RNS Number:4791N
Maruwa Co Ld
07 February 2008
7 February 2008
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the third quarter of Fiscal 2008
MARUWA CO., LTD. today announced its consolidated financial results for the third quarter of Fiscal
2008 < 1 April 2007 - 31 December 2007 > as follows;
*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.)
1. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
3rd Quarter 3rd Quarter Change % (Reference)
1 April - 31 1 April - 31 Dec. For year ended
Dec.
2006 2007 31 March 2007
Net sales 15,407 15,102 -2.0% 21,062
Operating income 1,311 1,227 -6.4% 1,924
Income before income taxes 1,413 1,342 -5.0% 1,912
Net income 962 896 -6.9% 1,334
Net income per share: JPY
Basic 87.87 82.87 -5.7% 122.04
Diluted 87.41 82.62 -5.5% 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 2007
Total Assets 32,833 33,594 2.3% 33,872
Total net assets 27,553 28,447 3.2% 27,907
Equity ratio 83.9% 84.7% +0.8% 82.4%
JPY
Net assets per share 2,526.97 2,633.87 4.2% 2,572.66
2. Outlook for fiscal 2008 ending 31 March 2008 (reference)
JPY million
Full year Change %
Net sales 21,280 1.0%
Operating income 2,120 10.2%
Net income 1,400 4.9%
Net income per share 129.43
* The forecasts stated above are based on currently available information. Actual results may differ
from these forecasts due to various factors.
Review of Operations
1. Review of Operations
Consolidated net sales for the third quarter of this fiscal year were 15,102
million yen, down 2.0% from the third quarter of the last year. For the Ceramic
Components business, net sales increased 0.9% while the Lighting Equipment
business sales decreased 30.2% compared to the same period last year.
Operating income for this third quarter was 1,227 million yen, down 6.4% from
the previous third quarter. The profit was reduced due to an increase of
depreciation costs and the transfer and reorganization of manufacturing
equipment even though operating loss in the Lighting Equipment business slightly
improved. Net income was 896 million yen, down 6.9% from the third quarter of
the last year mainly because of 221 million yen of loss on sales and disposal of
fixed assets.
2. Operating results by business segment
JPY million
3rd Quarter 3rd Quarter
1 April - 31 Dec. 1 April - 31 Dec.
2006 2007
Ceramic Components:
Net sales 13,997 14,118
Operating income 1,938 1,777
Lighting Equipment:
Net sales 1,410 984
Operating income (175) (148)
Total:
Net sales 15,407 15,102
Operating income 1,763 1,629
Elimination:
Net sales -- --
Operating income (452) (402)
Consolidated:
Net sales 15,407 15,102
Operating income 1,311 1,227
Quarterly sales results of Ceramic Components segment by product division
JPY million
For year ended 31 March
2007 2008
1Q 2Q 3Q 4Q 1Q 2Q 3Q
Circuit Ceramics 1,778 1,908 2,227 1,690 1,692 1,868 1,936
Machinery Ceramics 1,148 1,189 1,354 1,255 1,325 1,330 1,258
RF Products 407 354 504 370 474 492 500
EMC Components 1,046 1,013 1,069 1,029 1,041 1,064 1,138
Total 4,379 4,464 5,154 4,344 4,532 4,754 4,832
JPY million
Fiscal 2007 Fiscal 2008
For 9-month period For 9-month period
1 Apr. - 31 Dec. 2006 1 Apr. - 31 Dec. 2007
Circuit Ceramics 5,913 5,496
Machinery Ceramics 3,691 3,913
RF Products 1,265 1,466
EMC Components 3,128 3,243
Total 13,997 14,118
Ceramic Components segment
Total sales for the Ceramic Components segment in this third quarter were 14,118
million yen, an increase of 0.9%; operating income was 1,777 million yen, a
decrease of 8.3% from the third quarter of the last year. It was influenced by
an increase of depreciation costs, and expenses for the reorganization of
production equipment in the foreign manufacturing subsidiaries.
Circuit Ceramics
Total sales of the Circuit Ceramics division for the third quarter were 5,496
million yen, down 7.1% from the same period last year, mainly affected by a
decrease of demands for glazed substrates and large ceramic substrates, for
which demands had been solid in the first half of this year.
Machinery Ceramics
Total sales from the Machinery Ceramics division were 3,913 million yen, up
6.0%, pulled by the sales of quartz glass products for semiconductor equipment.
