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Daily News

Sony Revises Results
May 24, 2011
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Sony revised its consolidated results forecast for the fiscal year that ended March 31, 2011 from those announced on February 3, 2011.

Consolidated sales and operating revenue, forecast in February to be ¥7,200 billion, was revised downward 0.3% and is now forecast to be ¥7,181 billion. Operating income forecast remained unchanged at ¥200 billion. Income before income taxes was revised from the February forecast of ¥200 billion to the revised forecast of ¥205 billion. Net income forecast in February to be ¥70 billion was revised to be a loss of ¥260 billion.

The impact of the earthquake on Sony sales is estimated to be about ¥22 billion and the company expects to record charges of about ¥12 billion yen for earthquake-idled plants and life insurance payouts. Sony expects insurance will cover much of the ¥11 billion in to cover earthquake damage to plants and inventory.

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