UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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

For the month of July, 2005

Commission File Number 1-7616

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)~~

(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-~~____________~~

TABLE OF CONTENTS

SIGNATURES ~~Notice of Resolutions at the 59th Ordinary General Meeting of Shareholders THE 59TH BUSINESS REPORT For the Annual Period Ended March 31, 2005~~ Pioneer toAnnounces ~~Issue~~First-Quarter ~~Share~~Results ~~Acquisition~~for ~~Rights~~Fiscal ~~to be Granted as Stock Options Determination of Final Terms of Share Acquisition Rights to be Granted as Stock Options~~2006

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)
	PIONEER CORPORATION (Registrant)
Date: July 11, 2005	By	/s/ Kaneo Ito
Date: July 28, 2005	By	/s/ Kaneo Ito
		Kaneo Ito
		Kaneo Ito President and Representative Director
		President and Representative Director

This report on Form 6-K contains the followings:

1. The English-translated Resolution Notice passed at the 59th Ordinary General Meeting of Shareholders of common stock of the Company held on June 29, 2005. 2. The English-translated Business Report, for the fiscal year ended March 31, 2005. 3. The announcement released by the Company to the press in Japan dated ~~June~~July ~~30,~~28 2005, concerning ~~issue~~its ofconsolidated ~~share~~first-quarter ~~acquisition~~business ~~rights~~results for the ~~purpose~~period ofended ~~granting~~June ~~stock options. 4. The announcement released by the Company to the press in Japan dated July 8~~30, 2005~~, concerning the determination of final terms of share acquisition rights to be granted as stock options~~.

~~(Translation)~~ For Immediate Release July 28, 2005

~~June 29,~~Pioneer ~~2005~~Announces First-Quarter Results for Fiscal 2006

ToTOKYO ~~Our~~— ~~Shareholders:~~Pioneer Corporation today announced its consolidated first-quarter business results for the period ended June 30, 2005.

~~Notice~~Consolidated ofFinancial ~~Resolutions at the 59th Ordinary General Meeting of Shareholders~~Highlights

We take pleasure in informing you that the matters were reported on or acted upon as described hereunder at the 59th Ordinary General Meeting of Shareholders of the Company held on June 29, 2005.


	(In millions of yen except per share information)
	Three months ended June 30
						% to
						prior
	2005			2004		year
Operating revenue	¥	164,183		¥	163,487		100.4	%
Operating income (loss)		(8,869	)		5,012		—
Income (loss) before income taxes		(6,609	)		4,239		—
Net income (loss)	¥	(5,343	)	¥	1,497		—

Net income (loss) per share:
Basic	¥	(30.63	)	¥	8.53
Diluted	¥	(30.63	)	¥	7.46

~~Very~~Note: ~~truly~~Effective ~~yours~~from fiscal 2005 year-end presentation, ~~Kaneo~~the ~~Ito~~Company ~~President~~classified gains and ~~Representative~~losses ~~Director~~on ~~Pioneer~~sale ~~Corporation~~and ~~4-1,~~disposal ~~Meguro~~of ~~1-chome~~fixed assets, ~~Meguro-ku~~which were previously included in “Operating costs and expenses,” ~~Tokyo~~into “Other income (expenses).” Previously reported amounts have been reclassified accordingly.

~~Description~~-1-

Matters reported on:

1. The Business Report, Balance Sheet and Statement of Operations for the 59th Accounting Period (from April 1, 2004, to March 31, 2005) 2. Consolidated Balance Sheet, Consolidated Statement of Operations, and Audit Reports for Consolidated Financial Statements by Accounting Auditor and Corporate Auditor 3. Results of Repurchase of Own Shares Pursuant to the Articles of Incorporation

Matters acted upon:

Agenda Item No. 1. Approval of Proposal of Appropriation of Unappropriated Retained Earnings for the 59th Accounting Period

It was approved as proposed to pay a year-end cash dividend at the ratio of 12.5 yen per share of common stock.

Agenda Item No. 2. Election of Thirteen (13) Individuals as Directors

As proposed, Messrs. Kanya Matsumoto, Kaneo Ito, Tamihiko Sudo, Akira Niijima, Hajime Ishizuka, Osamu Yamada, Tadahiro Yamaguchi, Satoshi Matsumoto, Koichi Shimizu, Yoichi Sato, Akira Haeno, Tatsuhiro Ishikawa and Shunichi Sato were elected. All those elected assumed their offices, respectively.

Agenda Item No. 3. Presentation of Retirement Allowance to a Retiring Director

It was approved as proposed to present the retirement allowance to Mr. Takashi Kobayashi, who retired from the office of Director, for his services rendered during his term in office, within a reasonable amount in accordance with the existing regulations of the Company; it was also resolved to leave the determination of the exact amount, time, method, etc. of the presentation to the resolution of the Board of Directors.

Agenda Item No. 4. Issue of Share Acquisition Rights for the Purpose of Granting Stock Options

It was approved as proposed, pursuant to the provisions of Articles 280-20 and 280-21 of the Commercial Code of Japan, to issue to directors, executive officers and employees of the Company and directors of its subsidiaries share acquisition rights upon exercise of which a maximum of 350,000 shares of common stock of the Company is to be issued or transferred in lieu of such issuance.

# # #

Please be advised that at the Board of Directors’ meeting held after the Shareholders’ Meeting a resolution was made to appoint Mr. Tamihiko Sudo as Executive Vice President and Representative

~~Director~~Consolidated Business Results For the first quarter of fiscal 2006, Mrended June 30, 2005, consolidated operating revenue was ¥164,183 million (US$1,479.1 ~~Osamu~~million), ~~Yamada~~approximately the same as ~~Senior~~the ~~Managing~~corresponding ~~Director~~period of the previous year. Operating loss, ~~and~~however, ~~Messrs~~was ¥8,869 million (US$79.9 ~~Yoichi~~million), ~~Sato~~compared with operating income of ¥5,012 million for the corresponding period of the previous year and ~~Akira~~net ~~Haeno~~loss asamounted ~~Managing~~to ~~Directors~~¥5,343 million (US$48.1 million), ~~All~~compared ~~those~~with ~~elected~~net ~~assumed~~income ~~their~~of ~~offices~~¥1,497 million ~~respectively~~for the corresponding period of the previous year. The average value of the yen was up 1.9% against the U.S. dollar and down 2.4% against the euro from the corresponding period in the previous year.

