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Sony, Pioneer To Delay Earnings Reports

3/07/2007 11:50:00 AM Eastern

Tokyo — Sony and Pioneer will reportedly delay their annual earnings reports by a few weeks due to the extra paperwork needed to comply with tougher U.S. accounting rules, according to a Reuters report this morning.

This is the first year that foreign companies have to comply with the Sarbanes-Oxley Act of 2002, which calls for a number of changes in corporate governance and the way financial results are reported.

Sony said it would report on May 16; Pioneer indicated it would be in mid-May instead of late April, according to the Reuters story. The end of the fiscal year for both Sony and Pioneer ends March 31.

Hitachi and TDK have previously said they would postpone their results until mid-May. Reuters said that Canon and Matsushita, makers of the Panasonic brand, have no plans to delay their earnings announcements.