on June 30, 2005.

Attached are consolidated financial statements for the three months ended June 30, 2005.

For further information, please contact:
Investor Relations Department, Corporate Branding and Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6774 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
IR Website: http://www.pioneer.co.jp/ir-e/

Pioneer Corporation and Subsidiaries

(1) OPERATING REVENUE BY SEGMENT

(In millions of yen)

		Three months ended June 30
		2005								2004
																		% to
		Amount				% to total				Amount				% to total				prior year
Domestic		¥	17,040				10.4	%		¥	14,285				8.7	%			119.3	%
Overseas			46,165				28.1				41,468				25.4				111.3
Home Electronics			63,205				38.5				55,753				34.1				113.4
Domestic			29,941				18.2				32,331				19.8				92.6
Overseas			52,272				31.9				47,224				28.9				110.7
Car Electronics			82,213				50.1				79,555				48.7				103.3
Domestic			—				—				—				—				—
Overseas			1,123				0.7				2,875				1.8				39.1
Patent Licensing			1,123				0.7				2,875				1.8				39.1
Domestic			8,442				5.2				12,223				7.5				69.1
Overseas			9,200				5.5				13,081				7.9				70.3
Others			17,642				10.7				25,304				15.4				69.7
Domestic			55,423				33.8				58,839				36.0				94.2
Overseas			108,760				66.2				104,648				64.0				103.9
Total		¥	164,183				100.0	%		¥	163,487				100.0	%			100.4	%

(2) CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions of yen)

		Three months ended June 30
										% to
		2005				2004				prior year
Operating revenue:
Net sales		¥	163,060			¥	160,612				101.5	%
Royalty revenue			1,123				2,875				39.1
Total operating revenue			164,183				163,487				100.4
Operating costs and expenses:
Cost of sales			130,213				117,277				111.0
Selling, general and administrative expenses			42,839				41,198				104.0
Total operating costs and expenses			173,052				158,475				109.2
Operating income (loss)			(8,869	)			5,012				—
Other income (expenses):
Interest income			627				358				175.1
Foreign exchange loss			(742	)			(933	)			79.5
Interest expense			(395	)			(374	)			105.6
Other—net			2,770				176				1,573.9
Total other income (expenses)			2,260				(773	)			—
Income (loss) before income taxes			(6,609	)			4,239				—
Income taxes			(1,552	)			1,607				—
Minority interest in losses (earnings) of subsidiaries			567				(290	)			—
Equity in losses of affiliated companies			(853	)			(845	)			100.9
Net income (loss)		¥	(5,343	)		¥	1,497				—	%

Pioneer Corporation and Subsidiaries

(3) CONSOLIDATED BALANCE SHEETS

(In millions of yen)

		June 30												March 31
										Increase/								Increase/
		2005				2004				(Decrease)				2005				(Decrease)
ASSETS
Current assets:
Cash and cash equivalents		¥	114,770			¥	168,962			¥	(54,192	)		¥	116,681			¥	(1,911	)
Trade receivables, less allowance			109,699				104,629				5,070				132,176				(22,477	)
Inventories			125,968				127,499				(1,531	)			109,015				16,953
Others			73,627				66,794				6,833				69,024				4,603
Total current assets			424,064				467,884				(43,820	)			426,896				(2,832	)
Investments and long-term receivables			24,593				33,267				(8,674	)			28,828				(4,235	)
Property, plant and equipment, less depreciation			205,477				160,512				44,965				210,145				(4,668	)
Intangible assets			22,804				18,270				4,534				24,052				(1,248	)
Other assets			37,870				35,208				2,662				35,246				2,624
Total assets		¥	714,808			¥	715,141			¥	(333	)		¥	725,167			¥	(10,359	)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt		¥	58,437			¥	23,732			¥	34,705			¥	52,428			¥	6,009
Trade payables			98,285				87,776				10,509				96,335				1,950
Others			88,260				97,803				(9,543	)			102,407				(14,147	)
Total current liabilities			244,982				209,311				35,671				251,170				(6,188	)
Long-term debt			80,357				89,563				(9,206	)			81,219				(862	)
Other long-term liabilities			42,458				58,938				(16,480	)			42,371				87
Minority interests			17,691				18,077				(386	)			18,168				(477	)
Shareholders’ equity:
Common stock			49,049				49,049				—				49,049				—
Capital surplus			82,797				82,549				248				82,735				62
Retained earnings			255,213				275,215				(20,002	)			260,556				(5,343	)
Accumulated other comprehensive income (loss)			(45,306	)			(57,094	)			11,788				(47,669	)			2,363
Treasury stock			(12,433	)			(10,467	)			(1,966	)			(12,432	)			(1	)
Total shareholders’ equity			329,320				339,252				(9,932	)			332,239				(2,919	)
Total liabilities and shareholders’ equity		¥	714,808			¥	715,141			¥	(333	)		¥	725,167			¥	(10,359	)
Breakdown of accumulated other comprehensive income (loss):
Minimum pension liability adjustments		¥	(11,255	)		¥	(22,315	)		¥	11,060			¥	(11,186	)		¥	(69	)
Net unrealized holding gain on securities			6,499				9,296				(2,797	)			8,250				(1,751	)
Cumulative foreign currency translation adjustments			(40,550	)			(44,075	)			3,525				(44,733	)			4,183
Total accumulated other comprehensive income (loss)		¥	(45,306	)		¥	(57,094	)		¥	11,788			¥	(47,669	)		¥	2,363

Pioneer Corporation and Subsidiaries

(4) CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of yen)

		Three months ended June 30
		2005				2004
I. Operating activities:
Net income (loss)		¥	(5,343	)		¥	1,497
Depreciation and amortization			12,547				10,509
Decrease in trade receivables			22,878				8,609
Increase in inventories			(16,031	)			(18,808	)
Increase in trade payables			2,409				7,244
Decrease in other accrued liabilities			(8,085	)			(12,730	)
Other			(9,435	)			(1,997	)
Net cash used in operating activities			(1,060	)			(5,676	)
II. Investing activities:
Payment for purchase of fixed assets			(8,927	)			(13,638	)
Other			4,003				355
Net cash used in investing activities			(4,924	)			(13,283	)
III. Financing activities:
Increase (decrease) in short-term borrowings and long-term debt			6,049				(4,069	)
Dividends paid			(2,180	)			(2,193	)
Other			(1,039	)			(103	)
Net cash provided by (used in) financing activities			2,830				(6,365	)
Effect of exchange rate changes on cash and cash equivalents			1,243				1,867
Net decrease in cash and cash equivalents			(1,911	)			(23,457	)
Cash and cash equivalents, beginning of period			116,681				192,419
Cash and cash equivalents, end of period		¥	114,770			¥	168,962
Free cash flow (I + II)		¥	(5,984	)		¥	(18,959	)

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 June 30
		2005								2004								% to prior year
		Operating				Operating				Operating				Operating				Operating				Operating
		Revenue				Income				Revenue				Income				Revenue				Income
Home Electronics		¥	63,508			¥	(12,428	)		¥	56,383			¥	(4,322	)			112.6	%			—	%
Car Electronics			82,608				5,314				79,601				6,316				103.8				84.1
Patent Licensing			1,123				371				3,262				2,749				34.4				13.5
Others			27,639				(754	)			33,368				1,048				82.8				—
Total			174,878				(7,497	)			172,614				5,791				101.3				—
Corporate and Eliminations			(10,695	)			(1,372	)			(9,127	)			(779	)			—				—
Consolidated		¥	164,183			¥	(8,869	)		¥	163,487			¥	5,012				100.4	%			—	%