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Overview of Consolidated Performance in the Third Quarter of the Fiscal Year Ended March 31, 2005
(October 1, 2004, to December 31, 2004) |
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Overview of Operating Results for the Third Quarters of Fiscal Year ending March 2005 and Revision of the Forecasts for the Full Fiscal Year
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(Supplementary Data)
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| Third quarter operating results: |
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Consolidated net sales for the period from April 1, 2004, through December 31, 2004, declined 0.5% year to year, to ¥413.5 billion. Although sales rose for the musical instruments and AV/IT segments, they were lower for the other segments led by the electronic equipment and metal products. Operating income declined 15.6%, to ¥38.1 billion, and recurring profit dropped 12.8%, to ¥44.7 billion, on weaker margins on LSI sound chips for mobile phones and earnings deterioration in the lifestyle-related products and recreation segments.
Net income for first three quarters slumped 57.7%, to ¥19.3 billion, due to the early application of fixed asset impairment accounting and consequent losses of ¥32.5 billion on recreation segment assets and idle real estate. An extraordinary profit of ¥19.8 billion was posted on last December, due to the receipt of permission to return the substitutional portion of the Company’s national welfare funds to the government.
Consolidated net sales in the third quarter alone (October 1 ~ December 31, 2004) slipped 2.8% year to year, to ¥144.9 billion, and operating income dropped 25.8%, to ¥13.9 billion.
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| Sales and Operating Income by Business Segment: |
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| (Figures in parentheses represent changes from the first three quarters of the previous fiscal year) |
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Musical Instruments — Sales of ¥232.6 billion (+2.1% year to year), operating income of ¥17.3 billion (+13.8%)
Piano and guitar sales declined, but sales of the new STAGEA Electones® were healthy, and, thus, overall sales and income increased.
AV/IT — Sales of ¥61.9 billion (+5.3%), operating income of ¥4.8 billion (+3.8%)
The gains were derived from ongoing strength in AV receivers, home theater systems, and routers for corporations.
Lifestyle-Related Products — Sales of ¥33.2 billion (–5.7%), operating income of ¥180 million (–89.3%)
Stiffening competition forced slower growth in the mainstay system bath and system kitchen products.
Electronic Equipment and Metal Products — Sales of ¥54.9 billion (–6.3%), operating income of ¥17.8 billion (-25%)
Sales of YAMAHA LSI sound chips declined due to stagnant demand in the Korean and Chinese markets. Profit decreased because of the sales decline and lower margins.
Recreation — Sales of ¥13.4 billion (–10.4%), operating loss of ¥2.0 billion (loss in previous year of ¥840 million). Declines in customer numbers continued.
Others — Sales of ¥17.4 billion (–13.2%), operating loss of ¥6 million (profit in previous year of ¥660 million). Sales declined for mobile phone magnesium components and automobile interior wood components.
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| Outlook for the Fiscal Year 2005 (Full term; Revised November 2, 2004, forecasts) |
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Consolidated projections for the fiscal year ending March 31, 2005, have been revised downward to net sales of ¥541.0 billion (previously estimated at ¥546.5 billion on November 2, 2004), operating income of ¥36.0 billion (¥38.0 billion), recurring profit of ¥41.0 billion (¥42.5 billion), and net income of ¥19.5 billion (¥19.5 billion). These are primarily due to decline in the sales and profit of musical instruments and lower sales of electronic equipment and metal products and AV/IT products.
Note: Yamaha Motor Co, Ltd., a company accounted for by the equity method, changed its fiscal year-end to December 31 starting in this term; thus, the equity method profit/loss is expected to be equivalent to nine months’ operating results.
Non-consolidated operating results are projected to trend broadly in line with previous outlook, but expected valuation losses on subsidiary capital positions have led to revisions of estimates for net sales to ¥342 billion (from ¥343 billion announced on November 2, 2004), operating income to ¥21 billion (¥22 billion), recurring profit to ¥23.5 billion (¥23.5 billion), and a net loss of ¥2 billion (net loss of ¥2 billion).
Note: Figures in the text have been rounded to nearest 100 million yen.
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For further information, please contact
YAMAHA CORPORATION
Public & Investor Relations Group,
Public Relations Division
Mr. Mike Tanaka
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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Overview of Consolidated Performance in the Third Quarter of the Fiscal Year Ended March 31, 2005 (April 1, 2004, to December 31, 2004)