~~Accordingly~~Home Electronics sales increased 13.4% from the corresponding period in the previous year to ¥63,205 million (US$569.4 million). In Japan, sales increased by 19.3% to ¥17,040 million (US$153.5 million), primarily due to an increase in sales of plasma displays, reflecting the expansion ~~Company’s~~of ~~Directors~~our OEM (original equipment manufacturing) sales caused by the acquisition of a new subsidiary last autumn, despite the decrease in sales of DVD recorders. Overseas sales increased 11.3% to ¥46,165 million (US$415.9 million), due to a worldwide rise in sales of plasma displays, and ~~Corporate~~in ~~Auditors~~Asia ~~are~~of ~~currently~~DVD asdrives ~~follows:~~for personal computers, despite a decline in sales of audio products in Europe and Asia.

*Car ~~Chairman~~Electronics ~~Kanya~~sales ~~Matsumoto~~amounted ~~Managing~~to ~~Director~~¥82,213 million ~~Akira~~(US$740.7 million), ~~Haeno~~up *3.3% ~~President~~over ~~Kaneo~~the corresponding ~~Ito~~period ~~Director~~in ~~Tatsuhiro~~the ~~Ishikawa~~previous *year. ~~Executive~~In ~~Vice~~Japan, ~~President~~sales ~~Tamihiko~~decreased ~~Sudo~~7.4% ~~Director~~to ~~Shunichi~~¥29,941 million (US$269.7 million), ~~Sato~~due *to ~~Senior~~a ~~Managing~~decrease ~~Director~~in ~~Akira~~sales ~~Niijima~~of *car ~~Senior~~navigation ~~Managing~~systems ~~Director~~to ~~Hajime~~automobile manufacturers, ~~Ishizuka~~which ~~Corporate~~resulted ~~Auditor~~from ~~(full~~the ~~time)~~lack ~~Makoto~~of ~~Koshiba~~new ~~Senior~~car ~~Managing~~model ~~Director~~launches ~~Osamu~~compared ~~Yamada~~with ~~Corporate~~the corresponding ~~Auditor~~period ~~(full~~of ~~time~~the previous year, despite increased sales of such systems to consumer markets. Overseas sales increased 10.7% to ¥52,272 million (US$470.9 million), ~~Shinji~~due ~~Yasuda~~to ~~Managing~~growth ~~Director~~in sales ~~Tadahiro~~of ~~Yamaguchi~~car ~~Corporate~~audio ~~Auditor~~products ~~Terumichi~~to ~~Tsuchida~~automobile ~~Managing~~manufacturers ~~Director~~in ~~Satoshi~~North ~~Matsumoto~~America ~~Corporate~~and ~~Auditor~~consumer ~~Isao~~markets ~~Moriya~~in Central ~~Managing~~and ~~Director~~South ~~Koichi~~America ~~Shimizu~~and ~~Corporate~~Europe; ~~Auditor~~and ~~Keiichi~~higher ~~Nishikido~~sales ~~Managing~~of ~~Director~~car ~~Yoichi~~navigation ~~Sato~~systems *in ~~Representative~~North ~~Director~~America.

InRoyalty ~~addition,~~revenue atfrom Patent Licensing decreased 60.9% from the ~~above~~corresponding ~~Board~~period ofin ~~Directors’~~the ~~meeting~~previous year to ¥1,123 million ~~Messrs~~(US$10.1 ~~Kaoru Sato~~million), ~~Keiichi~~reflecting ~~Yamauchi~~the ~~and~~expiration of patents included in a ~~Kazumi~~portfolio ~~Kuriyama~~of ~~were~~patents ~~newly~~licensed ~~elected~~to asthe ~~Executive~~optical ~~Officers,~~disc industry and ~~all~~the ~~those~~lack ~~elected~~of ~~assumed~~revenue ~~their~~from renewed ~~offices,~~contracts ~~respectively~~with licensees compared with the corresponding period of the previous year.

~~Accordingly,~~Others sales decreased 30.3% from the ~~Company’s~~corresponding ~~Executive~~period ~~Officers~~in ~~are~~the ~~currently~~previous asyear ~~follows:~~to ¥17,642 million (US$158.9 million). In Japan, sales decreased 30.9% to ¥8,442 million (US$76.1 million) reflecting a sales shift from Japan to China of devices for cellular phones and a decrease in sales of organic light-emitting diode (OLED) display panels.

Senior Managing Executive Officer Masaru Saotome Executive Officer Chojuro Yamamitsu Senior Managing Executive Officer Kazunori Yamamoto Executive Officer Kenji Sato Senior Executive Officer Seiichiro Kurihara Executive Officer Susumu Kotani Senior Executive Officer Masao Kawabata Executive Officer Tsutomu Haga Senior Executive Officer Yoshio Taniyama Executive Officer Kenji Tokuyama Senior Executive Officer Hideki Okayasu Executive Officer Kaoru Sato Executive Officer Buntarou Nishikawa Executive Officer Keiichi Yamauchi Executive Officer Osamu Takada Executive Officer Kazumi Kuriyama Executive Officer Sumitaka Matsumura-2-

# # #

Overseas, sales decreased 29.7% to ¥9,200 million (~~TRANSLATION~~US$82.9 million), due to a drop in sales of optical disc manufacturing systems in Asia, despite the increase in sales of devices for cellular phones in China.

