MIRA
INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOSO CO., LTD. |
|
|
|
|
Registered Office : |
1-4-9 Shinkawa Chuo-ku, 104-0033 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
01.09.1949 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of other furniture |
|
|
|
|
No. of Employees : |
937 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
TOSO CO., LTD.
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
TOSO CO., LTD. is a Japan-based company mainly engaged in the
manufacture, sale, design and installation of interior decoration products.
The Company operates in two business segments. The Interior Decoration-related
segment is engaged in the manufacture, purchase and sale of interior products
including curtain rails, interior blinds, roll screens, roman shades and
accordion-type partitions. The Others segment is engaged in the sale of
nursing care products and plastic chains, the inventory management, packing,
packaging and forwarding of interior products, as well as the non-life
insurance agency business. As of March 31, 2011, the Company had eight
subsidiaries. For the three months ended 30 June 2011, TOSO CO., LTD.'s
revenues increased 6% to Y4.64B. The Company's net loss decreased 87% to
Y29.8M. Revenues reflect higher sales from interior design related business
segment. Net loss also benefited from lower percentage of selling, general
& administrative expenses, the presence of reversal of provision for
doubtful account, and the absence of loss on adjustment for change of
accounting assets. |
|
|
|
|
Industry
|
Industry |
Furniture and Fixtures |
|
ANZSIC 2006: |
2299 - Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified |
|
NACE 2002: |
3614 - Manufacture of other furniture |
|
NAICS 2002: |
33792 - Blind and Shade Manufacturing |
|
UK SIC 2003: |
3614 - Manufacture of other furniture |
|
US SIC 1987: |
2591 - Drapery Hardware and Window Blinds
and Shades |
Key Executives
|
Significant Developments
|
|||||||||||||||||||||||||
|
* number of significant developments within the last 12 months |
|
||||||||||||||||||||||||
News
|
Financial
Summary
|
Stock
Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 85.69144
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.88
Corporate Overview
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Structure News
|
Total Corporate
Family Members: 2 |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chuo-ku |
Japan |
Furniture and Fixtures |
243.1 |
937 |
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Miscellaneous Capital Goods |
|
417 |
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
|
|
Australia Patent
for 'Toso as a target for drug screening' Ceases
Australian Government: 19 November 2011
[What follows is the full text of the news story.]
Australia, Nov. 19
-- Rigel Pharmaceuticals Inc., California, U.S., filed an application
(32174/99) on March 30, 1999, for 'Toso as a target for drug screening.'
The patent was
effective from March 30, 1999, till March 30, 2019.
Application
Status: Ceased (Application Ceased) Inventor(s): Donald Payan
Acceptance Date:
Oct. 14, 2002
Sealed Date: March
20, 2003
Paid to Date:
March 30
The original document can be viewed at:
http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=1999032174
For any query with
respect to this article or any other content requirement, please contact Editor
at htsyndication@hindustantimes.com
Toso Ups 1H Group
Net Profit View To Y90.00M
Nikkei English News: 06 November 2011
[What follows is the full text of the news story.]
Toso Co. Ltd.
(5956.TO)
GROUP New Forecast
Prior
For 1H To Sep 2011
Forecast
Revenue Y9.95
blnY9.75 bln
Operating Profit
204.00 mln 80.00 mln
Pretax Profit
159.00 mln 50.00 mln
Net Profit 90.00
mln 30.00 mln
Per share
Earnings 8.67 2.74
Results are based
on Japanese accounting standards.
Toso's Interim Op
Profit Seen At Better-Than-Expected Y200mn
Nikkei English News: 04 November 2011
[What follows is the full text of the news story.]
TOKYO
(Nikkei)--Toso Co. (5956) is likely to post a group operating profit of around
200 million yen for the April-September half, surging almost 30% on the year
and turning upside down a prior forecast for a 50% drop to 80 million yen.
The room interior
manufacturer and retailer's sales likely inched up 2% or so to just shy of 10
billion yen, beating its expectations for 9.8 billion yen. Sales of blinds,
which account for 40% of the total tally, grew 5% thanks to consumers'
power-saving efforts in the summer. Demand for roller shades was also strong.
By cutting product
catalogs, the company shrank sales, general and administrative expenses.
(The Nikkei Nov. 5
morning edition)
Research in the
Area of Apoptosis Reported from Research Center
Apoptosis
Health & Medicine Week: 19 October 2011
[What follows is the full text of the news story.]
Investigators
publish new data in the report "Toso regulates the balance between
apoptotic and nonapoptotic death receptor signaling by facilitating RIP1
ubiquitination. 'The regulation of cellular survival and apoptosis is of critical
importance for the immune system to maintain immune homeostasis and to
establish tolerance. Here, we demonstrate that the immune specific cell surface
molecule Toso exhibits antiapoptotic effects on death receptor signaling by a
novel regulatory mechanism involving the adaptor kinase RIP1," scientists
in Borstel, Germany report (see also Apoptosis).
"The
antiapoptotic function of Toso depends on RIP1 ubiquitination and involves the
recruitment of the death adaptor FADD to a Toso/RIP1 protein complex. In
response to CD95L and TNFa, Toso promotes the activation of MAPK and NF-?B
signaling pathways. Because of this relative augmentation of survival versus
apoptotic signals, Toso raises the threshold for death receptor-mediated
apoptosis. Our analysis of Toso-deficient mice revealed that Toso is essential
for TNFa-mediated liver damage," wrote X.H. Nguyen and colleagues,
Research Center.
The researchers
concluded: "Furthermore, the antiapoptotic function of Toso could be
blocked by a Toso-specific monoclonal antibody, opening up new therapeutic
prospects for the treatment of immune disorders and hematologic
malignancies."
Nguyen and
colleagues published their study in Blood (Toso regulates the balance between
apoptotic and nonapoptotic death receptor signaling by facilitating RIP1
ubiquitination. Blood, 2011;118(3):598-608).
For more
information, contact X.H. Nguyen, Dept. of Immunology and Cell Biology,
Research Center Borstel, Leibniz Center for Medicine and Biosciences, Borstel,
Germany.
Toso 1Q Group Net
Loss Y29.00M Vs Y228.00M Loss Yr Earlier
Nikkei English News: 08 August 2011
[What follows is the full text of the news story.]
