Pioneer Corporation in Japan lowered its forecasts for the year, but said car electronics sales came close to its original outlook.
The company announced Friday that it expects its home electronics sales to fall short of its projections, but that car electronics sales “remained within the range of its target.”
For the fiscal year ending March 31, 2013, Pioneer now expects to report net sales of about $4.57 billion (450,000 million yen), down from earlier forecasts of about $4.64 billion (457,000 million yen).
It now expects to report a loss of $198 million (19,500 million yen) compared to a previously projected net loss of about $40.5 million (4,000 million yen).
The wider loss is due to lower income plus a restructuring cost (announced in February) of about $66 million (6,500 million yen) and another $51 billion (5,000 million yen) in mainly a reversal of deferred tax assets.
As a result of the new restructuring charges, Pioneer said it will not pay a year-end dividend this year.
Source: Pioneer Corporation
