PIONEER CORPORATION
 

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2006
Commission File Number 1-7616
PIONEER CORPORATION
(Translation of registrant’s name into English)
4-1, MEGURO 1-CHOME, MEGURO-KU, TOKYO 153-8654, JAPAN
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
 
 

 


 

SIGNATURES
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.
         
    PIONEER CORPORATION
    (Registrant)
 
       
Date: May 11, 2006
       
 
  By   /s/ Tamihiko Sudo
 
       
 
        Tamihiko Sudo
 
        President and Representative Director
This report on Form 6-K contains the following:
1.   The announcement released by the Company to the press in Japan dated May 11, 2006, concerning partial amendments to its consolidated business results for fiscal 2006, ended March 31, 2006, which were announced on April 27, 2006.

 


 

For Immediate Release
May 11, 2006
Pioneer Announces Partial Amendments to
Consolidated Business Results for Fiscal 2006
TOKYO — Pioneer Corporation today announced as follows, partial amendments to its consolidated business results for fiscal 2006, ended March 31, 2006, which were announced on April 27, 2006.
I. REASON FOR AMENDMENTS
The Company has amended certain amounts in its consolidated financial statements in connection with the trade receivable securitization program. Securitized trade receivables and related sales program liabilities, which were recorded separately in the Consolidated Balance Sheets, are now shown in net in accordance with the requirements of the U.S. GAAP. Due to this change, “Trade receivables, less allowance” in Current Assets, and “Others” in Current Liabilities decreased by ¥2,743 million, respectively. Related amounts in the Consolidated Statements of Cash Flows are also amended accordingly.
II. POINTS OF AMENDMENTS
Cash Flows
[Amendments are indicated by underlines (                      ). ]
During fiscal 2006, operating activities provided net cash of ¥68,329 million (US$584.0 million). This was mainly due to a decrease in trade receivables and inventories of ¥28,859 million (US$246.7 million), as well as adjustments for non-cash expenses, such as depreciation and amortization of ¥46,703 million (US$399.2 million), impairment losses of ¥41,422 million (US$354.0 million) on property, plant and equipment, and equity in losses of affiliated companies of ¥24,031 million (US$205.4 million). These factors outweighed the net loss of ¥84,986 million (US$726.4 million) for the period. Meanwhile, investing activities used net cash of ¥29,759 million (US$254.4 million). This reflected ¥40,325 million (US$344.7 million) for car electronics and plasma display-related capital expenditures and other investments, partially offset by proceeds of ¥7,068 million (US$60.4 million) from the sale of investment securities. Financing activities used net cash of ¥38,551 million (US$329.5 million), mainly for the redemption of bonds and dividend payments. In addition, the effect of exchange rate changes on cash and cash equivalents was an increase of ¥4,980 million (US$42.6 million), due to translation differences reflecting a weaker yen. Consequently, cash and cash equivalents at March 31, 2006 were ¥121,680 million (US$1,040.0 million), ¥4,999 million (US$42.7 million) higher than at March 31, 2005.
Note:   The U.S. dollar amounts in this release represent translation of Japanese yen, for convenience only, at the rate of ¥117=US$1.00, the approximate rate prevailing on March 31, 2006.

- 1 -


 

Pioneer Corporation and Subsidiaries
Consolidated Balance Sheets
[Amended figures are shown with asterisks ( * ).]
                         
                    (In millions of yen)  
    March 31     Increase/  
    2006     2005     (Decrease)  
ASSETS
                       
Current assets:
                       
Cash and cash equivalents
  ¥ 121,680     ¥ 116,681     ¥ 4,999  
Trade receivables, less allowance
    107,563 *     132,176       (24,613 )*
Inventories
    104,226       109,015       (4,789 )
Assets held for sale
    25,577             25,577  
Others
    69,626       69,024       602  
 
                 
Total current assets
    428,672 *     426,896       1,776 *
 
                 
Investments and long-term receivables
    29,772       28,828       944  
Property, plant and equipment, less depreciation
    160,231       210,145       (49,914 )
Intangible assets
    20,576       24,052       (3,476 )
Other assets
    38,795       35,246       3,549  
 
