Company name: Toyo Denki Seizo K.K. Representative: Kenzo Terashima, President Stock code: 6505

Stock Exchange: 1st Section of the Tokyo Stock Exchange

Inquiries: Yoshifumi Otsubo,

Operating officer, General Manager, Management Planning Division TEL +81-3-5202-8122

Toyo Denki Seizo Announces Details Regarding Discrepancies between Earnings Forecasts and Actual Results for the First Half of Fiscal 2013

Tokyo, Japan, January 14, 2014 - Toyo Denki Seizo K.K. announces the details of discrepancies between its first half (June 1, 2013 to November 30, 2013) consolidated earnings forecasts for fiscal
2013, the year ending May 31, 2014, originally disclosed on July 10, 2013 and the Company's
actual results for the same period, made public today.
1. Discrepancies between Consolidated Earnings Forecasts and Actual Results for the First Half of
Fiscal 2013 (June 1, 2013 to November 30, 2013)

(In millions of yen, except where noted)

Net Sales

Operating

Income

Ordinary

Income

Net

Income

Net Income per

Share (Yen)

Previous forecast (A)

16,000

200

200

120

2.46

Actual results (B)

15,826

213

270

57

1.20

Change (B-A)

(174)

13

70

(63)

Percent change

(1.1)

6.5

35.0

(52.5)

First half of previous fiscal year, ended May 31, 2013

13,566

(515)

(283)

(401)

(8.32)

2. Reasons for Discrepancies

Consolidated net sales and operating income results for the first half of fiscal 2013 were essentially in line with forecasts announced on July 10, 2013. Consolidated ordinary income was 70 million yen higher than the forecast, due to an increase in non-operating income including foreign exchange gains and an increase in dividend income. Consolidated net income in the quarter was 63 million yen lower than the forecast due to higher-than-expected corporate taxes.
Full-year earnings forecasts remain unchanged from those announced on July 10, 2013 at the current time.

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