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Kyocera 6-K 2010

Documents found in this filing:

  1. 6-K
  2. 6-K
Form 6-K
Table of Contents

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of July 2010

Commission File Number: 1-07952

KYOCERA CORPORATION

6 Takeda Tobadono-cho, Fushimi-ku,

Kyoto 612-8501, Japan

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F        X            Form 40-F                        

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(1):    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(7):    


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

KYOCERA CORPORATION

/s/ Shoichi Aoki

Shoichi Aoki
Director,
Managing Executive Officer and
General Manager of
Corporate Financial & Accounting Group

Date: July 29, 2010


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

    
1.  

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2010


Table of Contents

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Three Months Ended June 30, 2010

The consolidated financial information is prepared in accordance with accounting principles generally accepted in the United States of America.

1. Consolidated Financial Results for the Three Months Ended June 30, 2010

 

(1) Consolidated results of operations              (% of change from previous period)
     Net sales     Profit (loss) from operations    Income before income taxes     Net income (loss)  attributable
to shareholders of
Kyocera Corporation
     Million yen    %     Million yen     %    Million yen    %     Million yen     %

Three months ended June 30, 2010

   313,175    38.9      40,603         46,323         29,893     

Three months ended June 30, 2009

   225,401    (32.1   (5,572      703    (98.1   (460  

 

     Net income (loss) attributable
to shareholders of
Kyocera Corporation
per share -Basic
    Net income (loss) attributable
to shareholders of
Kyocera Corporation
per share -Diluted
 
     Yen     Yen  

Three months ended June 30, 2010

   162.89      162.89   

Three months ended June 30, 2009

   (2.50   (2.50

(2) Consolidated financial position

 

     Total assets    Total equity    Kyocera Corporation
shareholders’ equity
   Kyocera Corporation
shareholders’ equity
to total assets
   Kyocera Corporation
shareholders’ equity
per share
     Million yen    Million yen    Million yen    %    Yen

June 30, 2010

   1,805,546    1,378,842    1,319,184    73.1    7,188.25

March 31, 2010

   1,848,717    1,407,262    1,345,235    72.8    7,330.14

2. Dividends

 

     Dividends per share
     End of
first quarter
   End of
second quarter
   End of
third quarter
   Year-end    Annual
     Yen    Yen    Yen    Yen    Yen

Year ended March 31, 2010

      60.00       60.00    120.00

Year ending March 31, 2011

               120.00

Notes:

1. Dividends per share for the year ending March 31, 2011 are forecasts other than result at end of first quarter.

2. Dividends per share for the year ending March 31, 2011 are forecasted to be 120 yen on an annual basis.

3. Consolidated Financial Forecast for the Year Ending March 31, 2011

(% of change from previous year)

     Net sales    Profit from
operations
   Income before
income taxes
   Net income attributable
to shareholders of
Kyocera Corporation
   Net income attributable
to shareholders of
Kyocera Corporation
per share
     Million yen    %    Million yen    %    Million yen    %    Million yen    %    Yen

Year ending March 31, 2011

   1,200,000    11.8    122,000    91.0    132,000    117.1    85,000    112.0    463.16

Note:

Forecast of earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2010.

 

– 1 –


Table of Contents

4. Others

(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2010: None.

(2) Adoption of concise quarterly accounting method or procedure: None.

(3) Changes in accounting principles, procedures, and financial statements’ presentation:

(i) Changes due to adoption of new accounting standards : Please refer to the accompanying “3. Other Information” on page 14.

(ii) Changes due to other than adoption of new accounting standards: None.

(4) Number of shares (common stock):

(i) Number of shares issued:

 

191,309,290 shares at June 30, 2010    191,309,290 shares at March 31, 2010      

(ii) Number of treasury stock:

 

7,789,597 shares at June 30, 2010    7,788,351 shares at March 31, 2010      

(iii) Average number of shares outstanding:

 

183,519,965 shares in the three months ended June 30, 2010    183,526,997 shares in the three months ended June 30, 2009

Presentation of Situation of Review Procedure

The consolidated financial information included in this Form 6-K is out of scope of review procedure under the Financial Instruments and Exchange Law of Japan. Review procedure under the Financial Instruments and Exchange Law of Japan has not been completed at the date of submission of this Form 6-K.