~~THE~~Operating ~~59TH~~loss ~~BUSINESS~~was ~~REPORT~~¥8,869 million (US$79.9 million) compared with operating income of ¥5,012 million for the corresponding period of the previous year. The loss resulted mainly from decreased gross profit margins due to the continuing decline in market prices of our major products. Net loss amounted to ¥5,343 million (US$48.1 million) compared with net income of ¥1,497 million for the corresponding period of the previous year.

~~For~~Cash Flows Net cash used in operating activities for the ~~Annual~~first ~~Period~~quarter ~~Ended~~ended ~~March~~June 3130, 2005 was ¥1,060 million (US$9.5 million), compared with ¥5,676 million used in the corresponding period of the previous year. Although net loss of ¥5,343 million was posted this quarter, collection of accounts receivable increased, and resulted in less cash used in operating activities. Net cash used in investing activities was ¥4,924 million (US$44.4 million), compared with ¥13,283 million used in the corresponding period of the previous year. The difference resulted from decreased investment in production facilities as well as proceeds from sales of investment securities. Net cash provided by financing activities was ¥2,830 million (US$25.5 million), compared with ¥6,365 million used in the corresponding period of the previous year.

~~This~~Business isForecasts afor ~~translation~~Fiscal of2006 Our ~~the~~consolidated ~~original~~business ~~Business~~forecasts ~~Report~~for ~~written~~fiscal in2006, ~~the~~ending ~~Japanese~~March 31, 2006, are unchanged from ~~language~~those announced on April 27, ~~prepared~~2005, ~~primarily~~which are shown below. We assume average yen-U.S. dollar and yen-euro exchange rates for the ~~benefit~~remaining ~~and~~period ~~information~~ of ~~shareholders~~fiscal 2006 of ~~the~~¥105 ~~Company’s~~and ~~common~~¥135, ~~stock~~respectively.

PIONEER CORPORATION Tokyo, Japan


			(In millions of yen)
	Projections for			Results for			Percent
	fiscal 2006			fiscal 2005			changes
Operating revenue	¥	810,000		¥	733,648			+10.4	%
Operating income		8,000			2,592			+208.6	%
Income (loss) before income taxes		7,500			(187	)		—
Net income (loss)	¥	1,000		¥	(8,789	)		—

Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this release with respect to our current plans, estimates, strategies and beliefs, and other statements that are not historical facts are forward-looking statements about our future performance. These statements are based on management’s assumptions and beliefs

-3-

TOin light ~~OUR~~of ~~SHAREHOLDERS~~the information currently available to it. We caution that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. You also should not believe that it is our obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We disclaim any such obligation. Risks and uncertainties that might affect us include, but are not limited to, (i) general economic conditions in our markets, particularly levels of consumer spending; (ii) exchange rates, particularly between the yen and the U.S. dollar, euro, and other currencies in which we make significant sales or in which our assets and liabilities are denominated; (iii) our ability to continue to design and develop and win acceptance of our products and services, which are offered in highly competitive markets characterized by continual new product introductions, rapid developments in technology and subjective and changing consumer preferences; (iv) our ability to successfully implement our business strategies; (v) our ability to compete, and develop and implement successful sales and distribution strategies in light of technological developments in and affecting our businesses; (vi) our continued ability to devote sufficient resources to research and development, and capital expenditure; (vii) our ability to continuously enhance our brand image; (viii) the success of our joint ventures and alliances; and (ix) the outcome of contingencies.

~~During~~Pioneer Corporation is one of the ~~59th~~leading ~~annual~~manufacturers ~~accounting~~of ~~period,~~consumer- ~~ended~~and ~~March 31,~~business-use electronics ~~2005~~products such as audio, video and car electronics on a global scale. Its shares are ~~consolidated~~traded ~~operating~~on ~~revenue~~the ofNew ~~Pioneer~~York ~~Corporation~~Stock ~~was~~Exchange ~~¥733~~(ticker symbol PIO),~~648 million~~ Euronext Amsterdam, up ~~4.7%~~Tokyo ~~over~~Stock Exchange, ~~the~~and ~~previous~~Osaka ~~year~~Securities Exchange.

~~The Company posted net loss of ¥8,789 million, compared with net income of~~# # # # # # ¥24,838 million recorded in the previous year, due mainly to decreased gross profit margin resulting from intensified price competition for our major products. In addition, impairment losses of carrying value of certain production facilities and losses in connection with withdrawal from the North American cable TV set-top box business were recognized.

~~Year-end~~ The ~~dividend~~U.S. ~~payments~~dollar ~~were~~amounts ~~set~~in atthis ~~¥12.5~~release ~~per~~represent ~~share~~translation of ~~common~~Japanese ~~stock~~yen, ~~the same~~for ~~amount as in the previous year. Adding this to the interim dividend~~convenience ~~paid~~only, ~~last~~at ~~December brings~~ the ~~total~~rate ~~annual~~of ~~cash dividend to~~ ¥25111=US$1.00, the ~~same amount~~approximate asrate inprevailing ~~the~~on ~~previous~~June 30, ~~year~~2005.

~~The~~Attached business environment remains severe, characterized by uncertain economic conditions in our major markets — Japan, North America and Europe — lower prices and harsher competition beyond our projections in our major product categories, and exchange rate fluctuations. To cope with the situation and recover profitability quickly, we are ~~advancing~~consolidated ~~cost~~financial ~~reduction~~statements ~~efforts~~for ~~among~~ the ~~group companies.~~three Atmonths ~~the~~ended ~~same time~~June 30, ~~we are focusing our resources in our strategic businesses~~2005.

