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Non-Tech : BNDCY - Bandai Co., Ltd.
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To: tonto who wrote (180)9/23/1997 1:57:00 AM
From: Cisco   of 225
 
Tonto,

I just came across a news story on a premium new services that may answer your questions on the relationship of the parent to the group.

On September 18, Newsbytes News Network ran an article entiled "Tamagotchi Helps Bandai Sales But Pippin Slashes Profits."

In the article Martyn Williams reports that Bandai "expects to report an unconsolidated pretax profit of six billion yen ($49.65 million) for the first six months of its current fiscal year which began in April 1997". They contribute this to the increase profits from "Tamagotchi".

They go on to state that "despite the great sales of Tamagotchi, the group pretax profit (for the year) was revised downwards because of continuing slugglish sales of the Pippin CD-based computer system."
They are currently projecting $8.27 million group pretax profit.

If you use the year projection of the parent from your link, it appears that the rest of the group is projected to lose pretax $79.23 million this year ending March 31, 1998. ($87.5 - $8.27 = $79.23).

I believe that the BNDCY is the ADR of the group or consolidated company as reported at Bandai's web site. I base this on the Corporative History as well as the fact that both the Consolidated and Non-consolidated Balance Sheets listed at Bandai's web site base their shareholders' equity on the same number of shares.

If this is correct, then I guess the main question is why is a company who reported a consolidated pretax income of $186.818 million for the year ending March 31, 1996 is now projecting a pretax income of $8.27 million for the year ending March 31, 1998? It appears that without Tamagotchi the group would lose it shirt this year.

Tonto, am I missing something or do you draw the same conclusion? Is my reasoning flawed somehow?

Cisco
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