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May 15, 2009

NEC reports weak Q4 and year

Revenue from IT network solutions decreased 12.5% to $8.7 billion

By CBR Staff Writer

NEC, Japan’s largest personal computer maker, has reported a net loss of JPY 168 billion ($1.7 billion) for the fourth quarter 2009, compared to a profit of JPY 33 billion ($337m) last year, on revenue down 20% at JPY 1,140 billion ($11.6 billion).

Operating profit fell to JPY 5.2 billion ($53m) compared to JPY 113.3 billion ($1.2 billion) last year.

Revenue from IT network solutions decreased 12.5% to JPY 856.3 billion ($8.7 billion), while mobile/personal solutions revenue declined 30% to JPY 180 billion ($1.8 billion). Electronic device revenue fell 50% to JPY 100 billion ($1 billion).

For fiscal 2009, the company reported a net loss of JPY 297 billion ($3 billion), compared to a net profit of JPY 22.7 billion ($232m) on revenue down 9% to JPY 4,216 billion ($43 billion). It made an operating loss of JPY 6.2 billion ($63m) compared to operating profit of JPY 157 billion ($1.6 billion) last year.

NEC said revenue during the year from IT network solutions decreased 5% to JPY 2,724 billion ($28 billion), while mobile/personal solutions revenue declined 7.2% to JPY 810.3 billion ($8.3 billion). Electronic device revenue fell 21.4% to JPY 653 billion ($6.7 billion), while other revenue decreased 40% to JPY 29 billion ($296m).

During the fourth quarter the company announced a restructuring program including plans to shut its liquid crystal display plant in southern Japan and cut 590 jobs by the end of March 2010. It followed an announcement earlier in the year to lay off 9,500 staff and retire a further 450 in Japan, cut 9,000 jobs overseas, and close some plants and businesses.

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