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KYOCERA Announces Consolidated Financial Results for Nine Months Ended December 31, 2013KYOTO, Japan --(Business Wire)-- Kyocera Corporation ("Kyocera (News - Alert)")(NYSE:KYO)(TOKYO:6971) today announced its third-quarter consolidated financial results for the fiscal year ending March 31, 2014. The results, summarized below, represent the nine months ended December 31, 2013 ("the period"). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html
Summary The digital consumer equipment market represents a principal source of revenue for Kyocera Corporation and its consolidated subsidiaries ("Kyocera"). This market experienced mixed conditions during the period, as compared to the nine months ended December 31, 2012 (the "year-ago nine-month period"). Shipments of conventional mobile phones, PCs, flat-screen TVs and digital cameras decreased, while shipments of smartphones and tablet PCs rose. As a result, overall component demand within the digital consumer equipment market showed moderate growth. Additionally, Japan's solar energy market grew substantially as compared to the year-ago nine-month period, due primarily to stronger demand in the public and commercial sectors. Sales increased in all reporting segments as compared with the year-ago nine-month period. In particular, double-digit revenue increases were recorded in the Applied Ceramic Products Group (driven by strong sales in the solar energy business) and in both the Telecommunications Equipment and Information Equipment groups. The depreciation of the yen contributed to rising sales, resulting in the highest corresponding nine-month revenue results in the company's history. Profit also increased in all reporting segments of the components and equipment businesses as compared with the year-ago nine-month period due to higher sales and reduced costs. In particular, consolidated profit increased in the Applied Ceramic Products Group; elsewhere, profit rebounded through the absence of an environmental remediation charge of JPY21,300 (USD266) million*2 that was recorded in the year-ago nine-month period at AVX (News - Alert) Corporation, a U.S.-based consolidated subsidiary. In summary, consolidated net sales increased 15.6%, to JPY1,071,388 (USD10,204) million, as compared with the year-ago nine-month period; profit from operations increased 75.1%, to JPY89,696 (USD854) million; income before income taxes increased 60.2%, to JPY110,344 (USD1,051) million; and net income attributable to shareholders of Kyocera Corporation increased 54.2%, to JPY69,364 (USD661) million.
Consolidated Financial Forecasts: Year Ending March 31, 2014 For the three months ending March 31, 2014 (the "fourth quarter"), the solar energy business is expected to show further growth as Japan-market demand continues to expand; revenue from the Information Equipment Group is likewise expected to increase beyond previous forecasts. However, demand for components used in smartphones and digital cameras is predicted to fall below previous expectations; and a one-off cost resulting from a revision of a certain product portfolio is expected in the Electronic Device Group. In addition, sales from the Telecommunications Equipment Group are predicted to fall below previous expectations due to fourth-quarter product launch delays. Taking these factors into account, Kyocera has revised its full-year financial forecasts for fiscal 2014 announced in October 2013, as follows. Kyocera has also revised full-year forecasts of average exchange rates for fiscal 2014, as follows.
*1 A "two-for-one" split of all Kyocera Corporation common
shares was implemented on October 1, 2013. To allow comparison, "Diluted
earnings per share attributable to shareholders of Kyocera Corporation"
is computed as though this stock split had taken effect on April 1, 2012. FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that involve risks and uncertainties including, but not limited to, product demand, competition, regulatory approvals, the effect of economic conditions and technological difficulties, and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission. Kyocera Corporation (NYSE:KYO)(TOKYO:6971)(http://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as "advanced ceramics"). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of solar power generating systems, mobile phones, printers, copiers, electronic components, semiconductor packages, cutting tools and industrial ceramics. During the year ended March 31, 2013, the company's net sales totaled 1.28 trillion yen (approx. USD13.6 billion). The company is ranked #492 on Forbes magazine's 2013 "Global 2000" listing of the world's largest publicly traded companies, and in 2013 was ranked by Ceramic Industry magazine as the world's No.1 manufacturer of advanced ceramics.
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