Yamaha Posts First-Quarter Profit
By Joseph Palenchar On Jul 31 2012 - 6:17pm
Shizuoka, Japan - Yamaha
posted operating and net income in the first quarter of its 2013 fiscal year
ending next March following a net loss for the entire 2012 fiscal year.
Net sales during
the April through June period rose 2.4 percent to 90 billion yen ($1.15
billion), operating income rose 39 percent to 4.3 billion yen $55 million), and
net income rose 422 percent to 2.6 billion yen ($33.3 million).
Sales in the A/V-IT
segment, which includes home audio, commercial karaoke and IT equipment, fell
3.2 percent globally to 12 billion yen ($153.5 million) but were up in North
America by an undisclosed amount. AV/IT operating income remained flat at 600
million yen ($7.68 million).
for 13.3 percent of total company revenue in the quarter, with musical
instruments accounting for 75 percent.
On a consolidated
basis, North American sales rose 4.9 percent to 11.74 billion yen ($150.2
million), and North American operating income rose 71 percent to 204 million
yen ($2.61 million).
For the full
fiscal year, the company maintained its forecast for a 78.8 percent gain in global
operating income to 14.5 billion yen ($185.5 million), but the forecast for global
net income was revised down to 7.5 billion yen ($95.9 million) from a
previously forecast 9 billion yen because of a one-time loss of 1.7 billion yen
($21.7 million) resulting from restructuring, the company said.
The forecast for worldwide
net sales was revised down slightly to a gain of 5.2 percent to 375 billion yen
($4.8 billion), compared with a previously forecast gain of 6 percent to 378 billion
conversions were based on $1=78 yen.