Hoya: Fiscal 2Q10 Financial Results

HOYA Corporation announced financial results for the second quarter ended September 30, 2009.

Net sales were 106.8 billion yen for the quarter, a 16.8% decrease from 128.3 billion yen in the same period last year, and operating income was 18.7 billion yen, a 9.2% decrease from 20.6 billion yen in the same period last year, mainly due to order decrease and the impact of exchange rates. Compared to the first quarter FY2010 ended April 30, 2009, however, sustained recovery in orders since April resulted in an increase of both net sales and operating income.

Net income for the second quarter was down 45.9% to 10.3 billion yen. Earnings per share for the quarter were 23.91 yen compared with 44.21 yen in the same period last year.

"Electro-optics business started to recover in the middle of this quarter. Especially our glass disks business for hard disk drives is now operating full capacity," said Hiroshi Suzuki, chief executive officer of HOYA. "We are planning to build a new plant next fiscal year to meet the demands."

For the first six months of FY2010 ended September 30, 2009, net sales were 201.8 billion yen, down 21.9% compared to 258.5 billion yen in the same period previous year, operating income was 28.0 billion yen, down 34.1% compared to 42.4 billion yen in the same period previous year, and net income was 14.2 billion yen, down 64.8% compared to 40.3 billion yen in the same period previous year.