Instruction for Forecasts and Other Notes

With regard to premise of forecasts set forth elsewhere in this Form 6-K, please refer to the accompanying “Forward-Looking Statements” on page 10.

 

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Table of Contents

1. Business Results, Financial Conditions and Prospects

(1)  Business Results for the Three Months Ended June 30, 2010

Economic Situation and Business Environment

During the three months ended June 30, 2010 (“the first quarter”), the U.S. economy showed signs of recovery, while Asian economies continued to achieve higher growth, led by China. The financial crisis in Greece, however, triggered fears of a slowdown in the European economy. The Japanese economy as a whole was on a recovery track, due to continued export growth, mainly to Asian countries, coupled with revitalization of corporate production activities, and moderate recovery in personal consumption.

In the digital consumer equipment market, which is a principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”), production activities were on an upward trend, particularly for mobile phone handsets, personal computers, and digital cameras.

Consolidated Financial Results

Average exchange rates for the first quarter were ¥92 to the U.S. dollar and ¥117 to the Euro, marking appreciation of ¥5 (approximately 5%) and ¥16 (approximately 12%), respectively, compared with those for the three months ended June 30, 2009 (“the previous first quarter”). As a result, net sales and income before income taxes after translation into yen for the first quarter were down by approximately ¥12.0 billion and ¥5.5 billion, respectively, compared with the previous first quarter.

However, orders were up in both the Components and Equipment Businesses compared with the previous first quarter due to an increase in components demand supported by substantial improvement in the business environment and new product launches in mobile phone handsets. As a result, consolidated net sales for the first quarter increased by ¥87,774 million, or 38.9%, to ¥313,175 million, compared with ¥225,401 million in the previous first quarter.

Coupled with the increase in sales, efforts to enhance profitability, such as reducing costs and improving productivity in each business, culminated in a considerable improvement in profit. As a result, profit from operations for the first quarter amounted to ¥40,603 million, a substantial increase of ¥46,175 million from a loss of ¥5,572 million in the previous first quarter. In addition, income before income taxes totaled ¥46,323 million, an increase of ¥45,620 million from ¥703 million in the previous first quarter. Net income attributable to shareholders of Kyocera Corporation for the first quarter amounted to ¥29,893 million, an increase of ¥30,353 million from a loss of ¥460 million in the previous first quarter.

 

     Three months ended June 30,    Increase
(Decrease)
     2009     2010   
     Amount     %     Amount    %    Amount    %
     (Yen in millions, except per share amounts and exchange rates)

Net sales

   ¥ 225,401      100.0      ¥ 313,175    100.0    ¥ 87,774    38.9

Profit (loss) from operations

     (5,572   (2.5     40,603    13.0      46,175   

Income before income taxes

     703      0.3        46,323    14.8      45,620   

Net income (loss) attributable to shareholders of Kyocera Corporation

     (460   (0.2     29,893    9.5      30,353   

Diluted earnings (loss) per share attributable to shareholders of Kyocera Corporation

     (2.50          162.89           

Average US$ exchange rate

     97             92           

Average Euro exchange rate

     133             117           

 

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Table of Contents

Consolidated Results by Reporting Segment

i) Components Business:

Sales in the Components Business for the first quarter increased by 46.1% to ¥164,437 million, compared with ¥112,588 million in the previous first quarter. Operating profit for the first quarter improved by ¥30,471 million from a loss of ¥2,253 million in the previous first quarter to ¥28,218 million.

1) Fine Ceramic Parts Group

This reporting segment includes fine ceramic parts and automotive components.

