Minebea Reports Fiscal Year 2006 Results Minebea Co. Ltd. (Japan; TSE: 6479 reported financial results for fourth quarter and fiscal year 2006, ended March 31, 2006. Sales for fiscal 2006 were ¥ 318.4 billion (USD $2.72 billion), up more than 8% over 2005, while net income fell almost 24% to ¥ 4.3 billion ($36.7 million). The loss and difference was due to a one-time charge made to completely restructure its troubled PC keyboard business unit. Minebea is an industrial manufacturing and distribution conglomerate, made up of 47 companies operating in two business units -- Machined Components and Electronic Devices and Components. Reviewing its operating performance for fiscal 2006, Minebea said: The Japanese economy continued a private demand-driven recovery with favorable conditions in the corporate sector having an impact on the household sector. The U.S. economy, although facing soaring energy prices and hurricane damage, expanded steadily as a whole, led by growth in wealth from housing investments. The European economy grew moderately with signs of turnaround in foreign demand and capital investment. The Chinese economy, meanwhile, maintained high growth due to a continued rise in exports mainly to the United States and developing countries, despite the implementation of the revaluation of yuan and tight constraints on overheated investment. The economies of Southeast Asian countries stayed firm due to continued growth in the U.S. economy and high growth in China. Bearing manufacturing and sales operations are contained in its Machined Components Business. The bearing manufacturing operations are Minebea Co. Ltd., New Hampshire Ball Bearings Inc., NMB-Minebea UK Ltd., NMB Singapore Ltd., Pelmec Industries Ltd., NMB Thai Ltd., Pelmec Thai Ltd., NMB Hi-Tech Bearings Ltd., and Minebea Electronics & Hi-Tech Components Ltd. Minebea recently made several key realignments in its bearing R&D efforts. Machined Components posted strong performance, particularly in core ball bearing and rod-end product lines. Sales of ball bearings to automotive and information systems customers were strong due to, "our vigorous sales expansion efforts." Similarly, rod-end bearing sales to the aerospace industry continued strong, as did computer disk drive pivot bearing assembly sales. Sales in Machined Components for fiscal 2006 were up 12% over 2005, reaching ¥ 129.6 billion ($ 1.1 billion), while operating income increased 14% credited mainly to efficiencies of higher production. Looking forward, Minebea said the bearing business should continue strong, particularly as it ramps up sales efforts worldwide: We will continue to expand sales of mainstay ball bearings to the household electrical appliance, automobile and information & telecommunications equipment industries, demand from which is firm. By achieving economies of scale in manufacturing from this sales expansion and further reducing costs, we aim to improve business results further. In addition, the aircraft market for rod-end bearings are strong, particularly in Europe and the U.S. We can expect benefits from this strong aircraft market. In pivot assemblies, we expect that sales will be steady with strong demand.