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Olympus Net Income Triples in Third Quarter

Olympus Net Income Triples in Third Quarter

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February 16, 2007 –As camera manufacturers release their quarterly financial reports these past few weeks, Olympus reported last week an increased net income of 185 percent and higher net sales for the third quarter of their 2006-2007 fiscal year that began April 1, 2006. As a result, Olympus has raised its yearly forecasts.

Olympus reported that its net income rose from 14.2 billion yen ($119.2 million) to 40.51 billion yen ($339 million) year-over-year, according to a Feb. 5 Olympus financial report. Net sales were reported at 764.6 billion yen ($6.41 billion USD), up 5 percent from 727.5 billion yen ($6.1 billion). 

Olympus benefited this past quarter from a weaker yen and strong sales performance, according to a Reuters article on February 4. The imaging division, made up of digital cameras, film cameras, and voice recorders grew 14 percent year-over-year.

Olympus now expects that 2007 will surpass initial estimates and predicts that net sales will total 1.04 trillion yen ($8.72 billion) by the end of its fiscal year that finishes on March 31, 2007.

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