Toso Co. Ltd.
(5956.TO)
Japan
1st Quarter Ended
June 30
GROUP 2011 2010
Revenue Y4.64
blnY4.37 bln
Operating Profit
(75.00) mln (102.00) mln
Pretax Profit
(82.00) mln (117.00) mln
Net Profit (29.00)
mln (228.00) mln
Per share
Earnings (2.85)
(19.46)
Figures in
parentheses are losses.
Results are based
on Japanese accounting standards.
Q2 2011 Trinity
Biotech PLC Earnings Conference Call - Final
FD (Fair Disclosure) Wire: 04 August 2011
[What follows is the full text of the news story.]
Presentation
OPERATOR: Good
morning, and welcome to the Trinity Biotech second-quarter fiscal year 2011
financial results conference call. All participants will be in listen-only
mode. (Operator Instructions).
After today's
presentation, there will be an opportunity to ask questions. (Operator
Instructions). Please note this event is being recorded.
I would now like
to turn the conference over to Mr. Joe Diaz. Please go ahead, sir.
JOE DIAZ, IR,
LYTHAM PARTNERS: Thanks, Amy, and thank all of you for joining us today to
review the financial results for Trinity Biotech for the second quarter of
fiscal year 2011, which ended on June 30, 2011.
As the conference
call indicated, my name is Joe Diaz. I'm with Lytham Partners. We're the
financial relations consultants firm for Trinity Biotech.
With us on the
call representing the company today are Mr. Ronan O'Caoimh, Chief Executive
Officer; Mr. Rory Nealon, Chief Operating Officer; and Mr. Kevin Tansley, Chief
Financial Officer. At the conclusion of today's prepared remarks, we will open
the call for a question-and-answer session. If anyone participating on today's
call does not have a full-text copy of the press release, you can retrieve it
off the company's website at TrinityBiotech.com, or numerous other financial
websites on the Internet.
Before we begin
with prepared remarks, we submit for the record the following statement.
Statements made by the management team of Trinity Biotech during the course of
this conference call that are not historical facts are considered to be
forward-looking statements subject to risks and uncertainties. The Private
Securities Litigation Reform Act of 1995 provides a Safe Harbor for such
forward-looking statements.
The words believe,
expect, anticipate, estimate, will, and other similar statements of expectation
identify forward-looking statements. The forward-looking statements contained
herein are subject to certain risks, uncertainties, and important factors that
could cause actual results to differ materially from those reflected in the
forward-looking statements included herein. Investors are cautioned that such
forward-looking statements involve risks and uncertainties including but not
limited to the results of research and development efforts; the effect of
regulation by the United States Food and Drug Administration and other
agencies; the impact of competitive products, product development,
commercialization and technological difficulties; and other risks detailed in
the Company's periodic reports filed with the Securities and Exchange
Commission.
Participants on
this call are cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only as of the date hereof. The
Company undertakes no obligation to publicly release the results of any
revision to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
With that said,
let me turn the call over to Kevin Tansley, Chief Financial Officer, who will
review the financial results of the quarter, and he will be followed up by Mr.
Ronan O'Caoimh, the CEO, to give you some extra color and background on the
performance of the quarter. With that, let me turn it over to Kevin. Kevin?
KEVIN TANSLEY, CFO
AND SECRETARY, TRINITY BIOTECH PLC: Thanks, Joe. Today I will take you through
the results for quarter two, including a review of the income statements,
balance sheet and cash flow movements for the quarter.
Starting with the
income statement -- total revenues for the quarter were $19.5 million, which
compared to $18.2 million in quarter two of last year, thus representing a
growth rate of 7%. This comparison excludes coagulation revenues as this
product line has since been divested.
Point-of-care
revenues were $4.2 million, which represents an increase of 3.6% over quarter
two last year. Meanwhile, clinical laboratory revenues excluding coagulation
also grew in the same period, increasing from $14.2 million to $15.3 million,
which is an increase of approximately 7.9%. Ronan will take you through the
makeup of this revenue growth later on in the call.
So moving on to
our gross margin, this has increased to 51.4% which compares very favorably
with 49.3% in quarter two 2010. As has been the case in previous quarters, the
improvement is largely due to the impact of the divestiture of coagulation, as
historically this is our product line with the lowest gross margin. However,
the improvement is less pronounced this quarter as the impact of coagulation
was only a factor for one month of Q2 last year.
The improvement is
also partially attributable to improved operating efficiencies. Over the past
four quarters, all of which have no coagulation revenues, we've seen a steady
improvement in gross margin rising from 50.6% in quarter three 2010 to 50.8%
and 51.2% in the following two quarters, and now reaching 51.4%. However,
notwithstanding current growth, future margin levels will be impacted with
placement of premier instruments going forward.
Moving on to our
indirect expenses, our R&D expenses this quarter have fallen from $1.2
million to $800,000. And this fall is solely due to the coagulation
divestiture. Compared to quarter one 2011, R&D expenditure in the P&L
has actually increased by 16%.
Our selling,
general and administrative expenses have decreased from $6.8 million to $5.2
million, which is a decrease of over 23%. Obviously, again, the principal
factor has been the coagulation divestiture. So as was the case for both gross
margin and R&D, I will compare this quarter's SG&A expenses with our
most recent quarter, quarter one 2011, as this is a more direct comparison. And
in this case, we're seeing a slight increase from $5 million in quarter one
2011 to $5.2 million in this quarter.
This increase had
been flagged for me on our last earnings call as quarter one's expenditure was
unusually low due to the timing of certain marketing expenditure and trade show
costs. $5.2 million is very much in line with what we expected for this
quarter.
Moving on to our
net financing costs next, this quarter we have net financing income of
$628,000, which is a significant increase over the $152,000 earned in quarter
two last year. This increase is due to the virtual elimination of interest
payments on debt following the repayment of all bank debt in May 2010.
Meanwhile, the higher level of interest income is attributable to three months
of significant interest-bearing deposits this year compared to two months in
quarter two last year. It was also impacted by the higher levels of cash as the
company continues to generate cash surpluses, a point with which I will return
later on.
The tax charge for
the quarter was $654,000, and as anticipated on previous calls, our effective
tax rate has now begun to increase due to the lower availability of tax losses
forward. The effective tax rate this quarter is 14.5%, which compares to 10.8%
for Q2 last year and to 13.5% for Q1 2011.
