Consolidated Financial Results (1st Quarter Fiscal 2008 Earnings)

Billions of yen
  1Q FY2008
(Apr. 1 to Jun. 30, 2007)
1Q FY2007
(Apr. 1 to Jun. 30, 2006)
Change
Amount %
Revenue 100.0% 688.3 100.0% 656.8 +31.5 +4.8
Pro-forma Operating Income 8.7% 59.8 6.6% 43.1 +16.7 +38.8
Structural Reform Expenses   No data   27.4 (27.4) No data
Operating Income 8.7% 59.8 2.4% 15.7 +44.1 +280.0
Income before Income Taxes 10.2% 70.0 2.7% 18.0 +52.0 +289.2
Net Income 6.0% 41.0 0.7% 4.8 +36.2 +751.5
Earnings per Share ¥80.15 ¥9.43 +¥70.72
Exchange Rate: US$ ¥121 ¥115 +¥6
Euro ¥162 ¥143 +¥19

Revenue

Regarding consolidated revenue during the first quarter under review (April 1, 2007, through June 30, 2007), strong performance was recorded in Information Solutions sales due to such factors as higher medical system sales centered on digital medical imaging related products, the expansion of manufacturing capacity for flat panel display (FPD) materials in step with growth in demand, and strong demand in optical device business for lens units for camera phones. Moreover, Document Solutions sales also grew, reflecting robust sales of color digital multifunction devices and on-demand publishing systems centered on sales in overseas markets. These factors and the progressive depreciation of the yen against the U.S. dollar and the euro boosted consolidated revenue, to ¥688.3 billion, a rise of 4.8% from the same period in the previous fiscal year.

Income

Operating income was negatively affected by the continued high price levels of such principal raw materials as aluminum and silver. However, this factor was more than offset by a rise in sales volume in principal business fields, the positive effect of yen depreciation, and a decrease in fixed costs resulting from the concentrated implementation of structural reform programs in the previous fiscal year. As a result, a sharp V-shaped recovery was achieved in operating income, which amounted to ¥59.8 billion, by 280.0% from the same period in the previous fiscal year. Structural reform expenses in the first quarter of the previous year totaled ¥27.4 billion, but even if these costs are excluded, the year-on-year rise in operating income would have been grown considerably - ¥16.7 billion, or 38.8%.

Income before income taxes increased 289.2% to ¥70.0 billion, reflecting contributions from such factors as a ¥5.8 billion rise in foreign exchange gains, net. Net income also rose greatly, by 751.5%, to ¥41.0 billion.

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

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