Nidec Corporation (nihon Densan (NYSE:NJ)

As we began to see positive effects of our company-wide effort to make progresses in the ongoing WPR™ initiatives, our profitability on a consolidated basis improved during the fiscal first quarter ended June 30, 2009. Net sales for this fiscal first quarter were generally in line with our prior estimates primarily as a result of our efforts to develop new products, markets and customers based on the four key concepts of lower energy consumption, environmental friendliness, lighter, thinner, shorter and smaller products, and lower prices. We were able to achieve higher profit margins than expected primarily due to our profitability improvement measures.

Source SEC Form 6K (July 24, 2009)

"Business conditions throughout the third quarter of fiscal 2008 underwent a dramatic change compared with the six-month period ended September 30, 2008. This was mainly attributable to a worldwide recession that reflected growing financial unrest, triggered by a variety of factors including the sub-prime loan crisis in the United States. Under these circumstances, NIDEC experienced a sudden downturn across the vast majority of its businesses, resulting in a drop in sales from the middle of November 2008. Confronted with the unprecedented predicament of month-to-month deterioration in sales by as much as 50%, NIDEC was forced to act quickly to deal with the sudden change. In this context, the company adopted a set of measures, taking steps to reduce fixed expenses, substantially cut operating costs and streamline inventories. Combating the 50% decline in sales, NIDEC worked tirelessly to establish a framework that would prevent the company from falling into a loss position for the year. Despite these endeavors, NIDEC was unable to prevent a deterioration in its business results. This was attributable to the decrease in sales associated with the sudden and decrease in production.

As a result, net sales, operating income and net income for the nine months ended December 31, 2008 decreased 7.8%, 11.7% and 32.8% compared to the previous nine months ended December 31, 2007, respectively."

Source SEC Form 6K (Februay 17, 2007)