Components demand for industrial machinery, such as semiconductor fabrication equipment and parts for the automotive industry, increased steadily in line with market recovery. As a result, sales in this reporting segment for the first quarter increased significantly compared with the previous first quarter. Operating profit improved substantially from an operating loss in the previous first quarter due largely to sales growth and positive effect from efforts to reduce costs from the previous fiscal year.

2) Semiconductor Parts Group

This reporting segment includes ceramic packages and organic packages, etc.

Demand for ceramic packages mainly for crystal and SAW devices and for CCD/CMOS image sensors expanded solidly due to an increase in global demand for digital consumer equipment such as digital cameras and increased number of components equipped in line with sophistication of equipment as well as the proliferation of mobile phone handsets in emerging countries. In addition, demand for organic packages mainly for network equipment grew considerably over the previous first quarter, and as a result, overall sales in this reporting segment for the first quarter increased significantly compared with the previous first quarter. Operating profit increased substantially compared with the previous first quarter, due to an increase in sales and an improvement in profitability.

3) Applied Ceramic Products Group

This reporting segment includes solar power generating systems, cutting tools, medical and dental implants, and jewelry and applied ceramic related products.

In the solar energy business, despite an adverse impact from declines in price and the yen’s appreciation, sales increased compared with the previous first quarter due to efforts to increase production capacity and expansion of Kyocera’s worldwide sales network to meet strong demand. In addition, sales in the cutting tool business were up considerably over the previous first quarter due to a recovery in production activities in automotive related markets. As a result, sales in this reporting segment for the first quarter increased significantly compared with the previous first quarter. In addition to the increase in sales, a positive effect of efforts to reduce costs in the previous fiscal year emerged, which led to a considerable increase in operating profit for this reporting segment compared with the previous first quarter.

4) Electronic Device Group

This reporting segment includes electronic components such as various types of capacitors, crystal related products and connectors, and thin-film products, such as thermal printheads and liquid crystal displays.

Despite the impact of the yen’s appreciation against the U.S. dollar and the Euro, components demand expanded for digital consumer equipment and for industrial use, prompting growth in orders for major products, which resulted in an increase in sales in this reporting segment for the first quarter compared with the previous first quarter. Operating profit improved significantly from an operating loss in the previous first quarter, due to an increase in sales and enhanced profitability.

 

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Table of Contents

ii) Equipment Business:

Sales in the Equipment Business for the first quarter increased by 36.1% to ¥123,221 million, compared with ¥90,559 million in the previous first quarter. Operating profit for the first quarter improved by ¥13,895 million from a loss of ¥3,260 million in the previous first quarter to ¥10,635 million.

1) Telecommunications Equipment Group

This reporting segment includes mobile phone handsets and PHS related products.

Sales in this reporting segment for the first quarter increased significantly compared with the previous first quarter due to sales increase of mobile phone handsets in Japan and an increase in mobile phone handset models marketed outside Japan. Operating profit improved significantly from an operating loss in the previous first quarter, due to positive effect of structural reforms of the mobile phones business overseas in the previous fiscal year, which was reflected in an improvement in profitability.

2) Information Equipment Group

This reporting segment includes ECOSYS brand printers, copiers, and digital MFPs.

The harsh business environment continued due to the yen’s appreciation against the U.S. dollar and the Euro and slow recovery in information technology investment by customers in both Japan and overseas. However, sales in this reporting segment for the first quarter increased compared with the previous first quarter, due to robust sales in Europe, mainly in mid-speed and color machines. Operating profit increased significantly compared with the previous first quarter, due to an increase in sales volume of high-value-added products, notably mid-speed machines and color machines, and to the effects of an improvement in profitability, in addition to the increase in sales.

iii) Others:

This reporting segment includes various information and communications technology services and materials for electronic components, etc.

