[DPR] Nikon, Olympus postpone upcoming financial results, citing COVID-19 challenges
Both Nikon and Olympus have announced the companies will be postponing the announcements of their most recent financial results, both of which were originally scheduled to be announced in mid-May.
In a press release on its website, Nikon explains the rationale for postponing the results of its fiscal year ending at the close of March 2020, which were set to be released on May 12, 2020. Nikon says the COVID-19 pandemic and subsequent stay-at-home orders have made it difficult to follow the accounting procedures within the company, which includes auditing the numbers to ensure accurate reporting. As a result, Nikon has pushed back the financial results release date to May 28, 2020.
Olympus, too, has announced it will be postponing its financial results for its fiscal year ending at the close of March 2020. Like Nikon, Olympus says the COVID-19 pandemic has affected the timeliness of the results, saying ‘it is difficult to proceed with the scheduled accounting procedures implemented by the Company and its domestic and overseas affiliates as scheduled.’ Instead of an early May release, Olympus says it will release the latest results on May 29, 2020, just one day after Nikon.
We could theorize other reasons the companies may be pushing back the results, but the truth of the matter is auditing the financials of a multi-national operation is an intensive task; one made very difficult when non-essential employees are being ordered to work from home to reduce the spread of the Coronavirus. That said, it’s unlikely to be good news if Canon’s most recent financial report is anything to go by.
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