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May 6, 2009

Fujitsu makes $1 billion loss in 2008

Attributes the loss was due to business reform expenses and impairment losses

By CBR Staff Writer

Fujitsu has reported a net loss of JPY 112.4 billion ($1.15 billion) for fiscal 2008, compared to net income of JPY 48.1 billion ($497m) in 2007, on revenue down 12% at JPY 4,693 billion ($48 billion). The company said the loss was due to business reform expenses and impairment losses.

During the year operating income fell 67% to JPY 69 billion ($702m) compared to JPY 205 billion ($2.12 billion) in 2007. Cash and cash equivalents at the end of the year was JPY 528.2 billion ($5.5 billion).

The Tokyo-based company said technology solutions revenue fell 6% to 3,077 billion ($31.4 billion), while ubiquitous product solutions revenue declined 20.2% to JPY 949 billion ($9.7 billion). Device solutions revenue declined 26.2% to JPY 588 billion ($6 billion), while other operations revenue fell 15.3% to JPY 446.2 billion ($4.6 billion).

Geographically, Americas revenue declined 22.3% to JPY 365.2 billion ($3.7 billion), while Japan revenue fell 10.4% to JPY 3,790 billion ($39 billion). EMEA revenue fell 20.4% to JPY 613 billion ($6.3 billion), while APAC and China revenue declined 23.3% to JPY 656 billion ($6.7 billion).

Last September it reorganized its North American business as part of its strategy to generate business growth outside Japan. In July it moved its printed circuit board business from the UK to the US, and in May it transferred its photonics manufacturing and product development businesses to its subsidiary Fujitsu Access, and sold its local government business in Australia and New Zealand.

Fujitsu president, Kuniaki Nozoe, said: We ended the fiscal year with strong performance in our IT services and platforms business, thanks to the ability of Fujitsu employees to respond to customers’ changing needs and deliver solutions that improve their competitiveness during these challenging times.

For fiscal 2009 the company expects revenue of JPY 4,800 billion ($49.6 billion), operating income of JPY 80 billion ($826m), and net income of JPY 20 billion ($207m).

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