Daiwa Seiko Inc. saw fiscal first quarter revenues decline 12.6% to ¥16.56 billion ($170 mm) for the period ended June 30, compared to ¥18.94 billion ($181 mm) in the year-ago quarter.  Operating income fell 32.3% to ¥1.38 billion ($14 mm) for the quarter, while net income declined 10.8% to ¥884 million ($9 mm) versus ¥991 million ($9 mm) the prior-year quarter.

The company’s forecast for the fiscal year remained flat at ¥61.5 billion, which would represent a 7.7% decrease in revenues versus the last fiscal year ended March 31.  Daiwa is forecasting a fiscal year loss of ¥500 million versus prior fiscal year net income of ¥1.50 billion.

The Japanese company's largest business is fishing
gear, including fishing line, lures, reels, rods, tackle boxes and coolers. It also manufactures golf and
tennis gear, as well as mountain bikes and other outdoor products.