Pentax, being rather Japanese and the smallest of the famous brand camera makers, and since its ownership tends to be concentrated into a smallish group of institutional owners, does not make much of an effort to reach out to the English speaking investor community. So, you did not see as much revealed today from them, compared say to what you might find Canon or Fujifilm do during reporting time.
However, looking at their presentation they made available a short time ago, a few things I thought worth mentioning....
For the Imaging business:
They want to increase volume by 2009. On their presentation they mention 1 million unit sales but there are questions I would have asked about that number that aren't answered on their handout, so I can't really tell you what they really meant...
For DSLRs, they mention a lineup consisting of entry level, middle level, and high level products. It is not revealed if the high level would include a 645D and DX model mix, or just a 645D, or just a DX high end model (i.e., get out of MF arena totally.) Accessorizing DLSRs (e.g., selling lenses) is of course mentioned as a reason for this business area.
Target growth markets for them are China, Russia and the rest of the East.
My own thoughts: I mentioned before that I think the board should have gone with Hoya... yes, there is a chance that Hoya could repackage the camera business and sell it off (e.g., to Samsung) should times get tough. However, notice that while Pentax might not be doing as well in the medical field as they might had hoped, Hoya still thinks it worthy to buy Pentax to integrate such Pentax products and expertise into their own business in this area.
Hoya's long term thinking here is obviously that with aging populations in Japan, Europe and NA that medical equipment is a good long term play. Relative to the camera business, I'd agree with that. Pentax, though they make quality imaging products, will be trying to grow the imaging business during a time of increased probability of a major recession in NA (which would negatively affect east Asian economies too.) Many young people here (in the west) have not experienced a period of extended economic malaise (last one in the US was in '70's) and perhaps don't realize that times are not always rosy.
There is still room for improved efficiency in the camera business, by consolidation.
Sony and Matsushita/Olympus are targeting significant camera market share growth too - that is a tough crowd in which to compete.
The selling of the Tokyo property makes sense... Tokyo is one of the few areas of economic expansion in Japan - at the cost of other prefectures. Tokyo is still growing in population as young people leave the more rural prefectures. Thus real estate prices stay relatively strong in Tokyo compared to other prefectures. Thus it was probably a good time for Pentax to sell their property and move to Saitama, which is right next door but cheaper.
-gt
