NEW YORK – The fiscal third-quarter financials came
in for top Japanese CE suppliers a month after International
CES and the end of December, and were by and
large bleak to say the least.
Most companies blamed, in no particular order, the
high exchange rate of the yen, the ongoing effects of
the Great East Japan Earthquake and Thailand floods
on their supply chains, the overall world economic
malaise, lower TV sales, and lower prices during the
quarter, ended Dec. 31, 2011.
Most companies cut their forecasts for their fiscal
years, which will end March 31, 2012; reported record
losses due to the extraordinary events; and, in the case
of Sony, announced that, as expected, executive deputy
president Kazuo Hirai will become president/CEO
of Sony on April 1, replacing Howard Stringer, who will
remain as chairman.
Here, starting with Sony, is a company-by-company
review of the financials:
Sony’s net loss was 159 billion yen ($2.038 billion) in the fiscal third quarter, compared year-on-year to
net income of 72.3 billion yen in the same quarter of
the previous fiscal year.
Sales were 1,822.9 billion yen ($23.4 billion), a
decrease of 17.4 percent compared with the same
quarter of the previous fiscal year.
In its consumer products and services segment,
sales decreased 24.4 percent year on year to 996.5
billion yen ($12.8 billion). Sales to outside customers
decreased 25.3 percent year on year.
An operating loss of 85.7 billion yen ($1.09 billion
U.S. dollars) was recorded, compared with operating
income of 63.5 billion yen in the same quarter of the
previous fiscal year.
Panasonic reported a 14 percent drop in sales
and a major net loss in its fiscal third quarter.
In the fiscal third quarter net sales were 1,960,200
million yen, down from the prior year’s fiscal third
quarter of 2,285,413. The net loss attributable to
Panasonic in the quarter was 197,668 million yen,
compared with the prior year’s net income of 39,983
In its digital AVC networks segment, for the first
nine months of the year sales decreased by 16 percent
to 2,182.9 billion yen, from 2,585.4 billion yen a
year ago. Segment loss amounted to 32.7 billion yen,
compared with segment profit of 101.2 billion yen a
year ago, due mainly to sales decrease and price decline.
Sanyo’s 47 billion yen loss in the first nine months
of the fiscal year compared with a segment profit of
0.4 billion yen a year ago. Sales decreased by 20 percent
to 974.1 billion yen, compared with 1,223 billion
yen a year ago.
JVC Kenwood Holdings actually reported a higher
net profit but lower net sales and operating profit
for the nine months ending Dec. 31, 2011.
JVC Kenwood’s net income was 4,409 million yen,
about double from the prior year. Net sales were
236,542 million yen, down 11.5 percent from the
prior year. Operating income was 8,791 million yen,
down 6.6 percent from the prior year, the company
Car electronics sales were 77,707 million yen,
down 2,851 million yen. Operating profit was 4,360
million yen, down almost a third from the prior year’s
6,024 million yen.
Home and mobile products sales were down almost
20,000 million yen to 59,274 million yen. But
the segment had an operating profit of 1,433 million
yen compared with an operating loss of 378 million
yen in the prior year.
Sharp Electronics reported double-digit decreases
in net sales and operating profit and a net
loss for the nine months, ended Dec. 31, 2011.
Net sales were 1,903.6 billion yen, down 18.3 percent
year on year, and operating income was 9.1 billion
yen, down 86.3 percent compared with the prior
year. Sharp’s net loss for the period was 213.5 billion
yen, compared with the prior year’s net profit of 21.8
In sales by product group, consumer/information
products were 1,273.9 billion yen in the first nine
months of the year, down 17.5 percent. Operating income
was 55.8 billion yen, down 14.9 percent.
Audio/visual and communications equipment,
which includes LCD TVs, had sales of 851.2 billion
yen, down 25.4 percent compared with the prior
year. Operating income was 11.3 percent, down
Hitachi’s digital media and consumer products
segment reported revenues in its fiscal Q3 being
down by 22 percent to 194.6 billion yen, or $2.49
billion, and the operating loss was 4.7 billion yen, or
$60 million, a change of 14.6 billion yen from operating
income in the corresponding period of the previous
year, according to Hitachi.
Toshiba’s digital products segment sales in its fiscal
third quarter were down 25 percent to 430,759
million yen. The operating loss was 15,163 million
yen, compared with a year-on-year loss of 27,189 million
Yamaha, which said it would merge its U.S. homeaudio
subsidiary with its U.S.-based musical instruments
and pro audio subsidiary on April 1, reported
declines in sales and net income for the nine-month
fiscal 2012 period ending Dec. 31. Sales fell 5.2 percent
to 270.6 billion yen ($3.56 billion), operating
income fell 32.8 percent to 11 billion yen ($144.3 million),
and net income fell 72.7 percent to 2.73 million
yen ($35.8 million).