Form 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January 2005
Commission File Number: 001-06439
SONY CORPORATION
(Translation of registrant's name into English)
7-35 KITASHINAGAWA 6-CHOME, SHINAGAWA-KU, TOKYO, JAPAN
(Address of principal executive offices)
The registrant files annual reports under cover of Form 20-F.
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F,
Form 20-F X Form 40-F __
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934,
Yes_ No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):82-______
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SONY CORPORATION
(Registrant)
By:__ /s/ Katsumi Ihara
(Signature)
Katsumi Ihara
Executive Deputy President,
Group Chief Strategy Officer
and Chief Financial Officer
Date: January 20, 2005
List of materials
Documents attached hereto:
i) A press release regarding Revision of FY04 Forecast
Sony Corporation
6-7-35 Kitashinagawa
Shinagawa-ku
Tokyo 141-0001 Japan
No: 05-001E
Date: January 20, 2005
SONY ANNOUNCES REVISION OF CONSOLIDATED FORECAST
FOR THE FISCAL YEAR ENDING MARCH 31, 2005
Tokyo, January 20, 2005 -- Sony Corporation announced today a
revision of its consolidated results forecast for the fiscal year
ending March 31, 2005 from those announced on October 28, 2004.
Consolidated Results Forecast
-----------------------------
Change from Previous
Revised Forecast previous year Forecast
--------------- ------------- --------
Sales and Y7,150 billion - 5% Y7,350 billion
operating
revenue
Operating income 110 billion +11 160 billion
Income before 140 billion -3 170 billion
income taxes
Net income 150 billion +69 110 billion
The above revised forecast is primarily a result of the following:
1. Anticipated sales and operating revenue ("sales") and
operating income are lower than the previous Company
forecast as a result of changes in the business and
competitive environment within Electronics.
2. Based on the improvement in the operating performance,
over recent years, of Sony's U.S. subsidiaries and the
fact that, looking forward, these favorable trends are
expected to continue, the Company has reversed the
valuation allowances it has held against deferred tax
assets. The resulting reduction in income tax expense has
led to an increase in the forecast for net income.
Further to the aforementioned reasons, the revision to the
forecast for income before income taxes also reflects an
anticipated increase in foreign exchange gains.
In addition, the forecast for operating income includes
restructuring charges, as operating expenses, of approximately
Y100 billion (a reduction of Y10 billion in restructuring charges
since the October forecast). The forecast for net income
incorporates approximately Y24 billion in equity in net income of
affiliated companies.
Operating Results for the Third Quarter of the Fiscal Year ending
March 31, 2005
-----------------------------------------------------------------
Consolidated operating results for the quarter ended December 31,
2004 are projected to include sales of approximately Y2,150
billion, operating income of approximately Y140 billion, income
before income taxes of Y150 billion, equity in net income of
affiliated companies of Y2 billion and net income of Y140 billion.
In addition, restructuring charges of approximately Y11 billion
are included in operating expenses. However, please note that the
above totals are subject to confirmation and that Sony's
consolidated operating results for the third quarter are scheduled
to be announced on January 27, 2005.
Primary Reasons for the Downward Revision to the Forecast for
Sales and Operating Income
-------------------------------------------------------------
* As a result of a greater than anticipated deterioration in
unit selling prices of several products including
televisions, DVD recorders and video cameras,
profitability is below the Company's previously announced
forecasts.
* Due to a decrease in demand, in particular from external
customers, sales and operating income for semiconductors
and components are below Company expectations.
* Sales and operating income for portable audio products are
also anticipated to fall short of Company estimates as a
result of changes in the competitive environment.
* With regard to sales revenue on a regional basis, sales in
Japan, in particular those of DVD recorders, portable
audio products and "VAIO" PCs are lower than anticipated.
In Europe, sales of portable audio products and video
cameras, in particular, are below Company expectations.
The above-mentioned factors impact on Sony's operating results for
both the third and fourth quarters of the current fiscal year.
Reason for Upward Revision to the Forecast for Net Income
---------------------------------------------------------
* As fully discussed in the Company's Form 20-F for the
fiscal year ended March 31, 2004, and the earnings release
for the second quarter of the current fiscal year, as a
result of the recording of operating losses in the past,
the U.S. subsidiaries of Sony have had valuation
allowances against deferred tax assets for U.S. federal
and certain state taxes. However, in the third quarter of
the current fiscal year, based on both an improvement in
recent years and a sound outlook for the operating
performance at Sony's U.S. subsidiaries, the Company
reversed $660 million of such valuation allowances,
resulting in a reduction to income tax expense.
Cautionary Statement
--------------------
Statements made in this release with respect to Sony's current
plans, estimates, strategies and beliefs and other statements that
are not historical facts are forward-looking statements about the
future performance of Sony. Forward-looking statements include,
but are not limited to, those statements using words such as
"believe," "expect," "plans," "strategy," "prospects," "forecast,"
"estimate," "project," "anticipate," "may" or "might" and words of
similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time
to time, oral or written forward-looking statements may also be
included in other materials released to the public. These
statements are based on management's assumptions and beliefs in
light of the information currently available to it. Sony cautions
you that a number of important risks and uncertainties could cause
actual results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place
undue reliance on them. You also should not rely on any obligation
of Sony to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. Sony disclaims any such obligation. Risks and
uncertainties that might affect Sony include, but are not limited
to (i) the global economic environment in which Sony operates, as
well as the economic conditions in Sony's markets, particularly
levels of consumer spending; (ii) exchange rates, particularly
between the yen and the U.S. dollar, the euro and other currencies
in which Sony makes significant sales or in which Sony's assets
and liabilities are denominated; (iii) Sony's ability to continue
to design and develop and win acceptance of its products and
services, which are offered in highly competitive markets
characterized by continual new product introductions, rapid
development in technology and subjective and changing consumer
preferences (particularly in the Electronics, Game, Music and
Pictures segments); (iv) Sony's ability to implement successfully
personnel reduction and other business reorganization activities
in its Electronics, Music and Pictures segments; (v) Sony's
ability to implement successfully its network strategy for its
Electronics, Music, Pictures and Other segments and to develop and
implement successful sales and distribution strategies in its
Music and Pictures segments in light of the Internet and other
technological developments; (vi) Sony's continued ability to
devote sufficient resources to research and development and, with
respect to capital expenditures, to correctly prioritize
investments (particularly in the Electronics segment); and (vii)
the success of Sony's joint ventures and alliances. Risks and
uncertainties also include the impact of any future events with
material unforeseen impacts.
Investor Relations Contacts:
-----------------------------------------------------------------
Tokyo New York London
Yukio Ozawa Takeshi Sudo/ Chris Hohman/
Justin Hill Shinji Tomita
+81-(0)3-5448-2180 +1-212-833-6722 +44-(0)20-7444-9713
Home Page: http://www.sony.net/IR/