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Overview of Operating Results for the First Quarter of the Fiscal Year Ending March 31, 2007 |
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First quarter operating results: Year-on-year increase in sales, slight decline in operating income, and slight rise in net income
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| Consolidated net sales for the period from April 1, 2006, through June 30, 2006, increased 2.1% year on year, to ¥126.7 billion. In part because of the favorable impact of foreign currency rate trends, sales of musical instruments remained generally firm, even though sales of the AV/IT, electronic equipment and metal products, and lifestyle-related segments declined. Profitwise, the musical instrument segment showed higher profitability but the electronic equipment and metal products segment reported lower profitability, resulting in a decline of 2.1% in overall operating income, to ¥6.7 billion. Consolidated recurring profit increased 9.2% year on year, to ¥12.7 billion, owing to higher equity in earnings of unconsolidated subsidiaries and affiliates. Consolidated net income rose 1.9% over the same period of the previous year, to ¥10.0 billion. |
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| Sales and Operating Income by Business Segment (Figures in parentheses are percentage changes from the first quarter of the previous fiscal year.): |
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Musical Instruments — Sales of ¥75.9 billion (+3.5% year on year), operating income of ¥5.8 billion (+33.3%)
Sales of pianos declined slightly, and Electone™ (electronic organ) sales also declined, but sales of portable keyboards and other electronic musical instruments, wind instruments, and professional audio equipment increased. In addition, revenues from music schools expanded; overall, sales of this segment increased. Profitability rose year on year, supported by higher sales and the favorable impact of foreign currency rate trends.
AV/IT — Sales of ¥16.0 billion (–1.3%), operating income of ¥260 million (compared with ¥50 million for the same period a year earlier)
Sales of home theater related products expanded, principally in the North American market, but sales of this segment as a whole were down slightly year on year. Profitability posted a slight gain as a result of rationalization efforts.
Electronic Equipment and Metal Products — Sales of ¥13.6 billion (–2.0%), operating income of ¥1.3 billion (–49.5%)
In the semiconductor business, sales in the core LSI sound chip for mobile phones continued to decline as in the previous fiscal year as a result of weaker demand. Although sales of semiconductors for other uses and electronic metal products increased, sales of this segment as a whole slipped below the level for the same quarter of the previous fiscal year. Profitability posted a substantial decline.
Lifestyle-Related Products — Sales of ¥10.8 billion (–3.2%), operating income of ¥50 million (versus income in the same period of the previous year of ¥280 million)
Sales of system kitchens remained brisk as in the previous period, but system bathrooms experienced difficulty. As a result, sales were below the same quarter of the previous fiscal year. Profitability declined, as a consequence of the combination of lower sales and higher SG&A expenses.
Recreation — Sales of ¥4.1 billion (+2.2%), operating loss of ¥440 million (versus a loss in the same period of the previous year of ¥500 million)
Sales were slightly above the same period of the previous year, and the operating loss diminished because of higher sales and a decrease in depreciation expenses.
Others — Sales of ¥6.2 billion (+13.7%), operating loss of ¥250 million (versus income in the same period of the previous year of ¥100 million)
Sales of golf-related products and magnesium components rose, resulting in a gain in sales for the segment as a whole. Nevertheless, profitwise, as a result of cutbacks in production of automobile interior components and the start-up costs for manufacturing new products, the segment reported an operating loss.
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| Note: Figures in the text have been rounded to the nearest ¥100 million. Figures in parentheses, in general, are year-on-year percentage changes. |
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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 First Quarter of the Fiscal Year Ending March 31, 2007