Sony Corp seeks to postpone earnings report over cyber attack

MUMBAI: Sony Corporation has asked the Financial Services Agency (FSA) of Japan for permission to delay the release of its earnings next month after a cyber attack at its Hollywood film unit compromised "a large amount of data" in its systems. 

The media giant has submitted an application for approval of extension of deadline to file the quarterly securities report for the third quarter of the fiscal year ending 31 March, 2015.

In November 2014, Sony Corp?s motion picture business subsidiary Sony Pictures Entertainment Inc (SPE) identified a cyber attack on its network and IT infrastructure. As a result of the cyber attack, which has been now recognized as a highly sophisticated and damaging cyber attack, a serious disruption of SPE?s network systems occurred, including the destruction of network hardware and the compromise of a large amount of data on these systems. In response to this cyber attack, SPE shut down its entire network.

Since that time, SPE has been working aggressively to restore these systems. However, most of SPE?s financial and accounting applications and many other critical information technology applications will not be functional until early February 2015 due to the amount of destruction and disruption that occurred, and the care necessary to avoid further damage by prematurely restarting functions. After the restoration of these applications, SPE will immediately commence the actions necessary to close its third quarter financial statements.

However, the company said that even with the anticipated restoration of these applications in early February 2015, SPE will not have sufficient time to close its financial statements in time for submission of the quarterly securities report in the middle of February 2015. 

?SPE must then enter transactional data for the two-month period the systems were offline and perform verification procedures over the restored data. For these reasons, Sony expects that it cannot complete its preparation, including the review by our independent accountants, of its consolidated financial statements for the third quarter of the fiscal year ending 31 March, 2015, by 16 February, 2015, the original deadline for submission of the quarterly securities report for this third quarter,? the company said.

Accordingly Sony has filed an application with the FSA for approval to extend the deadline for submission of the report to 31 March, 2015. Considering the current status, Sony expects that it can complete its preparation of its financial statements as described above and submit the quarterly securities report for the third quarter by 31 March, 2015.

Sony had planned to issue its earnings release and hold press/analyst conferences about the consolidated financial results for the third quarter of the fiscal year ending 31 March, 2015 on 4 February, 2015. Although Sony expects that SPE will not complete its third-quarter closing processes by the said date, for the reasons described above, the company plans to issue a release and hold press/analyst conferences on that date so as to provide investors, shareholders, analysts, media and other stakeholders with updated forecasts of Sony?s consolidated financial results for the third quarter, to the extent reasonably possible, based on the information available on that date. While Sony continues to evaluate the impact of the cyber attack on its financial results, it currently believes that such impact is not material.

Latest Reads
Zee Telugu Announces World Television Premiere of Allu Arjun starrer Naa Peru Surya

Filling this weekend with patriotism, action and drama, Zee Telugu is here with a world television premiere movie of a young man discovering himself while finding the right balance between serving his country and overcoming the hurdles thrown at him due to the power struggles in place.

Television TV Channels Regional
BTVI endeavors to increase financial literacy across India through Money Mantra

Business Television India (BTVI), India’s Premier English Business News Channel, introduces a multicity initiative - Money Mantra which is an effort to expand the financial awareness and literacy by bringing together, personal financial experts and mutual fund experts close to the common man and...

Television TV Channels News Broadcasting
Rural markets drive Hindi GEC FTA channels

Hindi GECs or general entertainment channels draw some of the largest eyeballs across India. “My aim is to get that extra tear from the housewife’s eyes during primetime. I want to keep her riveted to my programmes, to my channel,” the head of a cluster of channels in South India once said.

Television TV Channels Viewership
Sony Marathi banks on fiction to be market leader

Regional is the hot new space for broadcasters and they have taken big bets on vernacular languages to garner higher ratings. Sony Pictures Network India (SPNI), which already has its presence in the Bengali space, saw the potential in Marathi market and made a move to launch its channel on 19...

Television TV Channels Regional
Zee Media gets permission for 4 regional news channels

After a long tenure of being strict in awarding channel licenses, the Ministry of Information and Broadcasting (MIB) has finally become lenient. In the month of September, eight new channels received licenses while none saw their licenses cancelled as on 30 September 2018.

Television TV Channels News Broadcasting
Relive the Golden days with Shemaroo Entertainment’s “Friday Rewind with RJ Adaa”

Consumers are in for a treat as Shemaroo Entertainment has lined up a new series in association with Adaa, consisting of famous Bollywood songs.

Television TV Channels Music and Youth
Eros International’s Marathi superhit Boyz 2 shines at the box office collecting Rs. 13 crores within 10 days of release

Eros International Media Ltd, a leading global company in the Indian film entertainment industry, has announced a very successful performance of its Marathi release Boyz 2 which has collected Rs. 13 crores within 10 days of its release on 5th October.

Television TV Channels Music and Youth
Network18 reports improved numbers for Q2 FY19

Mukesh Dhirubhai Ambani’s media arm, Network18, reported improved numbers for the quarter ended 30 September 2018 (Q2 2019, quarter under review) as compared to the corresponding year ago quarter Q2 2018). The company reported 9 per cent y-o-y growth in consolidated revenue for Q2 2019 at Rs 1,237...

Television TV Channels GECs

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories