Announcement of Revised Performance Forecast
(August 12, 2008)
OSAKA, JAPAN - August 12, 2008 - TOYO TIRE & RUBBER CO., LTD. has made the following revisions to its consolidated and non-consolidated performance forecasts for the interim period (April 1, 2008 to March 31, 2009) of the fiscal year ending March 31, 2009, which were released on May 13, 2008.
1. Revisions to the consolidated performance forecast (April 1, 2008 to March 31, 2009) of the fiscal year ending March 31, 2009
| Net sales | Operating income | Ordinary income | Net income | Net income per share (yen) |
|
| Previously announced forecast (A) (Released on May 13, 2008) |
365,000 | 8,500 | 5,800 | 2,200 | 10.53 |
| Revised forecast (B) | 371,000 | 5,800 | 3,900 | 1,400 | 6.70 |
| Difference (B-A) | 6,000 | (2,700) | (1,900) | (800) | (3.83) |
| Percentage change | 1.6% | (31.8%) | (32.8%) | (36.4%) | (36.4%) |
| Results from the previous fiscal year ended March 31, 2008 |
357,233 | 13,168 | 9,893 | 6,137 | 29.36 |
2. Reasons for the revisions
Mainly due to further increasing raw material prices, operating income, ordinary income and net income are expected to fell below their May 13, 2007 forecasts on consolidated business forecast. In addition, the consolidated business forecast for the 2nd quarter is not changed. The assumed exchange rate is 1$=105 yen, and 1 Euro = 164 yen.
Note: The above earnings estimates are forward-looking statements, which are based on our current assumptions in light of the information currently available to us and involve potential risks, uncertainties and other factors. Such risk, uncertainties and other factors may cause our actual results to be materially different from these estimates.