Our operating
profit for the quarter was $3.9 million, which is an increase of 11% over the
equivalent period last year. From an operating margin perspective, after coming
close last quarter, we've now reached our target of 20% this quarter. This is a
very strong operating margin and well ahead of many of our peers in the
diagnostic sector.
Profit after tax
increased from $3.3 million in Q2 last year to $3.9 million this quarter, which
is an increase of 18.2%, and this is reflected in a higher EPS for the quarter
which has moved from $0.155 to $0.181 per ADR.
Before I leave the
P&L, just to make one point, you will see from the comparatives in the
press release that Q2 2010 was the period in which we divested coagulation and
included the substantial profits made on that transaction. The comparatives
I've been quoting obviously have excluded any impact of this profit.
Now to talk about
our balance sheet, where I will explain the significant movements since the end
of March 2011. Property, plant and equipment increased by approximately
$600,000 during the quarter. This increase included additions of $900,000,
which are partly offset by a depreciation charge of almost $300,000 for the
quarter.
During the same
period, our intangible assets increased by $1.5 million. This increase was
attributable to additions of $1.8 million, mainly on development projects, and
has been partially offset by an amortization charge of almost $300,000. The
additions are related to the work being carried out on our key development
projects, including Premier and our new point-of-care range.
Moving on to
inventory next, you will see that our inventory increased by $335,000 this
quarter, and again, this increase had been flagged previously as we've been
ramping up inventory levels due to the commencement of the production of the
Premier instrument.
Trade and other
receivables have fallen by almost $400,000 in the last three months. This fall
is mainly due to a reduction in prepayments rather than trade receivables which
have remained broadly stable during the quarter, with the [debtor] day standing
at 54 days, which is one day better than the quarter-one figure of 55 days.
I would like to
remind listeners that this caption also includes the deferred consideration of
$11.25 million due from Stago next April. The reduction in non-current other
assets of approximately $11.2 million reflects the movement of this receivable
from being a non-current asset last quarter to a current asset this quarter. In
turn, the first tranche of deferred consideration which in March was the
current asset was received in April of this year.
Finally, in
relation to working capital, our trade and other payables have decreased by
just over $500,000 this quarter, and this is mainly due to the deferred
consideration payment of $500,000 that was made to the former shareholders of
Phoenix Biotech during the quarter.
I will now move on
to discuss our cash flows for the quarter. Our cash balances moved from $59.8
million to $71.4 million, an increase of $11.6 million. This consists of $4.3
million of cash generated from operations plus a further $800,000 of interest
income received. These positive cash movements have been partially offset by
capital expenditure of $2.1 million, plus giving free cash flow for the quarter
of $3 million.
A level of free
cash flow this quarter has been impacted by increased working capital, which
have been impacted in the run-up to the launch of Premier. Notwithstanding
this, we still achieved our target of $1 million of free cash flow per month.
In fact, we are ahead of this target, as during the first six months of 2011,
we generated almost $7 million in free cash flow.
During the
quarter, we also received the first tranche of deferred consideration from
Stago. This amounted to $11.25 million, and was received on schedule.
Second and final
tranche will be received on April 30 next year. Just to remind listeners that
this is both unconditional and bank guaranteed. Offsetting this was a $500,000
deferred consideration payment made in respect to the acquisition of Phoenix
Biotech, and further payments of $333,000 will be due in each of the next three
quarters.
Finally, we paid
out $2.1 million in dividend payments during the quarter, which represents the
full amount of the $0.10 dividend that we announced earlier this year.
It is now just
over a year since we have divested our coagulation product line and in this
short period of time, we have seen the transformation of the company from a
financial perspective. We have substantially strengthened our balance sheet,
moving from an overall net debt position of $23.6 million before the
transaction to having net cash of over $82 million now, including the $11
million that we are to receive from Stago next April.
We have grown our
revenues each quarter and this has fueled a surge in our EPS. In each of the
last five quarters, we have posted record quarterly earnings for the company.
At the time of the divestiture, we had expected profits to be in the range of
90% to 100% pre-divestiture levels, and we have comfortably exceeded this
expectation. Even from an operating profit perspective, this is now higher than
pre-divestiture levels, notwithstanding that we lost approximately 40% of our
revenue base at the time.
We've also used
the time to reposition the company strategically and to significantly expand
our product development pipeline. And Ronan, who I will now hand back to, give
you more details on the progress that we've been making in this area.
RONAN O'CAOIMH,
CHAIRMAN�AND CEO, TRINITY BIOTECH PLC: Thanks, Kevin. We are pleased with the
performance of the company during the quarter because we have grown our
revenues by 7%, and we have grown our earnings per share by 17% to a record
$0.18. Crucially, the 7% revenue growth is all organic growth because the
benefit of the Phoenix acquisition revenues are balanced by the loss of
revenues when we moved from a direct to a distribution model in France and
Germany following the coag divestitures. Therefore, our 7% great is organic.
While 7% organic
growth in no way satisfies us, it needs to be noted that we have not yet sold
one of our new Haemoglobin A1c premier instruments. And it's when that happens,
our growth rate will increase. Similarly, when we launch our new rapid
point-of-care products next year, the organic growth rate will further
increase.
Our point-of-care
HIV revenues for the quarter were at $4.2 million compared with $4 million in
the prior quarter, which is an increase of 3.6% with US HIV revenues up 5% and
African revenues up 3%. In Africa, our business development pipeline is very
encouraging with significant growth anticipated in the coming quarters.
Our clinical
laboratory business, which comprises infectious disease, Fitzgerald and
diabetes, generated sales of $15.3 million compared with $14.2 million last
year, which is an increase of 8%.
Fitzgerald had
another weak quarter due entirely to a collapse in flu antibody sales as a
result of overstocking during the H1N1 swine flu pandemic and to a low
incidence of flu last winter. Excluding this issue, Fitzgerald is showing
reasonable growth.
However, both
infectious disease and diabetes have had an excellent quarter with both growing
just over 10%. Our infectious disease business in the US has performed strongly
with strong instrument placements arriving primarily from the new syphilis test
offering, which is serving to lift the entire business.
