SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D. C. 20549
FORM
6-K
REPORT OF
FOREIGN PRIVATE ISSUER
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For the
month of October 2008
Commission
File Number: 001-06439
SONY
CORPORATION
(Translation
of registrant's name into English)
1-7-1
KONAN, MINATO-KU, TOKYO, 108-0075, JAPAN
(Address
of principal executive offices)
The
registrant files annual reports under cover of Form 20-F.
Indicate
by check mark whether the registrant files or will file annual reports
under
cover of Form 20-F or Form 40-F,
Indicate
by check mark whether
the registrant by furnishing the information
contained in
this Form
is also thereby furnishing the information to the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934,
Yes No
X
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection
with Rule 12g3-2(b):82-______
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act
of 1934, the registrant has
duly caused this report to be signed on
its behalf by the undersigned,
thereunto duly authorized.
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SONY
CORPORATION
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(Registrant)
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By: /s/ Nobuyuki
Oneda
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(Signature)
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Nobuyuki
Oneda
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Executive
Vice President and
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Chief
Financial Officer
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1-7-1 Konan,
Minato-ku |
News
& Information |
Tokyo
108-0075 Japan
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No:
08-136E |
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Date: October 23,
2008 |
SONY
ANNOUNCES REVISION OF CONSOLIDATED FORECAST
FOR
THE FISCAL YEAR ENDING MARCH 31, 2009
Tokyo,
October 23, 2008 -- Sony Corporation announced a revision of its consolidated
results forecast for the fiscal year ending March 31, 2009 from that announced
on July 29, 2008.
Consolidated Results
Forecast
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(Billions
of yen)
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Change
from
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Change
from
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Revised
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March
31, 2008
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July
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July
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Forecast
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Actual Results
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Forecast
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Forecast
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¥ |
9,000 |
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+1 |
% |
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-2 |
% |
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¥ |
9,200 |
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Operating
income
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200 |
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-58 |
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-57 |
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470 |
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(Equity
in net income of affiliated companies
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0 |
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-100 |
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-100 |
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10 |
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recorded within
operating income)
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Income
before income taxes
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210 |
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-63 |
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-54 |
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460 |
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Net
income
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150 |
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-59 |
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-38 |
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240 |
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Assumed
foreign currency exchange rates for the second half of the fiscal year:
approximately ¥100 to the U.S. dollar and approximately ¥140 to the
euro.
This
forecast is based on management’s current expectations and is subject to
uncertainty and changes in circumstances. Actual results may differ
materially from those included in this forecast due to a variety of
factors. See “Cautionary Statement.”
The above
revised forecast is primarily due to the following factors:
1.
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Due
to a change in our assumptions for foreign currency exchange rates in the
second half of the fiscal year, as noted above, to reflect the significant
appreciation of the yen above the rates assumed in July, we expect our
results to be lower than the July forecast with operating income
decreasing by approximately ¥130 billion,
mainly within the Electronics and the Game segments (assumed foreign
currency exchange rates in July were approximately ¥105 to the
U.S. dollar and approximately ¥165 to the
euro for the quarter ended September 30, 2008 and approximately ¥105 to the
U.S. dollar and approximately ¥160 to the
euro for the second half of the fiscal
year).
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2.
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We
expect the results of certain businesses in the Electronics segment, such
as the LCD television, compact digital camera and video camera businesses,
to be lower than the previous forecast due to a deterioration in the
market environment brought on by the slowing global economy and an
intensification of price competition. Sony anticipates this
will negatively impact operating income by approximately ¥90 billion
compared to the July forecast.
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3.
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Preliminary
results in the Financial Services segment for the quarter ended September
30, 2008 are lower than the July forecast due to such factors as a
deterioration in net valuation gains from convertible bonds and an
impairment loss on equity securities, brought on by a significant decline
in the Japanese stock market. Based on the assumption that the
equity markets will remain at the level of September 30, 2008 until March
31, 2009, operating income for the fiscal year is expected to be
approximately ¥60 billion
lower than the July forecast. As is our policy, the effects of
gains and losses on such investments due to market fluctuations since
October 1, 2008 are not incorporated within our forecasts for the fiscal
year ending March 31, 2009. Accordingly, the market
fluctuations could further negatively impact the revised
forecast.
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4.
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On
October 1, 2008, Sony completed the previously announced acquisition of
Bertelsmann AG’s 50% stake in SONY BMG MUSIC ENTERTAINMENT (“SONY
BMG”). Accordingly, the operating results of SONY BMG,
previously an equity affiliate of Sony, will be recorded on a consolidated
basis from October 1, due to it becoming a wholly owned subsidiary of
Sony. While equity in net income of SONY BMG was previously
recorded in Sony’s consolidated operating income, all of its operating
income will be recorded in Sony’s consolidated operating income from
October 1. As a result, operating income is expected to be
increased by approximately ¥10 billion
compared to the July forecast.
