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For the fiscal year, we reported consolidated sales of ¥125.3 billion, operating income of ¥7.3 billion, recurring income of ¥5.4 billion, and a net loss of ¥12.0 billion. This echoes what we disclosed in our earnings revision yesterday.
While we reported in December 2010 that our expected fiscal year 2011 results would be revenues of ¥130 billion, operating income of ¥8 billion, recurring income of ¥6 billion, and a net profit of ¥1 billion, following that announcement we engaged in a reassessment of our assets and recorded a net loss as a result of extraordinary losses.
Our SGA in the last period was reduced from ¥56.3 billion to ¥44.3 billion. For our non-operating expenses, we experienced a loss on foreign exchange of ¥2.1 billion mainly as a result of foreign currency denominated bonds, and thus recorded a valuation loss.
As a result of foreign exchange losses, recurring income was ¥5.4 billion while operating income was ¥7.3 billion.
Now I will explain extraordinary losses.
A writedown of goodwill of ¥8.8 billion was the largest single factor. Understanding that the business environment has changed drastically, we revised our cash flow estimates that we made at the acquisitions of EIDOS and TAITO based on more strict standards and thus carried out an impairment.
Losses on disposal of content and losses on content were recorded as a result of a rigorous reassessment of assets. In total ¥4.4 billion in losses were related to project development cancellations and related items.
In addition, due to damages and losses during closures at, and restoration of, TAITO amusement facilities resulting from the Tohoku Pacific Earthquakes and Tsunami, we recorded a loss on disaster of ¥0.6 billion yen.
As a result, we realized a net loss of ¥12.0 billion yen.