Sales at Kyocera Communication Systems Co., Ltd. increased over the previous first quarter since investment in information technology in the corporate sector was on a recovery track on the back of resurgence in the Japanese economy. In addition, sales at Kyocera Chemical Corporation increased compared with the previous first quarter due to an expansion in production of various types of digital consumer equipment which drove a recovery in demand for materials for the electronic components used in such equipment. As a result, overall sales in this reporting segment for the first quarter increased by 21.7% to ¥32,640 million compared with ¥26,819 million in the previous first quarter. Operating profit improved by ¥1,899 million from a loss of ¥26 million in the previous first quarter to ¥1,873 million, due to an increase in sales and improved profitability.

 

– 5 –


Table of Contents

Net Sales by Reporting Segment

 

     Three months ended June 30,     Increase
(Decrease)
     2009     2010    
     Amount     %     Amount     %     Amount     %
     (Yen in millions)

Fine Ceramic Parts Group

   ¥ 9,267      4.1      ¥ 17,233      5.5      ¥ 7,966      86.0

Semiconductor Parts Group

     28,078      12.5        42,808      13.7        14,730      52.5

Applied Ceramic Products Group

     29,871      13.2        44,847      14.3        14,976      50.1

Electronic Device Group

     45,372      20.1        59,549      19.0        14,177      31.2
                                        

Total Components Business

     112,588      49.9        164,437      52.5        51,849      46.1

Telecommunications Equipment Group

     36,803      16.3        64,756      20.7        27,953      76.0

Information Equipment Group

     53,756      23.9        58,465      18.7        4,709      8.8
                                        

Total Equipment Business

     90,559      40.2        123,221      39.4        32,662      36.1

Others

     26,819      11.9        32,640      10.4        5,821      21.7

Adjustments and eliminations

     (4,565   (2.0     (7,123   (2.3     (2,558  
                                        

Net sales

   ¥ 225,401      100.0      ¥ 313,175      100.0      ¥ 87,774      38.9
                                        

Operating Profit (Loss) by Reporting Segment

 

     Three months ended June 30,    Increase
(Decrease)
 
     2009    2010   
     Amount     %*    Amount     %*    Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ (2,800      ¥ 2,322      13.5    ¥ 5,122        

Semiconductor Parts Group

     1,685      6.0      8,984      21.0      7,299      433.2   

Applied Ceramic Products Group

     1,125      3.8      7,432      16.6      6,307      560.6   

Electronic Device Group

     (2,263        9,480      15.9      11,743        
                                        

Total Components Business

     (2,253        28,218      17.2      30,471        

Telecommunications Equipment Group

     (5,358        5,132      7.9      10,490        

Information Equipment Group

     2,098      3.9      5,503      9.4      3,405      162.3   
                                        

Total Equipment Business

     (3,260        10,635      8.6      13,895        

Others

     (26        1,873      5.7      1,899        
                                        

Operating profit (loss)

     (5,539        40,726      13.0      46,265        

Corporate

     5,111           5,865           754      14.8   

Equity in earnings of affiliates and unconsolidated subsidiaries

     1,077           202           (875   (81.2

Adjustments and eliminations

     54           (470        (524     
                                        

Income before income taxes

   ¥ 703      0.3    ¥ 46,323      14.8    ¥ 45,620        
                                        
* % to net sales of each corresponding segment

 

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Table of Contents

Net Sales by Geographic Area

1) Japan

Sales in the Telecommunications Equipment Group increased due to an increase in replacement demand for mobile phone handsets, and sales in the solar energy business in the Applied Ceramic Products Group increased. Sales in the Semiconductor Parts Group also increased due to an increase in components demand for digital consumer equipment. As a result, sales for Japan increased significantly compared with the previous first quarter.

2) United States of America

Sales in the Telecommunications Equipment Group increased due to an increase in sales of mobile phone handsets. Sales in the Electronic Device Group also increased due to an increase in components demand for digital consumer equipment supported by expansion of production activities of such equipment. As a result, sales for the United States of America increased compared with the previous first quarter.

