KYOTO, Japan, Jan. 22, 2014 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ) (the "Company") today announced an upward revision to its U.S. GAAP-based consolidated full-year financial forecast and year-end dividend projection for the year ending March 31, 2014, announced on October 22, 2013.
The details are as follows.
1. Revised consolidated financial forecast (U.S. GAAP) for the year ending March 31, 2014
|From April 1, 2013 to March 31, 2014 (Millions of yen, except for per share amounts and percentages)|
|For the year ending March 31, 2014|
| Previous |
on October 22,
| Revised |
| Change |
| Change |
| (Reference) |
For the year ended
March 31, 2013
|Income before income taxes||78,000||83,000||5,000||6.4||13,398|
|Net income attributable to Nidec Corporation||55,000||56,000||1,000||1.8||7,986|
|Net income Attributable to Nidec Corporation per share (basic)||404.26||411.65||--||--||59.28|
Reasons for Revision
The upward revision is intended to reflect the Company's record consolidated sales and resulting profit increases for the nine months ended December 31, 2013, which exceeded the previously announced financial guidance.
a) The revised financial forecasts assume the exchange rates of 100 yen against the U.S. dollar and 135 yen against the euro. The assumed exchange rates of the yen against other currencies, including Asian currencies, have been determined in relation to these exchange rates.
b) The consolidated financial results for the year ended March 31, 2013 in the above table 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.
2. Revised year-end dividend projection for the year ending March 31, 2013
Dividend per share (Yen) for the year ending March 31, 2014
|Annual Dividends Per Share|
| First |
| Second |
| Third |
| Fourth |
| Full Year |
|Previous Projection (as of October 22, 2013)||--||--||--||45||90|
|Dividend Paid (for the year ending March 31, 2014)||--||45||--||--||--|
|Dividend Paid (for the year ended March 31, 2013)||--||45||--||40||85|
The Company upholds shareholder-oriented management and places importance on regular dividend payments, seeking to increase its dividend payout to around 30% of the consolidated net income. Based on the stated upward revision to the Company's consolidated financial forecasts for the year ending March 31, 2014, the Company has revised upward its year-end dividend projection for the year ending March 31, 2014 from 45 yen per share to 55 yen per share, making the projected aggregate annual dividend 100 yen per share.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the Company's current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, changes in customer circumstances and demand, exchange rate fluctuations, available funds, future alternative uses for cash, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.
CONTACT: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 email@example.com