WeFor ~~are~~further ~~reviewing~~information, ~~our~~please ~~production~~contact: Investor ~~system~~Relations ~~and~~Department, ~~the~~Corporate ~~reduction~~Branding ofand ~~product~~Communications ~~models to~~Division ~~reduce~~Pioneer ~~costs on a global scale. In addition~~Corporation, ~~we are reducing inventory in the~~Tokyo ~~whole~~Phone: ~~process~~+81-3-3495-6774 ~~from~~/ ~~parts~~Fax: ~~procurement to marketing through our supply chain~~+81-3-3495-4301 ~~management.~~E-mail: ~~We will also adjust staffing to more appropriate levels throughout~~pioneer_ir@post.pioneer.co.jp ~~the~~IR ~~group~~Website: ~~companies~~http://www.pioneer.co.jp/ir-e/

~~In our plasma display business, competition is getting severer while demand~~-4- ~~is steadily expanding. To cope, we are integrating our~~

~~technologies with those of our new manufacturing subsidiary, which joined the~~ Pioneer ~~Group~~Corporation ~~in October 2004,~~ and ~~raising the yield rate and reducing the number~~Subsidiaries ~~of parts. To enhance our products’ competitiveness, we are also reducing product power consumption levels and developing high-quality full-specification high-definition plasma TVs.~~

~~In the DVD business, markets for DVD recorders, especially those with hard disk drives~~ (~~HDDs~~1), OPERATING ~~and~~REVENUE ~~recordable~~BY ~~DVD drives for personal computers (PCs) are~~SEGMENT rapidly growing. On the other hand, prices are getting lower and competition is getting harsher. Therefore, we are speeding up new product development cycles so that our products are more in sync with market trends. We are continuing full-fledged efforts to cut costs and reduce inventory by integrating production from laser pickups to finished products in China. We are also expanding sales of drive units for DVD recorders to other manufacturers on an OEM (original equipment manufacturing) basis.

~~Our~~(In ~~car~~millions electronics business aims to widen its lead in the consumer and OEM markets. Our car navigation systems enjoy an excellent reputation in Japan, and we also intend to expand this business in Europe and North America, where our sales of ~~these systems have been steadily growing. In the car audio business, we~~yen) ~~plan to fortify our strong position with distinctive new products, and maintain our sales drive in such growing markets as China and Central and South America.~~

We appreciate the support that shareholders have always given us, and look forward to more of it. And we will keep doing everything in our power to improve shareholder value.


	Three months ended June 30
	2005					2004
											% to
	Amount		% to total			Amount		% to total			prior year
Domestic	¥	17,040		10.4	%	¥	14,285		8.7	%		119.3	%
Overseas		46,165		28.1			41,468		25.4			111.3

Home Electronics		63,205		38.5			55,753		34.1			113.4

Domestic		29,941		18.2			32,331		19.8			92.6
Overseas		52,272		31.9			47,224		28.9			110.7

Car Electronics		82,213		50.1			79,555		48.7			103.3

Domestic		—		—			—		—			—
Overseas		1,123		0.7			2,875		1.8			39.1

Patent Licensing		1,123		0.7			2,875		1.8			39.1

Domestic		8,442		5.2			12,223		7.5			69.1
Overseas		9,200		5.5			13,081		7.9			70.3

Others		17,642		10.7			25,304		15.4			69.7

Domestic		55,423		33.8			58,839		36.0			94.2
Overseas		108,760		66.2			104,648		64.0			103.9

Total	¥	164,183		100.0	%	¥	163,487		100.0	%		100.4	%

~~June~~(2) ~~2005 Tokyo,~~CONSOLIDATED ~~Japan~~STATEMENTS OF OPERATIONS

~~Kaneo~~(In ~~ItoPresident~~millions ~~and~~of ~~Representative Director~~yen)


	Three months ended June 30
							% to
	2005			2004			prior year
Operating revenue:
Net sales	¥	163,060		¥	160,612			101.5	%
Royalty revenue		1,123			2,875			39.1

Total operating revenue		164,183			163,487			100.4

Operating costs and expenses:
Cost of sales		130,213			117,277			111.0
Selling, general and administrative expenses		42,839			41,198			104.0

Total operating costs and expenses		173,052			158,475			109.2

Operating income (loss)		(8,869	)		5,012			—
Other income (expenses):
Interest income		627			358			175.1
Foreign exchange loss		(742	)		(933	)		79.5
Interest expense		(395	)		(374	)		105.6
Other—net		2,770			176			1,573.9

Total other income (expenses)		2,260			(773	)		—

Income (loss) before income taxes		(6,609	)		4,239			—
Income taxes		(1,552	)		1,607			—
Minority interest in losses (earnings) of subsidiaries		567			(290	)		—
Equity in losses of affiliated companies		(853	)		(845	)		100.9

Net income (loss)	¥	(5,343	)	¥	1,497			—	%

~~CONSOLIDATED~~Pioneer ~~OPERATING~~Corporation ~~REVENUE~~and ~~BY BUSINESS SEGMENT~~Subsidiaries

~~Percent~~(3) CONSOLIDATED ofBALANCE ~~Operating Revenue~~SHEETS

~~Year~~(In ~~ended~~millions ~~March 31~~of yen)

Home Electronics


	June 30									March 31
							Increase/						Increase/
	2005			2004			(Decrease)			2005			(Decrease)
ASSETS
Current assets:
Cash and cash equivalents	¥	114,770		¥	168,962		¥	(54,192	)	¥	116,681		¥	(1,911	)
Trade receivables, less allowance		109,699			104,629			5,070			132,176			(22,477	)
Inventories		125,968			127,499			(1,531	)		109,015			16,953
Others		73,627			66,794			6,833			69,024			4,603

Total current assets		424,064			467,884			(43,820	)		426,896			(2,832	)

Investments and long-term receivables		24,593			33,267			(8,674	)		28,828			(4,235	)
Property, plant and equipment, less depreciation		205,477			160,512			44,965			210,145			(4,668	)
Intangible assets		22,804			18,270			4,534			24,052			(1,248	)
Other assets		37,870			35,208			2,662			35,246			2,624

Total assets	¥	714,808		¥	715,141		¥	(333	)	¥	725,167		¥	(10,359	)


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	¥	58,437		¥	23,732		¥	34,705		¥	52,428		¥	6,009
Trade payables		98,285			87,776			10,509			96,335			1,950
Others		88,260			97,803			(9,543	)		102,407			(14,147	)

Total current liabilities		244,982			209,311			35,671			251,170			(6,188	)

