[Roberts]

Here is a direct quote for Hoyo's annual report

Maybe you can cite from Pentax annual report of year 2000, or 1990, or 1980 ...

[monochrome]

Here is a direct quote for Hoyo's annual report about Pentax and it say they lost money; "Pentax
Pentax posted net sales of ¥122,190 million and an operating loss of ¥11,572 million. Although megapixel imaging capable endoscope systems performed well, overall medical endoscope sales were down due to the effects of foreign currency movements. In digital cameras, both SLR and compact camera sales dropped as a result of drastically lower demand and intensifying price competition.
Although medical-use endoscopes contributed to profits, the slump in the digital camera business, as well amortization of goodwill following the merger, resulted in an operating loss for the Pentax business in the fiscal year under review. "

In other words the camera division of Pentax sucked the profit right out of the entire Pentax group!

Please go back to Post #48 in this thread and read the Interim Report for the Hoya 3 months and six months ended September, 2009 - since the end of their Fiscal Year, ended March, 2009.

In your comments, you are reading from Hoya's Annual Report for the period April, 2008 - March, 2009. During that period Hoya booked charges associated with the acquisition of Pentax, a customary business practice. Many of those charges are accounting-only losses such as writing down of good will, or posting the loss of book value of plant and equipment for plants they closed (they didn't pay any value for these assets at the acquisition price for Pentax - the writedown strategy was known in advance), or costs associated with headcount reduction.

The annual report specifically cites lower demand for point and shoot cameras, especially the pedestrian models Hoya discontinued. Looking at the sales of waterproof cameras then and today, Pentax is the niche leader - another example of the "outdoor/enthusiast" market niche Hoya is trying to build for Pentax.

Having taken all those charges against March, 2009 Fiscal Year income, the Pentax Division now operates with a clean slate, from a lower cost basis, from which it is easier to report accounting earnings. Hoya justifiably invested money in R&D and product development for cameras, including some lenses, the K-7 and K-x, believing they would be able to show a positive return on that investment - THAT IS PRECISELY WHAT IS HAPPENING!!

Hoya has stated very clearly they have no intention to sell or close the camera division - but that they will need a partner or partners to fully develop their business model for cameras. Pentax seeks an electronics partner to research and develop sensor technology and ROM image processing routines. The Pentax bodies are fairly sophisticated light-tight boxes with computers inside them - not Pentax's strength. Pentax needs a partner who can spread sensor and processor R&D costs over a much larger range of applications to justify the investment.

Pretty good business decisions, actually.