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Toshiba Posts Improved Financial Performance

5/07/2010 12:11:31 PM Eastern

Tokyo - Toshiba reported an improved financial picture in its fiscal year and fiscal fourth quarter, ended March 31.
Toshiba did report lower net sales but operating and net income showed gains for the fiscal year.
Net sales for the year were $68.6 billion, or 6,381.6 billion yen, down 272.9 billion yen. Operating income improved in all areas to $1.26 billion, or 117.2 billion yen, a gain of 367.4 billion yen from the prior year's loss.
The net loss was $212.3 million, or 19.7 billion yen, an improvement of 323.9 billion yen from the previous year.
In its digital products segment, where CE products reside, sales were down 4 percent to $25.4 billion, or 2,363 billion yen worldwide, but operating income was 13.3 billion yen, a gain of 27.5 billion yen from the prior year's loss.
The segment's operating profits were driven by its visual products business and storage products businesses, which generated higher sales and "success in cutting costs," the company said.
In the fourth quarter Toshiba's performance was better, with sales of $19.9 billion, or 1,847.5 billion yen, a gain of 176 billion yen. Operating income was 104.3 billion yen, a gain of 178.3 billion yen, and net income was 48.6 billion yen, a gain of 232.6 billion yen from the prior year's loss.
Digital products had overall sales of $6.8 billion, or 631 billion yen, a 117.5 billion yen increase. The operating loss was $5.8 million, or 600 million yen, a 15 billion yen improvement year on year. Toshiba reported that operating profits for its visual products were achieved.