Long-term debt		80,357			89,563			(9,206	)		81,219			(862	)
Other long-term liabilities		42,458			58,938			(16,480	)		42,371			87
Minority interests		17,691			18,077			(386	)		18,168			(477	)
Shareholders’ equity:
Common stock		49,049			49,049			—			49,049			—
Capital surplus		82,797			82,549			248			82,735			62
Retained earnings		255,213			275,215			(20,002	)		260,556			(5,343	)
Accumulated other comprehensive income (loss)		(45,306	)		(57,094	)		11,788			(47,669	)		2,363
Treasury stock		(12,433	)		(10,467	)		(1,966	)		(12,432	)		(1	)

Total shareholders’ equity		329,320			339,252			(9,932	)		332,239			(2,919	)

Total liabilities and shareholders’ equity	¥	714,808		¥	715,141		¥	(333	)	¥	725,167		¥	(10,359	)


Breakdown of accumulated other comprehensive income (loss):
Minimum pension liability adjustments	¥	(11,255	)	¥	(22,315	)	¥	11,060		¥	(11,186	)	¥	(69	)
Net unrealized holding gain on securities		6,499			9,296			(2,797	)		8,250			(1,751	)
Cumulative foreign currency translation adjustments		(40,550	)		(44,075	)		3,525			(44,733	)		4,183

Total accumulated other comprehensive income (loss)	¥	(45,306	)	¥	(57,094	)	¥	11,788		¥	(47,669	)	¥	2,363

This segment includes DVD players, DVD recorders, recordable DVD drives, DVD-ROM drives, home-use plasma displays, stereo systems, individual stereo components, equipment for cable TV systems and telephones.

Sales in the Home Electronics segment increased 7.0% to ¥301,228 million from the previous year.

In Japan, sales rose 11.6% to ¥87,954 million, primarily due to a large increase in sales of plasma displays, including the expansion of our OEM product sales, despite decreased sales of recordable DVD drives for PCs, DVD recorders and audio products.

Overseas sales also rose 5.2% to ¥213,274 million, due to an increase in sales worldwide of plasma displays and DVD recorders, despite a decrease in sales of audio products and DVD players worldwide and recordable DVD drives in Europe and North America, as well as the withdrawal from our cable TV set-top box business in North America.

Car Electronics

This segment includes car stereos, car AV (audio/video) systems, car speakers and car navigation systems.

Sales in the Car Electronics segment increased to ¥303,410 million, up 3.8% from the previous year.

In Japan, sales decreased 1.2% to ¥120,260 million, influenced by decreased sales of car navigation systems in the consumer market. This offset an increase in sales of car navigation systems in the OEM market, reflecting shifting demand from the consumer market to the OEM market.

Overseas sales increased 7.4% to ¥183,150 million, due to increased sales of car audio products for the OEM market and car navigation systems in Europe and North America, and of car audio products for the consumer market in Central and South America, despite decreased sales of car audio products for the consumer market in Europe and North America.

Patent Licensing

This segment includes the licensing of patents related to laser optical disc technologies.

Royalty revenue from Patent Licensing decreased 13.4% from the previous year to ¥10,237 million, reflecting the expiration of patents included in a larger portfolio of patents licensed to the optical disc industry.

Others

This segment includes business-use plasma displays, business-use AV systems, organic light-emitting diode (OLED) display panels, factory automation (FA) systems, and devices and parts.

Sales in this segment increased 2.9% from the previous year to ¥118,773 million.

In Japan, sales decreased by 14.1% to ¥53,935 million, primarily due to a decrease in sales of OLED display panels and a sales shift from Japan to China of semiconductors for laser pickups, despite an increase in sales of FA systems.

Overseas, sales were up 23.3% to ¥64,838 million, primarily due to increased sales in China of devices for cellular phones and semiconductors for laser pickups, and in Asia of speaker devices for cellular phones, despite decreased sales in North America and Europe of plasma displays for business use.

CONSOLIDATED FINANCIAL STATEMENTS

Pioneer Corporation and Subsidiaries

(14) ~~Consolidated~~ CONSOLIDATED ~~Balance~~STATEMENTS ~~Sheets~~OF CASH FLOWS

	(In millions of yen)
	March 31
	2005			2004
Assets
Current assets:
Cash and cash equivalents	¥	116,681		¥	192,419
Trade receivables, less allowance		132,176			112,055
Inventories		109,015			107,806
Others		69,024			67,508
Total current assets		426,896			479,788
Investments and long-term receivables		28,828			33,725
Property, plant and equipment, less depreciation		210,145			156,201
Intangible assets		24,052			18,966
Other assets		35,246			33,862
Total assets	¥	725,167		¥	722,542
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings	¥	33,152		¥	23,327
Current portion of long-term debt		19,276			4,510
Trade payables		96,335			79,439
Others		102,407			116,022
Total current liabilities		251,170			223,298
Long-term debt		81,219			89,691
Other long-term liabilities		42,371			58,771
Minority interests		18,168			17,844
Shareholders’ equity:
Common stock		49,049			49,049
Capital surplus		82,735			82,464
Retained earnings		260,556			273,718
Accumulated other comprehensive income (loss)		(47,669	)		(61,829	)
Treasury stock		(12,432	)		(10,464	)
Total shareholders’ equity		332,239			332,938
Total liabilities and shareholders’ equity	¥	725,167		¥	722,542

(In millions of yen)


	Three months ended June 30
	2005			2004
I. Operating activities:
Net income (loss)	¥	(5,343	)	¥	1,497
Depreciation and amortization		12,547			10,509
Decrease in trade receivables		22,878			8,609
Increase in inventories		(16,031	)		(18,808	)
Increase in trade payables		2,409			7,244
Decrease in other accrued liabilities		(8,085	)		(12,730	)
Other		(9,435	)		(1,997	)

Net cash used in operating activities		(1,060	)		(5,676	)

