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August 6, 2015

Notification of Revision to the Dividend Forecasts and Business Forecasts

Based on recent business performance, DISCO Corporation ("the Company") has decided to revise the Company's business forecasts and to revise its dividend forecasts for April to September (the first-half) of the fiscal year ending March 31, 2016, which were announced on May 12, 2015. DISCO has also decided to disclose the Company's business forecasts for April to December (the accumulated 3rd quarter results) of the fiscal year ending March 31, 2016, which have not been disclosed before.

1. Business forecast revision
Revision of consolidated business forecasts
Revised consolidated forecast (accumulated) for the 2Q of the year ending March 31, 2016
(April 1, 2015 - September 30, 2015) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 71,100 18,400 18,500 13,300 372.54
Revised forecast (B) 66,700 17,700 17,600 12,100 338.78
(B)-(A) -4,400 -700 -900 -1,200
% change -6.2 -3.8 -4.9 -9.0
(Reference)
Results for the 2Q of the previous fiscal year(2Q of the year ending March 31, 2015)
65,198 13,724 13,730 9,755 287.51

Revised consolidated forecast (accumulated) for the 3Q of the year ending March 31, 2016

(April 1, 2015 - December 31, 2015) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) - - - - -
Revised forecast (B) 94,600 23,500 23,600 16,400 -
(B)-(A) - - - -
% change - - - -
(Reference)
Results for the 3Q of the previous fiscal year (3Q of the year ending March 31, 2015)
92,321 19,968 19,457 14,122 412.92

Revision of non-consolidated business forecasts

Revised non-consolidated forecast (accumulated) for the 2Q of the year ending March 31, 2016

(April 1, 2015 - September 30, 2015) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) 61,200 14,300 16,500 12,000 336.13
Revised forecast (B) 56,800 14,200 17,200 12,600 352.78
(B)-(A) -4,400 -100 700 600
% change -7.2 -0.7 4.2 5.0
(Reference)
Results for the 2Q of the previous fiscal year(2Q of the year ending March 31, 2015)
56,260 10,493 13,008 9,190 270.85

Revised non-consolidated forecast (accumulated) for the 3Q of the year ending March 31, 2016

(April 1, 2015 - December 31, 2015) (Millions of yen)
Net sales Operating income Ordinary income Net income Net income per share
(yen)
Previous forecast (A) - - - - -
Revised forecast (B) 80,000 18,800 22,000 16,000 447.97
(B)-(A) - - - -
% change - - - -
(Reference)
Results for the 3Q of the previous fiscal year (3Q of the year ending March 31, 2015)
79,184 15,229 17,916 12,596 368.27

Reason for the revisions

The forecast for April to September (the first-half) of the fiscal year ending March 31, 2016, released on May 12 this year, was revised due to the market environment of the semiconductor and electronic component industry, and business results and trends in the company's performance.
The Company has also decided to disclose the business forecasts for the April to December (the accumulated 3rd quarter results) of the fiscal year ending March 31, 2016, which have not been disclosed before.

Note: The above forecast of financial results is based on certain information available to the Company at the time of announcement, and actual operating results may differ from the forecast due to various factors.

2. Revised dividend forecasts
(yen) Dividend per share
1Q-end 2Q-end 3Q-end Year-end Annual
Previous forecast - 94.00 - - -
Revised forecast - 85.00 - - -
Results for this year - - -
(Reference)
Results for previous year
- 72.00 - 88.00 160.00

Reason

The dividend payment forecast has been revised as shown above, based on the new earnings forecast and the performance-linked dividend policy. As of this moment, the Company has not decided the dividend for the year-end.

DISCO's dividend policy
To improve the transparency of the Company’s stance prioritizing the return of profits to shareholders, the dividend payout ratio is set at 25% of the consolidated net income.

Note: The total amount of the interim dividend will consist of 25% of consolidated net income for the first half of the year (April-September), and that of the final dividend, of 25% of consolidated net income for the second half of the year (October-March).
However, notwithstanding this net income linked-benchmark, the Company will strive to maintain an reliable dividend of 10 yen per half-year.

Except when there is a loss, if the year-end balance of cash and deposits after payment of dividends and income taxes is greater than projected funding requirements for the acquisition of technology resources, one-third of that surplus will be added to dividends. The ¥20 payout stipulated in our stable dividend policy may be viewed if there are consolidated net losses in three consecutive years.
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