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Toshiba Posts Lower Sales, Loss For FY

Tokyo — Toshiba reported lower consolidated sales and deeper net losses for its fiscal year and fourth quarter, ended March 31.

For the fiscal year, net sales were $67.9 billion (6,654 billion yen), down more than 1 billion yen. The net loss was $3.5 billion (343.6 billion yen), down by 471.0 billion yen.

Results were strongly influenced by the shrinkage of the overall market caused by the global recession, steeper-than-expected declines in semiconductor prices and by the yen’s sharp appreciation, Toshiba said.

In digital products business, which includes its consumer electronics operations, net sales were down 16 percent to 483.7 billion yen, and its operating loss for the fiscal year was 14.2 billion yen, from a profit of 29.2 billion yen from the prior year.

There were significant sales declines in TVs, hard disk drives (HDD) and optical disc devices during the year due to the recession and rapid price declines, Toshiba said. Its PC business also saw a “notably decreased

profit on lower sales,” during the year.

Consolidated sales for the company in its fiscal fourth quarter were down, and Toshiba posted a net loss compared with the prior year’s final quarter.

Net sales were $17 billion (1,671.5 billion yen), down 427.4 billion yen. Toshiba had a net loss for its fiscal fourth quarter of $1.87 billion (184.0 billion yen), compared with a marginal profit in the prior year’s final quarter.

In digital products, sales were down 29 percent to 513.5 billion yen, compared with the prior year’s final quarter, and the business went from an operating profit in the prior year’s final quarter to a 15.6 billion yen loss. Among the categories blamed for the poor sales were HDDs, TVs and PCs.

HDD saw lower profits in the quarter, but the digital products business saw an improvement in TVs and a reduced loss that was influenced by the withdrawal from the HD DVD business, but PCs, retail-information systems and office equipment saw notable decreases in profit on lower sales.

However Toshiba is projecting an increase in consolidated sales for fiscal year 2009 and a reduced loss for the company. In its digital products business, it is forecasting a return to profitability on a 1 percent drop in sales.

All U.S. dollar figures used in reporting fiscal year 2008 results are valued at 98 yen to the dollar, Toshiba said.