Radio Frequency Products
Total sales of the Radio Frequency Products increased 15.9% to 1,466 million yen
because the sales of multilayer ceramic substrates for automotive parts have
been counted since this fiscal year.
EMC Components
Total sales of the EMC Components were 3,243 million yen, up 3.7% from the same
period last year. Sales of a group of products including EMI filters increased
due to the growth of a flat panel TV market.
Lighting Equipment segment
Total sales from the Lighting Equipment segment declined 30.2% to 984 million
yen over the third quarter of the last year, and operating loss was 148 million
yen.
Although sales decreased due to the reduction of public works, the amount of
operating loss was cut down compared to the same period last year as the
business is now being shifted to the sales and manufacturing of LED lighting
devices and also cost reduction efforts have progressed.
Financial Condition
Total assets at the end of this third quarter were 33,594 million yen, a
decrease of 278 million yen from the end of the previous fiscal year as a result
of operating activities for 9 months in this fiscal term.
Total liabilities were 5,147 million yen, a decrease of 818 million yen from
the end of the last year mainly due to a decrease of trade notes and accounts
payable. Total net assets increased 540 million yen to 28,447 compared to the
end of the previous fiscal year, with an increase of retained earnings.
Capital expenditure in this 9-month period amounted to 2,498 million yen;
depreciation costs were 1,386 million yen.
Consolidated Balance Sheet
JPY million
3rd Quarter 3rd Quarter (Reference)
As of 31 Dec. As of 31 Dec. Change % As of 31 March
2006 2007 2007
ASSETS
Current assets:
Cash & deposits 6,404 5,843 -8.8% 6,593
Trade notes & accounts receivable 7,181 7,041 -1.9% 7,797
Inventories 3,414 4,329 26.8% 3,559
Other 677 590 -12.9% 672
Total current assets 17,676 17,803 0.7% 18,621
Property, plant & equipment:
Net property, plant & equipment 12,621 13,316 5.5% 12,726
Investment & other assets:
Total investments & other assets 2,536 2,475 -2.4% 2,525
Total assets 32,833 33,594 2.3% 33,872
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Trade notes & accounts payable 1,833 1,626 -11.3% 2,289
Other 2,370 2,601 9.7% 2,594
Total current liabilities 4,203 4,227 0.6% 4,883
Long-term liabilities:
Long-term debt 77 131 70.1% 135
Accrued retirement benefits 120 -- -- --
Other 880 789 -10.3% 947
Total long-term liabilities 1,077 920 -14.6% 1,082
Total liabilities 5,280 5,147 -2.5% 5,965
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710 -- 6,710
Capital surplus 9,747 9,747 -- 9,747
Retained earnings 11,152 12,219 9.6% 11,521
Treasury stock, at cost (407) (639) 57.0% (537)
Advance on subscription of own 5 -- --
shares
Total shareholders' equity 27,207 28,037 3.1% 27,441
Valuation and translation adjustments:
Net unrealized gains on 10 (20) -- 8
available-for-sale securities
Foreign currency translation 336 430 28.0% 458
adjustments
Total valuation and translation 346 410 18.5% 466
adjustments
Minority interests -- 0 -- --
Total net assets 27,553 28,447 3.2% 27,907
Total liabilities and net assets 32,833 33,594 2.3% 33,872
Consolidated Statement of Income
JPY million
3rd Quarter 3rd Quarter (Reference)
1 April - 31 Dec. 1 April - 31 Dec. Change % For year ended
2006 2007 31 March 2007
Net sales 15,407 15,102 -2.0% 21,062
Cost of sales 10,940 10,930 -0.1% 15,003
Gross profit 4,467 4,172 -6.6% 6,059
Selling, general & administrative 3,156 2,945 -6.7% 4,135
expenses
Operating income 1,311 1,227 -6.4% 1,924
Other income (expenses):
Interest & dividend income 35 59 68.6% 52
Interest expenses (5) (3) -40.0% (5)
Foreign exchange gain (loss), net (117) (31) -73.5% (196)
Other, net 189 90 -52.4% 137
Other income (expenses), net 102 115 12.7% (12)
Income before income taxes 1,413 1,342 -5.0% 1,912
Income tax expenses (benefits) 451 446 -1.1% 578
Minority interests 0 0 -- (0)
Net income 962 896 -6.9% 1,334
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTUBSURWBRURRR
Maruwa (LSE:MAW)
Historical Stock Chart
From Jul 2024 to Jul 2024
Maruwa (LSE:MAW)
Historical Stock Chart
From Jul 2023 to Jul 2024
