KYOTO, Japan, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced that the Company has revised its consolidated financial forecast for the year ending March 31, 2014, previously announced on July 23, 2013.
The details are as follows.
1. Revision to Financial Forecast for Fiscal Year Ending March 31, 2014 (U.S. GAAP)
|From April 1, 2013 to March 31, 2014 (Millions of Yen, except per share amounts and percentages)|
|For the year ending March 31, 2014|
| Previous |
on July 23,
| Revised |
| Change |
| Change |
| (Reference) |
For the year ended
March 31, 2013
|Income before income taxes||73,000||78,000||5,000||6.8||13,398|
|Net income attributable to the Company||53,500||55,000||1,500||2.8||7,986|
|Net income Attributable to Nidec Corporation per share-basic||398.72||404.26||--||--||59.28|
2. Reasons for Revision
The upward revision is intended to reflect the increase in the Company's sales and profits for the six-month ended September 30, 2013, which exceeded the previously announced financial guidance.
The exchange rates used for the preparation of the revised forecasts are US$1 = ¥95 and €1 = ¥125. The exchange rates between the relevant Asian currencies and the Japanese yen used for the preparation of the foregoing forecasts were determined assuming these exchange rates.
"Net income attributable to Nidec Corporation per share—basic" reflects the decrease of 3,740,382 shares in the Company's treasury shares as a result of the share exchange transactions with Nidec Copal Corporation and Nidec Tosok Corporation to make them wholly-owned subsidiaries, effective October 1, 2013.
The consolidated financial results for the year ended March 31, 2013 have been retrospectively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of SCD Co., Ltd. and Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. in the three months ended December 31, 2012. We completed our valuation of such assets and liabilities during the three months ended September 30, 2013.
CONTACT: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 email@example.com