Growth prospects
in China look strong and we anticipate receiving regulatory approval for EBV,
which is Epstein-Barr virus for Legionella and also immune over the coming
months.
Our diabetes
business performed strongly during the quarter achieving 10% growth, mainly in
the US through ultra and PDQ instrument placements. This growth was achieved
without any sales of our new Premier instrument. As you know, we signed an
exclusive European deal with Menarini, who have a 40% European market share.
And we got CE market, which is European approval, in May. Since then, Menarini
have been finalizing labeling, packaging and launch materials, and the first
placements are expected next month.
Registration of
the instrument has commenced in China and is imminent in Brazil. We filed for a
US FDA approval last month, and hope to have approval by the year end. We will
then sell in the US through our own sales force, but also with the support of a
distribution partner, the details of which we expect to announce in the coming
months.
We are confident
that the launch of the excellent Premier instrument will lead to explosive
growth in our diabetes business. Meanwhile, we have further expanded our new
point-of-care research and development team in San Diego. We are making
excellent progress with the eight new point-of-care products that are in
development and are confident that the first of them will be submitted to the
FDA in November of this year, and expect that the first products will be
available on the market by March and April of next year. The launch of these
products will clearly further enhance organic growth.
I would like to
now give an update on our share buyback program. As we have mentioned
previously, the process that we are adopting is that the board of the company
reviews the situation on a regular basis and decides upon the strategy to be
adopted for the period ahead. After our last board meeting, we put a 10b5-1
plan in place. However, as a result of increases in the share price, the stock
traded above the levels included in that plan. Consequently, no shares were
bought back in quarter two.
Over the past few
days, the board have discussed our approach, and we will be reentering the
market tomorrow and will be a purchaser of stock at market prices up to the
maximum allowable. Thank you.
If I could now
hand back to the operator for conference question-and-answer session.
Questions and
Answers
OPERATOR: (Operator
Instructions). Joe Munda, Sidoti Co.
JOE MUNDA,
ANALYST, SIDOTI & COMPANY: Good afternoon, guys. I know you guys are in
Ireland, right?
RONAN O'CAOIMH:
Yes.
JOE MUNDA: I think
there's a little bit of a delay here. I just wanted to get a little bit more
color on the E-point-of-care products you're going to introduce and which one
you think has the highest potential, the biggest potential for you guys going
forward.
RONAN O'CAOIMH:
Well, we are currently working on eight products. In terms of the most
potential, I probably would have said C. difficile, syphilis, (technical
difficulty) herpes, possibly, would be the four biggest ones. And backup ones
would be Gard, Cryptosporidium, strep pneumonia and then an HIV antigen
antibody test. So as for the big ones there would be C. difficile and syphilis.
JOE MUNDA: Okay.
That leads me to my next question. You guys are sitting on a lot of cash. You
are launching these eight new products. If you guys are looking to do an
acquisition, would it be point-of-care, clinical lab? What are you guys looking
at? Is there anything out there that you really like?
KEVIN TANSLEY: No,
we're not looking for acquisitions at this time, Joe. I think if we were
spending money, we might look at some technology investments to you know maybe
to open up other areas of the point-of-care market for us, for example,
something like that, but we're not looking at acquisitions of companies at all.
JOE MUNDA: Okay,
so you're going to just continue with the buyback and the dividend and that's
pretty much the use of cash?
KEVIN TANSLEY: For
the moment that's how we foresee things going, yes.
JOE MUNDA: Okay.
Also, can you give me a diluted ADR count? I didn't see it in the release.
KEVIN TANSLEY: The
-- well the actual numbers (inaudible) the EPS one is about $21.3 million. I
have to recalculate. It's a number -- a few hundred thousand higher than that;
that's probably about $21.8 million.
JOE MUNDA: Okay.
All right. I will hop back in the queue.
OPERATOR: Neal
Goldman, Goldman Capital Management.
NEAL GOLDMAN,
ANALYST, GOLDMAN CAPITAL MANAGEMENT, INC.: Your current tax rate was 14.5%, you
said. What would be the long-term rate that you are looking at?
KEVIN TANSLEY:
Neal, Kevin here. I think I've quoted before it will be broadly in the sort of the
mid to high teens, sort of 15%, 16%, maybe as high as 17%, 18% at some stage.
It all depends on the balance of our profits and where they arrive, the profits
we earn in Ireland where significant operations and a lot of our IP reside
attract the tax rate of about 12.5% compared to in the high 30%s in the US. So
it will depend on where that balance falls, but anticipate it will be around
15%, 16%, 17%.
NEAL GOLDMAN:
Okay. What are you expecting from Menarini in the second half in terms of
incremental sales?
RONAN O'CAOIMH:
Ronan here, Neal. We're hoping that the first instruments will go out middle,
end of August. Europe tends to close down a lot during August. Difficult to be
sure. Somewhere between probably $0.75 million and $1 million in the second
half of the year -- between that and the end of the year.
NEAL GOLDMAN:
Okay. Overall, you would expect second-half sales to be higher than the first
half given that roll out and your comments about the HIV products in Africa?
RONAN O'CAOIMH:
Absolutely. Remember that the message we've been getting across is that even
excluding Premier, that we are getting 7%, 8% organic growth. We think that
when Premier comes online, we're going to move into the double digit side --
into the double-digit organic growth.
NEAL GOLDMAN:
Okay. Assuming you get approval on some of these --
RONAN O'CAOIMH:
(multiple speakers)
NEAL GOLDMAN:
point-of-care products for the US market and Premier for next year, it would
sound like a 12+% organic growth top line. Is that a fair assessment?
RONAN O'CAOIMH:
Yes, we would hope to get to that. The Menarini sales are guaranteed. They're
subject to minimums, which I'm not going to -- I'm obviously not in a position
to state on this call, so that business is guaranteed. Chinese registration is
underway. Brazilian registration is just about to commence. We should have FDA
approval for the Premier by the 31 December. We're allowing six months there;
it went in last month, so we will be confident of having it by then.
We have our own
sales force and we have a very -- we have an announcement imminent on a
partner. So we're very confident with what we can do in the United States with
Premier as well.