II. Investing activities:
Payment for purchase of fixed assets		(8,927	)		(13,638	)
Other		4,003			355

Net cash used in investing activities		(4,924	)		(13,283	)

III. Financing activities:
Increase (decrease) in short-term borrowings and long-term debt		6,049			(4,069	)
Dividends paid		(2,180	)		(2,193	)
Other		(1,039	)		(103	)

Net cash provided by (used in) financing activities		2,830			(6,365	)

Effect of exchange rate changes on cash and cash equivalents		1,243			1,867

Net decrease in cash and cash equivalents		(1,911	)		(23,457	)
Cash and cash equivalents, beginning of period		116,681			192,419

Cash and cash equivalents, end of period	¥	114,770		¥	168,962



Free cash flow (I + II)	¥	(5,984	)	¥	(18,959	)

~~(2) Consolidated~~Pioneer ~~Statements~~Corporation ofand ~~Operations~~Subsidiaries

	(In millions of yen exceptper share information)
	Year ended
	March 31
	2005			2004
Revenues:
Operating revenue:
Net sales	¥	723,411		¥	689,064
Royalty revenue		10,237			11,821
Total operating revenue		733,648			700,885
Interest income		1,930			1,420
Other income		3,415			504
Total revenues		738,993			702,809
Cost and expenses:
Cost of sales		584,060			487,297
Selling, general and administrative expense		195,693			166,415
Subsidy from the government		(48,697	)		—
Interest expense		1,746			2,154
Loss on sale and disposal of fixed assets		40			3,454
Other deductions		6,338			1,641
Total cost and expenses		739,180			660,961
Income (loss) from continuing operations before income taxes		(187	)		41,848
Income taxes		4,842			18,587
Minority interest in income of subsidiaries		(692	)		(654	)
Equity in losses of affiliated companies		(3,068	)		(2,244	)
Income (loss) from continuing operations		(8,789	)		20,363
Income from discontinued operations, net of tax		—			4,475
Net income (loss)	¥	(8,789	)	¥	24,838
Net income (loss) per share:
Basic	¥	(50.11	)	¥	141.58
Diluted	¥	(50.11	)	¥	140.52

(5) SEGMENT INFORMATION

7The following segment information is prepared pursuant to the regulations under the Securities and Exchange Law of Japan.

~~Table~~<Business ~~of Contents~~Segments>

(~~3) Consolidated~~In ~~Statements~~millions of ~~Cash Flows~~yen)

	(In millions of yen)
	Three months ended June 30
	Year ended
	2005						2004						% to prior year
	March 31
	Operating			Operating			Operating			Operating			Operating			Operating
	2005			2004
	Revenue			Income			Revenue			Income			Revenue			Income
Operating activities:
Home Electronics	¥	63,508		¥	(12,428	)	¥	56,383		¥	(4,322	)		112.6	%		—	%
Net income (loss)	¥	(8,789	)	¥	24,838
Car Electronics		82,608			5,314			79,601			6,316			103.8			84.1
Income from discontinued operations, net of tax		—			(4,475	)
Patent Licensing		1,123			371			3,262			2,749			34.4			13.5
Depreciation and amortization		46,990			40,911
Others		27,639			(754	)		33,368			1,048			82.8			—
Increase in trade receivables		(12,322	)		(10,186	)
Total		174,878			(7,497	)		172,614			5,791			101.3			—
Decrease (increase) in inventories		6,317			(20,707	)
Corporate and Eliminations		(10,695	)		(1,372	)		(9,127	)		(779	)		—			—
Increase in trade payables		4,405			18,989
Consolidated	¥	164,183		¥	(8,869	)	¥	163,487		¥	5,012			100.4	%		—	%
Increase (decrease) in other accrued liabilities		(10,371	)		11,436
Other		(6,284	)		(428	)
Net cash provided by operating activities		19,946			60,378
Investing activities:
Payment for purchase of fixed assets		(63,866	)		(57,978	)
Payment for purchase of subsidiary		(34,015	)		—
Other		4,365			5,224
Net cash used in investing activities		(93,516	)		(52,754	)
Financing activities:
Increase in short-term borrowings and long-term debt		4,549			56,071
Dividends paid		(4,386	)		(3,947	)
Purchase and sales of treasury stock, net		(1,967	)		(12	)
Decrease in capital-lease obligations		(1,770	)		—
Other		(445	)		(285	)
Net cash provided by (used in) financing activities		(4,019	)		51,827
Effect of exchange rate changes on cash and cash equivalents		1,851			(9,512	)
Net increase (decrease) in cash and cash equivalents		(75,738	)		49,939
Cash and cash equivalents, beginning of year		192,419			142,480
Cash and cash equivalents, end of year	¥	116,681		¥	192,419


Notes:

1.		The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America.

2.		The consolidated financial statements include the accounts of the parent company and 125 subsidiaries and the investments in 5 affiliated companies accounted for on an equity basis.

3.		Effective from fiscal 2005 year-end presentation, operating income is presented as net sales less cost of sales, selling, general and administrative expenses in order to be consistent with generally accepted financial reporting practice in Japan. The Company believes that such presentation is useful for comparison of the Company’s financial results with those of other Japanese companies. Under the U.S. GAAP, business restructuring expenses and losses on impairment of long-lived assets as well as gains and losses on sale and disposal of fixed assets included in “Other—net” are included in operating income. Previously reported amounts in consolidated statements of operations and segment information have been reclassified accordingly.

4.		Effective from this first quarter, the Company changed business segment classification for certain businesses. Results related to plasma displays for business use and DJ equipment have been moved from “Others” to “Home Electronics.” Corresponding figures for the previously reported operating revenue by segment and segment information have been reclassified accordingly.

Notes:

1. The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). 2. The consolidated financial statements include the accounts of the parent company and 125 subsidiaries and the investments in 5 affiliated companies accounted for on an equity basis. 3. Computation of net income per share is based on Statements of Financial Accounting Standards No.128 “Earning per Share.” 4. As of the fiscal year under review, the Company changed the format of statements of operations from multiple-step form to single-step form, which shows income before taxes by deducting total expenses from total revenue. Corresponding figures for the previous accounting period have been reclassified accordingly.

