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Nikon Sees Q2 Growth, Expects Flood Impact

11/04/2011 02:02:22 PM Eastern

Tokyo - Nikon Friday issued
fiscal second quarter financial results as well as guidance for the year ending
March 2012 showing lowered operating income forecasts resulting primarily from
the flooding of factories in Thailand.

The company said it is gradually increasing production in other
areas of the world, with alternative production slated to begin in December at
Nikon group plants in various countries and at partner factories in Thailand.

"Production will partially resume from January 2012 at Nikon
(Thailand) Co., Ltd., and production of digital SLR and interchangeable lenses
will return to the normal level by the end of March 2012," Nikon Thailand said
in a statement Friday.

As for Nikon Thailand, which manufacturers mostly D-SLRs and
interchangeable lenses, the company said manufacturing facilities in the Rojana
Industrial Park in Ayutthaya Province sustained flooding damage to the first
floor of all buildings, and the premises is still submerged, though water
levels are gradually declining.

Operations were halted at the facility on Oct. 6. No injuries
were reported to Nikon employees.

Meanwhile, Nikon said it now expects to post a 55 billion yen ($703
million) net profit, and 67 billion yen ($856 million) operating profit on 925
billion yen ($11.8 billion) in revenue this fiscal year.

For the fiscal first half ending in September, the company
reported a net profit of 50.44 billion yen ($645 million), compared with a
10.64 billion yen ($136 million) profit in the same period a year ago.

Operating profit jumped to 61.17 billion yen ($782 million) from
15.17 billion yen ($194 million) and revenue advanced to 486.31 billion yen ($6.2
billion) from 398.03 billion yen ($5 billion) the year before.

Sales grew 15 percent and income rose 76 percent in the first

The company said sales of compact digital still cameras rose 17
percent in the first two quarters.

The company said that in the coming months, sales efforts will
concentrate on the new Nikon 1 mirrorless interchangeable lens camera system.


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