RNS Number:7176B
Maruwa Co Ld
08 August 2007
8 August 2007
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal 2008
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal
2008
(1 April 2007 - 30 June 2007) as follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
1st Quarter 1st Quarter Change % (Reference)
1 April - 30 June 1 April - 30 June For year ended
2006 2007 31 March 2007
Net sales 4,878 4,719 -3.3% 21,062
Operating income 420 359 -14.5% 1,924
Income before income taxes 519 411 -20.8% 1,912
Net income 357 272 -23.8% 1,334
Net income per share: JPY
Basic 32.55 25.12 -22.8% 122.04
Diluted 32.36 25.03 -22.7% 121.45
(2) Summary of consolidated financial condition
JPY million
As of 31 Dec. As of 31 Dec. Change % (Reference)
2006 2007 As of 31 March
2006
Total net assets 26,624 28,383 6.6% 27,907
Total liabilities and net 32,006 33,616 5.0% 33,872
assets
Equity ratio 83.2% 84.4% +1.2% 82.4%
JPY
Shareholders' equity per 2,429.96 2,625.41 8.0% 2,572.66
share
II. Outlook for the fiscal 2008 (1 April 2007 - 31 March 2008)
The forecast figures announced in 11 May 2007 is not changed.
*The financial statements are prepared in conformity with the accounting principles generally accepted
in Japan.
*Consolidated subsidiaries: 10 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWA
Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., Maruwa America Corp., Maruwa Korea Co., Ltd.,
Maruwa (Shanghai) Trading Co., Ltd. , MARUWA QUARTZ Co., Ltd., MARUWA SHOMEI Co., Ltd., and Hokko
Denshi Co., Ltd.)
Review of Operations
1. Review of Operations
Consolidated net sales for the first quarter of this fiscal year were 4,719
million yen, 3.3% down from the same period last year. A large decrease of
sales in the Lighting Equipment business caused the decline in consolidated net
sales, even though the sales of the Ceramic Components business increased 3.5%
compared to the first quarter of the previous year.
Operating income for the first quarter was 359 million yen, down 14.5% from
the same period last year. The profit was weighed down as a result of the
transfer and reorganization of manufacturing equipment mainly in the Machinery
Ceramics division. Net income was 272 million yen, down 23.8% from the same
period last year due to a loss of 94 million yen on sales and disposal of
equipment.
The results of this first quarter stated above were just as we expected at the
beginning of this fiscal year; the outlook for the current fiscal year is not
changed from the forecast figures announced on 11 May 2007.
2. Operating results by business segment
Ceramic Components segment
Circuit Ceramics
Total sales of the Circuit Ceramics division for this first quarter decreased
4.8% to 1,692 million yen from the first quarter of the previous year.
This division was slow in recovery from the adjustment phase of the ceramic
components market in the previous fourth quarter period. The sales of mainstay
ceramic substrates for chip resistors decreased due to this market adjustment
which continued to affect our operation in the first quarter.
Machinery Ceramics
Total sales of the Machinery Ceramics division were 1,325 million yen, up 15.4%
from the same period last year.
The sales of quartz glass products have continued to increase since the
previous year due to a solid demand in the semiconductor-equipment related
market.
Radio Frequency
Total sales from the Radio Frequency division increased 16.5% to 474 million yen
compared to the same period last year.
Dielectric ceramics extended sales channels in the North America; automotive
ceramic substrates began to report sales from this year.
EMC Components
Total sales of the EMC Components division were 1,041 million yen, down 0.5%
from the first quarter of the previous year.
This division was affected by a slow recovery of the electronic components
market while the sales of EMI filters and inductors increased especially for
thin screen TVs.
Lighting Equipment segment
Total sales from the Lighting Equipment segment decreased 62.5% to 187 million
yen compared to the same period last year. The sales posted a big drop compared
to the sales in the previous first quarter which included a large amount of
orders originally occurred in the year before last.
