— Mitsubishi Motors Corporation (MMC) at a director's meeting held today has resolved to dissolve the Oita Mitsubishi Sales Corporation. Details are the following:
1. Company Information
| (1) Name |
Oita Mitsubishi Sales Corporation |
| (2) Location |
Oaza Furugo Gotanda 612-6, Oita City, Oita Prefecture |
| (3) Representative |
Masahiro Nakashima, President |
2. Reason for Dissolution
In the planning and execution of one initiative for MMC's domestic sales business: 'Rebuilding our domestic sales network', the dissolution has been resolved to increase efficiency in and strengthen the Kyushu area sales network. Starting in December, Customers will be served and after-sales service will be handled by Higashi Kyushu Mitsubishi Sales Corporation, which will then cover sales and service for all of Oita Prefecture.
3. Company Summary
| (1) |
Operations |
Sales of MMC vehicle products |
| (2) |
Date Founded |
August 31, 1984 |
| (3) |
Capital |
¥100 million |
| (4) |
Shareholder Structure |
Mitsubishi Motors Corporation, 100% |
| (5) |
Business Results for the Recent 3 Year Period (in ¥ millions) |
| |
| Period Ending |
March 2003 |
March 2004 |
March 2005 |
| Sales |
1,326 |
1,222 |
726 |
| Ordinary Income |
(84) |
(51) |
8 |
| Net Income |
(40) |
(68) |
2 |
|
| (6) |
Number of Locations and Employees |
1 location, 29 employees (as of August 31, 2005) |
4. Date of Dissolution
November 30, 2005: Termination of sales and completion of dissolution procedures
5. Effect on Business Results of MMC
A loss of ¥89 million due to uncollectable accounts is expected from the dissolution, but this is already reflected in results forecasts (consolidated and unconsolidated) for the March 2006 period.
