Feeds

Sharp clarifies doom-laden English earnings report

'Mis-translation' of report corrected to remove reference to possible collapse

Secure remote control for conventional and virtual desktops

Ailing Japanese electronics giant Sharp has been forced into an embarrassing clarification on the future of the company, claiming that a doom-laden warning it made last week was mis-translated into English.

The under-fire firm, which could be set to slash as much as 19 per cent of its workforce, said in an earnings report last week that “material doubt” existed over its ability to carry on as a going concern.

The original statement was as follows:

As operating and net loss for the six months ended September 30, 2012 were huge, continuing from the previous year, cash flows from operating activities were negative. Therefore, Sharp is in circumstances in which material doubt about its assumed going concern is found.

However, a few days later the firm thought better of it, removing the offending words and softening the overall tone in order “to inform our status more precisely”.

It now reads thus:

As operating and net loss for the six months ended September 30, 2012 were huge, continuing from the previous year, cash flows from operating activities were negative. Therefore, there exist conditions which might raise uncertainties about Sharp being an assumed going concern. However, we judge that no uncertainties about Sharp’s ability to continue as a going concern will exist. The countermeasures described below are thought to resolve such conditions.

According to the Wall Street Journal the firm has made no changes to its Japanese filing, which is closer in meaning to the new English statement.

However, it pointed out that the following phrase doesn’t exist in the Japanese version: “We judge that no uncertainties about Sharp’s ability to continue as a going concern will exist.”

The move to re-translate such an important piece of corporate comms is pretty rare and may be indicative of turmoil at the company, which is rumoured to be preparing around 11,000 job cuts and asset sales in a bid to haul itself into the black.

In September it secured a ¥360bn (£2.9bn) bailout deal with several Japanese banks including Mizuho Corporate Bank and The Bank of Tokyo-Mitsubishi. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.