Sony Corporation announced today its consolidated results for the third quarter ended Dec. 31, 2002.
For the 3 months ended Dec. 31, 2002, consolidated sales increased slightly year on year to achieve a quarterly record for Sony of Yen 2,307.7 billion (U.S. $19.2 billion). Operating income increased Yen 40.9 billion year on year to Yen 199.5 billion ($1.7 billion). Net income reached Yen 125.4 billion ($1.05 billion), the highest quarterly net income Sony has ever recorded. The depreciation of the Yen against the Euro had a positive impact on results.
In Sony’s Electronics segment, although sales decreased due to the severe operating environment, the strong performance of components, semiconductors, and consumer audio-visual products, which resulted from an improvement in profit structure, resulted in an increase in total operating income.
In the Game segment, the market penetration of hardware continued to expand as hardware unit sales, primarily in the U.S. and Europe, increased significantly during the quarter. As a result, software sales worldwide increased, and this enabled the segment to again achieve the high level of sales and operating income recorded in the same quarter of the previous year.
Cash flow was positive throughout the 9 months ended Dec. 31, 2002, a significant improvement over the same period of the previous year. This was due to an increase in the operating income of the Electronics, Game, and Pictures businesses. Total interest-bearing debt on Dec. 31, 2002 was lower than as of Dec. 31, 2001 and as of March 31, 2002.
Based on management's belief that uncertain market conditions and the implementation of additional restructuring initiatives will make the fourth quarter a difficult one, Sony has not changed its forecast for the fiscal year ending March 31, 2003, which was announced in October 2002.
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