Announcement of Revised Consolidated Business Forecast
& Notice of Revision to Dividend Forecast
(For FY2009 Ending March 31, 2010)
(February 3, 2010)
Osaka, Japan – February 3, 2010- TOYO TIRE & RUBBER Co., Ltd. (hereafter, "Company") (President and CEO: Kenji Nakakura) announces that its Board of Directors decided to Revised Consolidated Business Forecast & the Dividend Forecast per Share for Fiscal Year 2009 (Apr. 1, 2009 to ending March 31, 2010) as follows
1. Revised Consolidated Business Forecast for Fiscal Year 2009
(Apr. 1, 2009 to ending March 31, 2010)
(Units: Millions Yen)
| Net Sales | Operating Income | Ordinary Income | Net Income | Earnings per Share (Yen) | |
| Previous forecast (A) (Announced on Nov. 9 '09) |
282,000 | 5,000 | 4,700 | 1,000 | 4.11 |
| Revised forecast (B) | 288,000 | 7,100 | 7,200 | 2,900 | 11.91 |
| Difference (B-A) | 6,000 | 2,100 | 2,500 | 1,900 | - |
| Percentage change | 2.1% | 42.0% | 53.2% | 190.0% | - |
| (Ref.) Results of FY2008 (Apr. 1, 2008 to ended Mar 31, 2009) |
328,371 | (2,964) | (6,179) | (10,722) | (48.96) |
2. Reason of Revision
The above revisions reflect higher-than-expected previous announcement dated on Nov. 9, 2009 of Ordinary Income and Net Income earnings in the Tire Business due to improvement of sales profit ration.
The Company expects exchange rate for the business performance of the 4th quarter will be 1US$=90 yen and 1 Euro=130 yen.
Note: The above earnings estimates are projected 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 risks, uncertainties and other factors may cause our actual results to be materially different from these estimates.
3. Revision to Dividend Forecast (Resumption of Dividend)
(1) Details of Revision
| Dividend per Share (Yen) | |||
| Date | Interim | FY 2009 - end | Annual |
| Previous Forecast (Nov. 9, 2009 ) |
Yen - |
Yen Not fixed |
Yen Not fixed |
| Revised Forecast | - | 3.00 | 3.00 |
| (For Your Reference) Divided of Previous FY 2008 |
0.00 | 0.00 | 0.00 |
(2)Reason of Revision
The Company has proper dividend policy which stands on stable earnings business structure for a long term. The company has already announced on Nov 9, 2009 regarding dividend For FY 2009 (Apr. 1, 2009 to ending March 31, 2010) to be not fixed yet due to the global economic has been slowdown.
However, The Company decided to pay 3 (three) yen dividend per share as a resumption of dividend because of The Company gains higher than expected.