OREANDA-NEWS. August 03, 2011. This is to notify that the following changes have been made to the earnings forecast that was previously announced on May 9, 2011, reported the press-centre of Funai Electric.

Factors Behind the Revisions to the Second Quarter Year-to-Date and Full-Year Consolidated Earnings Forecast

Funai Electric had objected to the reassessment notice from the Regional Commissioner of the Osaka Regional Taxation Bureau based on the decision that the Company’s Hong Kong-based subsidiary did not meet the conditions that would allow it to be covered by the exceptions under the anti-tax haven taxation. The Company therefore filed an action with the Osaka District Court seeking the rescission of such tax assessment notice, pursuant to applicable laws and regulations. With respect to this action, on June 24, 2011, the court dismissed the claims of the Company.


The Company will continue to contest the validity of this ruling in court. However, we have estimated and recorded as an expense the cumulative amount that would be expected to apply during the fiscal year following the conclusion of the tax inquiry, which is the fiscal year ended March 31, 2011, through the first quarter of the fiscal year ending March 31, 2012.
As a result of this revision, above-stated revisions have been made to the forecasts for second quarter year-to-date consolidated net income and consolidated net income for the fiscal year ending March 31, 2012.

Full report see here:
http://www.funaiworld.com/pressroom/2011/110801.html