3) Europe

Sales in the solar energy business in the Applied Ceramic Products Group increased, and sales in the Electronic Device Group increased due to an increase in components demand for digital consumer equipment. Sales in the Information Equipment Group also increased. As a result, sales for Europe increased compared with the previous first quarter.

4) Asia

Sales in the Semiconductor Parts Group and the Electronic Device Group increased due to an increase in components demand for digital consumer equipment supported by expansion of production activities of such equipment. As a result, sales for Asia increased compared with the previous first quarter.

5) Others

Sales in the Information Equipment Group increased due to an increase in sales in Australia and South and Central America. Sales in the Semiconductor Parts Group also increased. As a result, sales for Others increased compared with the previous first quarter.

 

     Three months ended June 30,    Increase
(Decrease)
     2009    2010   
     Amount    %    Amount    %    Amount    %
     (Yen in millions)

Japan

   ¥ 88,014    39.0    ¥ 138,756    44.3    ¥ 50,742    57.7

United States of America

     42,800    19.0      56,040    17.9      13,240    30.9

Europe

     44,143    19.6      52,898    16.9      8,755    19.8

Asia

     38,941    17.3      50,940    16.3      11,999    30.8

Others

     11,503    5.1      14,541    4.6      3,038    26.4
                                   

Net sales

   ¥ 225,401    100.0    ¥ 313,175    100.0    ¥ 87,774    38.9
                                   

 

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Table of Contents

(2) Consolidated Financial Position

Consolidated Cash Flows

Cash and cash equivalents at June 30, 2010 decreased by ¥351 million to ¥312,775 million compared with those at March 31, 2010.

1) Cash flows from operating activities

Net cash provided by operating activities in the first quarter increased by ¥21,365 million to ¥48,157 million from ¥26,792 million in the previous first quarter. This was due mainly to an increase in net income.

2) Cash flows from investing activities

Net cash used in investing activities in the first quarter increased by ¥21,773 million to ¥25,102 million from ¥3,329 million in the previous first quarter. This was due mainly to a decrease in withdrawals of certificate deposits and time deposits.

3) Cash flows from financing activities

Net cash used in financing activities in the first quarter decreased by ¥1,407 million to ¥13,898 million from ¥15,305 million in the previous quarter. This was due mainly to a decrease in payments of long-term debt.

 

      Three months ended June 30,  
     2009     2010  
     (Yen in millions)  

Cash flows from operating activities

   ¥ 26,792      ¥ 48,157   

Cash flows from investing activities

     (3,329     (25,102

Cash flows from financing activities

     (15,305     (13,898

Effect of exchange rate changes on cash and cash equivalents

     (1,220     (9,508

Net increase (decrease) in cash and cash equivalents

     6,938        (351

Cash and cash equivalents at beginning of period

     269,247        313,126   

Cash and cash equivalents at end of period

   ¥ 276,185      ¥ 312,775   

 

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Table of Contents

(3) Consolidated Forecasts for the Year Ending March 31, 2011 (“fiscal 2011”)

Business performance for the first quarter progressed strongly and Kyocera forecasts a continuation of the favorable business environment in the second quarter as well, with production activities expected to be solid for digital consumer equipment, industrial machinery and in automotive markets. In addition, demand in the solar energy market is also expected to grow further.

However, there are some difficulties to foresee demand trend from the third quarter of fiscal 2011 onward (October 1, 2010 to March 31, 2011). Accordingly, there are no changes to the forecasts of consolidated sales and profits for fiscal 2011 presently, announced on April 27, 2010.

Kyocera has made the revisions to average exchange rates for fiscal 2011 as below in light of exchange rates in the first quarter and forecasted rates from the second quarter onward.

