This is to inform you that ZEON Corporation today filed a report with the Tokyo Stock Exchange regarding its financial results for the third quarter of the fiscal year ending March 2004, as follows:
January 28, 2004
Summary of FY2003 Third Quarter Consolidated Financial Results
- Name of listed company:
- ZEON Corporation
- (Code 4205: First Section, Tokyo Stock Exchange and Osaka Securities Exchange)
- President & CEO Naozumi Furukawa
- Managing Director,Finance & Accounting Dept. Yoichi Mishima
- Tel: +81-3-3216-1785
1. Point of Note Regarding the Compilation of Quarterly Results
Differences in accounting method for net sales (or commensurate items) with method of recognition in consolidated results for the latest fiscal year: None
2.Summary of Financial Results for FY2003 Third Quarter (April 1, 2003 to December 31, 2003)
(1) Consolidated net sales (cumulative)
(Rounded to the nearest million yen)
|FY2003 Q3||¥ (millions)
- Note: Net sales represent cumulative figures up to the quarter under review.
- Percentage change shows increase or decrease from the same quarter last year.
Figures for FY2002 third quarter are internal figures not publicly disclosed.
- Supplementary Explanation Regarding Net Sales (or Commensurate Items)
- Cumulative net sales for the Group up to the quarter under review increased 4.7%
- compared with the same period in the prior year, to ¥160,385 million.
- Primary factors for the increase are as follows:
- In the Specialty Materials business, Specialty Plastics (cyclo-olefin polymers) sales continued to steadily expand led by the ZEONOR series and related processed products, mainly in the area of optical films, and by the ZEONEX series, primarily optical applications. Imaging & Electronics Materials also contributed to performance, with consistently growing sales of etching gas (ZEORORA ZFL-58), both in the domestic and export markets.
(2) Events that had a material impact on the financial condition and business performance of the corporate group during the quarter under review
On November 21, 2003, the Minister of Economy, Trade and Industry punitively revoked authorization for our Mizushima Plant to carry out safety inspections and other inspections, and revoked authorization for our Tokuyama Plant, to carry out safety inspections based on the High-Pressure Gas Safety Law. We consequently suspended operations at these facilities, pending onsite inspections duly undertaken by the related prefectural authorities. The safety of both plants was subsequently confirmed by the respective prefectural authorities and operations resumed by December 5, 2003.
The latest suspension of operations gave rise to factors that could negatively impact profit, including lower production volumes and product shipments. The Company is currently calculating the impact on overall results.
3. Forecast of Consolidated Financial Results for FY2003 (April 1, 2003 to March 31, 2004)
The Company is currently in the process of revising its forecast to reflect the effects of the above mentioned factors in addition to recent changes in the business environment, such as the higher price of raw materials and the effect of changes in the value of the U.S. dollar against the yen.