Photocracy
The Great Pretender
Reged: 18/11/2006
Posts: 625
Loc: Sunny South Coast
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The latest available financial statement shows the chill wind of economic downturn is biting Olympus too. In it's first quarterly financial statement for 2008/2009, Olympus says "Consolidated net sales for the Imaging Systems Business was 72,116 million Yen (an 11.7% decrease over the previous year), while operating income was 9,766 million Yen (down by 34.4%). Although the number of compact digital cameras and digital single-lens reflex cameras sold did not change from last year, revenues suffered due to a higher yen and a drop in unit prices. Operating income decreased due to lower revenue and higher raw material prices."
Source: Consolidated Financial Results for the First Quarter of the Fiscal year Ended March 31, 2009.
Is the digital 'Christmas' over, or is this a blip which technological radicalism will punch its way through?
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Rob
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ACS
For Whom the Bell Trolls...
Reged: 04/09/2007
Posts: 50
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Interesting stuff, what do you think?
I don't think the digital Christmas has started: it'll be another month or two before the poor dealers really have to shift stock I reckon.
As for Olympus: I notice that the medical side saw an increase in business by 14%. And profits there were only down because they spent a squillion buying Gyrus: not the mark of a company in trouble IMHO.
IMHO people might stop buying compacts, but the medical market (the basis of Oly's expertise in glass) is unlikely to be hit too hard in a downturn. And they can deliver quality glass for less (for various reasons discussed at length elsewhere). Moreover the evidence suggests they've been (very comfortably) selling DSLRs at subsidised prices for some time (thats why AP's tests are always so odd, I guess: the competition at any given level always costs a shedload more for the same quality). And M4/3 might - possibly - be a money spinner. After all, Samsung, a company who could eat Olympus, Canon and Nikon for breakfast and still be hungry by lunchtime, obviously think the idea has legs, hence they are planning a competing system. And no doubt the rest will follow Olympus as per usual in 12 months or so.
IMHO I don't think I'd worry too much about my system.
(Unless of course it was manufactured by someone flogging office photocopiers. That's a place people will definitely save money...)
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Photocracy
The Great Pretender
Reged: 18/11/2006
Posts: 625
Loc: Sunny South Coast
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Yes, I think you have a good point. Olympus is a lot more than just a camera business and its endoscope and other medical equipment business is doing very well. I don't think this is a doom and gloom revelation, just evidence of the general economic squeeze being experienced by other companies. Interestingly, Olympus say volume of sales has remained constant.
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Rob
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