UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

PIONEER CORPORATION

(Translation of registrant’s name into English)

4-1, MEGURO 1-CHOME, MEGURO-KU, TOKYO 153-8654, JAPAN
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		PIONEER CORPORATION
		(Registrant)
Date: May 11, 2006
		By		/s/ Tamihiko Sudo
				Tamihiko Sudo
				President and Representative Director

This report on Form 6-K contains the following:

1.

The announcement released by the Company to the press in Japan dated May 11, 2006, concerning partial amendments to its consolidated business results for fiscal 2006, ended March 31, 2006, which were announced on April 27, 2006.

For Immediate Release
May 11, 2006

Pioneer Announces Partial Amendments to
Consolidated Business Results for Fiscal 2006

TOKYO — Pioneer Corporation today announced as follows, partial amendments to its consolidated business results for fiscal 2006, ended March 31, 2006, which were announced on April 27, 2006.

I. REASON FOR AMENDMENTS

The Company has amended certain amounts in its consolidated financial statements in connection with the trade receivable securitization program. Securitized trade receivables and related sales program liabilities, which were recorded separately in the Consolidated Balance Sheets, are now shown in net in accordance with the requirements of the U.S. GAAP. Due to this change, “Trade receivables, less allowance” in Current Assets, and “Others” in Current Liabilities decreased by ¥2,743 million, respectively. Related amounts in the Consolidated Statements of Cash Flows are also amended accordingly.

II. POINTS OF AMENDMENTS

Cash Flows

[Amendments are indicated by underlines (                      ). ]

During fiscal 2006, operating activities provided net cash of ¥68,329 million (US$584.0 million). This was mainly due to a decrease in trade receivables and inventories of ¥28,859 million (US$246.7 million), as well as adjustments for non-cash expenses, such as depreciation and amortization of ¥46,703 million (US$399.2 million), impairment losses of ¥41,422 million (US$354.0 million) on property, plant and equipment, and equity in losses of affiliated companies of ¥24,031 million (US$205.4 million). These factors outweighed the net loss of ¥84,986 million (US$726.4 million) for the period. Meanwhile, investing activities used net cash of ¥29,759 million (US$254.4 million). This reflected ¥40,325 million (US$344.7 million) for car electronics and plasma display-related capital expenditures and other investments, partially offset by proceeds of ¥7,068 million (US$60.4 million) from the sale of investment securities. Financing activities used net cash of ¥38,551 million (US$329.5 million), mainly for the redemption of bonds and dividend payments. In addition, the effect of exchange rate changes on cash and cash equivalents was an increase of ¥4,980 million (US$42.6 million), due to translation differences reflecting a weaker yen. Consequently, cash and cash equivalents at March 31, 2006 were ¥121,680 million (US$1,040.0 million), ¥4,999 million (US$42.7 million) higher than at March 31, 2005.

Note:

The U.S. dollar amounts in this release represent translation of Japanese yen, for convenience only, at the rate of ¥117=US$1.00, the approximate rate prevailing on March 31, 2006.

Pioneer Corporation and Subsidiaries

Consolidated Balance Sheets

[Amended figures are shown with asterisks ( * ).]

										(In millions of yen)
		March 31								Increase/
		2006				2005				(Decrease)
ASSETS
Current assets:
Cash and cash equivalents		¥	121,680			¥	116,681			¥	4,999
Trade receivables, less allowance			107,563	*			132,176				(24,613	)*
Inventories			104,226				109,015				(4,789	)
Assets held for sale			25,577				—				25,577
Others			69,626				69,024				602
Total current assets			428,672	*			426,896				1,776	*
Investments and long-term receivables			29,772				28,828				944
Property, plant and equipment, less depreciation			160,231				210,145				(49,914	)
Intangible assets			20,576				24,052				(3,476	)
Other assets			38,795				35,246				3,549
Total assets		¥	678,046	*		¥	725,167			¥	(47,121	)*
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt		¥	30,370			¥	52,428			¥	(22,058	)
Trade payables			102,082				96,335				5,747
Liabilities held for sale			17,863				—				17,863
Others			121,977	*			102,407				19,570	*
Total current liabilities			272,292	*			251,170				21,122	*
Long-term debt			92,970				81,219				11,751
Other long-term liabilities			25,425				42,371				(16,946	)
Minority interests			14,109				18,168				(4,059	)
Shareholders’ equity:
Common stock			49,049				49,049				—
Capital surplus			82,910				82,735				175
Retained earnings			173,826				260,556				(86,730	)
Accumulated other comprehensive income (loss)			(20,092	)			(47,669	)			27,577
Treasury stock			(12,443	)			(12,432	)			(11	)
Total shareholders’ equity			273,250				332,239				(58,989	)
Total liabilities and shareholders’ equity		¥	678,046	*		¥	725,167			¥	(47,121	)*
Breakdown of accumulated other comprehensive income (loss):
Minimum pension liability adjustments		¥	(3,680	)		¥	(11,186	)		¥	7,506
Net unrealized holding gain on securities			10,352				8,250				2,102
Cumulative foreign currency translation adjustments			(26,764	)			(44,733	)			17,969
Total accumulated other comprehensive income (loss)		¥	(20,092	)		¥	(47,669	)		¥	27,577

Pioneer Corporation and Subsidiaries

Consolidated Statements of Cash Flows

[Amended figures are shown with asterisks ( * ).]

						(In millions of yen)
		Year ended March 31
		2006				2005
I. Operating activities:
Net loss		¥	(84,986	)		¥	(8,789	)
Depreciation and amortization			46,703				46,990
Decrease (increase) in trade receivables			19,329	*			(12,322	)
Decrease in inventories			9,530				6,317
Increase in trade payables			13,941				4,405
Increase (decrease) in other accrued liabilities			24,114	*			(10,371	)
Other			39,698				(6,284	)
Net cash provided by operating activities			68,329				19,946
II. Investing activities:
Payment for purchase of fixed assets			(40,325	)			(63,866	)
Payment for purchase of subsidiary			—				(34,015	)
Other			10,566				4,365
Net cash used in investing activities			(29,759	)			(93,516	)
III. Financing activities:
Increase (decrease) in short-term borrowings and long-term debt			(31,204	)			4,549
Dividends paid			(3,499	)			(4,386	)
Purchase and sales of treasury stock, net			(11	)			(1,967	)
Decrease in capital-lease obligations			(3,535	)			(1,770	)
Other			(302	)			(445	)
Net cash used in financing activities			(38,551	)			(4,019	)
Effect of exchange rate changes on cash and cash equivalents			4,980				1,851
Net increase (decrease) in cash and cash equivalents			4,999				(75,738	)
Cash and cash equivalents, beginning of year			116,681				192,419
Cash and cash equivalents, end of year		¥	121,680			¥	116,681
Free cash flow (I + II)		¥	38,570			¥	(73,570	)

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For further information, please contact:

Investor Relations Department, Corporate Branding and Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6773 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Website: http://pioneer.jp/ir-e/