BIT-ISLE INC.
FOR IMMEDIATE RELEASE
July 21, 2015
Company Name: Bit-isle Inc.
(Code No: 3811, TSE 1st Section) Representative: Kohei Terada, President
Contact: Tomoyuki Wada
General Manager, Corporate
Planning Department
Telephone: +81-3-5805-8153
Bit-isle Inc. ("the Company") announces that considering recent trends in business results, it has revised the consolidated earnings forecasts for the fiscal year ending July 31, 2015, announced on September 9, 2014. Details are as follows.
● Revision of the Earnings Forecast
Revisions to the consolidated earnings forecast for the fiscal year ending July 31, 2015 (August 1, 2014 - July 31, 2015)
Net sales | Operating income | Ordinary income | Net income | Net income per share | |
Previous forecast (A) (Announced on September 9, 2014) | Million yen 23,700 | Million yen 2,600 | Million yen 2,350 | Million yen 1,440 | Yen 41.08 |
Revised forecast (B) | 18,200 | 2,150 | 1,900 | 1,280 | 36.34 |
Change (B - A) | -5,500 | -450 | -450 | -160 | - |
Change (%) | -23.2 | -17.3 | -19.1 | -11.1 | - |
(Reference) Results for the fiscal year ended July 31, 2014 | 17,601 | 2,705 | 2,431 | 1,383 | 39.15 |
● Reasons for the Earnings Forecast Modification
The Company made its forecast for the current fiscal year based on the assumption that it would be selling the mega solar facility of its mega solar business in Shimotakakuma, Kagoshima.
However, the facility is not likely to be completed before the end of the current fiscal year due to a significant delay in the progress of construction work. This delay is caused by precipitation in Kagoshima prefecture, which exceeded 1,300 millimeters in June, contributing to total rainfall to date this year, which has exceeded 2,500 millimeters in the locale where the facility is being constructed.
Under these circumstances, the Company had been considering the sale of the facility while it is under construction. It has, however, decided to sell the facility in the next fiscal year instead of this fiscal year, as there is a strong possibility that profits from the sale of the facility under construction will be below those from the sale after completion.
In light of these conditions, the Company has revised its full year forecast announced on September 9, 2014
as summarized above.
Meanwhile, as shown in the table below, the Company expects to meet the forecast made at the beginning of the fiscal year, in conjunction with results excluding the sale of the said mega solar facility.
Net sales | Operating income | Ordinary income | Net income | |
Previous forecast (Announced on September 9, 2014) | Million yen 23,700 | Million yen 2,600 | Million yen 2,350 | Million yen 1,440 |
Mega solar business operated in Shimotakakuma, Kagoshima | 5,500 | 600 | 600 | 378 |
Forecast excluding the above factor (A) | 18,200 | 2,000 | 1,750 | 1,062 |
Revised forecast (B) | 18,200 | 2,150 | 1,900 | 1,280 |
Change (B-A) | 0 | 150 | 150 | 218 |
As things stand now, solar businesses must clear approval conditions for facilities prescribed in the Feed-in Tariff program (purchase program of renewable energy at fixed prices) of the Ministry of Economy, Trade and Industry that require operators to settle land rights, place orders for facility work, and obtain connection approval from electric power companies. In the domestic mega solar market, there are few projects that meet these conditions. The Company expects that there is a strong probability of securing the level of initially projected profits with the sale of the mega solar facility in the next fiscal year as it has a particularly strong demand on the back of high prospective revenues.
(Note on the handling of this material)
The forward-looking statements contained in this release are prepared based on information available as of the day when this release is announced. Actual results may differ from those written here in this release due to various factors in the future.
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