And then, of
course, there's all around the rest of the world, just for example, Turkey, we
have substantial orders on hand, which should go out in quarter four. So all of
that has gone to -- is going to -- as we grow that organic growth rate from the
7% up into the double digits. And then as I say, next year, remember, we're
hoping to have the first of our point-of-care products submitted to the FDA in
November. They should be out March, April, and available in the US and in other
markets, so that can enhance it further.
Another thing --
the one thing I suppose -- the one laggard in the business at the moment is
Fitzgerald, and it's just suffering from a bad hangover from H1N1 because about
$4 million of the $12 million, $13 million we do are monoclonal flu antibodies.
And so you can't give an antibody away at the moment. But that's going to wash
through the system. And we are launching a new website for Fitzgerald in about
a month's time. We have added our monoclonals. We've increased them now from
8,500. I think we are, Rory, at --?
RORY NEALON, COO,
TRINITY BIOTECH PLC: 18.
RONAN O'CAOIMH:
18,000 monoclonals. We've doubled our product offering. And I think anybody
that would go on to the new website will see that it's a revolution. We've put
a lot of dollars into it, a lot of effort. And we think we can really grow that
business as well. So as I say, we are achieving the growth that we've outlined
really against the background of a very weak Fitzgerald at the moment, but that
will change.
NEAL GOLDMAN:
Okay. In terms of the margin side, what's your new target or do you think you
are there on the pretax margin?
KEVIN TANSLEY: In
terms of the operating margin? We have said for a while that 20% was the target
we were hoping to get there and we've got there a bit ahead of when we would
have thought we got there. We think that's a very strong margin and we're very happy
with it.
The fact that
we're going to be putting a lot of instruments out there in relation to Premier
means for those reasons that's going to come under a bit of pressure because,
obviously, putting instruments at a much lower margin. So I don't anticipate
it's going significantly higher to be honest, and as I say, it's a level we are
happy with.
NEAL GOLDMAN:
Okay. Anyhow, great quarter, guys. Keep it up.
OPERATOR: Matt
Dolan, ROTH Capital Partners.
MATT DOLAN,
ANALYST, ROTH CAPITAL PARTNERS: Good morning. First question on point-of-care
-- they're both up low singles. I think US, you saw sequentially a slowdown in
growth, so I was trying to get a little more color there on how that plays out
throughout the rest of the year.
And then secondly,
I think in Africa, last call, we had a couple of countries changing their
algorithms where your test was going to be incorporated. So where are you on
that relative to what we saw here in Q2?
RONAN O'CAOIMH: In
terms of the United States, we got 5% growth which wasn't probably so bad in
the context of a decline in individual state spending, which you may see if you
looked at some of our competitors. But I think the CDC have promised more
funding now, and so I think you will see those numbers pick up as we move forward.
In terms of
Africa, we only got 3% growth, which obviously is disappointing. Yes, we -- I
put a lot of work into being put onto the algorithm in a couple of countries
where we are not on the algorithm, or alternatively moving from confirmatory to
screening. And so we are expecting a couple of breakthroughs there, and that
was my referencing that the business development pipeline is looking very
encouraging. I better not go into individual details of individual countries,
but yes, we are optimistic of good news in that area over the coming quarters.
But I just would caution by saying that things tend to move sometimes more
slowly than one would hope in that market.
MATT DOLAN: So Q3
Q4, point-of-care should tick up from what we saw here?
RONAN O'CAOIMH: I
think it will tick up. It could tick up a lot. I don't see any downside danger
there.
MATT DOLAN: Okay.
And then a follow-up on Premier with Menarini. What are you targeting in terms
of placements? You can put the time frame around it -- first year, what have
you.
RONAN O'CAOIMH: I
think I already answered that question. I said I thought we might do $1 million
-- between $0.75 million and $1 million in between now and the year end in that
market.
Clearly, I can't
go into huge detail on somebody else's marketing plan. Beyond that, I really
don't want to go too far, but bear in mind that we are protected by significant
minimum requirements that Menarini are obliged to buy from us. And so, there
will undoubtedly be significant sales to Menarini in the coming years as a
consequence of that.
The overall level
would certainly be at the sort of $2 million to $3 million per annum level,
kind of level, but it could be greater than that.
MATT DOLAN: $2
million to $3 million per year. And how much do you make per instrument,
revenue?
RONAN O'CAOIMH: We
make -- do you mind if I don't go into that? I mean I don't -- if there's
somebody on this call from Menarini, they may take umbrage at me disclosing
their price, etc., etc. if you don't mind.
MATT DOLAN: Okay,
fair enough. Okay, moving to the margin, there was a question earlier I think;
I jumped on a little late. But could you, Kevin, maybe just give us a feel on
how margins play out? It sounds like there's not a lot of upside here. You
mentioned the gross margin impact of Premier, and then as you look out on the
operating side to build out the Premier product both in the US and you layer in
your point-of-care test, do you see margin deteriorating from here? Or can you
cut some more costs, or maybe just frame that up for us a little better?
RONAN O'CAOIMH:
Yes, I would be hoping to hold the 20% operating margin. That was the previous
question relating to -- was operating margin. But be there be opposing forces
in that, the point-of-care products we expect to have very strong margins when
they come on stream. Obviously, they're going to come on stream a little bit
later than the initial placement of Premier, so it's possible if Premier takes
off very well, which I would hope to do, that you could see a slight diminution.
But long term I see our margins, gross margins, still being in excess of 50%,
and our operating margin would be hoping to hold the 20%.
MATT DOLAN: Okay.
And then finally, Ronan, on the buyback, maybe just help us understand what
changed the trigger price considering the stock has been generally up here over
the last few months.
RONAN O'CAOIMH:
What happened was that when we filed the 10b5, we -- as we filed it, basically
the price moved forward and the price never came back to meet the 10b5 price.
But I think the approach of the board now is just to go into the market and buy
it at market. Now that will be reviewed at the next board meeting, but -- so we
will be in -- following this conference call, we will be in the market tomorrow
doing that.
It was never our
intention to buy nothing in the quarter. That arose due to those circumstances.
The prices -- remember the price popped really from the 9's into the 10's, and
we were left with a price in the 9's just never -- the market never came down
to that level. So anyway, we would actually buying it at market until the board
next discuss it, and (multiple speakers)
MATT DOLAN: Great.
Thank you.
