0903-3q en

February 6, 2009
Nihon Dempa Kogyo Co., Ltd.
3rd Quarter Consolidated Financial Results
Tokyo, February 6, 2009 – Nihon Dempa Kogyo Co., Ltd. today announced its consolidated business results for
the nine months ended December 31, 2008, the 3rd quarter of the fiscal year ending March 31, 2009. The
following summary of the business results and the attached financial statements are unaudited and prepared in
accordance with Japanese GAAP.
1. Consolidated Financial Results for the Nine Months Ended December 31, 2008
(April 1, 2008 - December 31, 2008)
(Millions of Yen, Figures less than a million yen are omitted)
Nine months ended December 31,
(1) Results of Operations
Net sales
Operating income/(loss)
Ordinary income
Net income/(loss)
Earnings per share (Yen)
Earnings per share, diluted (Yen)
2007
60,379
8,649
8,620
5,882
294.30
263.20
2008
49,377
(35)
387
(8,063)
(410.77)
-
December 31,
(2) Financial Position
Total assets
Net assets
Owners' equity to total assets
Owners' equity per share (Yen)
2007
92,706
54,225
58.4%
2,701.06
2008
81,270
40,186
49.4%
2,047.15
Year ended March 31,
2008
78,098
9,644
9,734
6,504
326.24
291.53
March 31,
2008
91,413
51,317
56.0%
2,608.29
(3) Change in Scope of Consolidation
There was no significant change in scope of consolidation for the nine months ended December 31, 2008.
2. Consolidated business forecast for the Fiscal Year Ending March 31, 2009
(April 1, 2008 - March 31, 2009)
(Millions of Yen)
Year ending
Forecasts of Operations
March 31, 2009
Net sales
59,000
Operating loss
(3,500)
Ordinary loss
(3,000)
Net loss
(11,500)
Earnings per share (Yen)
(585.82)
There was change in figures of forecast for the fiscal year ending March 31, 2009 from the previous
announcement dated on October 24, 2008.
Note: The estimates shown above are based on information available to the Company on the date of the report's
announcement. Due to the unforeseen circumstances, actual results may differ from such estimates.
1
Consolidated Balance Sheets
February 6, 2009
Nihon Dempa Kogyo Co., Ltd.
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
Composition
2007
%
December 31,
Composition
%
2008
March 31,
2008
Composition
%
ASSETS
Current assets:
Cash on hand and bank deposits
12,575
11,277
11,333
Notes and accounts receivable-trade
20,926
14,959
17,713
Finished products
5,388
7,373
5,992
Work in process
1,367
1,206
1,456
Raw materials and supplies
2,187
2,388
2,359
Others
4,389
3,047
4,432
(46)
(120)
(83)
Allowances for doubtful receivables
Total current assets
46,787
50.5
40,132
49.4
43,205
47.3
Noncurrent assets:
Property, plant and equipment, net
Buildings and structures
9,731
10,661
10,581
Machinery and vehicles
22,319
13,453
22,170
6,420
8,794
8,201
38,470
32,909
40,953
-
13
-
1,126
686
1,126
Total intangible assets
1,126
699
1,126
Total investments and other assets
6,321
7,528
6,128
Others
Total property, plant and equipment, net
Intangible assets
Goodwill
Others
Total noncurrent assets
45,918
49.5
41,138
50.6
48,208
52.7
Total assets
92,706
100.0
81,270
100.0
91,413
100.0
2
Consolidated Balance Sheets
Nihon Dempa Kogyo Co., Ltd.
February 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
Composition
December 31,
Composition
March 31,
Composition
2007
%
2008
%
2008
%
LIABILITIES
Current liabilities:
Notes and accounts payable-trade
Short-term loans
7,791
6,472
7,671
-
5,438
1,501
Current portion of long-term loans
1,753
4,002
1,264
Income taxes payable
1,002
259
1,549
90
-
120
-
108
-
7,866
4,835
8,265
Reserve for directors' bonuses
Reserve for others
Others
Total current liabilities
18,503
20.0
21,116
26.0
20,372
22.3
Noncurrent liabilities:
Convertible bonds
11,242
5,669
11,225
Long-term loans
5,945
11,343
5,727
Employee benefit obligations
Retirement allowance for directors
and statutory corporate auditors
Others
2,190
2,320
2,169
590
613
592
8
20
8
Total noncurrent liabilities
19,977
21.5
19,967
24.6
19,723
21.6
Total liabilities
38,481
41.5
41,084
50.6
40,096
43.9
NET ASSETS
Owners' equity:
Share capital
10,649
10,649
10,649
Capital surplus
10,828
10,828
10,829
Retained earnings
31,911
23,488
32,533
Treasury stock
(1,208)
(2,784)
(2,784)
Total owners' equity
52,180
56.3
42,182
51.9
51,228
56.0
Fair value reserve,
translation reserve and others:
Fair value reserve for
available-for-sale investment securities
Foreign currency translation reserve
Total fair value reserve,
translation reserve and others
Minority interests:
505
165
246
1,420
(2,161)
(270)
1,925
2.1
(1,995)
(2.5)
(24)
(0.0)
119
0.1
-
-
113
0.1
Total net assets
54,225
58.5
40,186
49.4
51,317
56.1
Total liabilities and net assets
92,706
100.0
81,270
100.0
91,413
100.0
3
Consolidated Statements of Income
Nihon Dempa Kogyo Co., Ltd.
