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KYOCERA Announces Consolidated Financial Results for Nine Months Ended December 31, 2013

Kyocera Corporation (“Kyocera”)(NYSE:KYO)(TOKYO:6971) today announced its third-quarter consolidated financial results for the fiscal year ending March 31, 2014. The results, summarized below, represent the nine months ended December 31, 2013 (“the period”). Complete details are available at: http://global.kyocera.com/ir/financial/f_results.html

 

Consolidated Financial Highlights: Nine Months Ended December 31

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

    Nine Months Ended December 31,

2012
(FY13)
in JPY

 

2013
(FY14)
in JPY

 

Increase
(Decrease)

 

2013
(FY14)
in USD

 

2013
(FY14)
in EUR

Amount

in JPY

  %
Net sales: 926,524 1,071,388 144,864 15.6 10,204 7,389
Profit from operations: 51,234 89,696 38,462 75.1 854 619
Income before income taxes: 68,882 110,344 41,462 60.2 1,051 761
Net income attributable to shareholders of Kyocera Corporation: 44,970 69,364 24,394 54.2 661 478
Diluted earnings per share attributable to shareholders of Kyocera Corporation*1:   122.57   189.07   -   -   1.80   1.30

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY105 and EUR1 = JPY145, rounded to the nearest unit.

 

Summary

The digital consumer equipment market represents a principal source of revenue for Kyocera Corporation and its consolidated subsidiaries (“Kyocera”). This market experienced mixed conditions during the period, as compared to the nine months ended December 31, 2012 (the “year-ago nine-month period”). Shipments of conventional mobile phones, PCs, flat-screen TVs and digital cameras decreased, while shipments of smartphones and tablet PCs rose. As a result, overall component demand within the digital consumer equipment market showed moderate growth. Additionally, Japan’s solar energy market grew substantially as compared to the year-ago nine-month period, due primarily to stronger demand in the public and commercial sectors.

Sales increased in all reporting segments as compared with the year-ago nine-month period. In particular, double-digit revenue increases were recorded in the Applied Ceramic Products Group (driven by strong sales in the solar energy business) and in both the Telecommunications Equipment and Information Equipment groups. The depreciation of the yen contributed to rising sales, resulting in the highest corresponding nine-month revenue results in the company’s history. Profit also increased in all reporting segments of the components and equipment businesses as compared with the year-ago nine-month period due to higher sales and reduced costs. In particular, consolidated profit increased in the Applied Ceramic Products Group; elsewhere, profit rebounded through the absence of an environmental remediation charge of JPY21,300 (USD266) million*2 that was recorded in the year-ago nine-month period at AVX Corporation, a U.S.-based consolidated subsidiary.

In summary, consolidated net sales increased 15.6%, to JPY1,071,388 (USD10,204) million, as compared with the year-ago nine-month period; profit from operations increased 75.1%, to JPY89,696 (USD854) million; income before income taxes increased 60.2%, to JPY110,344 (USD1,051) million; and net income attributable to shareholders of Kyocera Corporation increased 54.2%, to JPY69,364 (USD661) million.

 

Consolidated Financial Highlights: Third Quarter Comparison

Unit: Millions (except percentages)

 

  Three Months Ended December 31,

2012
(FY13-Q3)
in JPY

 

2013
(FY14-Q3)
in JPY

 

Increase
(Decrease)

 

2013
(FY14-Q3)
in USD

 

2013
(FY14-Q3)
in EUR

Amount

in JPY

  %
Net sales: 318,093 371,725 53,632 16.9 3,540 2,564
Profit from operations: 25,343 31,493 6,150 24.3 300 217
Income before income taxes: 33,150 41,291 8,141 24.6 393 285
Net income attributable to shareholders of Kyocera Corporation:   19,599   26,434   6,835   34.9   252   182

Note: As a convenience to the reader, U.S. dollar (USD) and euro (EUR) conversions are provided at the rates of USD1 = JPY105 and EUR1 = JPY145, rounded to the nearest unit.

 

Consolidated Financial Forecasts: Year Ending March 31, 2014

For the three months ending March 31, 2014 (the "fourth quarter"), the solar energy business is expected to show further growth as Japan-market demand continues to expand; revenue from the Information Equipment Group is likewise expected to increase beyond previous forecasts. However, demand for components used in smartphones and digital cameras is predicted to fall below previous expectations; and a one-off cost resulting from a revision of a certain product portfolio is expected in the Electronic Device Group. In addition, sales from the Telecommunications Equipment Group are predicted to fall below previous expectations due to fourth-quarter product launch delays.

Taking these factors into account, Kyocera has revised its full-year financial forecasts for fiscal 2014 announced in October 2013, as follows. Kyocera has also revised full-year forecasts of average exchange rates for fiscal 2014, as follows.

 

Consolidated Forecasts: Year Ending March 31, 2014

Unit: Yen in millions

 

(except percentages, per-share amounts and exchange rates)

   

Fiscal 2014 Forecasts
Announced on

 

Increase
(Decrease)
(%) to
Fiscal 2013
Results

Fiscal 2013
Results

 

October 31,
2013

 

January 29,
2014

Net sales: 1,280,054   1,430,000   1,430,000   11.7
Profit from operations: 76,926 140,000 115,000 49.5
Income before income taxes: 101,363 150,000 138,000 36.1
Net income attributable to shareholders of Kyocera Corporation: 66,473 96,000 84,500 27.1
Diluted earnings per share attributable to shareholders of Kyocera Corporation*3: 181.18 261.67 230.32 -
Average USD exchange rate: 83 98 101 -
Average EUR exchange rate: 107 130 134 -
 

*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 January 29, 2014 is computed based on the average number of shares outstanding during the nine months ended December 31, 2013, in reflection of an assumption that the stock split that took effect on October 1, 2013, had taken effect April 1, 2012.

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. During the year ended March 31, 2013, the company’s net sales totaled 1.28 trillion yen (approx. USD13.6 billion). 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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