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Toshiba Issues Revised Business Forecasts for FY1998

19 February, 1999

TOKYO--Toshiba Corporation issued revised forecasts for its non-consolidated and consolidated business for the current fiscal year to March 31, 1999.
  1. Non-consolidated Results
    Today's announcement revises the forecast that Toshiba issued with its results for the first half result of the current fiscal year, on October 27th, 1998. The key points are as in the table below.

    (¥billions)



  2. Consolidated Results
    Today's announcement revises the forecast that Toshiba issued with its results for the first half result of the current fiscal year, on November 19th, 1998. The key points are as in the table below.

    (¥billions)
    Note)
    If, following its current review of the tax system and other institutions relevant to taxation for FY1999, the government decides to reduce corporate tax rate, reevaluation of net deferred tax assets on generally accepted accounting principles in the U.S. will raise Toshiba's tax burden by some 17 billion yen, decreasing the net income after tax indicated above. It will not, however, impact on income before income taxes.


The revised forecast of non-consolidated recurring profit reflects the influences of recent appreciation of the Japanese yen and of lower demand in Japan for information and computer system than expected, the result of sluggish capital investment in private sectors.

Approximately 62 billion yen will be accounted for as extraordinary gains from the sale of Time Warner stock, fixed assets in Japan and transfer of the PPC business to TEC Corporation. Extraordinary losses, of approximately 82 billion yen will be written off. Major factors include (1) reduction of the amortization period for the Japanese corporate employee pension funds, (2) the costs of restructuring the air conditioner business, (3) strengthening the home appliances sales organization in Japan, (4) improvement of the semiconductor business structure.

The cash dividend for the 2nd half of FY1998 is planned to be 3 yen per share, compared with 5 yen for the 2nd half of the previous year.

Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.