Kyocera announces consolidated financial results for three months ended June

Kyocera Corp., has announced its consolidated financial results for the first quarter of fiscal year 2010, period ended June 30, 2009, accrding to Welt.

Consolidated net sales for the end of this period amounted to $2,348 million, a decrease of 32.1% compared with the same period of the previous fiscal year.

Kyocera blame weak demand for components used in the digital consumer equipment, semiconductor and automotive industries, along with a significant decrease in orders for the company's other products for this significant decrease.

The company was forced to promote cost-cutting measures and reduced capital expenditures while aggressively promoting sales in order to combat these losses.

However, despite these efforts, Kyocera still recorded a loss from operations totaling $58 million, a decrease of $349 million from the previous first quarter. As a result, income before income taxes decreased by 98.1% year over year, to $7 million. Net loss attributable to shareholders of Kyocera Corp., amounted to $5 million, a decrease of $234 million from the previous first quarter.

In the components business, sales decreased by 33.3%, to $1,173 million; and operating profit decreased by $258 million, resulting in an operating loss of $23 million, compared with the previous first quarter.

In the equipment business, sales decreased by 34.0%, to $943 million; and operating profit decreased by $118 million, resulting in an operating loss of $34 million, compared with the previous first quarter.

First-quarter demand for components used in digital consumer equipment recovered beyond initial projections. However, a recovery in demand within the semiconductor and automotive markets remains uncertain. Although the global economy is expected to hit bottom and gradually improve, Kyocera expects true economic recovery to take more time.

Kyocera plans to overcome its current situation by mobilizing management to maximize sales, minimize expenses across the board, strengthen management foundation and develop new products and technologies.