NON-CONSOLIDATED FINANCIAL STATEMENTS

Pioneer Corporation — Parent Company Only

(1) Condensed Balance Sheets

	(In millions of yen)
	March 31
	2005		2004
Assets
Current assets:
Cash	¥	40,502	¥	73,134
Notes and accounts receivable—trade		51,833		43,582
Marketable securities		11,685		32,685
Inventories		28,018		31,183
Other current assets		41,683		27,781
Total current assets		173,724		208,368
Fixed assets:
Tangible		53,301		42,913
Intangible		29,826		20,075
Investments and others		201,893		190,207
Total fixed assets		285,021		253,196
Total assets	¥	458,745	¥	461,564
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable—trade	¥	52,738	¥	40,987
Accrued expenses		40,152		40,953
Other current liabilities		23,611		12,123
Total current liabilities		116,502		94,064
Long-term liabilities		73,237		90,074
Total liabilities		189,740		184,139
Shareholders’ equity		269,005		277,425
Total liabilities and shareholders’ equity	¥	458,745	¥	461,564

Note: Accumulated depreciation on tangible fixed assets on March 31, 2005 and 2004 was ¥92,570 million and ¥90,261 million, respectively.

(2) Condensed Statements of Operations

	(In millions of yenexcept per share information)
	Year ended March 31
	2005			2004
Net sales	¥	485,530		¥	469,010
Cost of sales		411,075			373,479
Selling, general and administrative expenses		89,469			85,607
Operating income (loss)		(15,014	)		9,923
Non-operating income—net		10,023			6,496
Ordinary income (loss)		(4,991	)		16,419
Other income (expenses)—net		1,446			(6,637	)
Income (loss) before income taxes		(3,545	)		9,782
Income taxes		(3,184	)		3,008
Net income (loss)	¥	(360	)	¥	6,774
Net income (loss) per share of common stock	¥	(2.06	)	¥	38.04

(3) Appropriation of Unappropriated Retained Earnings

		(In millions of yenexcept per share information)
		Year ended March 31
		2005			2004
Unappropriated retained earnings at the end of the period		¥	2,215		¥	7,061
Restoration of general reserves			2,129			—
Total			4,344			7,061
To be appropriated as follows:
General reserve			—			—
Dividends			2,180			2,192
	(¥12.5 per share ofcommon stock)			(¥12.5 per share ofcommon stock)
Bonus to directors and corporate auditors			—			100
				(of ¥100, ¥11 is forcorporate auditors)
Unappropriated retained earnings carried forward to the next period		¥	2,164		¥	4,769

Note: Combined with the interim dividends of ¥12.5 per share of common stock paid on December 3, 2004, the total cash dividends for fiscal year 2005 amounted to ¥25 per share of common stock.

CONDITION OF SHAREHOLDERS AND SHARES

(as of March 31, 2005)

Number of Shares Issued 180,063,836 shares

Note: 5,635,190 shares of treasury stock held by the Company are included.

Distribution of Share-ownership

	Number of		Number of Shares Held
	Shareholders		and its Percent to Total
Financial institutions		131		66,278	thousand	(36.81	%)
Securities companies		68		3,180		(1.77	)
Other Japanese business corporations		369		4,710		(2.61	)
Foreign corporations and individuals		425		66,368		(36.86	)
Japanese individuals and others		42,624		39,525		(21.95	)
Total		43,617		180,063	thousand	(100.00	%)

Note: Japanese individuals and others include 5,635 thousand shares as treasury stock held by the Company.

Top Ten Largest Shareholders

	Number of Shares Held
	and its Percent to Total
The Master Trust Bank of Japan, Ltd. (Trust Account)		13,804	thousand	(7.66	%)
Japan Trustee Services Bank, Ltd. (Trust Account)		11,666		(6.47	)
Societe Generale Paris SGOP/DAI Paris 6Z		10,403		(5.77	)
The Bank of Tokyo-Mitsubishi, Ltd.		4,154		(2.30	)
Mizuho Bank, Ltd.		4,000		(2.22	)
Trust & Custody Services Bank, Ltd.Bas trustee for Mizuho Bank, Ltd. Retirement Trust Account re-entrusted by Mizuho Trust & Banking Co., Ltd.		3,955		(2.19	)
Kanya Matsumoto		2,935		(1.63	)
BNP Paribas Securities (Japan) Limited		2,669		(1.48	)
Sumitomo Mitsui Banking Corporation		2,589		(1.43	)
Pioneer Employee Share Ownership Plan		2,508		(1.39	)

Note: The Company holds 5,635 thousand shares as treasury stock.

Stock Exchange Listings

Tokyo Stock Exchange New York Stock Exchange Osaka Securities Exchange Euronext Amsterdam

Price per Share and Volume of Shares Traded on the Tokyo Stock Exchange

				Volume					Volume
		High	Low	(thousand			High	Low	(thousand
		(yen)	(yen)	shares)			(yen)	(yen)	shares)
	Apr.	2,860	2,385	26,982		Oct.	2,820	2,505	30,938
	May	2,595	2,280	25,405	2003	Nov.	2,825	2,510	21,161
	June	2,355	1,981	23,528		Dec.	2,995	2,645	25,249
	July	2,210	1,980	24,659		Jan.	3,370	2,875	29,718
2002	Aug.	2,260	2,025	31,233		Feb.	3,270	2,930	31,103
	Sept.	2,220	1,900	21,349		Mar.	3,250	2,890	32,572
	Oct.	2,130	1,805	20,215		Apr.	3,390	3,000	32,597
	Nov.	2,430	2,045	32,263		May	3,120	2,660	37,352
	Dec.	2,490	2,150	22,870	2004	June	2,880	2,635	37,811
	Jan.	2,405	2,070	21,562		July	2,850	2,310	30,442
	Feb.	2,600	2,260	33,006		Aug.	2,480	2,215	22,949
	Mar.	2,620	2,390	24,271		Sept.	2,535	2,240	34,245
	Apr.	2,460	2,225	25,507		Oct.	2,430	1,820	41,087
2003	May	2,555	2,290	23,202		Nov.	2,020	1,882	42,410
	June	2,840	2,490	35,912		Dec.	2,070	1,866	38,031
	July	2,970	2,635	31,308		Jan.	2,055	1,890	29,702
	Aug.	2,815	2,515	27,317	2005	Feb.	1,925	1,830	35,266
	Sept.	3,030	2,600	40,815		Mar.	2,015	1,827	43,851