Operating results by business segment
JPY million
1st Quarter 1st Quarter
1 April - 30 June 1 April - 30 June
2006 2007
Ceramic Components:
Net sales 4,379 4,532
Operating income 662 596
Lighting Equipment:
Net sales 499 187
Operating income (61) (71)
Total:
Net sales 4,878 4,719
Operating income 601 525
Elimination:
Net sales -- --
Operating income (181) (166)
Consolidated:
Net sales 4,878 4,719
Operating income 420 359
Quarterly sales results of Ceramic Components segment by product division
JPY million
For year ended 31 March 2007 2008
1Q 2Q 3Q 4Q 1Q
Circuit Ceramics 1,778 1,908 2,227 1,690 1,692
Machinery Ceramics 1,148 1,189 1,354 1,255 1,325
Radio Frequency Products 407 354 504 370 474
EMC Components 1,046 1,013 1,069 1,029 1,041
Total 4,379 4,464 5,154 4,344 4,532
Financial Condition
Total liabilities and net assets as of the end of this first quarter were 33,616
million yen, down 256 million yen from the end of last year due especially to a
decrease in current assets. This reflected the sales trend of the Lighting
Equipment that sales are likely to occur at the end of fiscal year. Total
liabilities decreased 732 million yen from the previous year end. Total net
assets increased 476 million yen because of an increase in retained earnings.
Capital expenditure in this quarter amounted to 910 million yen. Depreciation
costs were 411 million yen.
New consolidation
Maruwa Korea Co., Ltd. and Maruwa (Shanghai) Trading Co., Ltd. have been
included in the consolidated results since this first quarter.
Consolidated Balance Sheet
JPY million
1st Quarter 1st Quarter (Reference)
As of 30 June As of 30 June Change % As of 31st March
2006 2007 2007
ASSETS
Current assets:
Cash & deposits 7,180 6,577 -8.4% 6,593
Trade notes & accounts 6,560 6,734 2.7% 7,797
receivable
Inventories 2,940 4,020 36.7% 3,559
Other 368 574 56.0% 672
Total current assets 17,048 17,905 5.0% 18,621
Property, plant & equipment:
Net property, plant & equipment 12,192 13,214 8.4% 12,726
Investment & other assets:
Total investments & other assets 2,766 2,497 -9.7% 2,525
Total assets 32,006 33,616 5.0% 33,872
LIABILITIES
Current liabilities:
Trade notes & accounts payable 1,880 1,815 -3.5% 2,289
Other 2,227 2,384 7.0% 2,594
Total current liabilities 4,107 4,199 2.2% 4,883
Long-term liabilities:
Long-term debt 151 138 -8.6% 135
Accrued retirement benefits 165 -- -- --
Other 959 896 -6.6% 947
Total long-term liabilities 1,275 1,034 -18.9% 1,082
Total liabilities 5,382 5,233 -2.8% 5,965
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710 -- 6,710
Capital surplus 9,747 9,747 -- 9,747
Retained earnings 10,743 11,724 9.1% 11,521
Treasury stock, at cost (254) (623) -- (537)
Total shareholders' equity 26,946 27,558 2.3% 27,441
Valuation and translation adjustments:
Net unrealized gains on 0 15 -- 8
available-for-sale securities
Foreign currency translation (322) 810 -- 458
adjustments
Total valuation and translation (322) 825 -- 466
adjustments
Total net assets 26,624 28,383 6.6% 27,907
Total liabilities and net assets 32,006 33,616 5.0% 33,872
Consolidated Statement of Income
JPY million
1st Quarter 1st Quarter (Reference)
1 April - 30 June 1 April - 30 June Change % For year ended
2006 2007 31 March 2007
Net sales 4,878 4,719 -3.3% 21,062
Cost of sales 3,438 3,352 -2.5% 15,003
Gross profit 1,440 1,367 -5.1% 6,059
Selling, general & 1,020 1,008 -1.2% 4,135
administrative
expenses
Operating income 420 359 -14.5% 1,924
Other income (expenses):
Interest & dividend income 10 17 70.0% 52
Interest expenses (2) (1) -- (5)
Foreign exchange gain (loss), 49 (10) -- (196)
net
Other, net 42 46 9.5% 137
Other income (expenses), net 99 52 -47.5% (12)
Income before income taxes 519 411 -20.8% 1,912
Income tax expenses 162 139 -14.2% 578
Net income 357 272 -23.8% 1,334
This information is provided by RNS
The company news service from the London Stock Exchange
END
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