Panasonic Reports Revised Financial Forecast
27 Novembre 2008 - 9:11AM
Business Wire
Panasonic Corporation (Panasonic)(NYSE:PC) today announced a
revision of its consolidated financial results forecast for the
current fiscal year ending March 31, 2009 (fiscal 2009). The
current financial crisis originated in the United States has spread
across the world and the business sentiment in Japan and overseas
has significantly worsened. Under these circumstances, the
company�s business conditions are deteriorating sharply, due mainly
to the rapid appreciation of the yen, sluggish consumer spending
and ever-intensified price competition. In addition, there are
negative factors such as a write-down of investment securities as a
result of the decline in stock prices and business restructuring
expenses. Accordingly, Panasonic today announced a downward
revision of the consolidated financial forecast for the full fiscal
year 2009, ending March 31, 2009 from the previous forecast
announced on April 28, 2008. Regarding net sales on a consolidated
basis, the company has revised its previous forecast of 9,200
billion yen downward to 8,500 billion yen. Consolidated operating
profit1 is expected to amount to 340 billion yen, down from the
previous forecast of 560 billion yen. Consolidated income before
income taxes is forecast to be 100 billion yen, down from the
previously announced 500 billion yen. Net income is now expected to
decrease from the previous forecast of 310 billion yen to 30
billion yen. Panasonic Corporation is one of the world's leading
manufacturers of electronic and electric products for consumer,
business and industrial use. Panasonic�s shares are listed on the
Tokyo, Osaka, Nagoya and New York stock exchanges. For more
information, please visit the following web sites: Panasonic home
page URL: http://panasonic.net/ Panasonic IR web site URL:
http://panasonic.net/ir/ 1 In order to be consistent with generally
accepted financial reporting practices in Japan, operating profit
is presented as net sales less cost of sales and selling, general
and administrative expenses. The company believes that this is
useful to investors in comparing the company's financial results
with those of other Japanese companies. Under U.S. generally
accepted accounting principles, certain expenses such as impairment
losses on long-lived assets and expenses associated with the
implementation of early retirement programs at certain domestic and
overseas companies are included as part of operating profit in the
consolidated statement of income. Disclaimer Regarding
Forward-Looking Statements This press release includes
forward-looking statements (within the meaning of Section 27A of
the U.S. Securities Act of 1933 and Section 21E of the U.S.
Securities Exchange Act of 1934) about Panasonic and its Group
companies (the Panasonic Group). To the extent that statements in
this press release do not relate to historical or current facts,
they constitute forward-looking statements. These forward-looking
statements are based on the current assumptions and beliefs of the
Panasonic Group in light of the information currently available to
it, and involve known and unknown risks, uncertainties and other
factors. Such risks, uncertainties and other factors may cause the
Panasonic Group's actual results, performance, achievements or
financial position to be materially different from any future
results, performance, achievements or financial position expressed
or implied by these forward-looking statements. Panasonic
undertakes no obligation to publicly update any forward-looking
statements after the date of this press release. Investors are
advised to consult any further disclosures by Panasonic in its
subsequent filings with the U.S. Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934. The risks,
uncertainties and other factors referred to above include, but are
not limited to, economic conditions, particularly consumer spending
and corporate capital expenditures in the United States, Europe,
Japan, China and other Asian countries; volatility in demand for
electronic equipment and components from business and industrial
customers, as well as consumers in many product and geographical
markets; currency rate fluctuations, notably between the yen, the
U.S. dollar, the euro, the Chinese yuan, Asian currencies and other
currencies in which the Panasonic Group operates businesses, or in
which assets and liabilities of the Panasonic Group are
denominated; the ability of the Panasonic Group to respond to rapid
technological changes and changing consumer preferences with timely
and cost-effective introductions of new products in markets that
are highly competitive in terms of both price and technology; the
possibility of not achieving expected results on the alliances or
mergers and acquisitions; the ability of the Panasonic Group to
achieve its business objectives through joint ventures and other
collaborative agreements with other companies; the ability of the
Panasonic Group to maintain competitive strength in many product
and geographical areas; the possibility of incurring expenses
resulting from any defects in products or services of the Panasonic
Group; the possibility that the Panasonic Group may face
intellectual property infringement claims by third parties; current
and potential, direct and indirect restrictions imposed by other
countries over trade, manufacturing, labor and operations;
fluctuations in market prices of securities and other assets in
which the Panasonic Group has holdings or changes in valuation of
long-lived assets, including property, plant and equipment and
goodwill, deferred tax assets and uncertain tax positions; future
changes or revisions to accounting policies or accounting rules; as
well as natural disasters including earthquakes and other events
that may negatively impact business activities of the Panasonic
Group. The factors listed above are not all-inclusive and further
information is contained in Panasonic�s latest annual report on
Form 20-F, which is on file with the U.S. Securities and Exchange
Commission.
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