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Tokyo, February 9, 2010 - CSK announced today the results of the early retirement program (the "Career Option Program") announced in its press release of December 1, 2009 entitled "CSK to enhance organizational and personnel system as part of Group revitalization," and an extraordinary loss associated with the implementation of the program. The details are as follows.
1. Results of Career Option Program
(1)Companies adopting the program
CSK HOLDINGS
CSK SYSTEMS
CSK SYSTEMS NISHINIHON
CSK SYSTEMS CHUBU
CSK-IT MANAGEMENT
CSK ServiceWare
CSK ADMINISTRATION SERVICE
CSK WinTechnology *
CSK SYSTEM MANAGEMENT *
CSK VENTURE CAPITAL *
*Companies that have actually adopted the program since its announcement on December 1, 2009.
(2)Eligible employees
CSK HOLDINGS and CSK ADMINISTRATION SERVICE:
- Employees aged 35 or more as of March 31, 2010
Other companies adopting the program:
- Employees aged 40 or more as of March 31, 2010
(3)Solicitation period
January 12, 2010 - January 29, 2010
(4)Retirement date
Date approved by the company in the period from January 31, 2010 to March 31, 2010
(5)Incentives
In addition to the regular retirement benefits, CSK will pay an extraordinary additional retirement benefit that will differ in accordance with the employee's age.
CSK will also provide job-placement assistance for employees availing of the program.
(6)Targeted number of employees availing of the program
Around 520*
*The number has been revised from the original target figure of around 440 announced on December 1, 2009, reflecting an increase in the number of companies adopting the program.
(7)Number of actual applicants for the program
545
2. Recording of extraordinary loss
CSK projects that the extraordinary additional retirement benefit and job-placement assistance expenses associated with the program will be around ¥2.9 billion.
3. Impact on full-year earnings forecasts
Although we project an extraordinary loss of ¥2.9 billion in association with the program, we plan to recognize deferred tax assets in respect of taxable income projected for the following fiscal year, and as a result there is no change to our full-year earnings forecasts for the fiscal year ending March 31, 2010 announced on November 11, 2009.
4. Other matters
In addition to implementing the Career Option Program, as part of our measures to fundamentally improve our organization we have decided that there will, in principle, be no hiring of new graduates in March 2011.
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