Hitachi Koki Revises Its Business Forecast Upward (Based on First-Half Results of the Year Ending March 31, 2001)
Hitachi Koki Co., Ltd.
Shinagawa Intercity Tower A, 15-1, Konan 2-chome, Minato-ku
Tokyo, 108-6020, Japan
Listed on the 1st section of the Tokyo and Osaka Stock Exchanges (Code No.: 6581)
Tokyo, October 5, 2000 Based on the recent trend of our business performance, we hereby modify our business forecasts announced during settlement-of-account announcement on April 28, 2000, as follows:
Revised Forecasts for Consolidated Interim Settlement-of-Accounts
for the Year Ending March 2001 (from April 1, 2000 to September 30, 2000)
Unit: millions of yen
| Sales | Recurring profit (loss) | Net income (loss) | |
| Previous forecast [A] (Announced on April 28, 2000) |
66,000 | (500) | 1,400 |
|---|---|---|---|
| Current forecast [B] | 66,000 | 400 | 2,400 |
| Amount of Increase (decrease) [B-A] | 0 | 900 | 1,000 |
| Rate of Increase (decrease) | 0.0 | N/A | 71.4 |
| Results for the same period of the previous year | N/A | N/A | N/A |
Revised Forecasts for Non-consolidated Interim Settlement-of-Accounts
for the Year Ending March 2001 (from April 1, 2000 to September 30, 2000)
Unit: millions of yen
| Sales | Recurring profit (loss) | Net income (loss) | |
| Previous forecast [A] (Announced on April 28, 2000) |
47,000 | 300 | 800 |
|---|---|---|---|
| Current forecast [B] | 47,000 | 1,450 | 2,200 |
| Amount of Increase (decrease) [B-A] | 0 | 1,150 | 1,400 |
| Rate of Increase (decrease) | 0.0 | 383.3 | 175.0 |
| Results for the same period of the previous year | 45,108 | 273 | (11,954) |
Full-Year Forecast Revisions
Revised Forecasts for Non-consolidated Interim Settlement-of-Accounts
for the Full Year Ending March 2001 (from April 1, 2000 to March 31, 2001)
Unit: millions of yen
| Sales | Recurring profit (loss) | Net income (loss) | |
| Previous forecast [A] (Announced on April 28, 2000) |
135,000 | 0 | 2,200 |
|---|---|---|---|
| Current forecast [B] | 133,000 | 1,800 | 4,000 |
| Amount of Increase (decrease) [B-A] | (2,000) | 1,800 | 1,800 |
| Rate of Increase (decrease) | (1.5) | N/A | 81.8 |
| Results for the same period of the previous year | 128,234 | (2,096) | (11,964) |
Revised Forecasts for Non-consolidated Interim Settlement-of-Accounts
for the Full Year Ending March 2001 (from April 1, 2000 to March 31, 2001)
Unit: millions of yen
| Sales | Recurring profit (loss) | Net income (loss) | |
| Previous forecast [A] (Announced on April 28, 2000) |
95,000 | 1,200 | 2,200 |
|---|---|---|---|
| Current forecast [B] | 94,000 | 2,600 | 4,000 |
| Amount of Increase (decrease) [B-A] | (1,000) | 1,400 | 1,800 |
| Rate of Increase (decrease) | (1.1) | 116.7 | 81.8 |
| Results for the same period of the previous year | 90,850 | 433 | (13,204) |
Management Discussion
1. Modification of forecasts for the unconsolidated settlement of accounts for the current fiscal year
Because of restructuring enforced for the purpose of business performance improvement, as well as drastic management reforms during the interim settlement-of-account term, we achieved cost reduction and expense curtailment savings greater than our original predictions, so that net income growth can now be anticipated. This is the reason for the modification of the earlier announced figures. As a result of modification of the interim settlement-of-accounts figures, we also revised our full-term forecasts announced earlier.
2. Modification of forecasts for the consolidated settlement of accounts for the current fiscal year
In addition to the anticipated improvement of our unconsolidated business figures during the interim settlement-of-account term, cost reduction and expense curtailment savings greater than our original predictions were also attained in our consolidated subsidiaries as a result of restructuring executed for the purpose of business performance improvement. Because net income growth is forecast as a result, the earlier announced figures are hereby modified. As a result of modification of the interim settlement-of-accounts figures, we also revised our full-term forecasts announced earlier.
Cautionary Statement: The documents and other material available on Hitachi Koki's corporate website may contain forward-looking statements with respect to future events and performance. Terms such as "anticipate", "believe", "expect", "estimate", "intend", "plan", "project" and similar expressions may identify forward-looking statements. Actual results may differ materially from those projected or implied in such forward-looking statements and from any historical trends. Such forward-looking information involves risks and uncertainties that could significantly affect expected results. Forward-looking statements may also be based upon assumptions of future events which may not prove to be accurate.