KYOCERA Announces Consolidated Financial Results for Three Months Ended June 30, 2013

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KYOCERA Announces Consolidated Financial Results for Three Months Ended June 30, 2013

KYOTO, Japan--(BUSINESS WIRE)-- Kyocera Corporation (NYS: KYO) (TOKYO:6971) today announced its consolidated financial results for the first quarter of fiscal year 2014 (the three months ended June 30, 2013, or "Q1"), as summarized below. Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Financial Results: Three Months Ended June 30

Unit: Millions (except percentages and per-share amounts)

  Three months Ended June 30,

2012
(FY13-Q1)
in JPY

 

2013
(FY14-Q1)
in JPY

 

Increase
(Decrease)

 

2013
(FY14-Q1)
in USD

 

2013
(FY14-Q1)
in EUR

Amount

in JPY

 %
Net sales:297,726331,65533,92911.43,3502,571
Profit (loss) from operations:(2,002)25,39827,400-257197
Income before income taxes:4,72734,81330,086636.5352270
Net income attributable to shareholders of Kyocera Corporation:6,57022,65116,081244.8229176
Diluted earnings per share attributable to shareholders of Kyocera Corporation: 35.82 123.48 - - 1.25 0.96

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY99 and EUR1 = JPY129, rounded to the nearest unit.


Summary of Consolidated Financial Results
Digital consumer equipment, including the components required therein, represents the principal market for Kyocera Corporation and its consolidated subsidiaries ("Kyocera Group" or "Kyocera"). Compared with the three months ended June 30, 2012 (the "prior period"), Q1 brought a combination of sluggish demand for conventional mobile phones, PCs and flat-screen TVs, offset by significant demand growth for smartphones and mobile computing tablets. Additionally, Japan's solar energy market expanded significantly over the prior period, due primarily to growth in the public and commercial sectors stimulated by the recent feed-in tariff for renewable energy.

Consolidated net sales for Q1 increased by 11.4% compared to the prior period, to JPY331,655 (USD3,350) million, reflecting notable sales gains in the Applied Ceramic Products Group and the Information Equipment Group, as well as the effect of the yen's depreciation. Profit grew considerably, reflecting the impact of sales growth, enhanced productivity in the Components Business, and the absence of an environmental remediation charge of JPY21,300 (USD266)million*1 in the prior period at U.S.-based consolidated subsidiary AVX Corporation. Profit from operations increased to JPY25,398 (USD257) million compared with an operating loss of JPY2,002 million in the prior period; income before income taxes increased by 636.5%, to JPY34,813 (USD352) million; and net income attributable to shareholders of Kyocera Corporation increased by 244.8%, to JPY22,651 (USD229) million.

Kyocera experienced particularly strong sales growth in its Applied Ceramic Products Group, which includes its solar energy, industrial cutting tool, medical material, and ceramic kitchenware divisions. "In the solar energy market, which demands long-term reliability, we are experiencing rapid growth as a result of the strong performance of our products," stated Kyocera Corporation President Goro Yamaguchi. "Consequently, sales in this reporting segment rose to an all-time first-quarter high, and operating profit increased by 442% compared to the prior period."

Consolidated Forecasts for the Year Ending March 31, 2014
While uncertainties remain concerning the European and Chinese economies going forward, the Japanese and U.S. economies are expected to continue expanding in the second quarter, and the business environment is projected to improve in the digital consumer equipment and industrial machinery markets. In addition, demand for solar power generating systems is projected to continue rising in Japan.

Based on this business environment, there is no change to the sales and profit forecasts for fiscal 2014 that were announced on April 25, 2013. However, Kyocera has revised full-year exchange rate forecasts based on the results of the first quarter.

 

Consolidated Forecast: Year Ending March 31, 2014

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)

 

  

Fiscal 2013
Results

 

Fiscal 2014
Forecast

 

Increase
(Decrease)
(%) to Fiscal
2013 Results

Net sales:1,280,0541,400,0009.4
Profit from operations:76,926140,00082.0
Income before income taxes:101,363150,00048.0
Net income attributable to shareholders of Kyocera Corporation:66,47396,00044.4
Diluted earnings per share attributable to shareholders of Kyocera Corporation:362.36523.34-
Average USD exchange rate:8396-
Average EUR exchange rate:107124-
 

NOTE: Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2013.
*1 This charge was converted into yen using the P&L rate of USD1 = JPY80, the average exchange rate in FY13-Q1, rounded to the nearest unit, according to the actual amount recorded in Kyocera's FY13-Q1 consolidated results.

FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission.

About KYOCERA

Kyocera Corporation (NYS: KYO) (TOKYO:6971) (http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as "advanced ceramics"). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, mobile phones, printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2013, the company's net sales totaled 1.28 trillion yen (approx. USD13.6 billion). The company is ranked #492 on Forbes magazine's 2013 "Global 2000" listing of the world's largest publicly traded companies.



KYOCERA Corporation (Japan)
Judah Reynolds, +81-(0)75-604-3416
Corporate Communications
webmaster.pressgl@kyocera.jp
Fax: +81-(0)75-604-3516

KEYWORDS:   United States  Asia Pacific  North America  New York  Japan

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