For Immediate Release June 30, 2005

Pioneer to Issue Share Acquisition Rights to be Granted as Stock Options

TOKYO — Pioneer Corporation has announced that it resolved, at the meeting of its board of directors held on June 29, 2005, to issue share acquisition rights for the purpose of granting stock options, pursuant to the provisions of Articles 280-20 and 280-21 of the Commercial Code of Japan, and to the approval at its ordinary general meeting of shareholders held on June 29, 2005.

The terms of the issue are as follows:

Description

(1) Date of issue of share acquisition rights:

The date of issue of share acquisition rights (hereinafter referred to as the “Issue Date”) is expected to be July 8, 2005.

(2) Number of share acquisition rights to be issued:

3,151 The number of shares to be issued or transferred in lieu of such issuance upon exercise of each share acquisition right shall be 100.

(3) Class and number of shares to be issued or transferred upon exercise of share acquisition rights:

315,100 shares of common stock of the Company

(4) Issue price of share acquisition rights:

No consideration shall be paid.

(5) Amount to be paid in upon exercise of share acquisition rights:

The amount to be paid in per share upon exercise of share acquisition rights (hereinafter referred to as the “Exercise Price”) shall be the amount obtained by multiplying the higher of either (i) the average of closing prices (including quotations; hereinafter the same shall apply) in the regular tradings of the shares of common stock of the Company on the Tokyo Stock Exchange for 30 consecutive trading days (excluding any trading day on which the closing price does not exist) commencing on the day 45 trading days prior to the Issue Date (such Issue Date is expected to be July 8, 2005), or (ii) such closing price on the day immediately

This release is not an offer of securities for sale in any region, including Japan or the United States. The securities may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933 or exempt from registration thereunder, and any public offering of securities to be made in the United States will be made by means of a prospectus in English prepared in accordance with the U.S. Securities Act of 1933, that will contain detailed information about the issuer and management, as well as financial statements. This transaction does not involve any public offering of securities in the United States.

-1-

preceding the Issue Date (such day is expected to be July 7, 2005) (if the closing price does not exist on such day, the closing price on the day immediately preceding such day), by 1.05. Any fraction less than one (1) yen resulting from this calculation shall be rounded up to the nearest one (1) yen.

(6) Amount to be accounted for as stated capital in respect of shares to be issued upon exercise of share acquisition rights:

The amount to be accounted for as stated capital shall be the amount obtained by multiplying the Exercise Price by 0.5, and any fraction less than one (1) yen resulting from this calculation shall be rounded up to the nearest one (1) yen.

(7) Issue of certificates for share acquisition rights:

Certificates for share acquisition rights shall be issued only upon request of the holders of share acquisition rights.

(8) Persons to whom share acquisition rights shall be allocated:

Directors, executive officers and a number of employees of the Company as well as a number of directors of domestic or overseas subsidiaries of the Company (total: 436 persons)

References:

1. Date of meeting of board of directors to propose an agenda for the authorization to issue share acquisition rights to the ordinary general meeting of shareholders:

April 27, 2005

2. Date of ordinary general meeting of shareholders to authorize the issue of share acquisition rights:

June 29, 2005

3. Period during which share acquisition rights may be exercised:

From and including July 2, 2007, to and including June 30, 2010

# # # # # #

For further information, please contact: Hideki Okayasu Senior Executive Officer and General Manager, Finance and Accounting Division Pioneer Corporation, Tokyo Phone: +81-3-3494-1111 / Fax: +81-3-3495-4431 E-mail: pioneer_shr@post.pioneer.co.jp IR Website: http://www.pioneer.co.jp/ir-e

-2-

For Immediate ReleaseJuly 8, 2005

Determination of Final Terms of Share Acquisition Rights to be Granted as Stock Options

TOKYO — Pioneer Corporation has announced that today it determined the final terms of share acquisition rights for the purpose of granting stock options as follows, which issue was resolved at the meeting of its board of directors held on June 29, 2005.

Description

(1)		Amount to be paid in per share upon exercise of share acquisition rights:
		1,828 yen
(2)		Aggregate amount to be paid in upon exercise of share acquisition rights:
		576,002,800 yen
(3)		Amount to be accounted for as stated capital in respect of shares to be issued upon exercise of share acquisition rights:
		914 yen per share

References:

1. Date of meeting of board of directors to propose an agenda for the authorization to issue share acquisition rights to the ordinary general meeting of shareholders: April 27, 2005

2.		Date of ordinary general meeting of shareholders to authorize the issue of share acquisition rights:
		June 29, 2005
3.		Date of issue of share acquisition rights:
		July 8, 2005

- 1 -

4. Number of share acquisition rights to be issued: 3,151 The number of shares to be issued or transferred in lieu of such issuance upon exercise of each share acquisition right shall be 100. 5. Class and number of shares to be issued or transferred upon exercise of share acquisition rights: 315,100 shares of common stock of the Company 6. Issue price of share acquisition rights: No consideration shall be paid. 7. Period during which share acquisition rights may be exercised: From and including July 2, 2007, to and including June 30, 2010 8. Persons to whom share acquisition rights shall be allocated: Directors, executive officers and a number of employees of the Company as well as a number of directors of domestic or overseas subsidiaries of the Company (total: 436 persons)

# # # # # #

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Filing Compare · PIONEER CORP