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Notice Concerning Revision to LAWSON's Consolidated Forecasts and
Impact on Prior-Year Consolidated Results |
| 2010/03/23 |
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| LAWSON, INC. today revised its consolidated forecasts for fiscal 2009, ended February 28, 2010, from those released with third-quarter consolidated results on January 7, 2010, for the reasons outlined below and also announced the impact on prior-year consolidated results. |
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| 1. Revision to Fiscal 2009 Consolidated Forecasts (March 1, 2009 to February 28, 2010) (millions yen)
|
Total Operating Revenue |
Operating Profit |
Recurring Profit |
Net Profit |
Net Profit per Share (yen) |
| Previous forecast (A) |
479,000 |
50,500 |
49,700 |
25,500 |
257.13 |
| Current estimate (B) |
479,000 |
50,500 |
49,700 |
13,200 |
133.10 |
| Change (B-A) |
－ |
－ |
－ |
(12,300) |
－ |
| Change (%) |
－ |
－ |
－ |
(48.2) |
－ |
| (Reference)
Fiscal 2008 Results
(Ended Feb. 2009)
|
349,476 |
49,186 |
48,787 |
25,306 |
255.22 |
2. Reasons for Revision
As has already been announced, following the discovery of alleged misconduct by some former directors at LAWSON consolidated subsidiary LAWSON ENTERMEDIA INC. ("LEM"), an investigation was carried out as to the impact on operating results. LAWSON has revised its consolidated forecasts, as detailed above, considering the impairment of goodwill on LEM shares held by LAWSON and minority interests in income, now that the amounts involved have been largely determined. For details, please see the separate press release issued today titled "Notice Concerning Extraordinary Losses and Impact on Prior-Year Results at a Subsidiary, and Revision of Fiscal 2009 Forecasts."
3. Impact on Prior-Year Results and Consolidated Financial Statements
As a result of the investigation of the impact of the alleged misconduct on results, LAWSON estimates the impact on consolidated results for the fiscal year ended February 28, 2009 at approximately 1.5 billion yen after accounting for minority interests in income. Furthermore, the losses relating to the fiscal year ended February 28, 2010 affect each quarter of said fiscal year. Accordingly, LAWSON will correct consolidated financial statements included in the following disclosures. Specific details of corrections will be announced as soon as they are determined.
1. Flash report on consolidated results for fiscal 2008, ended February 28, 2009
2. Flash report on consolidated results for the first quarter of fiscal 2009, ended February 28, 2010
3. Flash report on consolidated results for the first half of fiscal 2009, ended February 28, 2010
4. Flash report on consolidated results for the third quarter of fiscal 2009, ended February 28, 2010
Similarly, LAWSON will also correct consolidated financial statements included in its annual securities report for the 34th term, the period from March 1, 2008 to February 28, 2009, and consolidated financial statements contained in quarterly reports for the 35th term, the period from March 1, 2009 to February 28, 2010, based on the Financial Instruments and Exchange Act. LAWSON plans to submit these corrected statements as soon as possible before submitting its annual securities report for the fiscal year ended February 28, 2010. |
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