RONAN O'CAOIMH:
And just to say one thing -- other thing, Matt, just to come back there, the
only pressure that our margins will come under would be Q2 -- very substantial
sales of instruments because bear in mind, instruments carry a very, very weak
margin between 10% and 15% compared to reagents, which are up in the 50%s. So
if the mix got very high in terms of instruments, the overall margin would
suffer. So apart from that, all movement in margins would be positive -- all
direction would be positive in every which way, you know?
MATT DOLAN: I
guess I was also asking just on the operating expense side of things, you've done
a nice job of kind of managing expenses. Is there any room to go there, or is
this on an absolute dollar basis the level we're looking at going forward?
RONAN O'CAOIMH: I
-- if anything, we are increasing our marketing spend at this time. So I don't
see any reduction beyond that.
MATT DOLAN: Great.
Thank you.
OPERATOR: David
Cohen, Midwood Capital.
DAVID COHEN,
ANALYST, MIDWOOD CAPITAL: Hi, gentlemen. Yes, to your comment just made
regarding the potential impact of Premier on margins. I presume, given that
this is sort of early in the product launch, we're going to be skewed more
towards instrument than reagent sales, so eventually reagent sales with their
higher margins can drive the margins -- overall margins back up. But it's
probably in the next six months with instrument introductions that could be the
most near-term pressure on margin. Is that a fair -- (multiple speakers)?
RONAN O'CAOIMH:
Yes, that's exactly -- that's exactly perfect. That's exactly the situation,
yes. And eventually, the reagents, obviously, sales catch up.
DAVID COHEN:
Right; once you have an installed base and you're constantly telling -- you'll
be selling a lot more reagents as part of your mix, that drives margins higher.
RONAN O'CAOIMH:
Yes.
DAVID COHEN: Okay.
And then can you give us a sense of -- you reference if anything you are
increasing your marketing spend. What is -- where is that going? Is that feet
on the street? Where is that spend being invested?
RONAN O'CAOIMH:
Right across the world -- some examples, we've put two additional people into
registration for China. We have quite a number of additional people on the
ground in the United States in anticipation of selling the Premier products,
but also selling the syphilis products. We've added two people in Africa. We are
adding an additional international salesperson in the non-US environment etc.,
etc.
And we've had to
have -- sorry, a couple of technical people for Premier too, for example,
support in the Menarini efforts around Europe and in Turkey. So it's right
across the world, but almost our entire spend is -- our entire additional spend
is in sales and marketing area, as well as in administrative or anything else.
DAVID COHEN: Or in
R&D. This level of R&D, which is about -- you spent about $1.5 million
in the first half, is that an appropriate level? Or is that a level to continue
to expect the company can (multiple speakers)?
RONAN O'CAOIMH:
We've added three additional people, for example, during the quarter into San
Diego, so no, we have been doing that also.
DAVID COHEN: Okay.
All right. Thanks, gentlemen. Keep up the good work.
OPERATOR: Dan
Mendoza, Prospect Capital Advisors.
DAN MENDOZA,
ANALYST, PROSPECT CAPITAL ADVISORS: Most of the questions have already been
asked and answered, but on Fitzgerald, could you just talk a little bit about
kind of what the remaining items are that you are working on with the website.
And then kind of in the early I guess weeks and months after you launch it,
what sort of things are you going to be looking at as kind of leading indicators
to let you know whether you have done it in a way that is going to work?
RORY NEALON: It's
Rory here. What we have done -- we mentioned I think on the last call we hope
to launch this in quarter three. And what we've done so far is -- and you can't
see this yet, but the back office has gone live about 10 days ago. The front
office, which is the website itself, which obviously is what you are going to
see, we're hoping to have the coding finished in the next literally number of
days, and then it just has to go into testing and then it will get released
ideally should have been a little bit quicker; we hope to beat the target of
quarter three, but we are very, very nearly there.
What it will do
for those of you on the call who haven't heard about it before, it's literally
going after the research market. Today, our Fitzgerald business makes up about
80% to 90% of its business into the diagnostics market, but if you look at a
lot of the competition, most of what they do is they go after the research market.
And today we don't really play in that space.
So we've been
doing two things in the last six months. We've added, as Ronan said, about
10,000 products to our database, some of which are specifically targeted to the
research market. We have expanded the data sheets; in other words, the level of
content that is available for each individual product, both the new 10,000
products and the old 8,500 products that we already had.
And lastly, we've
worked significantly on the website because I think if you -- I challenge most
of you, if you go out and ask researchers around the world and ask them how do
they find antibodies and antigens, they will tell you Google, more often than
not. So we have got into the business of search engine optimization so the URLs
have all been changed. You'll notice the keywords are now in the URL. You'll
notice the keywords density has gone up etc., etc., etc. So a lot of IT speak
so to speak, but that's the kind of thing you will notice.
The look and feel
of the website will be the same as it was before, but how it attracts Google
and how the search portion of the website works will all be very different. So
I guess if you are a Web expert, Dan, and you go in and look at it, you'd very
quickly notice the differences, okay?
DAN MENDOZA: Okay.
So will you be tracking kind of page view -- page rankings as kind of a --?
RORY NEALON:
Everything from new visitors to repeat visits to number of pages checked. We're
doing a lot more I should say than just the website. We're going out and doing
e-mail blasts so it's click-through rates, etc., etc., etc. There's about 15
different KPIs just on that alone.
DAN MENDOZA: Okay.
Very good. Thanks.
And then I had a
question on your business in China. Could you talk a little bit about sort of
what kind of annualized run rate that's at today and how many products you've
got in registration already and what's in the pipeline?
RONAN O'CAOIMH:
Well there's two sides to that business. There's the infectious disease side,
with one distributor and then there's the hemoglobin and diabetes business with
another. So in broad terms, the diabetes business is at about $2 million, and
so is the infectious disease business. But the interesting feature here is that
they are both growing exponentially.
In terms of approvals,
the big approval for diabetes is of course is the Premier instrument. It's
going to take about 18 months. It's already -- work has commenced, and it's a
big job because the Chinese FDA really do their own trials. They don't, for
example, accept US FDA. They look at it, but they don't accept it; they will do
their own trials in addition. So that's a big, long project.
Remember I
mentioned we put two additional people onto these projects just for China
alone. So, of course, the rewards when we get the Premier approved in China can
be really, really significant.
