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Omron Reports Q1 Consolidated Financial Results
July 28, 2005 |Estimated reading time: 1 minute
TOKYO — Omron Corp. has reported earnings for the first quarter, which began on April 1, 2005 and ended on June 30, 2005. Net sales totaled JPY 138.4 billion, operating income was JPY 9.0 billion, gross income totaled JPY 5.1 billion and net income totaled JPY 5.1 billion.
Contributing factors to these results included high crude-oil prices and the start of an adjustment phase in inventories of information technology (IT) and digital-related products, which led to slower growth in consumer spending and capital investment in North America and Europe. Production also slowed, particularly in China, South Korea and Taiwan, resulting in a decelerating global economy. The Japanese economy also tended toward slower growth due to sluggish exports and corporate capital investment, which have been driving economic growth until now.
Net sales for the first quarter were below the level of the same period of the previous year, totaling JPY 138,474 million, a 6.4% decrease compared to the same period one year ago. The transfer of the ATM and other information equipment business to an equity affiliate had a substantial impact on sales. However, although domestic and overseas sales of consumer and commerce components for IT and digital-related products were weak, sales of electronic components for automobiles and control devices for factory automation, two key products of the Omron Group, were solid.
Net sales for the first quarter, excluding the transferred information equipment business, surpassed net sales for the same period last year. While conducting aggressive investment for future growth, Omron made continuous structural reforms to promote lasting efficiency improvements aimed at realizing a solid profit structure. However, the decrease in net sales due to the transfer of the information equipment business and increases in sales, general and administrative expenses and research and development expenses resulted in operating income of JPY 9,099 million, a 40.2% decline compared to last year. Income before income taxes totaled JPY 8,576 million, a 43.1% decrease compared to last year, and net income totaled JPY 5,147 million, a 46.4% drop from last year.