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Dear Shareholders,
Please allow me to take this opportunity to thank our shareholders for your continuous support and to wish you all success and happiness in your lives.
The global economic recession had a major impact on Company results the last fiscal year. In response, Tamura Corporation has worked during the current fiscal year to build a stronger business foundation by continuing the Management Restructuring Project begun last year, making improving profitability the top issue, and leveraging the combined capabilities of the entire Group to return to profitability as quickly as possible.
During the 2nd quarter the market decline bottomed out, but the recovery remains very weak and while the Company was able to improve earnings, the restructuring is still in progress and, regretfully, the Company has not yet returned to profitability. Nevertheless, economic stimulus and other measures are increasing the demand for environmentally friendly solutions, which has resulted in a good start in production of the Company’s reactors for hybrid vehicles, and in the LED business other new initiatives, including developing markets with new lighting-related and other products, are beginning to bear fruit and will be the next source of Company growth despite the difficult economic circumstances.
Regarding a return of profits to our shareholders, I sincerely regret to say that management has decided not to pay a semiannual dividend to give priority to retaining funds and has not yet determined if the Company will pay a year-end dividend. We ask for your cooperation with and understanding of this decision recognizing that our employees have taken painful cuts to their pay and bonuses to help the Company ride out this difficult time.
Going forward Tamura Corporation will lead all Group companies in striving to return the Company to profitability and growth at an early time. I ask for the support of all our shareholders in these endeavors as we look forward to a successful future for the Company. |
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December 2009 |
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