And then moving
back to infectious disease, we got our ToRCH pilots approved last year, which
is Toxo, Rubella, Cytomegalovirus and herpes. We just got chlamydia approved.
And so that's what's doing the $2 million.
Beyond that now,
we're now in for approval for Epstein-Barr virus autoimmune and legionella. And
we're hoping that we get those approved in the next three or four months. And
they could -- they'll grow the market potential by another 50%.
So you know, you
get the impression that -- just the overall impression is that there is a great
potential here. And we're lucky to have two very good distributors with whom we
work very closely.
DAN MENDOZA: Okay.
Very good.
And then I guess
lastly on the buyback, pleased to hear that you guys are going to be back in
the open market. And I guess would just encourage you all to sort of try to
forget -- do your best to forget the past and give yourselves a little bit of
credit for how much the company has metamorphosized over the last year and how
much the balance sheet has as well. And I just think you guys can be a lot more
aggressive on the buyback front than you have been and hope that you guys will
come to view it the same way.
RONAN O'CAOIMH:
Okay, Dan. Well, listen, we hear what you're saying. And as I say, we are in
the market tomorrow morning buying at market.
DAN MENDOZA: Very
good.
RONAN O'CAOIMH: To
the maximum of our -- that's allowed.
DAN MENDOZA: Well
that's a start.
OPERATOR: Eric
Miller, Advisory Research Inc.
ERIC MILLER,
ANALYST, ADVISORY RESEARCH INC.: Yes, can you guys with the launch of Premier
coming up here, can you just maybe rehash or go over what's the selling
proposition of Premier versus what's out there in the market right now? When
your sales force goes into an endocrine doctor here in the US and talks to him
about changing -- using Premier versus what he's got in his lab now, what are
they going to be saying?
RORY NEALON: Hi,
it's Rory here. Just very quickly for -- again for those who don't know much
about the market, we reckon it's about $300 million globally. And what we're
talking about is the lab-based market, not the point-of-care market, okay. So
those are the markets that we're going after.
We've got five
things we go in say when we're going in to make the pitch, if you like.
The first is that
the technology is better, so and what I mean by that is that we are using [four
in this Trinity] technology. All of our competition, that's BioRad, [Toso] and
ArkRay all use ion exchange technology.
The difference is
that our technology is not impacted by interferences from hemoglobin variants,
okay? So whereas the competition will.
So if you go in
and you want to have your A1c measured, but you've got some variant in your
system, that variant is more likely to interfere with the ion exchange results,
with the competition's results, than it would with ours. So that's point number
one; we're more accurate.
The second thing
is we're faster. We run at about a minute per test and the competition are
coming in at 1.5 to 1.6 minutes per test. So that's a 33% improvement in
efficiency from a lab perspective.
The third point I
would make to you is that the software is light years ahead. Anybody who saw
our old coagulation instrument, Destiny Max, what really sold that was the
software. So it's icon-driven technology, very easy to use. And particularly
these days with the labs being dumbed down, it makes it a lot easier to train
people up in the use of the software.
The fourth point I
would make is that it's very modular in design. And what I mean by that is that
most of the people on this call could actually replace the pump or a syringe
even though we are not technicians, with very little training. So it's been
designed to have modules literally slide out on rails, slide a new one back in
on rails and replace and repair the instrument very quickly when needed.
The last point I
might make to the customer, but the reality is that the cost of this instrument
is significantly lower than what we are currently selling in the market. So we
are currently selling in the market today what's called the Ultra2 instrument,
which is an instrument that's been around the block now for 10 years plus at
this stage. And we can make the new instrument for less than half the cost of
the old instrument.
So heretofore as a
company, we haven't really been playing, except in the very high throughput
customers, because the cost of our instrument has been quite expensive. Now we
can really get out and compete with the competition in terms of putting our
instrument in the market.
And without going
into numbers, what I can see in terms of selling price of the competition's
instrument in the market, we reckon our costs are in or around 60% of that
average selling price. So we very much can compete in terms of the cost of the
instrument. So they are the five points I would make, Eric.
ERIC MILLER: Okay,
perfect. Thank you.
RONAN O'CAOIMH:
And I suppose -- Ronan here. I suppose you could also argue that Menarini, who
hold 40% of the European market, might not have adopted our instrument if they
didn't think that it had the qualities that Rory just outlined.
ERIC MILLER:
Perfect.
OPERATOR: Walter
Schenker, MAZ Partners.
WALTER SCHENKER,
ANALYST, MAZ PARTNERS: Thanks. Just could you address for me one more time, the
$70 million in cash happily isn't making the same 10 basis points I'm making,
but is in Irish banks? And is in euros? And, therefore, is subject to euro
dollar exchange rates, but is not a credit risk as you look at it?
KEVIN TANSLEY:
Just to take that; there's two aspects there; first of all it's all denominated
in dollars so there's no currency exposure in relation to us.
It is -- the
majority of it is with Irish banks. And the one thing I would say about Irish
banks, the Irish bank in question has been slowly recapitalized recently based
on very conservative capital ratios, but crucially is backed by the full 100%
legal guarantee for the Irish government, which in turn is being supported by
the EU and ECB. So from our point of view, the risk in relation to that is
negligible, if not none.
RONAN O'CAOIMH:
But sorry, but having said, we have a strategy of not having more than a
particular percent of our money in any one bank, so we have our money in a
combination of Irish, British, and American banks. And that is constantly
reviewed by the board, who are very conscious of the risks here, and so that
would be reviewed at every board meeting and dictated by an overall policy. So
we don't have -- as I say, we have a limited exposure to any one bank.
WALTER SCHENKER:
Okay. And just the second question, excluding the stock buyback, you would
expect to remain at least modestly cash flow positive on an ongoing basis going
forward even with some additional expenses and working capital required for the
instrument rollout?
RONAN O'CAOIMH:
Yes, I anticipate that we will continue. We were roughly generating in excess
of $1 million per quarter, so -- per month rather and that would be in excess
of $3 million to $4 million a quarter. So I'd anticipate we'll still have
surpluses, notwithstanding any working capital requirements.
WALTER SCHENKER:
Okay, thank you.
OPERATOR:
(Operator Instructions).
