TOKYO, Japan, April 28 /PRNewswire-FirstCall/ -- HOYA Corporation today announced fourth quarter net sales of 135.8 billion yen for the period ended March 31, 2008, a 36.5% increase over the same quarter of the prior year. Operating income for the quarter was 18.0 billion yen, a 26.8% decrease compared with 24.6 billion yen in the prior year period. Net income for the fourth quarter was 16.3 billion yen and earnings per share were 37.71 yen. For the same quarter of the previous year, net income was 19.0 billion yen and earnings per share were 44.11 yen.
For the fiscal year ended March 31, 2008, the company announced net sales of 481.6 billion yen, an 23.5% increase over the prior year. Operating income for the fiscal year was 95.0 billion yen, or 11.3% decrease over the prior year period. Net income for the fiscal year was 77.0 billion yen and earnings per share were 178.18 yen. For the previous fiscal year, net income and earnings per share were 83.3 billion yen and 193.50 yen.
"The result of Fiscal year 2007 fell below our expectations, largely due to the price drop of digital camera that affected our optics business," said Hiroshi Suzuki, chief executive officer of HOYA. "The beginning of the new fiscal year looks better than the same period last year. We are planning a proactive capital investment in FY2008 in order to meet the market demand. "
Business Highlights for the Fourth Quarter
Revenue growth for the quarter was driven by merger with Pentax, however, the operating income decreased by 26.8%. Electro-Optics revenue decreased by 6.4% largely due to seasonal decline of demand and negative effect on foreign exchange rate. Vision Care revenue decreased by 6.5% due to the tough competition with low-price lenses. Healthcare sector delivered 10.0% revenue growth for the quarter resulting from successful consulting sales effort and expanding sales of value-added products.
Starting this quarter, the sales of three Pentax business units are consolidated. Life Care net sales increased year-on-year basis driven by strong sales of new endoscopic system. Imaging System net sales decreased year-on-year basis due to the sales decline of compact type digital camera. Optical Component net sales increased year-on-year basis resulting from steady performance of value-added digital camera module.
Business Highlights for the Full Year
Electro-optics net sales were 209.8 billion yen, an 4.3% decrease over the prior year. Vision Care net sales were 126.3 billion yen, 5.5% up over the prior year. Health Care net sales were 46.1 billion yen, 13.0% up over the prior year. The net sales of 89.0 billion yen from newly consolidated Pentax businesses and its subsidiaries for the six months from October 1, 2007 to March 31, 2008 have been combined to the full year results.
HOYA also announced year-end dividends forecast of 35 yen per share of common stock. The annual dividend, including the interim dividends of 30 yen per share, will amount to 65 yen per share. It will be decided at the board of directors meeting in the end of May.
For the full quarterly report please access "Hoya Quarterly" in Investor Relations page of HOYA website at: http://www.hoya.co.jp/english/
*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 four fields of business: Electro-Optics makes mask blanks and photomasks for the fabrication of semiconductor devices and liquid crystal panels, optical lenses for use in digital cameras, and glass memory disks for hard disk drives. The Eye Care business provides eyeglasses and operates retail shops for contact lenses, as well as makes intraocular lenses for cataract surgery. The Life Care Business provides endoscopic system. The Imaging System produces SLR/compact digital cameras and interchangeable lenses. The Optical Component business produces digital camera lens modules and micro lenses. Hoya now has 111 subsidiaries and affiliates, and employs approximately 35,000 people worldwide. For more information, please visit http://www.hoya.co.jp/english/
SOURCE Hoya Corporation