Key Developments: Funai Electric Co Ltd (6839.T)

6839.T on Tokyo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

FUNAI ELECTRIC CO LTD amends consolidated full-year outlook for FY 2015
Tuesday, 4 Nov 2014 02:00am EST 

FUNAI ELECTRIC CO LTD:Says the company increased the consolidated full-year outlook for revenue to 203,000 million yen from 200,000 million yen for FY ending March 2015.Operating profit forecast at 500 million yen.Ordinary profit forecast increased to 1,400 million yen from 400 million yen.Net profit forecast increased to 900 million yen from 10 million yen.Earnings per share increased to 26.38 yen from 0.29 yen.FY 2015 revenues of 201.63 billion yen, net income of a loss of 0.29 yen – Thomson Reuters I/B/E/S.Comments the economic recovery in main market U.S. and devaluation of yen are the main reasons for the forecast.  Full Article

FUNAI ELECTRIC CO LTD appoints president
Thursday, 2 Oct 2014 02:00am EDT 

FUNAI ELECTRIC CO LTD:Appoints Tomonori Hayashi as new president to succeed Yoshikazu Uemura, effective Oct. 2.  Full Article

FUNAI ELECTRIC revises full-year consolidated outlook for FY 2014
Thursday, 20 Mar 2014 04:00am EDT 

FUNAI ELECTRIC CO LTD:Full-year consolidated outlook for revenue of 230,000 mln yen raised from 229,000 mln yen, for fiscal year ending March 31, 2014.Full-year operating profit (loss) outlook of (5,100 mln) yen lowered from 500 mln yen.Full-year ordinary profit (loss) outlook of (2,500 mln) yen lowered from 2,100 mln yen.Full-year net profit (loss) outlook of (6,500 mln) yen lowered from 100 mln yen.Full-year earnings (loss) per share outlook of (190.51) yen lowered from 2.93 yen.Profit outlook lowered due to loss on PHILIPS brand liquid crystal television and audio accessories.FY 2014 revenue of 224,790 mln yen, operating profit (loss) of (560 mln) yen and net profit of 30 mln yen - Thomson Reuters I/B/E/S.  Full Article

Japan Supreme Court rejects FUNAI ELECTRIC CO LTD's appeal
Thursday, 12 Dec 2013 03:00am EST 

FUNAI ELECTRIC CO LTD:Says Japan Supreme Court rejected the appeal filed by the company on Dec. 11.Says the appeal was filed on Aug. 1, 2012, regarding a taxation decision on a Hong Kong-based subsidiary of the company.  Full Article

FUNAI ELECTRIC CO LTD to file counterclaim against Koninklijke Philips for a breach of contract and misrepresentation
Friday, 6 Dec 2013 01:30am EST 

FUNAI ELECTRIC CO LTD:Says it has filed a counterclaim (compensation for damages) against Koninklijke Philips N.V.Says Philips was unable to timely complete the spin-off of Philips’ Lifestyle Entertainment Business (Business) despite two postponements of the completion date of the transaction (Transaction).Says the Business Philips intended to sell to Funai differed markedly from what Philips explained to Funai, and the profitability of the Business has been notably declining this business year.Says despite the situation above, Philips insisted that Funai complete the Transaction.Says although Funai was continuing with negotiations to complete the Transaction, Philips suddenly and unilaterally broke off negotiations and filed a petition for arbitration with the International Court of Arbitration on Oct. 25.  Full Article

FUNAI ELECTRIC CO LTD appoints Yoshikazu Uemura as president
Friday, 29 Nov 2013 03:00am EST 

FUNAI ELECTRIC CO LTD:Says appointed Yoshikazu Uemura as executive president of the company, to replace Tomonori Hayashi, effective Jan.1, 2014.  Full Article

FUNAI ELECTRIC CO LTD Raises Consolidated Full-year Forecast for FY 2014
Monday, 11 Nov 2013 02:00am EST 

FUNAI ELECTRIC CO LTD announced that it has raised the consolidated full-year forecast for revenue from JPY 202,000 million to JPY 229,000 million, operating profit from JPY 200 million to JPY 500 million, ordinary profit from JPY 500 million to JPY 2,100 million and reaffirmed the forecast for net profit of JPY 100 million and earning per share of JPY 2.93 for the fiscal year ending March 31, 2014. The Company raised the consolidated full-year forecast due to increased orders. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of JPY 245.25 billion and net profit of JPY 0.12 billion for the fiscal year ending March 2014.  Full Article

FUNAI ELECTRIC CO LTD Announces Notice Regarding Global Licensing Agreement for Koninklijke Philips Electronics NV Audio, Video, Multimedia and Accessories Business
Friday, 25 Oct 2013 09:50pm EDT 

FUNAI ELECTRIC CO LTD announced that it has received notice from Koninklijke Philips Electronics NV (hereinafter PHILIPS) on October 25, 2013 that PHILIPS will terminate the agreement with Funai to transfer all shares in a company that will hold the operations of the PHILIPS’ Lifestyle Entertainment Business. At the same time PHILIPS informed Funai that it will take legal action to recover damages caused by an alleged breach of contract by Funai and that it will submit a request for arbitration at the International Court of Arbitration (ICC). In response, Funai states that there is no such breach of the SPA and that Funai at all times has respected and continues to respect the terms and conditions of the agreement.  Full Article

FUNAI ELECTRIC CO LTD Amends Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2013
Wednesday, 1 May 2013 03:00am EDT 

FUNAI ELECTRIC CO LTD announced that it has lowered its consolidated full-year outlook for revenue from JPY 205,000 million to JPY 192,000 million, operating profit from a loss of JPY 2,500 million to a loss of JPY 5,270 million, net profit from a loss of JPY 5,800 million to a loss of JPY 8,540 million and earning per share from a loss of JPY 169.99 to a loss of JPY 250.38, but raised the outlook for ordinary profit from a loss of JPY 4,100 million to a loss of JPY 350 million, for the fiscal year ended March 2013. The Company lowered the outlook due to the decreased sales, raised the ordinary profit outlook due to the record of exchange profit and lowered the net profit outlook due to the reversal of deferred tax assets. In addition, the Company has also changed its year-end dividend forecast from an undetermined value announced on May 7, 2012 to JPY 35 per share, for the fiscal year ended March 2013.  Full Article

FUNAI ELECTRIC CO LTD Announces Acquisition of Inkjet-Related Technology and Assets of Lexmark International, Inc.
Monday, 1 Apr 2013 07:00pm EDT 

FUNAI ELECTRIC CO LTD announces that it has executed an agreement to acquire the inkjet-related (IJ) technology and assets of Lexmark International, Inc., for JPY 9,500 million. The Assets include Inkjet Patents; IJ R&D Resources in the U.S.; All of Outstanding Shares of IJ Manufacturing Affiliate of Lexmark in Philippines (Including Land, Building, Equipment and Staff); Other IJ Technologies and Assets. The expected date of asset transfer is within the first half of 2013.  Full Article

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Panasonic says to transfer Sanyo TV unit in U.S. to Funai Electric

TOKYO - Panasonic Corp said it is transferring its Sanyo television unit in the U.S., which supplies sets to Wal-Mart Stores, to Funai Electric Co. of Japan in return for annual royalty payments.

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