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Nihon Inter Electronics Corp to Offer Early-retirement Program and Expects Extraordinary Loss for FY 2013; Lowers Full-year Consolidated Outlook for FY 2013


Thursday, 14 Feb 2013 12:30am EST 

Nihon Inter Electronics Corp announced that it plans to offer an early-retirement program to its employees, during the period from March 1, 2013 to March 15, 2013. The early-retirement program will include severance pay, extra retirement payments and outplacement support. The Company expects approximately 30 employees (40 employees at most) to take up the offer, with March 31, 2013 as the retirement date. As a result, the Company will record an extraordinary loss of JPY 160 million caused by the extra retirement payments, for the fiscal year ending March 2013. The Company also has announced that it has lowered its full-year consolidated outlook for revenue from JPY 24,900 million to JPY 22,480 million, operating profit from JPY 1,000 million to JPY 460 million, ordinary profit from JPY 750 million to JPY 330 million, net profit from JPY 600 million to JPY 100 million, and earnings per share from JPY 9.39 to JPY 1.57, for the fiscal year ending March 2013. The Company lowered its full-year consolidated outlook mainly due to the decrease in market demands. 

Company Quote

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26 Nov 2014