 

     Results for the
year ended
March 31, 2010
   Forecasts for the year ending
March 31, 2011 announced on
   Increase
(Decrease)
to results
%
        April 27, 2010    July 29, 2010   
     (Yen in millions, except per share amounts and exchange rates)

Net sales

   ¥ 1,073,805    ¥ 1,200,000    ¥ 1,200,000    11.8

Profit from operations

     63,860      122,000      122,000    91.0

Income before income taxes

     60,798      132,000      132,000    117.1

Net income attributable to shareholders of Kyocera Corporation

     40,095      85,000      85,000    112.0

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     218.47      463.15      463.16   

Average US$ exchange rate

     93      90      88   

Average Euro exchange rate

     131      120      110   

Notes:

1. Forecast of earnings per share announced on July 29, 2010 is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2010.
2. Forecast of earnings per share announced on April 27, 2010 is computed based on the diluted average number of shares outstanding during the year ended March 31, 2010.

 

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Table of Contents

Forward-Looking Statements

Certain of the statements made in this document are forward-looking statements (within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934), which are based on our current assumptions and beliefs in light of the information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors include, but are not limited to the following lists:

 

(1) General economic conditions in our markets, which are primarily Japan, North America, Europe and Asia, particularly China;

 

(2) Unexpected changes in economic, political and legal conditions in countries where we operate;

 

(3) Our ability to develop, launch and produce innovative products, including meeting quality and delivery standards, and our ability to otherwise meet the advancing technological requirements of our customers, particularly in the highly competitive markets for ceramics, semiconductor parts and electronic components;

 

(4) Manufacturing delays or defects resulting from outsourcing or internal manufacturing processes which may adversely affect our production yields and operating results;

 

(5) Factors that may affect our exports, including a strong yen, political and economic instability, difficulties in collection of accounts receivable, decrease in cost competitiveness of our products, increases in shipping and handling costs, difficulty in staffing and managing international operations and inadequate protection of our intellectual property;

 

(6) Changes in exchange rates, particularly between the yen and the U.S. dollar and Euro, respectively, in which we make significant sales;

 

(7) Exposure to credit risk on trade receivables due to customers’ worsening financial condition;

 

(8) Inability to secure skilled employees, particularly engineering and technical personnel;

 

(9) Insufficient protection of our trade secrets and intellectual property rights including patents;

 

(10) Our continuing to hold licenses to manufacture and sell certain of our products;

 

(11) The possibility that future initiatives and in-process research and development may not produce the desired results;

 

(12) The possibility that companies or assets acquired by us may not produce the returns or benefits, or bring in business opportunities, which we expect, and may require more cost than expected for integration;

 

(13) Events that may impact negatively on our markets or supply chain, including terrorist acts and outbreaks of disease or war;

 

(14) The occurrence of natural disasters, such as earthquakes, in locations where our manufacturing and other key business facilities are located;

 

(15) The possibility of future tightening of environmental laws and regulations in Japan and other countries which may increase our environmental liability and costs and expenses to observe the obligations;

 

(16) Fluctuations in the value of, and impairment losses on, securities and other assets held by us;

 

(17) The possibility that deferred tax assets may not be realized or additional liabilities for unrecognized tax benefits may be required; and

 

(18) Changes in accounting principles.

Such risks, uncertainties and other factors may cause our actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. We undertake no obligation to publicly update any forward-looking statements included in this document.

 

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Table of Contents

2. Consolidated Financial Statements

(1) CONSOLIDATED BALANCE SHEETS (Unaudited)

 

     June 30, 2010    March 31, 2010    Increase
(Decrease)
 
     Amount     %    Amount     %   
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 312,775         ¥ 313,126         ¥ (351

Investments in debt securities, current

     22,114           11,644           10,470   

Other short-term investments

     205,524           200,413           5,111   

Trade notes receivables

     15,573           16,421           (848

Trade accounts receivables

     191,721           190,903           818   

Less allowances for doubtful accounts and sales returns

     (3,943        (3,971        28   

Inventories

     182,792           177,361           5,431   

Advance payments

     51,684           52,316           (632

Deferred income taxes

     41,514           40,872           642   

Other current assets

     35,660           35,370           290   
                                  

Total current assets

     1,055,414      58.5      1,034,455      56.0      20,959   
                                  

Non-current assets:

