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Toshiba Suffers Record $3.5B Net Loss for Fiscal Year
First annual loss in seven years is the largest in company history.
Toshiba can't blame this one on HD DVD.
The Japanese company reports a $3.5 billion net loss for its fiscal year ended March. It's the biggest loss in Toshiba history and the first annual loss in seven years, according to the Associated Press.
Annual sales dropped 13 percent to $67.2 billion. Sales for the January-March quarter were $185.7 billion for a $1.9 billion net loss. (Full financial results.)
Toshiba attributes the losses to the "fast-spreading global recession," its semiconductor prices and the appreciation of the yen.
And it doesn't look good moving forward. Toshiba is expecting a $505 million net loss for this fiscal year that ends in March 2010. "Projections indicate that the business environment will remain in severe condition," Toshiba says in a statement.
Toshiba, which saw its profits plummet after withdrawing from the HD DVD market, plans to cut another 3,900 contract jobs through March 2010, according to the AP. Toshiba previously planned to cut 4,500 contract workers by the end of March this year.
In an attempt to get out of the red, Toshiba will:
Toshiba shares rose 1.4 percent on the Tokyo Stock Exchange before the company released its earnings.
The Japanese company reports a $3.5 billion net loss for its fiscal year ended March. It's the biggest loss in Toshiba history and the first annual loss in seven years, according to the Associated Press.
Annual sales dropped 13 percent to $67.2 billion. Sales for the January-March quarter were $185.7 billion for a $1.9 billion net loss. (Full financial results.)
Toshiba attributes the losses to the "fast-spreading global recession," its semiconductor prices and the appreciation of the yen.
And it doesn't look good moving forward. Toshiba is expecting a $505 million net loss for this fiscal year that ends in March 2010. "Projections indicate that the business environment will remain in severe condition," Toshiba says in a statement.
Toshiba, which saw its profits plummet after withdrawing from the HD DVD market, plans to cut another 3,900 contract jobs through March 2010, according to the AP. Toshiba previously planned to cut 4,500 contract workers by the end of March this year.
In an attempt to get out of the red, Toshiba will:
- Cut $3 billion of research and development, investment and personnel costs
- Raise capital by $5.1 billion with public stock offerings and subordinated bonds
Toshiba shares rose 1.4 percent on the Tokyo Stock Exchange before the company released its earnings.
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About the Author
Steve Crowe, Web Editor
Steve is an editor for cepro.com. He graduated from Emerson College with a B.A. in Journalism. He joined the CE Pro staff in 2008. Steve is also a freelance sports writer for The Boston Globe and other various publications.
1 Comments (displayed in order by date/time)
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“Toshiba can’t blame this one on HD DVD.”
So, when Sony posts a $3.5 billion loss on May 14th, they CAN (and should) blame it on blu-ray.
But they won’t, because that would mean admitting a mistake…