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(August 21, 2007)
(1) Consolidated business results
Percentage indications of sales, operating income, ordinary income and net income show the ratio of increase or decrease as compared with the previous fiscal year
| Sales | Operating income | Ordinary income | Net income | |
|---|---|---|---|---|
| First quarter period ended June 30, 2007 | 37,943 (23.6%) | 3,363 (16.7%) | 3,860 (28.5%) | 2,606 (31.9%) |
| First quarter period ended June 30, 2006 | 30,705 (14.1%) | 2,881 (47.5%) | 3,004 (43.1%) | 1,976 (55.4%) |
| Reference: Full-year termended March 31, 2007 |
144,693 | 12,762 | 13,550 | 7,689 |
| Net income per share | Net income per share (diluted) | |
|---|---|---|
| First quarter period ended June 30, 2007 | ¥20.47 | ¥ - |
| First quarter period ended June 30, 2006 | ¥15.37 | ¥15.37 |
| Reference: Full-year termended March 31, 2007 |
¥60.08 | ¥60.08 |
(2) Changes in consolidated position
| Total assets (millions of yen) |
Net assets (millions of yen) |
Equity ratio (%) |
Net assets per share (Yen) |
|
|---|---|---|---|---|
| First quarter period ended June 30, 2007 | 166,010 | 81,329 | 48.9 | ¥637.14 |
| First quarter period ended June 30, 2006 | 151,088 | 75,711 | 49.9 | ¥585.99 |
| Reference: Full-year termended March 31, 2007 |
163,251 | 79,353 | 48.5 | ¥621.40 |
| Net sales (millions of yen) |
Operating income (millions of yen) |
Ordinary income (millions of yen) |
Net income (millions of yen) |
Net income per share (Yen) |
|
|---|---|---|---|---|---|
| Mid-term ending September 30, 2007 | 77,000 (12.3%) | 7,900 (29.7%) | 8,000 (26.1%) | 5,000 (28.5%) | ¥39.28 |
| Full-year term ending March 31, 2008 | 162,000 (12.0%) | 17,600 (37.9%) | 17,800 (31.4%) | 11,100 (44.4%) | ¥87.20 |
(1) Change of reporting entities (change of condition of significant consolidated subsidiaries): None
(2) Simplified accounting method adopted: Applicable
(3) Change of accounting and reporting policies for consolidated financial statements since the previous fiscal year: None
In the domestic market, sales of truck loader cranes declined as initial replacement demand for trucks that meet diesel emission regulations has largely been met, however, strong replacement demand for construction cranes helped to increase sales 9.2% to ¥20,034 million compared with the same period in the previous fiscal year. In overseas markets, sales of construction cranes in Europe and North America rose 44.8% to ¥17,909 million, a significant increase compared with the same period of the previous year. As a result, net sales were up 23.6% to ¥37,943 million compared to the same period in the previous fiscal year.
On the profit side, ordinary income rose 28.5% to ¥3,860 million compared with the same period in the previous year while quarterly net income was ¥2,606 million, up 31.9%, due to an increase in income, despite the rise in the cost of sales ratio, which resulted from product configuration changes.
Assets
Total assets increased by ¥2,758 million to ¥166,010 million compared with the end of the previous fiscal year. This was primarily due to a rise in inventory assets of ¥5,162 million in line with production expansion, while fixed assets saw an increase of ¥924 million with the reorganization of domestic plants. Notes and accounts receivable, however, fell by ¥4,377 million.
Liabilities
Liabilities rose by ¥782 million to ¥84,681 million compared with the end of the previous fiscal year with accounts payable growing by ¥2,123 million as the result of our expanding production, coupled with interest-bearing debt of ¥1,510 million to ¥28,249 million. However, there was a decrease of ¥2,276 million in accrued corporate tax compared with the end of the previous fiscal year.
Net assets
Total net assets increased by ¥1,976 million to ¥81,329 million compared with the end of the previous fiscal year, with the allocation of net income which offset the decline caused by dividend payments.
Cash flows
The balance of cash and cash equivalents at the end of the period under review increased by ¥1,037 million to ¥24,558 million compared with the end of the previous fiscal year.
The outlook of business performance for the fiscal year ending March 31, 2008 is based on the production enhancement plan for construction cranes, and we are continuing to make strides in pursuing group-wide efforts. Therefore, outlook for business performance released on May 8, 2007 has not been revised.
Explanation concerning appropriate use of result forecasts and other matters of note
The outlook of business performance released on May 8, 2007 has not been revised. The projections above are based on certain premises derived from information that has been available as of the day this material was released. The actual results may materially differ from the forecasts as a result of various unforeseen factors that may arise.