Maruwa Regulatory News (MAW)

7 Feb 2008 07:01

Maruwa Co Ld07 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 Fiscal2008 < 1 April 2007 - 31 December 2007 > as follows; \* The financial statements are prepared in conformity with the accounting principles generally acceptedin Japan.*Consolidated subsidiaries:10 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWAElectronics (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 2007Net sales 15,407 15,102 -2.0% 21,062Operating income 1,311 1,227 -6.4% 1,924Income before income taxes 1,413 1,342 -5.0% 1,912Net 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 financialcondition JPY million As of 31 Dec. As of 31 Dec. Change % (Reference) 2006 2007 As of 31 March 2007Total Assets 32,833 33,594 2.3% 33,872Total net assets 27,553 28,447 3.2% 27,907Equity ratio 83.9% 84.7% +0.8% 82.4% JPYNet 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 differfrom 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 15,102million yen, down 2.0% from the third quarter of the last year. For the CeramicComponents business, net sales increased 0.9% while the Lighting Equipmentbusiness 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% fromthe previous third quarter. The profit was reduced due to an increase ofdepreciation costs and the transfer and reorganization of manufacturingequipment even though operating loss in the Lighting Equipment business slightlyimproved. Net income was 896 million yen, down 6.9% from the third quarter ofthe last year mainly because of 221 million yen of loss on sales and disposal offixed assets. 2. Operating results by business segment JPY million 3rd Quarter 3rd Quarter 1 April - 31 Dec. 1 April - 31 Dec. 2006 2007Ceramic Components:Net sales 13,997 14,118Operating income 1,938 1,777 Lighting Equipment:Net sales 1,410 984Operating income (175) (148) Total:Net sales 15,407 15,102Operating income 1,763 1,629 Elimination:Net sales -- --Operating income (452) (402) Consolidated:Net sales 15,407 15,102Operating 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 3QCircuit Ceramics 1,778 1,908 2,227 1,690 1,692 1,868 1,936Machinery Ceramics 1,148 1,189 1,354 1,255 1,325 1,330 1,258RF Products 407 354 504 370 474 492 500EMC Components 1,046 1,013 1,069 1,029 1,041 1,064 1,138Total 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. 2007Circuit Ceramics 5,913 5,496Machinery Ceramics 3,691 3,913RF Products 1,265 1,466EMC Components 3,128 3,243Total 13,997 14,118 Ceramic Components segment Total sales for the Ceramic Components segment in this third quarter were 14,118million yen, an increase of 0.9%; operating income was 1,777 million yen, adecrease of 8.3% from the third quarter of the last year. It was influenced byan increase of depreciation costs, and expenses for the reorganization ofproduction equipment in the foreign manufacturing subsidiaries. Circuit Ceramics Total sales of the Circuit Ceramics division for the third quarter were 5,496million yen, down 7.1% from the same period last year, mainly affected by adecrease of demands for glazed substrates and large ceramic substrates, forwhich 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, up6.0%, 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 yenbecause the sales of multilayer ceramic substrates for automotive parts havebeen counted since this fiscal year. EMC Components Total sales of the EMC Components were 3,243 million yen, up 3.7% from the sameperiod last year. Sales of a group of products including EMI filters increaseddue to the growth of a flat panel TV market. Lighting Equipment segment Total sales from the Lighting Equipment segment declined 30.2% to 984 millionyen over the third quarter of the last year, and operating loss was 148 millionyen. Although sales decreased due to the reduction of public works, the amount ofoperating loss was cut down compared to the same period last year as thebusiness is now being shifted to the sales and manufacturing of LED lightingdevices and also cost reduction efforts have progressed. Financial Condition Total assets at the end of this third quarter were 33,594 million yen, adecrease of 278 million yen from the end of the previous fiscal year as a resultof operating activities for 9 months in this fiscal term. Total liabilities were 5,147 million yen, a decrease of 818 million yen fromthe end of the last year mainly due to a decrease of trade notes and accountspayable. Total net assets increased 540 million yen to 28,447 compared to theend 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 2007ASSETSCurrent assets:Cash & deposits 6,404 5,843 -8.8% 6,593Trade notes & accounts receivable 7,181 7,041 -1.9% 7,797Inventories 3,414 4,329 26.8% 3,559Other 677 590 -12.9% 672Total 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' EQUITYCurrent liabilities:Trade notes & accounts payable 1,833 1,626 -11.3% 2,289Other 2,370 2,601 9.7% 2,594Total current liabilities 4,203 4,227 0.6% 4,883 Long-term liabilities:Long-term debt 77 131 70.1% 135Accrued retirement benefits 120 -- -- --Other 880 789 -10.3% 947Total long-term liabilities 1,077 920 -14.6% 1,082 Total liabilities 5,280 5,147 -2.5% 5,965 NET ASSETSShareholders' equity:Common stock 6,710 6,710 -- 6,710Capital surplus 9,747 9,747 -- 9,747Retained earnings 11,152 12,219 9.6% 11,521Treasury stock, at cost (407) (639) 57.0% (537)Advance on subscription of own 5 -- --sharesTotal shareholders' equity 27,207 28,037 3.1% 27,441 Valuation and translation adjustments:Net unrealized gains on 10 (20) -- 8 available-for-sale securitiesForeign currency translation 336 430 28.0% 458adjustmentsTotal valuation and translation 346 410 18.5% 466adjustments Minority interests -- 0 -- --Total net assets 27,553 28,447 3.2% 27,907Total 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 2007Net sales 15,407 15,102 -2.0% 21,062Cost of sales 10,940 10,930 -0.1% 15,003Gross profit 4,467 4,172 -6.6% 6,059Selling, general & administrative 3,156 2,945 -6.7% 4,135 expensesOperating income 1,311 1,227 -6.4% 1,924Other income (expenses):Interest & dividend income 35 59 68.6% 52Interest expenses (5) (3) -40.0% (5)Foreign exchange gain (loss), net (117) (31) -73.5% (196)Other, net 189 90 -52.4% 137Other 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% 578Minority 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