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08-21-2015, 03:43 AM - 2 Likes   #1
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Ricoh Imaging is not doomed (or: Ricoh Financial Results Q1 2016)

Not long ago, Ricoh Imaging published their Q1 2016 financial results (if anyone is wondering, the fiscal year 2016 starts on April 1st, 2015 and ends on March 31, 2016. Don't ask me why).
FY2016 1st Quarter Financial Announcement | Global | Ricoh

We could see lots of incomprehensible numbers, and a worryingly drop in the Other division - where Ricoh Imaging belongs.
However, today they also published the translated presentation, which has additional details. Interesting additional details. It's also a reminder that Others does not mean only 'cameras', despite that small footnote which incorrectly is suggesting otherwise.
The speaker was Mr. Daisuke Segawa, Corporate Senior Vice President of Ricoh.

+ the sales decline was mainly caused by the transfer of the San-Ai business.
+ even so, operating profit improved significantly compared to Q1 2015
+ they made a loss in Q4 2015 due to writing down camera inventory (which is now completed and will no longer have an impact) and also due to costs associated with the transfer of the San-Ai business.
+ talking about cameras, Mr. Segawa mentioned the focus on high value added high end models and unique products like the Theta which "are selling very well today" and are contributing to profits. "We have been able to see improvements in the numbers", said Mr. Segawa.

08-21-2015, 04:54 AM   #2
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FYI Japan's standard FY is April to March throughout the country. This news is encouraging.
08-21-2015, 05:16 AM   #3
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Whatever, financial reports report the past. By definition the past is not the future.
08-21-2015, 06:04 AM - 1 Like   #4
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QuoteOriginally posted by biz-engineer Quote
Whatever, financial reports report the past. By definition the past is not the future.
Are we going to have to start calling you "Captain Obvious?"


Last edited by normhead; 08-21-2015 at 06:11 AM.
08-21-2015, 07:41 AM - 1 Like   #5
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QuoteOriginally posted by biz-engineer Quote
Whatever, financial reports report the past. By definition the past is not the future.
But if you know how to read a financial report, it can tell you a lot about the future.
08-21-2015, 08:02 AM   #6
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QuoteOriginally posted by MikePerham Quote
But if you know how to read a financial report, it can tell you a lot about the future.
Certainly, a good financial report is better than a bad financial report. With a good financial report, you just have to keep doing what you're doing. With a bad financial report, change is in order. Change is expensive, and does not guarantee success. Coming up with the right change is a lot more difficult than a few tweaks to a successful plan.

Of course the Legions of Doom have been predicting the death of Pentax for as long as I can remember. So, I really wouldn't expect one or even 10 consecutive good financial reports to change their minds. The fact that with all the reported mistakes Pentax makes every day and seems committed to making , they seem to be able to make money, must be an endless source of bewilderment to the doomsayers. After all, they all know what they are talking about nd Pentax doesn't. Pentax making money is a direct affront to the value of their world view. It's no wonder they get so indignant.

How often do we see "Pentax is doomed because they don't make this or that product or have this or that deficiency." Every successful financial report is just Pentax's way of mocking them.

Last edited by normhead; 08-21-2015 at 10:34 AM.
08-21-2015, 08:02 AM   #7
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QuoteOriginally posted by biz-engineer Quote
Whatever, financial reports report the past. By definition the past is not the future.
I don't think you understand what financial reports are intended to be used for...
08-21-2015, 08:07 AM - 4 Likes   #8
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I know you mean well, but taking away "Ricoh is Doomend" is like telling a kid candy is going extinct. What's left to live for?

Regards!

08-21-2015, 09:12 AM   #9
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Looks good and no idea if others now is only camera or there is still something else to it.


To the line......high end camera's......

Well if sales on 645Z are plussing with 25 % and k-mount is down 25 % you probably have better financial performance, but are selling less camera's. We will see how the second quarter will do, since that probably will be the low point in selling k-mount due to waiting for the full frame.
08-21-2015, 09:35 AM   #10
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QuoteOriginally posted by RonHendriks1966 Quote
Looks good and no idea if others now is only camera or there is still something else to it.


