Toshiba Reports $8.8 Billion Loss for Fiscal Year
On August 10th, Toshiba Corporation of Tokyo, Japan, reported a loss of $8.8 billion for its latest fiscal year that ended on March 31, 2017.
In the last several months, Toshiba had delayed reporting its financial results, risking being de-listed from the Tokyo Stock Exchange, but its auditor, PricewaterhouseCoopers Aarata, last week approved Toshiba’s financial results, removing the threat of de-listing.
Toshiba’s troubles began in 2015 when it was found to have inflated the previous seven years’ profits by $1.2 billion. Its troubles continued last year, when it was revealed that its U.S. nuclear-power unit Westinghouse had suffered billions of dollars in losses. Westinghouse has since gone into Chapter 11 bankruptcy protection.
To cover its losses, in the last several months. Toshiba has been seeking to sell its memory-chip business, Toshiba Memory Corporation, but its partner in the memory-chip business, Western Digital, has sought to prevent the sale in court.
Toshiba TEC, which develops printers and copier/MFPs, is a subsidiary of Toshiba Corporation. Toshiba America Business Systems (TABS) is majority-owned by Toshiba TEC.
- July 2017: Epson to Replace Toshiba on Tokyo Stock Exchange
- July 2017: Nikkei Demotes Toshiba on Tokyo Stock Exchange; Faces Delisting
- June 2017: Toshiba Sues Western Digital; Fails to Meet Self-Imposed Deadline to Sell Memory Business
- June 2017: Toshiba Being Sued for $399 Million for Accounting Irregularities
- June 2017: Western Digital Seeks to Block Toshiba’s Sale of Memory-Chip Business
- June 2017: Toshiba Determined to Sell Memory-Chip Business Despite Hurdles
- May 2017: Toshiba Not Reporting Audited Full-Year Financial Results at Shareholders’ Meeting
- April 2017: TABS CEO Reassures Clients in Wake of Toshiba Corp. Difficulties