Columbia Rises for Third Straight Day:
Market Approves Company Forecast Profitability for March Term, its First for Thirteen Terms
Nihon Kabushiki Shinbum 05.16.03

Columbia Music Entertainment, Inc. [6791] reached 107 yen, up 13 yen from the previous day, rising for the third straight day and gaining a momentum for a further rise. Columbia, a major manufactures of audio-visual software, including music CDs and videos, announced on the 15th its consolidated financial results for the term to this March. The company moved into the black on both a consolidated operating profit and ordinary profit basis. It also expects that this term its bottom line will hit 300 million yen, pleasing the market by regaining profitability for the first time in thirteen terms. Columbia recorded a loss of 1.25 billion yen in the term before last.

The company recorded an operating profit of 22 million yen last term, moving into the black for the first time in seven terms, compared to an operating loss of 2 billion yen the term before that. In addition to steady sales of CDs by Hikawa Kiyoshi, new singers' hits, including "Sharing the sorrow" by Yo Hitoto, have apparently made a considerable contribution to the company's performance. Columbia says it will continue to seek out potential new singers. The company expects to record an ordinary profit of 500 million yen this term-eighty-three times the profit recorded last term-benefiting further from personnel cutbacks and business restructuring.