To the line......high end camera's......

Well if sales on 645Z are plussing with 25 % and k-mount is down 25 % you probably have better financial performance, but are selling less camera's. We will see how the second quarter will do, since that probably will be the low point in selling k-mount due to waiting for the full frame.
But the Theta was mentioned, not the 645Z...

PentaxIsDooomed™
08-21-2015, 09:43 AM   #11
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QuoteOriginally posted by RonHendriks1966 Quote
Looks good and no idea if others now is only camera or there is still something else to it.


To the line......high end camera's......

Well if sales on 645Z are plussing with 25 % and k-mount is down 25 % you probably have better financial performance, but are selling less camera's. We will see how the second quarter will do, since that probably will be the low point in selling k-mount due to waiting for the full frame.
So, you're saying we should be hoping they sold more DSLRs and fewer 645s? I'm having a little trouble getting my head into that.
08-21-2015, 09:53 AM   #12
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QuoteOriginally posted by JinDesu Quote
I don't think you understand what financial reports are intended to be used for...
Yes, you are right, I don't understand financial reports. Would you have said anything else, it's also fine for me.

---------- Post added 21-08-15 at 19:02 ----------

QuoteOriginally posted by normhead Quote
Are we going to have to start calling you "Captain Obvious?"
Obvious but apparently not for everyone. :-)

---------- Post added 21-08-15 at 19:08 ----------

QuoteOriginally posted by normhead Quote
So, you're saying we should be hoping they sold more DSLRs and fewer 645s? I'm having a little trouble getting my head into that.
QuoteOriginally posted by RonHendriks1966 Quote
Looks good and no idea if others now is only camera or there is still something else to it. To the line......high end camera's...... Well if sales on 645Z are plussing with 25 % and k-mount is down 25 % you probably have better financial performance, but are selling less camera's. We will see how the second quarter will do, since that probably will be the low point in selling k-mount due to waiting for the full frame.
Guys, the next quarter is in your hands: you can decide what the future of Ricoh imaging will be, with your credit card.

Last edited by biz-engineer; 08-21-2015 at 10:09 AM.
08-21-2015, 10:11 AM   #13
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I made a guess that 645Z is counted as hi-end and K-S2 is not.
08-21-2015, 10:18 AM   #14
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QuoteOriginally posted by RonHendriks1966 Quote
I made a guess that 645Z is counted as hi-end and K-S2 is not.
That sounds like a reasonable guess.
08-21-2015, 12:56 PM - 1 Like   #15
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I should know how to read financial statements (not a CPA but a CFA), and to do so properly takes a lot more than a press release, one Q of financial statements and company Q & A (What do you think they are going to say? Management will usually put a lipstick on a pig.). It is not unusual to put a smaller segment into the "other" category (Apple possibly dumped the watch there for other reasons). What is troublesome for all these camera companies is the decline in the overall camera market and the recent slowing growth in China (6% is a fantasy and if the stock market is a discounting mechanism this will be proven out) and the emerging markets. This too shall pass, but valuations may be way too high for now. The overall decline in the camera market may be permanent, and it helps that Ricoh is more diversified than most competitors.

Anyhow, there should be no worries with Ricoh, at least none Pentaxians should be concerned with. They seem to have a strategy with Pentax, and Ricoh isn't about to stop it now. Ricoh will remain more innovative than Canon and Nikon and will take chances knowing some products won't work. It will continue to partner with SONY for sensors. There is ample cash for them to continue to under price the market with pro-quality bodies (645Z) and to give more "bang for the buck" with the APS-C cameras. It will be interesting to see how it positions and prices the FF or FFs. Regardless, Ricoh isn't going out of business and should remain relatively healthy even with a potential slowdown or recession. Don'tworryaboutit.

Last edited by quant2325; 08-21-2015 at 01:05 PM.
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