February 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income/(loss)
Non-operating income
Interest income
Dividends income
Foreign exchange gains
Gain on retirement of convertible bonds
Other income
Non-operating expenses
Interest expenses
Foreign exchange losses
Depreciation of inactive property,
plant and equipment (“PPE”)
Other expenses
Ordinary income
Extraordinary income
Gain on sales of PPE
Reversal of allowances for
doubtful receivables
Government grants
Extraordinary expenses
Loss on disposal of PPE
Loss on impairment of PPE
Loss on sales of investment securities
Loss on impairment of
investment securities
Loss on impairment of
golf club memberships
Settlement for products sold
Income/(loss) before income taxes
Current tax expenses
Deferred tax expenses/(benefits)
Minority interests
Net income/(loss)
December 31,
Composition
December 31,
Composition
March 31,
Composition
2007
%
2008
%
2008
%
60,379
43,087
17,292
8,643
8,649
328
176
32
119
356
86
168
100.0
71.4
28.6
14.3
14.3
0.6
0.6
49,377
40,367
9,010
9,045
(35)
973
138
20
382
258
173
550
181
-
100.0
81.8
18.2
18.3
(0.1)
2.0
1.1
78,098
56,854
21,243
11,599
9,644
438
231
32
174
348
116
76
-
265
-
102
8,620
146
18
103
387
13
-
155
9,734
122
22
14.3
0.2
0.8
0.0
27
-
-
99
300
75
129
35
13
8,738
65
7,917
-
100
738
144
178
35
0.5
17.7
53
318
49
7
38
7
8,466
2,477
84
21
5,882
398
(8,337)
488
(763)
(8,063)
322
9,117
3,057
(470)
26
6,504
14.0
4.1
0.2
0.0
9.7
4
(16.9)
0.9
(1.5)
(16.3)
100.0
72.8
27.2
14.9
12.3
0.6
0.4
12.5
0.2
1.0
11.7
3.9
(0.6)
0.1
8.3
Consolidated Statements of Cash Flows
Nihon Dempa Kogyo Co., Ltd.
February 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
December 31,
March 31,
2007
2008
2008
Operating activities:
Income/(loss) before income taxes
8,466
(8,337)
9,117
Depreciation and amortisation
Loss on impairment of property,
plant and equipment (“PPE”)
Interest and dividends income
5,590
7,140
7,786
129
7,917
178
(208)
(158)
(263)
86
181
116
(18)
-
(22)
75
65
144
-
398
-
(2,325)
1,519
565
Increase in inventories
(Increase)/decrease in consumption tax/
value-added tax receivables
(447)
(1,542)
(1,708)
96
656
(391)
Increase/(decrease) in trade payables
1,381
(128)
2,224
Other, net
(119)
(290)
107
12,704
7,422
17,854
Interest expenses
Gain on sales of PPE
Loss on disposal of PPE
Settlement for products sold
(Increase)/decrease in trade receivables
Sub-total
Interest and cash dividends received
152
109
188
Interest paid
(84)
(180)
(113)
(3,809)
(2,086)
(3,887)
Income taxes paid, net
Payment for settlement for products sold
Net cash provided by operating activities
-
(463)
-
8,963
4,800
14,042
(7,195)
(9,860)
(12,460)
17
6
33
(171)
(179)
(294)
(6)
(6)
(8)
269
-
269
Investing activities:
Purchase of PPE
Proceeds from sales of PPE
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of investments in subsidiaries
Purchase of trust beneficiary right
Proceeds from redemption of trust beneficiary right
Other, net
Net cash used in investing activities
-
(165)
-
(2,239)
(1,161)
(2,239)
1,150
1,085
2,298
(17)
(33)
(34)
(8,191)
(10,313)
(12,435)
Financing activities:
Net increase/(decrease) in short-term loans
(600)
3,936
400
Proceeds from long-term loans
-
9,500
-
Repayment of long-term loans
(2,467)
(1,145)
(3,175)
Purchase of treasury stock
(123)
(0)
(1,704)
Cash dividends paid
Payment for retirement
by purchase of convertible bonds
Proceeds from exercise of stock option
(907)
(847)
(998)
-
(5,253)
-
407
-
413
(3,691)
6,188
(5,064)
(32)
(731)
(736)
Net decrease in cash and cash equivalents
(2,951)
(56)
(4,193)
Cash and cash equivalents at beginning of year
15,526
11,333
15,526
Cash and cash equivalents at end of period
12,575
11,277
11,333
Net cash (used in)/provided by financing activities
Net effect of currency translation on cash and cash equivalents
5
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