Canare Electric Co., Ltd. Lowers Consolidated Full-year Forecast for FY 2011; to Turn Business to Subsidiary

Canare Electric Co., Ltd. announced that it has lowered the consolidated full-year forecast for revenue from JPY 8,570 million to JPY 8,105 million, operating profit from JPY 1,030 million to JPY 735 million, ordinary profit from JPY 1,040 million to JPY 835 million, net profit from JPY 680 million to JPY 570 million and earning per share from JPY 100.74 to JPY 84.45 for the fiscal year ended December 31, 2011. The Company lowered the consolidated full-year outlook due to decreased sales amount. The Company has decided to turn its electronic equipment division to a wholly owned subsidiary, effective May 1, 2012.