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5.
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Regarding
equity in net income of affiliated companies, equity in net income of SONY
BMG will not be recorded from October 1, as described
above.
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We expect
the results of the Game and Pictures segments to be basically in-line with our
July forecast excluding the impact of the exchange rates fluctuation described
above.
Preliminary Consolidated
Results for the Quarter ended September 30, 2008
Preliminary
consolidated results for the quarter ended September 30, 2008 are as
follows. The preliminary figures are based on the information
available at the time of issuance of this release. Actual results may
differ due to a variety of factors. Sony will announce its
consolidated operating results for the second quarter on October 29,
2008.
(Billions
of yen)
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Second
quarter ended September 30
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2007
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2008
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Change
in
yen
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Sales
and operating revenue
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¥ |
2,083.0 |
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¥ |
2,070 |
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-1 |
% |
Operating
income
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111.6 |
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11 |
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-90 |
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(Equity
in net income of affiliated companies
recorded within
operating income)
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21.1 |
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1 |
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-95 |
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Income
before income taxes
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109.1 |
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7 |
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-94 |
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Net
income
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73.7 |
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21 |
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-72 |
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The
year-on-year decrease in operating income in the quarter ended September 30,
2008 currently reflects a more than ¥40 billion
negative impact from the decline in the Japanese stock market on the Financial
Services segment. Operating income for the quarter ended September
30, 2007 included a ¥60.7 billion gain on the sale of a portion of the site of
Sony’s former headquarters.
Statements
made in this release with respect to Sony’s current plans, estimates, strategies
and beliefs and other statements that are not historical facts are
forward-looking statements about the future performance of
Sony. Forward-looking statements include, but are not limited to,
those statements using words such as “believe,” “expect,” “plans,” “strategy,”
“prospects,” “forecast,” “estimate,” “project,” “anticipate,” “aim,” “may” or
“might” and words of similar meaning in connection with a discussion of future
operations, financial performance, events or conditions. From time to
time, oral or written forward-looking statements may also be included in other
materials released to the public. These statements are based on
management’s assumptions and beliefs in light of the information currently
available to it. Sony cautions you that a number of important risks
and uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. You also should not rely on any obligation of
Sony to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Sony disclaims any such
obligation. Risks and uncertainties that might affect Sony include,
but are not limited to (i) the global economic environment in which Sony
operates, as well as the economic conditions in Sony’s markets, particularly
levels of consumer spending as well as the recent worldwide crisis in the
financial markets and housing sectors; (ii) exchange rates, particularly between
the yen and the U.S. dollar, the euro and other currencies in which Sony makes
significant sales or in which Sony's assets and liabilities are denominated;
(iii) Sony’s ability to continue to design and develop and win acceptance of, as
well as achieve sufficient cost reductions for, its products and services,
including newly introduced platforms within the Game segment, which are offered
in highly competitive markets characterized by continual new product
introductions, rapid development in technology and subjective and changing
consumer preferences (particularly in the Electronics, Game and Pictures
segments, and the music business); (iv) Sony’s ability and timing to recoup
large-scale investments required for technology development and increasing
production capacity; (v) Sony’s ability to implement successfully business
reorganization activities in its Electronics segment; (vi) Sony’s ability to
implement successfully its network strategy for its Electronics, Game and
Pictures segments, and All Other, including the music business, and to develop
and implement successful sales and distribution strategies in its Pictures
segment and the music business in light of the Internet and other technological
developments; (vii) Sony’s continued ability to devote sufficient resources to
research and development and, with respect to capital expenditures, to correctly
prioritize investments (particularly in the Electronics segment); (viii) Sony’s
ability to maintain product quality (particularly in the Electronics and Game
segments); (ix) the success of Sony’s joint ventures and alliances; (x) the
outcome of pending legal and/or regulatory proceedings; (xi) shifts in customer
demand for financial services such as life insurance and Sony’s ability to
conduct successful asset liability management in the Financial Services segment;
and (xii) the impact of unfavorable conditions or developments (including market
fluctuations or volatility) in the Japanese equity markets on the revenue and
operating income of the Financial Services segment. Risks and
uncertainties also include the impact of any future events with material adverse
impacts.
Investor
Relations Contacts:
Tokyo
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New
York
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London
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Gen
Tsuchikawa
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Sam
Levenson
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Shinji
Tomita
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+81-(0)3-6748-2180
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+1-212-833-6722
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+44-(0)20-7426-8696
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Home Page:
http://www.sony.net/IR/
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