TOKYO, Japan, January 28 /PRNewswire/ -- Hoya Corporation today announced its consolidated results for the Third Quarter and Nine Months ended December 31, 2007.
Third Quarter 2007 Highlights
- Net sales increased 48.6% to 147.0 billion yen compared to 98.9 billion yen for the third quarter of 2006.
- Operating income increased 1.1% to 27.5 billion yen compared to 27.2 billion yen for the third quarter of 2006.
- Ordinary income increased 12.0% to 28.1 billion yen compared to 25.1 billion yen for the third quarter of 2006.
- Net income increased 13.2 % to 22.6 billion yen compared to 19.9 billion yen for the third quarter of 2006.
- Net sales and ordinary income posted historical records on quarterly basis.
Nine Months 2007 Highlights
- Total revenues increased 19.0% to 345.8 billion yen compared to 290.6 billion yen for the nine months ended December 31, 2006 and posted historical record on the first nine-month basis.
- Operating income decreased 6.7% to 77.0 billion yen compared to 82.5 billion yen for the nine months ended December 31, 2006.
- Ordinary income increased 5.6% to 80.2 billion yen compared to 75.9 billion yen for the nine months ended December 31, 2006; however, net income decreased 5.7% to 60.7 billion yen compared to 64.3 billion yen for the nine months ended December 31, 2006.
Third Quarter 2007 Overview
In the Electro-Optics sector, sales went down in some products because of price decline, and delay in commencement of production of new items. Thus, even though some products showed steady performance, the sector as a whole showed a decline in revenues and profit.
In the Vision Care division, newly designed progressive lenses, high refraction lenses and other value added products continue to grow especially in Asia, leading to increase the division's revenues and profit. The Healthcare division performed well, showing an increase in revenues and profit.
Starting this quarter, the sales of the following three Pentax business units are consolidated. In the Life Care business, the launch of the new "i" Series video endoscopic system with megapixel support in Europe and the U.S. resulted in a net sales increase of the business unit year-on-year basis. In the Imaging System business, the sales of the single-lens reflex digital camera decreased influenced by the other manufacturers' new products. Newly introduced high-power interchangeable lenses were successful at increasing sales, however, the net sales of the unit decreased year-on-year basis. In the Optical Component business, sales of the diffusion type of digital camera module increased. The Micro Lens business was forced to reduce unit selling prices influenced by the decrease of the market prices of DVD products. Sales of surveillance cameras were affected by some companies' full-scale entry into the market. As a result, the net sales of the business unit increased year-on-year basis.
In the entire HOYA group, the quarter under review consolidated net sales substantially increased year-on-year basis, however, operating income only slightly increased because of decrease in profit through decline of revenues and profitability in the Electro-Optics sector. The growth of earnings of equity method affiliates and influence of exchange rate fluctuations led ordinary income to increase, and both of net sales and ordinary income posted historical records on quarterly basis.
"For the eye glass business, the fourth quarter is a peak season in EU and the United States, and I expect to see further upturn in its sales. As for the Pentax business, we focus on improving its profit margin rather than growth of net sales," says Hiroshi Suzuki, president and CEO, HOYA Corporation.
For the year ending March 31, 2008, Hoya forecasts net sales of 489.7 billion yen (up 25.5% compared to 390.0 billion yen for the year ended March 31, 2007), operating income of 101.1 billion yen (down 5.7% compared to 107.2 billion yen for the year ended March 31, 2007) and net income of 80.0 billion yen (down 4.1% compared to 83.3 billion yen for the year ended March 31, 2007.)
For the full quarterly report please access "Hoya Quarterly" in the Investor Relations page of HOYA's website at: http://www.hoya.co.jp/english/
On July 10th, HOYA conducted the tender offer for the common stock of PENTAX Corporation and PENTAX became a consolidated subsidiary of HOYA Corporation as of August 14, 2007. Therefore balance sheets of PENTAX and its subsidiaries as of December 31, 2007 are combined into the consolidated financial statements of HOYA Group. Profit and loss of PENTAX and its subsidiaries are combined into the consolidated statement of income from October 1, 2007 and the statement of income includes PENTAX and its subsidiaries' profit and loss only for three months ended December 31, 2007.
- Results are preliminary and unaudited.
- The yen amounts shown therein are rounded down to the nearest 100 million.
About Hoya Corporation
Hoya Corporation (TSE: 7741) is a global technology company based in Tokyo, Japan, and the leading supplier of innovative and indispensable high-tech products and services based upon its advanced optics technologies. Hoya is active in three fields of business: Electro-Optics makes mask blanks and photo masks which are essential to the fabrication of semiconductor devices, optical lenses for use in digital cameras and mobile phones, and glass disks for hard disk drives. Eye Care comprises of vision care, primarily providing eyeglasses; and health care, which provides contact lenses and operates retail shops. Pentax Corporation, Hoya's consolidated subsidiary, operates three business units; endoscopic system in Life Care, SLR/compact digital cameras and interchangeable lenses in Imaging Systems, and camera lens modules, micro lenses and surveillance cameras in Optical Components. Hoya now has 104 subsidiaries and employs approximately 35,000 people worldwide.
For more information, please visit http://www.hoya.co.jp/english/