KYOTO, Japan, April 26, 2010 (GLOBE NEWSWIRE) -- Nidec Corporation (the "Company") (NYSE:NJ) today announced differences between its financial forecast for the year ended March 31, 2010 (announced on January 28, 2010) and the actual financial results released today.
The details are as follows.
1. Differences between Projected and Actual Financial Results for Fiscal Year Ended March 31, 2010 (U.S. GAAP)
| From April 1, 2009 to March 31, 2010 (Millions of yen, except per share amounts and percentages) | |||||
| For the year ended March 31, 2010 | |||||
|
Forecast (as of January 28, 2010) |
Actual |
Change (amount) |
Change (%) |
For the year ended March 31, 2009 |
|
| Net sales | 570,000 | 587,459 | 17,459 | 3.1 | 610,803 |
| Operating income | 67,000 | 78,342 | 11,342 | 16.9 | 52,015 |
|
Income from continuing operations before income taxes |
63,000 | 75,002 | 12,002 | 19.1 | 47,270 |
|
Net income (attributable to the Company) |
40,000 | 51,961 | 11,961 | 29.9 | 28,353 |
|
Earnings per share (attributable to the Company) |
287.17 | 373.04 | -- | -- | 197.42 |
2. Factors behind the Differences between Projected and Actual Full-year Financial Results
The Company marked record quarterly profits in the fiscal fourth quarter (January-March 2010), reflecting a tangible progress in its profitability reform project (WPR™). As a result, the Company's profits for the fiscal year ended March 31, 2010 significantly exceeded the previous earnings guidance announced on January 28, 2010.
Notes:
(1) In accordance with FASB ASC205-20 "Presentation of Financial Statements-Discontinued Operations," part of the prior-period statements have been retrospectively restated to reflect the reclassification of discontinued operations.
(2) The Company adopted ASC 810 "Consolidation" as of April 1, 2009. Accordingly, the line of item previously titled "Net income" has been renamed "Net income attributable to Nidec Corporation.
WPR was named by Shigenobu Nagamori of NIDEC CORPORATION based on his unique business management method in 2008.
WPR™ is a trademark of NIDEC CORPORATION in Japan.
WPR © Shigenobu Nagamori NIDEC CORPORATION 2008
The Nidec Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1734