Business News

Epson: Announcement of Revised Financial Results Outlook

Wednesday 29. October 2008 - In light of recent business result trends, Seiko Epson Corporation ("Epson") today announced it had revised its financial results outlook issued on July 30, 2008.

Consolidated financial results outlook for the fiscal year ending March 2009 (April 1, 2008, to March 31, 2009)

(Monetary units: billion yen)
Net sales Operating income Ordinary income Net income Net earnings per share (yen)
Previous outlook (A) 1,300.0 68.0 70.0 35.0 178.24
Revised outlook (B) 1,263.0 45.0 53.0 27.0 137.50
Difference (B-A) -37.0 -23.0 -17.0 -8.0 –
Change (%) -2.8% -33.8% -24.3% -22.9% –
Reference: Previous year (ending March 2008) 1,347.841 57.577 63.263 19.093 97.24
Reasons for revision

Since the previous results outlook was issued on July 30, 2008, confusion has struck the financial and capital markets in the wake of the US sub-prime loan problem, the yen has appreciated rapidly on foreign exchange markets, and the economy has slipped towards recession.
These economic trends are expected to have an increasing impact on the markets for Epson’s main products. The Company has therefore decided to revise its full-year forecasts for net sales, operating income, ordinary income, and net income.
These full-year forecasts are calculated on the basis of second half exchange rates of US$1 = 100 yen and 1 euro = 135 yen.