Bad quarter for camera makers

Nikon: “extraordinary losses”

Nikon cited “extraordinary losses” due to the flooding in Thailand, totaling 10,9 billion yen (about $143 million).
For the third quarter ended December 31st, Nikon posted a ¥3.7 billion loss, about $48.6 million. The company notes it is receiving “extraordinary gains” from insurance payments for the flood damage.
With flood damage mostly repaired, Nikon says it expects to sell 17 million compact cameras this financial year, up from its November forecast of 16 million.
More information is here.

Olympus Projects $410 million loss

Olympus forecast a $410 million full-year loss due largely to its ailing camera operations, Reuters reports.
The company wrote down 14.05 billion yen to reflect a drop in the value of its inventories after the Thailand floods. Operating profit will decline 6.2 percent.
The Japanese camera maker is facing a 13-year accounting fraud covering $1.7 billion in losses. The company was founded in 1919 as a microscope and thermometer business; Olympus produced its first camera in 1936, Bloomberg notes. And as shown in the graph from Olympus, imaging is still less than 16 percent of overall revenue.
The company’s full report is here.

Like Olympus, both Sony and Panasonic  are not primarily photography companies, and so their results don’t reflect solely on the imaging industry — and both also  posted large losses this quarter:
Sony posted a $2.1 billion net loss for October-December — and warned of another upcoming $2.9 billion annual loss.
Panasonic posted a $9 billion loss for its latest quarter.

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