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(August 6, 2012)
| Sales | Operating Income (Loss) |
Net Income (Loss) |
|
|---|---|---|---|
| First quarter period ended June 30, 2012 | 28,240(44.1%) | 1,895(-) | 627(-) |
| First quarter period ended June 30, 2011 | 19,594(18.6%) | (117)(-) | (124)(-) |
Notes: Listed values less than one million yen are rounded off.
Percentage figures represent comparisons to the first quarter period of the previous fiscal year.
| Sales | Operating Income | Net Income | |
|---|---|---|---|
| Full year term | 132,000(15.6%) | 7,500(27.2%) | 4,500(43.1%) |
Note: Percentage figures represent comparisons to the same period of the previous fiscal year.
Explanation concerning appropriate use of result forecasts and other matters of note:
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.
During the first quarter period under review, the Japanese economy continued to experience a gentle recovery, as earthquake recovery efforts bolstered domestic demand. However, various factors clouded future prospects, including the crisis in Europe, the high value of the yen on international currency markets, and restrictions on electric power supplies. In addition, while the U.S. economy is experiencing a gentle recovery, the pace of economic growth has slowed in China.
Domestic demand in the crane industry doubled, rebounding from the decline last year caused by supply shortages. This growth was driven by increasing utilization rates related to earthquake recovery and restoration efforts, which accelerated equipment replacement ahead of typical schedules. Overseas demand driven primarily by energy and resource development surged in markets including North America, Asia, and Australia.
Boosted by dramatic growth in sales of mobile cranes and truck loader cranes, domestic sales rose 43.8% from the same period of the previous fiscal year to 12,979 million yen. Despite the historic strength of the yen, strong demand pushed overseas sales to 15,261 million yen, up 44.4% from the same period of the previous fiscal year. Total sales rose 44.1% compared the same period of the previous fiscal year to 28,240 million yen. Overseas sales accounted for 54.0% of all sales.
Efforts to ensure appropriate pricing and expanding gross margins attributable to rising sales led to operating profits of 1,895 million yen, compared to operating losses of 117 million yen for the same period in the previous fiscal year. Net income for the quarter totaled 627 million yen, compared to net losses of 124 million yen for the same period in the previous fiscal year. This figure resulted from the transfer of 354 million yen to provisions for doubtful accounts in connection with a case of malfeasance at a U.S. subsidiary, along with foreign exchange losses of 332 million yen, in addition to the booking 70 million yen in revaluation losses on negotiable securities.
Explanatory Materials on FY2012 First Quarter Consolidated Financial Results(PDF:380KB)