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11-18-2009, 09:52 PM   #1
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It sounds so sad when you put it this way.

Nov 18, 2009 (M2 PRESSWIRE via COMTEX) -- HOCPF | Quote | Chart | News | PowerRating -- 18 November 2009 - JCR confirmed Wednesday its AA rating with a "stable" outlook on the senior debts of Japan's optical glass maker Hoya Corp (TYO: 7741).
The agency also upheld the AA rating on the company's outstanding bonds and the J-1+ rating on its commercial paper programme.
Hoya is a large manufacturer of optical glass.
Earnings from the company's electro-optics business, which has been its profit engine so far, fell sharply because of the global recession.
However, stable earnings from its eye-care business including eyeglass lenses and contact lenses have continued to bolster its overall earnings.
Its operating income for the fiscal year ending 31 March 2010 is expected to be at the same level as the previous fiscal year, a relatively higher level of earnings, as a result of structural reforms in its Pentax business which the company acquired.
Although its financial structure deteriorated because of the acquisition of Pentax Corp, its consolidated ratio of equity capital to total assets at the end of the second quarter of fiscal 2009 was 62.3% and thus the ratio remains at a higher level.

JCR considers that its financial structure will continue to improve, taking into account that its recent capital investments did not exceed the amount of depreciation expenses and the company has maintained positive free cash flow and that profits for periods are expected to continue to accumulate.

HOCPF JCR keeps Hoya's debts at AA

Sorry just market babble but some may be interested.

11-18-2009, 10:05 PM   #2
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I wouldn't read too much into it but I think there is a bit of truth in Pentax Corp needing some work. There is the cost of completing the acquisition, then there is a huge cost post acquisition for consolidation and restructuring. The "a relatively higher level of earnings" is more important as it indicates they are moving in the right direction (presuming they haven't done something to cause Pentax to bleed long term)
11-19-2009, 12:11 PM   #3
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Pentax marketing

I have a friend who has owned a photography retail business for about 30 years...recently Pentax informed that he was too small a vendor...the result is that he no longer carries Pentax and I would have to order on-line or drive 60-150 miles to get any DSLR products....not a smart move in my view.

Pentax also, for whatever reason, has not marketed their products the way Canon and Nikon do in the media.
11-19-2009, 12:32 PM   #4
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QuoteOriginally posted by mobygrape Quote
I have a friend who has owned a photography retail business for about 30 years...recently Pentax informed that he was too small a vendor...the result is that he no longer carries Pentax and I would have to order on-line or drive 60-150 miles to get any DSLR products....not a smart move in my view.

Pentax also, for whatever reason, has not marketed their products the way Canon and Nikon do in the media.
In a word: Money.

When people go to their local shop to handle product and prod the salespeople, then go on Amazon or B&H to buy...money.

Pentax doesn't make as much revenue as the big 2 so their budget is less...money.

11-22-2009, 02:55 PM   #5
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I about to purchase a K7 all of these negative blogs makes me take a second look at the other two companies. We need to see some positive marketing from Pentax and not that they are closing some of their old retail camera shops. The price is at the high end compaired to the other two companies. But you get a lot for your dollar. I think.
11-22-2009, 05:54 PM   #6
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QuoteOriginally posted by GordZ Quote
I about to purchase a K7 all of these negative blogs makes me take a second look at the other two companies. We need to see some positive marketing from Pentax and not that they are closing some of their old retail camera shops. The price is at the high end compaired to the other two companies. But you get a lot for your dollar. I think.
"All of these negative blogs"...such as?

Pentax doesn't have stores. Pentax is pulling out of retail locations due to lack of sales. With the internet dominating things, I see why.

If you're just going shopping by bottom line, Olympus probably has the cheapest SLR bodies. There's so much more to Pentax than the bottom line.
11-22-2009, 06:09 PM   #7
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QuoteOriginally posted by smc Quote
I wouldn't read too much into it but I think there is a bit of truth in Pentax Corp needing some work. There is the cost of completing the acquisition, then there is a huge cost post acquisition for consolidation and restructuring. The "a relatively higher level of earnings" is more important as it indicates they are moving in the right direction (presuming they haven't done something to cause Pentax to bleed long term)
JCR considers that its financial structure will continue to improve, taking into account that its recent capital investments did not exceed the amount of depreciation expenses and the company has maintained positive free cash flow and that profits for periods are expected to continue to accumulate.

Hoya is a business. If we want them to keep making our cameras we must expect them to act like a business. Hoya is acting prudently and decisively, investing in Pentax and preparing Pentax to be a profitable specialty maker. That's better than risking the entire enterprise to compete with Canon, which prints money in business equipment (every laser printer engine ever made generates a royalty for Canon).

In the current world economy, Return on Invested Capital, Free Cash Flow and Debt Rating matter more than Reported Accounting Earnings. Good companies today are laying the groundwork for a 2012 expansion in economic activity (look for a return to manufacturing 15,000,000 light vehicles in the USA in 2012, for instance).

There will be another (milder) global recession in 2H10 - 1H11, as central banks raise interest rates and withdraw excess liquidity. Conservative actions today will allow rapid deployment of new products and expanded marketing budgets when competitors are weakened (Sony?) in 2011.

This is a positively glowing report and speaks well for Hoya's long-term investment plans for Pentax.
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