Sony (SNE) Sees Recording Wider Net Loss in FY12 Due to Valuation Allowance on Deferred Tax Assets

Sony (NYSE: SNE) has revised its consolidated results forecast for the fiscal year ended March 31, 2012 from that announced on February 2, 2012.

• Sony expects to record an aggregate additional charge of approximately 300 billion yen in tax expense in the fourth quarter of the fiscal year ended March 31, 2012, primarily due to the establishment of valuation allowances against certain deferred tax assets, predominantly in the U.S.
  
  
• This additional tax expense is a non-cash charge and does not have any impact on Sony’s consolidated operating income (loss) or cash flow.
  
  
• Due to the recording of this additional tax expense, net loss attributable to Sony Corporation’s stockholders is expected to be significantly greater than the February forecast. As of April 10, 2012, no revisions have been made to consolidated sales, operating income (loss) and net income (loss) before taxes in the forecast announced on February 2, 2012.

The current forecast has been prepared based on the information available at the time of the issuance of this release. Actual results may differ from this forecast due to a variety of factors. See “Cautionary Statement” at the end of this press release for further details.

For the fiscal year starting April 1, 2012, with assumed foreign currency exchange rates of approximately 80 yen against the U.S. dollar and approximately 105 yen against the euro, Sony is currently forecasting that it will return to positive operating results and that its consolidated income for the fiscal year ending March 31, 2013 will be approximately 180 billion yen. The details of the actual consolidated results for the fiscal year ended March 31, 2012 and the consolidated results forecast for the fiscal year ending March 31, 2013 are scheduled to be announced on May 10, 2012.

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