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KYOCERA Announces Consolidated Financial Results for Year Ended March 31, 2014

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated financial results for the fiscal year ended March 31, 2014, as summarized below. Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

Financial Results: Years Ended March 31
Unit: Millions (except percentages and per-share amounts)

    Years Ended March 31,

2013
(FY13)
in JPY

 

2014
(FY14)
in JPY

 

Increase
(Decrease)

 

2014
(FY14)
in USD

 

2014
(FY14)
in EUR

Amount
in JPY

  %
Net sales: 1,280,054 1,447,369 167,315 13.1 14,052 10,193
Profit from operations: 76,926 120,582 43,656 56.8 1,171 849
Income before income taxes: 101,363 146,268 44,905 44.3 1,420 1,030

Net income attributable to
shareholders of Kyocera
Corporation:

66,473 88,756 22,283 33.5 862 625

Diluted earnings per share
attributable to shareholders of
Kyocera Corporation*1:

  181.18   241.93   -   -   2.35   1.70

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of
USD1 = JPY103 and EUR1 = JPY142, rounded to the nearest unit.

 

Summary of Consolidated Financial Results

Digital consumer equipment, including the components required therein, represents a principal market for Kyocera Corporation and its consolidated subsidiaries (“the Kyocera Group” or “Kyocera”). During the year ended March 31, 2014 (“the period”), shipments of conventional mobile phone handsets and PCs declined as compared with the fiscal year ended March 31, 2013 (“the prior period”). However, shipments of smartphones and tablet PCs increased; automotive sales expanded, particularly in China and the United States; and Japan’s solar energy market grew significantly on rising demand from the public and commercial sectors.

Increased revenue in every Kyocera Group reporting segment pushed consolidated net sales to an all-time high. Profit increased as well, due to the higher revenue, success in reducing costs through leveraging synergies in the Kyocera Group, and the extraordinary nature of a JPY21,300 (USD266) million charge*2 that was recorded at AVX Corporation, a U.S.-based subsidiary, for environmental remediation in New Bedford Harbor, Mass. (U.S.A.), in the prior period.

Consolidated net sales increased 13.1% over the prior period, to JPY1,447,369 (USD14,052) million; profit from operations increased 56.8%, to JPY120,582 (USD1,171) million; income before income taxes increased 44.3%, to JPY146,268 (USD1,420) million; and net income attributable to shareholders of Kyocera Corporation increased 33.5%, to JPY88,756 (USD862) million.

Financial Results: Three Months Ended March 31
Unit: Millions (except percentages)

    Three Months Ended March 31,

2013
(FY13-Q4)
in JPY

 

2014
(FY14-Q4)
in JPY

 

Increase
(Decrease)

 

2014
(FY14-Q4)
in USD

 

2014
(FY14-Q4)
in EUR

Amount
in JPY

  %
Net sales: 353,530 375,981 22,451 6.4 3,650 2,648
Profit from operations: 25,692 30,886 5,194 20.2 300 218
Income before income taxes: 32,481 35,924 3,443 10.6 349 253

Net income attributable to
shareholders of Kyocera
Corporation:

  21,503   19,392   (2,111)   (9.8)   188   137

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of
USD1 = JPY103 and EUR1 = JPY142, rounded to the nearest unit.

 

Consolidated Forecast for the Year Ending March 31, 2015

During the year ending March 31, 2015 (“fiscal 2015”), the Japanese economy is expected to grow at a moderate pace as increased public investment offsets an increase in Japan’s consumption tax rate. The U.S. economy is expected to remain robust, and forecasters anticipate recovery in Europe.

Moreover, solid growth is projected for Kyocera’s key markets in fiscal 2015. In communications and information technology, demand for digital consumer equipment is forecast to remain brisk, particularly for smartphones and tablet PCs. The environment and energy markets in Japan are expected to grow with an anticipated increase in demand for solar energy systems. Rising production is projected in automotive-related markets as well, especially in Asia. Kyocera will exploit the collective strengths of its diverse business units to seize new opportunities in these markets and expand sales.

In addition, Kyocera will work to expand production, mainly of ceramic components, at new facilities in both Vietnam and India that began operations in fiscal 2014. At the same time, Kyocera will promote cost efficiency to enhance profitability — aiming to achieve the following full-year financial forecasts for fiscal 2015.

 

Consolidated Forecast: Year Ending March 31, 2015

Unit: Yen in millions (except percentages, per-share amounts and exchange rates)
   

Fiscal 2014
Results

 

Fiscal 2015
Forecast

 

Increase
(Decrease)
(%) to Fiscal
2014 Results

Net sales: 1,447,369 1,580,000 9.2
Profit from operations: 120,582 135,000 12.0
Income before income taxes: 146,268 158,000 8.0

Net income attributable to
shareholders of Kyocera Corporation:

88,756 97,000 9.3

Diluted earnings per share attributable
to shareholders of Kyocera
Corporation*3:

241.93 264.40 -
Average USD exchange rate: 100 100 -
Average EUR exchange rate: 134 137 -
 

*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.
*2 This charge was converted into yen using the P&L rate of USD1 = JPY80, the average exchange rate in FY13-Q1, rounded to the nearest unit, according to the actual amount recorded in Kyocera’s FY13-Q1 consolidated results.
*3 "Diluted earnings per share attributable to shareholders of Kyocera Corporation" announced on April 28, 2014 is based on the average number of shares outstanding during the year ended March 31, 2014, and is computed as though the stock split that took effect on October 1, 2013, had taken effect April 1, 2013.

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.

About KYOCERA

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. 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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