                 
Total assets
  ¥ 678,046 *   ¥ 725,167     ¥ (47,121 )*
 
                 
 
                       
LIABILITIES AND SHAREHOLDERS’ EQUITY
                       
Current liabilities:
                       
Short-term borrowings and current portion of long-term debt
  ¥ 30,370     ¥ 52,428     ¥ (22,058 )
Trade payables
    102,082       96,335       5,747  
Liabilities held for sale
    17,863             17,863  
Others
    121,977 *     102,407       19,570 *
 
                 
Total current liabilities
    272,292 *     251,170       21,122 *
 
                 
Long-term debt
    92,970       81,219       11,751  
Other long-term liabilities
    25,425       42,371       (16,946 )
Minority interests
    14,109       18,168       (4,059 )
Shareholders’ equity:
                       
Common stock
    49,049       49,049        
Capital surplus
    82,910       82,735       175  
Retained earnings
    173,826       260,556       (86,730 )
Accumulated other comprehensive income (loss)
    (20,092 )     (47,669 )     27,577  
Treasury stock
    (12,443 )     (12,432 )     (11 )
 
                 
Total shareholders’ equity
    273,250       332,239       (58,989 )
 
                 
Total liabilities and shareholders’ equity
  ¥ 678,046 *   ¥ 725,167     ¥ (47,121 )*
 
                 
 
                       
Breakdown of accumulated other comprehensive income (loss):
                       
Minimum pension liability adjustments
  ¥ (3,680 )   ¥ (11,186 )   ¥ 7,506  
Net unrealized holding gain on securities
    10,352       8,250       2,102  
Cumulative foreign currency translation adjustments
    (26,764 )     (44,733 )     17,969  
 
                 
Total accumulated other comprehensive income (loss)
  ¥ (20,092 )   ¥ (47,669 )   ¥ 27,577  
 
                 

- 2 -


 

Pioneer Corporation and Subsidiaries
Consolidated Statements of Cash Flows
[Amended figures are shown with asterisks ( * ).]
                 
            (In millions of yen)  
    Year ended March 31  
    2006     2005  
I. Operating activities:
               
Net loss
  ¥ (84,986 )   ¥ (8,789 )
Depreciation and amortization
    46,703       46,990  
Decrease (increase) in trade receivables
    19,329 *     (12,322 )
Decrease in inventories
    9,530       6,317  
Increase in trade payables
    13,941       4,405  
Increase (decrease) in other accrued liabilities
    24,114 *     (10,371 )
Other
    39,698       (6,284 )
 
           
Net cash provided by operating activities
    68,329       19,946  
 
           
II. Investing activities:
               
Payment for purchase of fixed assets
    (40,325 )     (63,866 )
Payment for purchase of subsidiary
          (34,015 )
Other
    10,566       4,365  
 
           
Net cash used in investing activities
    (29,759 )     (93,516 )
 
           
III. Financing activities:
               
Increase (decrease) in short-term borrowings and long-term debt
    (31,204 )     4,549  
Dividends paid
    (3,499 )     (4,386 )
Purchase and sales of treasury stock, net
    (11 )     (1,967 )
Decrease in capital-lease obligations
    (3,535 )     (1,770 )
Other
    (302 )     (445 )
 
           
Net cash used in financing activities
    (38,551 )     (4,019 )
 
           
Effect of exchange rate changes on cash and cash equivalents
    4,980       1,851  
 
           
Net increase (decrease) in cash and cash equivalents
    4,999       (75,738 )
Cash and cash equivalents, beginning of year
    116,681       192,419  
 
           
Cash and cash equivalents, end of year
  ¥ 121,680     ¥ 116,681  
 
           
 
Free cash flow (I + II)
  ¥ 38,570     ¥ (73,570 )
 
           
#       #       #       #       #       #
For further information, please contact:

Investor Relations Department, Corporate Branding and Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6773 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Website: http://pioneer.jp/ir-e/

- 3 -