Consolidated Financial Results (3rd Quarter Fiscal 2008 Earnings)

Billions of yen
  Nine months FY2008
(Apr. 1 to Dec.
31, 2007)
Nine months FY2007
(Apr. 1 to Dec.
31, 2006)
Change
Amount %
Revenue 100.0% 2,137.4 100.0% 2,068.5 +68.9 +3.3
Pro-forma Operating Income 8.3% 178.0 8.0% 166.1 +11.9 +7.2
Structural Reform Expenses   No data   44.6 (44.6) No data
Operating Income 8.3% 178.0 5.9% 121.5 +56.5 +46.5
Income before Income Taxes 8.7% 185.5 5.4% 112.3 +73.2 +65.2
Net Income 4.9% 103.9 2.3% 48.4 +55.5 +114.5
Earnings per share   ¥203.80   ¥94.86   +¥108.94
Exchange Rates: US$ ¥117 ¥116 +¥1
Euro ¥163 ¥147 +¥16

Revenue

A strong performance was recorded in sales of such Information Solutions products as medical systems, graphic arts systems, and flat panel display (FPD) materials, and Document Solutions sales were also robust, particularly in overseas markets. These factors and the yen's progressive depreciation boosted our consolidated revenue, to ¥2,137.4 billion, a rise of 3.3% 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 silver. Moreover, the depreciation expense increased ¥18.0 billion, reflecting 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 the positive effect of yen depreciation as well as a decrease in fixed costs resulting from the concentrated implementation of structural reform programs in the previous fiscal year. As a result, we realized a large increase in operating income, which amounted to ¥178.0 billion, up 46.5% from the level in the same period of the previous fiscal year.

The balance of our nonoperating income and expenses improved ¥16.7 billion compared with the same period in the previous fiscal year, reflecting the recording of ¥21.6 billion in the decline in value of investment securities in the third quarter of the previous fiscal year. Consequently, income before income taxes surged to ¥185.5 billion, up 65.2% from the level in the same period of the previous fiscal year. And our net income also rose greatly, by 114.5%, to ¥103.9 billion.

For the nine month period under review, the consolidated revenue figures and profit figures were at their highest levels recorded since Fujifilm’s adoption of the quarterly financial reporting system.

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

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