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Consolidated Financial Results (2nd Quarter Fiscal 2009 Earnings)

Billions of yen
  2Q FY2008
(Apr. 1 to Sep. 30, 2007)		 2Q FY2009
(Apr. 1 to Sep. 30, 2008)		 Change
Amount %
Revenue 100.0% 1,408.0 100.0% 1,338.4 (69.6) (4.9)
Operating Income * 7.7% 108.6 6.1% 81.2 (27.4) (25.2)
Income before Income Taxes 8.2% 114.7 6.1% 81.7 (33.0) (28.8)
Net Income 4.6% 64.6 3.4% 45.3 (19.3) (29.8)
Earnings per Share ¥126.48 ¥89.97 ¥(36.51)
Exchange Rate: US$ ¥119 ¥106 ¥(13)
Euro ¥162 ¥163 +¥1
* Including structural reform expenses : 1H FY2008/3 4.3    1H FY2009/3 4.1   

Revenue

Consolidated revenue amounted to ¥1,338.4 billion, down 4.9% from the same period of the previous year.

The main factors causing the decrease were the appreciation of the yen, particularly against the U.S. dollar, and a decline in revenue of the Imaging Solutions business. The portion of the ¥69.6 billion decrease in revenue attributable to exchange rate changes was approximately ¥50.2 billion.

Income

Operating income amounted to ¥81.2 billion, down 25.2% from the same period of the previous year. We estimate that exchange rate trends had the effect of reducing operating income by approximately ¥27.4 billion, while the impact of surging prices of silver, aluminum, and other principal raw materials was approximately ¥11.5 billion. The impact of the new depreciation method introduced in the previous fiscal year was approximately ¥3.0 billion. Combined, these three factors had the effect of reducing operating income by approximately ¥25.4 billion.

Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.

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