Yamaha Posts First-Quarter Profit - Twice

Yamaha Posts First-Quarter Profit

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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).

A/V-IT accounted 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 yen.

Currency conversions were based on $1=78 yen.

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