Toshiba Revises Fiscal 1999 Results Forecast

STOCKHOLM (03/17/2000) - Toshiba Corp. yesterday announced that it expects to post a consolidated net loss of 30 billion yen (US$283 million) for its fiscal 1999 year, ending March 31, 2000.

The loss estimate compares to the 13.9 billion yen net loss Toshiba reported for its fiscal year 1998, ended March 31, 1999. The Tokyo-based personal computer and electronics maker also revised slightly upwards its revenue estimate for the fiscal 1999, from 5.65 trillion yen to 5.7 trillion yen.

Toshiba, in a statement issued yesterday, cited stable pricing and strong demand in the latter part of the year for devices such as semiconductors and LCD (liquid crystal display) screens as the main factors behind the more positive outlook.

The revised estimates supersede the fiscal 1999 consolidated results forecast Toshiba announced in November last year. Toshiba had originally expected the net loss to reach 50 billion yen, the company said.

The consolidated forecast takes into account results at Toshiba itself and all of its subsidiaries and affiliates.

On a non-consolidated basis, Toshiba's board of directors has decided to reflect an extraordinary charge of 330 billion yen in fiscal 1999, to boost reserves against an expected shortfall in the company's retirement fund, the company said.

The charge will be reflected only in the parent company's accounts, and will not, in line with American accounting standards, impact on the consolidated figures, according to the statement.

Toshiba, in Tokyo, can be reached via the Web at http://www.toshiba.co.jp/.

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