23rd
February 2009 - Akebono
Revises Fiscal 2008 Forecast
Akebono Brake Industry Co. Ltd.
announced revised Consolidated Financial Forecast and Dividend Forecast for
Fiscal Year 2008 (April 1, 2008 through March 31, 2009).
Revised Consolidated
Financial Forecast for FY2008
| (unit: million
yen) |
Net Sales |
Operating Income |
Ordinary Income |
Net Income |
Net Income per share |
| Previous
Forecast (A) |
179,900 |
6,800 |
5,100 |
2,500 |
23.30 yen |
| Revised Forecast
(B) |
158,000 |
(6,500) |
(8,500) |
(7,000) |
(65.22 yen) |
| Changes / Amount
(B-A) |
(21,700) |
(13,300) |
(13,600) |
(9,500) |
-- |
| Changes / ( % ) |
(12.1) |
-- |
-- |
-- |
-- |
| Previous Result
FY2007 |
184,731 |
15,158 |
12,619 |
6,637 |
61.85 yen |
From September 2008, the
financial crisis spread across the real world economy resulting in an
unforeseen sudden drastic fall in production amoung automakers, both in
Japan and abroad.
Loss on this large-scale
fall in sales, loss on valuation impairment of marketable securities and
loss on closure of Springfield plant (Kentucky, USA), are major reasons
of revising Full Year performance (Fiscal year ending March 31, 2009).
Under these business
environment, Akebono group has been experiencing unexpected level of
excess capacity. To achieve profit recovery at the earliest, we
will hasten our global restructuring and put strong focus on emergency
measures listed below:
| • |
Decrease in compensation for
directors and managements |
| • |
Optimize human resources for
current production level |
| • |
Drastic reduction in fixed
costs to achieve strong cost structure |
| • |
Review of global asset
efficiency to reflect current situation |
| • |
Minimizing capital
expenditure and use of refurbished equipment |
Source:
Akebono Corporation Press Release