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Overview of Consolidated Performance in the Third Quarter of the Fiscal Year Ending March 31, 2006
(October 1, 2005, to December 31, 2005) |
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Overview of Operating Results for the Third Quarter of the Fiscal Year ending March 2006 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, 2005, through December 31, 2005, increased in the musical instruments and lifestyle-related products segments, however, sales in the electronic equipment and metal products, AV/IT, and recreation segments declined 1.7% year-on-year, to ¥406.4 billion. Operating income was up in the lifestyle-related products and other segments and the recreation segment saw a reduction in losses. Nevertheless, in addition to a significant drop in income in the electronic equipment and metal products segment, primarily in LSI sound chips for mobile phones, operating income declined in the musical instruments and AV/IT segments, to ¥25.8 billion, a 32.1% year-on-year decrease, and recurring profit dropped 20.6%, to ¥35.5 billion.
Net income for first three quarters increased 42.0%, to ¥27.5 billion, due to the absence of fixed asset impairment losses that had been present in the corresponding period of the previous fiscal year.
Consolidated net sales in the third quarter alone (October 1 ~ December 31, 2005) rose 3.0% year-on-year, to ¥149.2billion, and operating income dropped 17.1%, to ¥11.5 billion.
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| Sales and Operating Income by Business Segment: |
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| (Figures in parentheses are percentage changes from the third quarter of the previous fiscal year) |
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Musical Instruments — Sales of ¥237.0 billion (+1.9% year-on-year), operating income of ¥15.7 billion (-9.5%)
ElectoneTM, Electronic organ sales declined, but sales of pianos and wind instruments were healthy, as were overseas sales of professional audio equipment, thus, overall sales increased. Meanwhile, operating income decreased as a result of a decline in gross profit due to changes in the sales mix and higher selling, general and administrative expenses (SG&A), and others.
AV/IT — Sales of ¥60.8 billion (-1.8%), operating income of ¥2.6 billion (-45.7%)
A decline in AV equipment sales and increasing price competition for routers in the corporate market in the information and communications equipment segment caused sales and income to fall.
Electronic Equipment and Metal Products — Sales of ¥42.6 billion (–22.4%), operating income of ¥6.9 billion (-61.6%)
Sales and income registered substantial year-on-year declines owing to lower unit sales of LSI sound chips for mobile phones and price reductions.
Lifestyle-Related Products — Sales of ¥35.1 billion (+5.9%), operating income of ¥1.9 billion (income in previous year of ¥180 million)
Operating income jumped dramatically on the back of higher revenue from brisk sales of system kitchens equipped with synthetic marble sinks as a result of actions taken in the previous period to upgrade product showrooms and enhance product appeal as well as a reduction in labor and other fixed costs.
Recreation — Sales of ¥13.2 billion (–1.9%), operating loss of ¥1.6 billion (loss in previous year of ¥2.0 billion)
Despite healthy growth in the length of guest stays, the number of weddings and day-trip guests dropped. Although the amount of the operating loss was reduced as a result of cutbacks in spending and decreased depreciation and amortization, the business environment remains harsh.
Others — Sales of ¥17.7 billion (+1.7%), operating income of ¥460 million (loss in previous year of ¥6 million)
Strong sales of golf-related products, mobile phone magnesium components, and automobile interior wood components resulted in year-on-year revenue growth and a turnaround from an operating loss in the previous year to an operating gain.
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| Outlook for the Full Fiscal Year 2006 (Revised October 31 forecasts) |
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Consolidated projections for the full fiscal year ending March 2006 have been revised due primarily to lower projected sales and income in the musical instruments, electronic equipment and metal products, and AV/IT businesses. The revised figures are: net sales of ¥529.0 billion (previously estimated at ¥536.5 billion on October 31, 2005), operating income of ¥35.0 billion (¥32.5 billion), recurring profit of ¥35.0 billion (¥41.5billion), and net income of ¥26.0 billion (¥29.0 billion).
Non-consolidated operating results are projected to trend broadly in line with the previous outlook, however, we have made the following minor revisions of estimates for net sales to ¥318.0 billion (from ¥325.0 billion announced on October 31), operating income to ¥9.0 billion (¥14.0 billion), recurring profit to ¥14.5billion (¥19.5 billion), and a net profit of ¥10.0 billion (net profit of ¥13.0 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. Misao 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 Ending March 31, 2006 (April 1, 2005, to December 31, 2005)