Notice of Revised Full-Year Financial Results Outlook and Revised Year-End Dividend Outlook


- TOKYO, Japan, January 31, 2014 -

Seiko Epson Corporation (TSE: 6724, "Epson") today revised its full-year (April 1, 2013, to March 31, 2014) financial results and year-end dividend outlooks announced on October 31, 2013.

The full-year dividend is subject to final approval at the company's annual general meeting scheduled to be held in June 2014.

1. Revised full-year financial results outlook

(April 1, 2013, to March 31, 2014)

(Unit: billion yen, except where stated otherwise)

  Net sales Operating
Net income Net income
per share (yen)
Previous outlook (A) 960.0 58.0 55.0 34.0 190.06
Revised outlook (B) 990.0 79.0 74.0 52.0 290.68
Change (B-A) 30.0 21.0 19.0 18.0 -
Change (%) 3.1 36.2 34.5 52.9 -
Previous year
(ended March 2013)
851.297 21.255 17.629 -10.091 -56.41

Reasons for revision

Epson's results significantly exceeded plan in the critical third quarter year-end selling season (October to December). This was driven by factors ongoing from the first half in the information-related equipment business including the result of measures to maintain selling prices in inkjet printers and projectors and steady sales of inkjet printer consumables in North America and Europe. We also benefitted from the effects of fixed and variable cost reductions throughout the company, and from yen depreciation.

We expect to exceed our overall outlook in the fourth quarter (January to March). In information-related equipment, our strategy will continue to bear fruit, especially in inkjet printers. We will also benefit from favorable foreign exchange rates throughout the company as we revise our exchange rate assumptions to 100 yen to the US dollar and 140 yen to the euro.

As a result of these factors we are upwardly revising our full-year outlook (see table above for details).

2. Revised year-end dividend outlook

(Unit: yen)

  Dividend per share
Interim Year end Total
Previous outlook - 13.00 26.00
Revised outlook 37.00 50.00
Actual 13.00
Previous year (ended March 2013)
13.00 7.00 20.00

Reasons for revision

Epson's policy calls for steady returns to shareholders with a target of achieving a consistent dividend payout ratio of 30% in the medium term. Under this policy, Epson achieved its plan of paying an interim dividend of 13 yen per share.

For the year-end dividend, however, we will boost our returns to shareholders by raising our outlook from 13 to 37 yen per share. This is because, as mentioned above, we are upwardly revising our full-year outlook due to the ongoing effects of our strategy in the inkjet printer and other businesses, and the effects of yen depreciation and other factors.

As a result, we plan to raise the dividend payout for the year to 50 yen per share.

About Epson
Epson is a global innovation leader whose product lineup ranges from inkjet printers and printing systems, 3LCD projectors and industrial robots to sensors and other microdevices. Dedicated to exceeding the vision of its customers worldwide, Epson delivers customer value based on compact, energy-saving, and high-precision technologies in markets spanning enterprise and the home to commerce and industry.
Led by the Japan-based Seiko Epson Corporation, the Epson Group comprises more than 73,000 employees in 94 companies around the world, and is proud of its ongoing contributions to the global environment and the communities in which it operates.