where there’s smoke there’s fire

Here is Nikon’s one sentence summary of the Imaging Company in 2011:

“Sales and operating income both increased in spite of yen appreciation and parts procurement difficulty.”

This is what Nikon had to say about the impact of the earthquake on the 2012 forecast:

• Disaster damages and plant recoveries:
  • In Miyagi, Tochigi, and Ibaraki prefectures, 1 plant and 7 production companies shut down their operations.
  • These plants gradually resumed operations by the end of March, now reaching the pre-disaster capacity.
• Impact on supply chain:
  • Our parts supply chain was affected by the disaster. Full recovery is scheduled in this fall or later.
  • FY2012 is expected to suffer sales reduction of 120 billion yen and operating income reduction of 30 billion yen.

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