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KYOCERA Announces Consolidated Financial Results for Three Months Ended June 30, 2014

Kyocera Corporation (NYSE:KYO)(TOKYO:6971) today announced its consolidated financial results for the first quarter of fiscal year 2015 (the three months ended June 30, 2014, or “Q1”), as summarized below. Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Financial Results: Three Months Ended June 30

Unit: Millions (except percentages and per-share amounts)

    Three Months Ended June 30,
2013

(FY14-Q1)

in JPY

  2014

(FY15-Q1)

in JPY

 

Increase
(Decrease)

 

2014
(FY15-Q1)
in USD

 

2014
(FY15-Q1)
in EUR

Amount

in JPY

  %
Net sales: 331,655 334,714 3,059 0.9 3,314 2,425
Profit from operations: 25,398 18,782 (6,616) (26.0) 186 136
Income before income taxes: 34,813 30,680 (4,133) (11.9) 304 222

Net income attributable to
shareholders of Kyocera
Corporation:

22,651 19,467 (3,184) (14.1) 193 141

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

  61.74   53.06   -   -   0.53   0.38

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided based on the rates of USD1 = JPY101 and EUR1 = JPY138, rounded to the nearest unit.

 

Summary of Consolidated Financial Results

Digital consumer equipment, including the components required therein, represents the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”). Compared with the three months ended June 30, 2013 (the “prior period”), Q1 brought essentially no growth in the mobile phone market globally as rising demand for smartphones was offset by contracting demand for conventional handsets. Growth in Japan’s solar energy market slowed due mainly to the completion of government subsidies for residential solar power generating systems, and to the impact of higher consumption tax. Conversely, global sales of automobiles increased steadily, particularly in China and the United States.

Kyocera succeeded in recording its highest first-quarter consolidated revenue to date, led by rising sales in the Information Equipment and Fine Ceramic Parts segments. Additionally, sales rose in the Semiconductor Parts segment due to revenue from a new subsidiary acquired in the prior fiscal year. In contrast, Q1 sales decreased in the Applied Ceramic Products segment as well as the Electronic Device segment which undertook structural reforms in the prior fiscal year. Consolidated Q1 profit declined due to lower profitability in the Applied Ceramic Products, Semiconductor Parts, and Telecommunications Equipment segments, which offset increased profit in the Information Equipment and Electronic Device segments.

In summary, consolidated net sales increased 0.9% over the prior period, to JPY334,714 (USD3,314) million; profit from operations decreased 26.0%, to JPY18,782 (USD186) million; income before income taxes decreased 11.9%, to JPY30,680 (USD304) million; and net income attributable to shareholders of Kyocera Corporation decreased 14.1%, to JPY19,467 (USD193) million.

Consolidated Forecasts for the Year Ending March 31, 2015

From the second quarter onward, Kyocera expects component demand to increase among producers of digital consumer equipment, led by new smartphone introductions, as well as the proliferation of smartphones in emerging markets. Kyocera will seize such demand and aim to expand sales of miniaturized, high-performance components; increase market share; and improve profitability by pursuing thorough cost reductions. In the automotive market, Kyocera will strive to enhance customer development and expand sales by applying the collective strengths of the Kyocera Group.

In the Telecommunications Equipment segment, Kyocera will work to increase sales of mobile phones by launching new products both in Japan and overseas and by cultivating major customers outside of Japan. In the Information Equipment segment, Kyocera will also make efforts to expand sales of printers and multifunctional products both in mature and emerging markets, while striving to enhance profitability by increasing production in Vietnam. Based on the above, the Company makes no change to the sales and profit forecasts for fiscal year 2015 that were announced on April 28, 2014.

 

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*1,*2:

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, 2013.

*2 Forecast of “Diluted earnings per share attributable to shareholders of Kyocera Corporation” is based on the average number of shares outstanding during the three months ended June 30, 2014.

 

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 #531 on Forbes magazine’s 2014 “Global 2000” listing of the world’s largest publicly traded companies, and was named as the world’s No.1 manufacturer of advanced ceramics in the latest ranking by Ceramic Industry magazine.

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