Pioneer Amends Group Operating Profits for Past Two Years Jun 10, 2003

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Pioneer Corp. on Monday amended parts of its group earnings results for the past 2 fiscal years following its decision to adopt a more rigid interpretation of U.S. accounting standards in booking losses on sales of some assets.

The revision has only affected its group operating profits, the Japanese consumer electronics maker said.

Pioneer now says its group operating profit rose 75 percent to Y31.35 billion (U.S. $) for the year ended March 2003, up from a year-earlier profit of Y17.94 billion.

In the results it released on April 24, 2003, the company said its group operating profit came to Y35.87 billion for the just-ended year, up 69 percent from a year-earlier profit of Y21.28 billion.

As a result, Pioneer's projection for group operating profit of Y41 billion for the current year ending March 2004 will now represent a 31 percent on-year increase, instead of a 14-percent rise.

Changes were made in the classification of losses on sales and disposals of fixed assets and losses on sales of treasury stock, it said.

Pioneer's results were audited by Tohmatsu & Co. (Dow Jones)

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