TDK Revises Consolidated Projections
Information contained in the news releases are current as of the date of the press announcement, but may be subject to change without prior notice.
Jan. 8, 2009
TDK Corporation (the "Company") today revised projections released on October 30, 2008, as detailed below, in light of recent business performance.
Revised Consolidated Projections for Fiscal 2009 (April 1, 2008 to March 31, 2009)
| Net Sales | Operating Income | Income Before Income Taxes | Net Income | Net Income per Common Share | |
| Previous projections (A) | (¥ millions) 795,000 |
(¥ millions) 35,000 |
(¥ millions) 31,600 |
(¥ millions) 25,000 |
(¥) 193.83 |
| Revised projections (B) | 673,000 | (26,000) | (32,000) | (28,000) | (217.09) |
| Change (B-A) | (122,000) | (61,000) | (63,600) | (53,000) | (410.92) |
| % change | (15.3)% | - | - | - | - |
| (Reference) Fiscal 2008 results |
866,285 | 7,175 | 91,505 | 71,461 | 551.72 |
Reasons for Revisions
Since the beginning of the third quarter, the Company's orders have fallen more dramatically than expected. This has led to a decline in capacity utilization below that assumed in previously announced projections. Furthermore, the rapid appreciation of the yen against the U.S. dollar has resulted in a stronger yen than the average exchange rate of ¥100 assumed in TDK's plans. Moreover, TDK is projecting a low level of orders also in the fourth quarter and for the yen to remain strong.
As a consequence of the above factors, the Company has revised its consolidated projections for fiscal 2009, as shown in the table above.
On October 17, 2008, TDK made Germany-headquartered EPCOS AG (President and CEO: Gerhard Pegam) a consolidated subsidiary. However, the results of this company have not been incorporated in the revised projections. TDK will announce the impact of this company on its consolidated results for fiscal 2009 when it is in a position to do so.
[ Cautionary Statements with Respect of Forward-Looking Statements ]
This material contains forward-looking statements, including projections, plans, policies, management strategies, targets, schedules, understandings and evaluations, about TDK and its group companies (TDK Group). These forward-looking statements are based on the current forecasts, estimates, assumptions, plans, beliefs and evaluations of TDK Group in light of information currently available to it, and contain known and unknown risks, uncertainties and other factors. TDK Group therefore wishes to caution readers that, being subject to risks, uncertainties and other factors, TDK Group's actual results, performance, achievements or financial position could be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements, and TDK Group undertakes no obligation to publicly update or revise any forward-looking statements after the issue of this material except as provided for in applicable laws and ordinances.
The electronics markets in which TDK Group operates are highly susceptible to rapid changes. Risks, uncertainties and other factors that can have significant effects on TDK Group include, but are not limited to, shifts in technology, fluctuations in demand, prices, interest and foreign exchange rates, and changes in economic environments, conditions of competition, laws and regulations.
For further information, contact the Corporate Communications Dept.
Tel.: 81-3-6778-1055
E-mail: TDK.PR@tdk.com
