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Outline of Consolidated Performance for the First Quarter of the Fiscal Year Ending March 31, 2008, And Upward Revision of Consolidated Performance Projection for the Fiscal Year as a Whole |
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| Performance for the First Quarter––Sales and Earnings Higher Year on Year, Ordinary Income Reduced by Exclusion of Yamaha Motors from Scope of Consolidation under the Equity-Method |
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Consolidated net sales in the first quarter of the fiscal year that will end on March 31, 2008, increased 6.7%, to ¥135.2 billion. This reflected a strong performance in the musical instruments segment, which was positively affected by the depreciation of the yen, as well as sales increases in such businesses within the others segment as automotive interior components.
Consolidated operating income increased 8.0%, to ¥7.3 billion, owing to a profitability rise in the musical instruments and others segment that more than offset profitability decreases in the AV/IT product, electronic equipment and metal products, and lifestyle-related products segments. Consolidated recurring profit fell 40.8%, to ¥7.5 billion, because of a decrease in equity in earnings of affiliates that resulted from the sale of a portion of the Company’s shareholding in Yamaha Motor and consequent exclusion of that company from the scope of companies accounted for by the equity method.
Largely due to extraordinary gains on the sale of shares in Yamaha Motor, net income for the first quarter was up 131.9%, to ¥23.2 billion.
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| Sales and Operating Income by Segment |
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| (Figures in parentheses are changes from the same period of the previous fiscal year unless otherwise indicated.) |
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Musical Instruments — Sales of ¥82.0 Billion (+8.0%) and Operating Income of ¥7.2 Billion (+23.7%)
Sales of pianos, digital pianos, other electronic musical instruments, and audio equipment grew, particularly overseas. Segment sales also benefited from higher music school revenues and the effect of yen depreciation. Operating income rose year on year.
AV/IT Products — Sales of ¥15.2 Billion (–4.7%) and Operating Loss of ¥0.3 Billion (Down from ¥0.3 Billion in Operating Income)
Total segment sales declined because of a downturn in sales of home theater products and online karaoke equipment. An operating loss was recorded, compared with a moderate amount of operating income in the same period of the previous fiscal year.
Electronic Equipment and Metal Products —Sales of ¥14.4 Billion (+6.3%) and Operating Income of ¥0.5 Billion (–63.2%)
In semiconductor business, sales of mainstay LSI sound chips for mobile phones were down year on year, but sales of digital amplifiers ICs for flat-panel digital televisions and mobile phones increased. This and higher sales in the electronic metal products business led to a rise in total segment sales. Operating income was down sharply due to lower semiconductor profits.
Lifestyle-Related Products —Sales of ¥11.4 Billion (+5.6%) and Operating Loss of ¥0.1 Billion (Down from ¥0.5 Billion in Operating Income)
System bath operations faced severe challenges due to the intensifying price competition and lower unit prices, but the continued strength of system kitchen sales supported a rise in segment sales. An operating loss was recorded owing to a drop in gross profit margins.
Recreation —Sales of ¥4.0 Billion (-4.0%) and Operating Loss Approximately Unchanged at ¥0.4 Billion
Segment sales decreased. The operating loss was approximately unchanged from the level in the same period of the previous fiscal year.
Other —Sales of ¥8.1 Billion (+30.2%) and Operating Income of ¥0.5 Billion (Up from ¥0.3 Billion in Operating Loss)
Segment sales rose considerably due to increases in sales of automotive interior components, golf products, magnesium and plastic parts. The segment greatly improved its operating profitability and recorded operating income, compared with an operating loss in the same period of the previous fiscal year, mainly due to growth in sales and such factors as higher yields achieved in the manufacture of automotive interior components.
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| Upward Revision of Consolidated Performance Projection for the Fiscal Year as a Whole |
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The Company has made an upward revision to its projection of consolidated performance in the fiscal year that will end on March 31, 2008. Compared with the the projection announced on April 27, the Company now projects lower sales in the AV/IT business but higher sales in such fields as the musical instruments and others segment as well as higher profitability in such fields as the musical instruments segment. Consequently, the Company is now projecting levels of consolidated sales and profitability higher than in the previous projection. The previous projection was for net sales of ¥551.0 billion, operating income of ¥30.0 billion, recurring profit of ¥27.0 billion, and net income of ¥32.5 billion. The new projection is for net sales of ¥557.0 billion, operating income of ¥32.0 billion, recurring profit of ¥30.0 billion, and net income of ¥35.5 billion.
Note: Figures have been rounded to the nearest ¥0.1 billion. Figures in parentheses represent change from the same period of the previous fiscal year.
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For further information, please contact
Yamaha Corporation
Public Relations Division, Public Relations Group
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, 2008