Consolidated Financial Results (1st Half Fiscal 2008 Earnings)

Billions of yen
  1H FY2008
(Apr. 1 to Sep. 30, 2007)
1H FY2007
(Apr. 1 to Sep. 30, 2006)
Change
Amount %
Revenue 100.0% 1,408.0 100.0% 1,352.0 +56.0 +4.1
Pro-forma Operating Income 7.7% 108.6 6.9% 92.7 +15.9 +17.1
Structural Reform Expenses   No data   42.0 (42.0) No data
Operating Income 7.7% 108.6 3.8% 50.7 +57.9 +114.0
Income before Income Taxes 8.2% 114.7 4.2% 56.6 +58.1 +102.7
Net Income 4.6% 64.6 1.8% 23.8 +40.8 +171.6
Earning per Share ¥126.48 ¥46.65 +¥79.83
Exchange Rates US$ ¥119 ¥115 +¥4
Euro ¥162 ¥145 +¥17

Revenue

Regarding the consolidated revenue during the interim period under review (April 1, 2007, through September 30, 2007), a strong performance was recorded in sales of such Information Solutions products as medical systems, graphic arts, and flat panel display (FPD) materials, and Document Solutions sales also grew, particularly in overseas markets. These factors and the yen's progressive depreciation boosted our consolidated revenue, to ¥14,080 billion, a rise of 4.1% 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. Moreover, the depreciation expense was increased due to the adoption of revised tangible asset depreciation methods beginning from the second quarter of the fiscal year. However, these factors were more than offset by the previously mentioned rise in sales volume in principal business fields and positive effect of yen depreciation as well as a decrease in fixed costs resulting from the concentrated implementation of structural reform programs until the previous fiscal year. As a result, we realized a large increase in operating income, which amounted to ¥108.6 billion, up 114.0% from the level in the same period of the previous fiscal year. The levels of consolidated revenue and operating income for the period under review were both record high levels of interim period performance.

The balance of our nonoperating income and expenses improved ¥0.2 billion compared with the same period in the previous fiscal year, reflecting such factors as a rise in interest and dividend income. Consequently, income before income taxes surged to ¥114.7 billion, up 102.7% from the level in the same period of the previous fiscal year. And our net income also rose greatly, by 171.6%, to ¥64.6 billion.

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

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