            

Investments and advances:

            

Investments in and advances to affiliates and unconsolidated subsidiaries

     1,242           1,261           (19

Investments in debt and equity securities, long-term

     314,942           370,124           (55,182

Other long-term investments

     10,463           10,534           (71
                                  

Total investments and advances

     326,647      18.1      381,919      20.6      (55,272
                                  

Property, plant and equipment:

            

Land

     56,431           56,870           (439

Buildings

     286,570           290,516           (3,946

Machinery and equipment

     683,944           689,608           (5,664

Construction in progress

     8,886           8,842           44   

Less accumulated depreciation

     (798,130        (805,737        7,607   
                                  

Total property, plant and equipment

     237,701      13.2      240,099      13.0      (2,398
                                  

Goodwill

     64,885      3.6      67,602      3.6      (2,717

Intangible assets

     47,568      2.6      49,593      2.7      (2,025

Other assets

     73,331      4.0      75,049      4.1      (1,718
                                  

Total non-current assets

     750,132      41.5      814,262      44.0      (64,130
                                  

Total assets

   ¥ 1,805,546      100.0    ¥ 1,848,717      100.0    ¥ (43,171
                                  

 

– 11 –


Table of Contents
     June 30, 2010    March 31, 2010    Increase
(Decrease)
 
     Amount     %    Amount     %   
     (Yen in millions)  

Current liabilities:

            

Short-term borrowings

   ¥ 3,523         ¥ 4,073         ¥ (550

Current portion of long-term debt

     11,145           13,456           (2,311

Trade notes and accounts payable

     95,138           89,750           5,388   

Other notes and accounts payable

     62,721           63,779           (1,058

Accrued payroll and bonus

     55,546           47,131           8,415   

Accrued income taxes

     15,288           15,602           (314

Other accrued liabilities

     23,709           26,800           (3,091

Other current liabilities

     32,109           28,721           3,388   
                                  

Total current liabilities

     299,179      16.6      289,312      15.7      9,867   
                                  

Non-current liabilities:

            

Long-term debt

     24,257           29,067           (4,810

Accrued pension and severance liabilities

     28,421           31,828           (3,407

Deferred income taxes

     59,093           75,619           (16,526

Other non-current liabilities

     15,754           15,629           125   
                                  

Total non-current liabilities

     127,525      7.0      152,143      8.2      (24,618
                                  

Total liabilities

     426,704      23.6      441,455      23.9      (14,751
                                  

Kyocera Corporation shareholders’ equity:

            

Common stock

     115,703           115,703             

Additional paid-in capital

     163,073           163,044           29   

Retained earnings

     1,187,004           1,168,122           18,882   

Accumulated other comprehensive income

     (95,961        (51,010        (44,951

Treasury stock, at cost

     (50,635        (50,624        (11
                                  

Total Kyocera Corporation shareholders’ equity

     1,319,184      73.1      1,345,235      72.8      (26,051
                                  

Noncontrolling interests

     59,658      3.3      62,027      3.3      (2,369
                                  

Total equity

     1,378,842      76.4      1,407,262      76.1      (28,420
                                  

Total liabilities and equity

   ¥ 1,805,546      100.0    ¥ 1,848,717      100.0    ¥ (43,171
                                  
            

Note: Accumulated other comprehensive income is as follows:

 

     June 30, 2010     March 31, 2010     Increase
(Decrease)
 
     (Yen in millions)  

Net unrealized gains (losses) on securities

   ¥ (613 )     ¥ 23,468      ¥ (24,081

Net unrealized gains (losses) on derivative financial instruments

   ¥ 27      ¥ (82   ¥ 109   

Pension adjustments

   ¥ 654      ¥ 1,053      ¥ (399

Foreign currency translation adjustments

   ¥ (96,029   ¥ (75,449   ¥ (20,580

 

