Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (62551)	4/1/2002 4:10:24 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Seiko to Post Loss of 13 Bln Yen in Year Just Ended (Update2) quote.bloomberg.com Tokyo, April 1 (Bloomberg) -- Seiko Corp. said it will post a loss in the fiscal year ended Sunday more than three times its earlier estimate because of the lower value of its stock holdings, retirement expenses and reorganization costs. Seiko will have a group loss of 13 billion yen ($98 million) in the twelve months ended Sunday, wider than its previous 4 billion yen loss forecast, the watchmaker said. Seiko posted a profit of 2.1 billion yen in the fiscal year ended March 2001. The loss is a result of writing down about 12.1 billion yen in the value of its stockholdings and a 6 billion yen special loss related to retirement and reorganization expenses. The company said it probably posted sales of 226 billion yen in the twelve months ended March 31, down 13 percent from a year ago and unchanged from its previous forecast. To partially offset some of its costs last fiscal year, Seiko said it sold one-fifth, or about 2 million, of its shares in Seiko Epson Corp., Japan's biggest maker of inkjet printers, for about 7 billion yen. Seiko will book a special profit of 4.3 billion yen related to the sale, it said. ``We were forced to sell Seiko Epson shares to avoid negative shareholder equity,'' Seiko director Kunio Maeda said.