Nidec: Fiscal 1Q08 Financial Results

Nidec Corp. announces its financial results for 1Q Ended June 30, 2008

Net sales for the first quarter in the small precision motors business rose by approximately ¥2.3 billion (2.7%) to ¥87,675 million. This includes approximately ¥1.6 billion in net sales growth at Nidec Brilliant Co., Ltd., whose earnings results for the previous first quarter were partially included in our consolidated financial statements for the same fiscal quarter. Growth in net sales would have been slightly less with this excluded, but it also reflects a reduction in net sales due to the 13% appreciation in the value of the yen compared with the previous fiscal year.

In this connection, sales of spindle motors for hard disk drives rose yearly about 16% in volume, while declining 0.3% in value. Dollar-based average sales prices were held to declines of approximately 1%, but the decline resulting from the rising yen was substantial. Once again this quarter, growth in the volume of 2.5-inch HDDs spindle motors sales outstripped that of 3.5-inch HDDs spindle motors, jumping 42% year-on-year.

SALES AND SHIPMENTS OF HDD MOTORS
They represent 27.9% of total revenues in 1Q08 versus 29.0% in 1Q07.

(Source: Nidec)