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MITSUBISHI ELECTRIC ANNOUNCES REVISED SALES AND EARNINGS FORECASTS
FOR FISCAL 2002
TOKYO, February 28, 2002--Mitsubishi
Electric Corporation today revised its original fiscal 2002 (April
1, 2001 - March 31, 2002) business performance forecasts made
on Oct. 2001 and plans to make no dividend payment for the second
half period. The revised forecasts are as follows:
Revised Forecasts for Fiscal 2002 Consolidated Results (Unit:
100 million yen)
| |
Net
Sales |
Operating
Income (Loss) |
Income
(Loss) Before Income Taxes |
Net
Income (Loss) |
| Revised Forecast (A) |
35,700 |
(700) |
(1,450) |
(700) |
| Original Forecast (B) |
39,000 |
300 |
(200) |
20 |
| Change (A-B) |
- 3,300 |
- 1,000 |
- 1,250 |
- 720 |
| Fiscal 2001 |
41,294 |
1,953 |
2,104 |
1,247 |
Revised Forecasts for Fiscal 2002 Non-consolidated
Results (Unit: 100 million yen)
| |
Net
Sales |
Operating
Income (Loss) |
Ordinary
Profit (Loss) |
Net
Income (Loss) |
| Revised Forecast (A) |
24,000 |
(600) |
(1,050) |
(1,300) |
| Original Forecast (B) |
27,000 |
100 |
(200) |
(600) |
| Change (A-B) |
- 3,000 |
- 700 |
- 850 |
- 700 |
| Fiscal 2001 |
29,326 |
1,881 |
1,371 |
324 |
Reasons for Forecast Revisions
Due to worsening profit recovery prospects, Mitsubishi Electric
revised its full-year consolidated and non-consolidated sales and
profit estimates at this time. The revisions are attributable to
the serious and protracted worldwide economic downturn triggered
by the sudden drop-off in demand for IT-related products, of which
electronics devices (mainly semiconductors) and information and
communication products (mainly mobile phones) were particularly
impacted.
On a non-consolidated basis in the first half, Mitsubishi Electric
recorded an extraordinary loss of 72.1 billion yen owing to restructuring
costs for its North American and European mobile communications
businesses. For the full-year period, Mitsubishi Electric plans
to bear additional expenses to record a total of 140.0 billion yen
in extraordinary losses, which is attributable to the company's
specific new plan to overhaul its European and local mobile communications
structures.
Dividend
Mitsubishi Electric Corporation plans to make no dividend payment
for fiscal 2002. In fiscal 2001, the company issued a dividend of
4 yen in the first half and 6 yen in the second half (for a total
annual dividend of 10 yen).
About Mitsubishi Electric Corporation
With over 80 years of experience in providing reliable, high-quality
products to both corporate clients and general consumers all over
the world, Mitsubishi Electric Corporation (FTSE: 6503q.l) is a
recognized world leader in the manufacture, marketing and sales
of electrical and electronic equipment used in information processing
and communications, space development and satellite communications,
consumer electronics, industrial technology, energy, transportation
and construction. The company has operations in 34 countries and
recorded consolidated group sales of over US$33BN in the year ended
March 31, 2001. Additional information on Mitsubishi Electric is
available at global.mitsubishielectric.com.
Cautionary Statement
The expectation of operating results herein and any associated statement
to be made with respect to Company's current plans, estimates, strategies
and beliefs and any other statements that are not historical facts
are forward-looking statements. Words such as "expects",
"anticipates", "plans", "believes",
"scheduled", "estimated", "targeted"along
with any variations of these words and similar expressions are intended
to identify forward-looking statements which include but are not limited
to projections of revenues, earnings, performance and production.
While the statements herein are based on certain assumptions and premises
that trusts and considers to be reasonable under the circumstances
to the date of announcement, you are requested to kindly take note
that actual operating results are subject to change due to any of
the factors as contemplated hereunder and/or any additional factor
unforeseeable as of the date of this announcement.
Such factors materially affecting the expectations expressed herein
shall include but are not limited to the following:
(1) Any change in operating circumstances in any of the markets, in
which the Company conducts its business operation inter alia
Japan, the USA and Europe: such change shall include but not limited
to changes in economic situation, political regime, legal system and
legislation, relevant laws and regulations, administrative policies
and practices by any competent authorities, taxation in any of such
markets. (2) Foreign exchange fluctuations, in particular, the rate
of Japanese yen against US Dollar. (3) Relative disproportion between
demand and supply of any products that may affect price and volume,
which could be highly intrusive in such fields like information, telecommunication,
electronic devices and home appliances, without limitation thereto.
(4) Shortage of any devices, components and/or parts necessary for
manufacturing operation and difficulties in material procurement arising
out of such shortage, which could even lead to substantial disconformity
with the operating results as expected herein. Also this factor could
be highly intrusive in such fields as information, telecommunication,
electronic devices and home appliances, without limitation thereto.
(5) Any change in technical and technological trends that may be relevant
to businesses of the Company, including but not limited to IT-based
or IT-related fields. (6) Any patent and its licensing that may be
granted from time to time and may affect businesses of the Company.
(7) Any development of products incorporating new technological innovation
and the time of their introduction in the marketplace. (8) Any business
alliances of any nature whatsoever, including but not limited to joint
ventures, business transfers, mergers, acquisitions, capital contributions,
technical licensing or co-development. (9) Any change in fund raising
or procurement, inter alia in the Japanese financial
market. (10) Any fluctuation in stock quotations at any relevant markets
including securities exchanges and over-the counter stock markets,
inter alia in Japan.
# # #
For more information:
Matthew Nicholson
PR Dept. Media inquiries only
Mitsubishi Electric Corporation
03-3218-2346
Matthew.Nicholson@hq.melco.co.jp |
Yasumitsu Kugenuma
Finance Dept. IR inquiries only
Mitsubishi Electric Corporation
03-3218-2291
Yasumitsu.Kugenuma@hq.melco.co.jp |
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