OKI Announces Consolidated Financial Results for First Nine Months of FY Ending March 31

On February 2, 2016 Oki Electric Industry Co., Ltd. announced its financial results for the first nine months (from April 1, 2015 to December 31, 2015) of the fiscal year ending March 31, 2016.

Net sales were ¥337.6 billion, down 5.4 percent from ¥356.9 billion in the year-ago period. Operating income was ¥7.5 billion, down 51.1 percent from ¥15.3 billion in the year-ago period, and ordinary income was ¥3.8 billion, down 83.9 percent from ¥23.3 billion.

In the Printer segment, net sales decreased by ¥2.6 billion. Color LED decreased to ¥53.5 billion from ¥57.9 billion, while monochrome LED’s decline was much smaller, dropping to ¥23.3 billion from ¥23.6 billion. OKI reported that sales of strategic models were stable “due to the effect of strengthening the sales support structure, etc.” and tat the decrease in unit sales of existing products was “braked due to the effect of price measures against competitors from 2Q” though unit sales, mainly in color printers, decreased due to the impact of the shrinking market overall. Within Printers, the “Other” segment was the only one to show growth due to the firm’s acquisitions in the wide-format area — OKI Data completed its acquisition of Seiko I Infotech in October 2015, later announcing its expansion and long-term growth strategy in the space.  

As for the steep decline in operating income, OKI stated the dip was mainly due to a decline in sales volume and the impact of currency exchange.

In spite of the dismal numbers, OKI has not changed its full-year projections.

 

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