– 12 –


Table of Contents

(2) CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

     Three months ended June 30,     Increase
(Decrease)
 
     2009     2010    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions and shares in thousands, except per share amounts)  

Net sales

   ¥ 225,401      100.0      ¥ 313,175      100.0      ¥ 87,774      38.9   

Cost of sales

     177,624      78.8        218,742      69.8        41,118      23.1   
                                          

Gross profit

     47,777      21.2        94,433      30.2        46,656      97.7   

Selling, general and administrative expenses

     53,349      23.7        53,830      17.2        481      0.9   
                                          

Profit (loss) from operations

     (5,572   (2.5     40,603      13.0        46,175        

Other income (expenses):

            

Interest and dividend income

     5,023      2.2        5,293      1.7        270      5.4   

Interest expense

     (757   (0.3     (572   (0.2     185        

Foreign currency transaction gains (losses), net

     224      0.1        (273   (0.1     (497     

Equity in earnings of affiliates and unconsolidated subsidiaries

     1,077      0.5        202      0.1        (875   (81.2

Other, net

     708      0.3        1,070      0.3        362      51.1   
                                          

Total other income (expenses)

     6,275      2.8        5,720      1.8        (555   (8.8
                                          

Income before income taxes

     703      0.3        46,323      14.8        45,620        

Income taxes

     289      0.1        14,749      4.7        14,460        
                                          

Net income

     414      0.2        31,574      10.1        31,160        

Net income attributable to noncontrolling interests

     (874   (0.4     (1,681   (0.6     (807     
                                          

Net income (loss) attributable to shareholders of Kyocera Corporation

   ¥ (460   (0.2   ¥ 29,893      9.5      ¥ 30,353        
                                          

Earnings per share:

            

Net income (loss) attributable to shareholders of Kyocera Corporation:

            

Basic

   ¥ (2.50     ¥ 162.89         

Diluted

   ¥ (2.50     ¥ 162.89         

Average number of shares of common stock outstanding:

            

Basic

     183,527          183,520         

Diluted

     183,527          183,520         

Note:

Basic earnings per share attributable to shareholders of Kyocera Corporation was computed based on the average number of shares of common stock outstanding during each period, and diluted earnings per share attributable to shareholders of Kyocera Corporation was computed based on the diluted average number of shares of stock outstanding during each period.

(3) CAUTIONARY STATEMENT FOR PREMISE OF A GOING CONCERN

None.

(4) CAUTIONARY STATEMENT FOR SIGNIFICANT CHANGES IN EQUITY

None.

 

– 13 –


Table of Contents

3. Other Information

Change in accounting principles, procedures and financial statements’ presentation:

Recently Adopted Accounting Standards

Kyocera adopted the Financial Accounting Standards Board (“FASB”)’s Accounting Standards Update (“ASU”) No. 2009-16, “Accounting for Transfers of Financial Assets.” This accounting standard codified former Statement of Financial Accounting Standards (“SFAS”) No. 166, “Accounting for Transfers of Financial Assets-an amendment of FASB Statement No. 140” issued in June 2009 in the Accounting Standards Codification (“ASC”) 860, “Transfers and Servicing.” This accounting standard removes the concept of a qualifying special purpose entity from former SFAS No. 140 and removes the exception from applying former FASB Interpretation No. 46 (revised December 2003), Consolidation of Variable Interest Entities, to qualifying special-purpose entities and establishes specific conditions for reporting a transfer of a portion of a financial asset as a sale. The adoption of this accounting standard did not have a material impact on Kyocera’s consolidated results of operations, financial position and cash flows.

Kyocera adopted the ASU No. 2009-17, “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.” This accounting standard codified former SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” issued in June 2009 in the ASC 810, “Consolidation.” This accounting standard requires an enterprise to perform an analysis to identify the primary beneficiary of a variable interest entity and also requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. The adoption of this accounting standard did not have a material impact on Kyocera’s consolidated results of operations, financial position and cash flows.

 

– 14 –

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