Sanyo Electric Co (ADR: SANYY) Issues Earnings Warning Revising its Forecasted Loss from 92 Billion Yen to 140 Billion Yen

| About: Sanyo Elec (SANYY)

The Mainichi Daily News has reported that Sanyo Electric Co (ADR: SANYY) issued an earnings warning today, revising its forecasted loss for the fiscal year ending March 31, 2006 from 92 Billion Yen (approx $814 million) to 140 Billion Yen (approx US$1.24 billion at Y113/$1). Sanyo blamed weak sales of its consumer electronics and semiconductors. The Osaka-based company is in the middle of a three-year restructuring plan and most recently in July announced large scale job cuts as it is trying to improve its margin and make up for falling prices due to intense domestic and global competition in its core products.