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Politics : Formerly About Applied Materials

AMAT 301.11

+6.9%

Jan 9 3:59 PM EST

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To: Gottfried who wrote (60860)	2/22/2002 12:21:25 AM
From: StanX Long	Read Replies (1) of 70976

Kyocera Cuts Profit Goal 29% After Parts Prices Fell (Update3) By Keiko Kambara quote.bloomberg.com Kyoto, Japan, Feb. 22 (Bloomberg) -- Kyocera Corp. cut its full-year profit forecast for a third time this fiscal year on lower parts prices and slower mobile-phone demand in the U.S. The company's shares fell by as much as 6.9 percent. The biggest maker of ceramic casings that protect semiconductors expects group net income of 27.5 billion yen ($205 million) in the year ending March 31, 29 percent lower than its 38.5 billion yen November forecast, spokesman Hitoshi Inoue said. Kyocera earned 219.5 billion yen in the year ended March 31, 2001. Parts prices fell after makers of components in Japan ramped up production just as global demand for mobile phones dropped for the first time in history. Investors question whether Kyocera's 10,000 job cuts and shifting some production to China is enough to improve the company's earnings. ``I doubt next fiscal year's outlook is any brighter,'' said Makoto Sakuma, who manages 100 billion yen in assets at Asahi Life Investment Management Co., which holds Kyocera shares. ``The situation will be tough on any mobile-phone-related company.'' The shares of the Kyoto-based company slumped to their biggest one-day drop since Nov. 7. Declines in Kyocera's shares will probably be limited because the company is managing to post profits, Sakuma said. The company lowered its full-year sales goal by 2.4 percent to 1.03 trillion yen. The lower value of its stock holdings was also behind the revisions, the company said.

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