RONAN O'CAOIMH:
Operator, could I suggest that we might take just one last question. I'm not --
I can't see if there's -- if there are -- is anybody waiting to answer a
question. Maybe one last one.
OPERATOR: All
right. Very good. One moment.
Our next question
is from Alex Gates with Clayton Partners. Please go ahead, sir.
ALEX GATES,
ANALYST, CLAYTON PARTNERS, LLC: Actually all of my questions were answered
already. But yes, just want to reiterate Dan's thoughts on the buyback and good
job this quarter. Keep it up.
RONAN O'CAOIMH:
Thanks very much, Alex.
Operator, is there
anybody waiting now?
All right, well in
that case then, could I suggest that we close the call. We're running 15
minutes, so to say thank you to everybody, and we look forward to speaking to
you next quarter. Thank you very much. Bye bye.
OPERATOR: The
conference has now concluded. Please disconnect your lines.
[Thomson Financial
reserves the right to make changes to documents, content, or other information
on this web site without obligation to notify any person of such changes.
In the conference
calls upon which Event Transcripts are based, companies may make projections or
other forward-looking statements regarding a variety of items. Such
forward-looking statements are based upon current expectations and involve
risks and uncertainties. Actual results may differ materially from those stated
in any forward-looking statement based on a number of important factors and
risks, which are more specifically identified in the companies' most recent SEC
filings. Although the companies may indicate and believe that the assumptions
underlying the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate or incorrect and, therefore, there can be no
assurance that the results contemplated in the forward-looking statements will
be realized.
THE INFORMATION
CONTAINED IN EVENT TRANSCRIPTS IS A TEXTUAL REPRESENTATION OF THE APPLICABLE
COMPANY'S CONFERENCE CALL AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE
TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE
REPORTING OF THE SUBSTANCE OF THE CONFERENCE CALLS. IN NO WAY DOES THOMSON
FINANCIAL OR THE APPLICABLE COMPANY OR THE APPLICABLE COMPANY ASSUME ANY
RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE
INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY EVENT TRANSCRIPT. USERS ARE
ADVISED TO REVIEW THE APPLICABLE COMPANY'S CONFERENCE CALL ITSELF AND THE
APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER
DECISIONS.]
[Copyright:
Content copyright 2011 Thomson Financial. ALL RIGHTS RESERVED. Electronic
format, layout and metadata, copyright 2011 ASC LLC (www.ascllc.net) ALL RIGHTS
RESERVED. No license is granted to the user of this material other than for
research. User may not reproduce or redistribute the material except for user's
personal or internal use and, in such case, only one copy may be printed, nor
shall user use any material for commercial purposes or in any fashion that may
infringe upon Thomson Financial's or ASC's copyright or other proprietary
rights or interests in the material; provided, however, that members of the
news media may redistribute limited portions (less than 250 words) of this
material without a specific license from Thomson Financial and ASC so long as
they provide conspicuous attribution to Thomson Financial and ASC as the originators
and copyright holders of such material. This is not a legal transcript for
purposes of litigation.]
The Height of
luxury
Middle East Interiors: 01 August 2011
[What follows is the full text of the news story.]
Opulence and
decadence to order at new development
Ocean Heights sets
a new benchmark for luxury residential apartment living in Dubai, UAE, with a
series of select apartments which have their own internal swimming pools and
gold dusted decorative ceiling cornices.
The concept
interiors were designed by five-star hotel interior specialist, Hersch Bedner
Associates (HBA) to offer opulence and decadence in lavish surroundings � in
fact from the moment you enter the lobby, you are confronted with dramatic gold
finishes.
The design brief
was to create an elegant and sumptuous interior that would appeal to both
Western and Arab customers and both developer and HBA have gone to town aiming
to make the residence fit for royalty.
The leisure
facilities resemble those of a five-star resort. Floor-to-ceiling glass panels
encase the state-of-the-art gymnasium, which overlooks the
temperature-controlled swimming pool and leisure deck. The deck has sweeping
ocean views and is framed by a barbecue area, with gourmet barbecue facilities.
Indulgence: The bathrooms would
not be out of place at an
up-market retreat and (below)
stainless steel appliances give the
kitchen a modern, futuristic look
On the same level,
there is also a relaxing day spa, with private massage rooms, sauna and Jacuzzi
and, for parents of young children, the colourful children's play area and
cr�che is the perfect complement to the spa facilities.
Ocean Heights was
designed with entertaining in mind and, aside from the leisure deck, there is
also a designated function room, which can be used to host social gatherings.
Entrance halls to
the apartments are fitted in an expanse of cream Carerra marble with
custom-designed floors inlaid with a swirling gold pattern.
Kitchens are from
German design specialist Poggenpohl incorporating stainless steel appliances
and a glass table and chairs handcrafted by Tura in Italy.
Living rooms offer
a sophisticated combination of textures and fabrics in a warm colour palette of
reds, beige and gold and the stylish and dynamic lighting was sourced mostly
from Italy from high-end brands including� Colombo Stile, Barovier and Toso
and Turri.
A statement on the
development said: 'The colour and style of the lounge room is welcoming and
almost whimsical. It has been designed with the twin purpose of comfort and style.
The lounge room needed to make a statement, while still remaining functional
and comfortable and the inclusion of soft fabrics and diffused lighting adds to
the indulgence of the room.'
The concept for
the dining room was to create a space which was crisp, clean and bright.
The shades of
beige are punctuated by splashes of silver and black, giving definition to the
room.
The chairs are
custom designed and brushed with metallic leaf, giving them a sleek and
sophisticated shine and they were upholstered in embroidered leather by
European textile designer Zimmer & Rohde.
The expansive
master bedroom suite is defined by bespoke art-deco furniture.
The sumptuous Tura
bed is the main feature of the bedroom with its leather parchmentclad
headboard.
The gold spiral
motif from the marble entrance is carried through to the master bedroom and
reflected in the wool carpet. And the beige colour scheme is accentuated with a
splash of crimson from the silk cushions adorning the bed.
The development's theatre room has been designed as an indulgent retreat from
the stresses of a busy lifestyle with warm, earth tones dictating the colour
palette to create a calming environment that encourages relaxation.
The art-deco
inspired TV cabinet houses a flat-screen television, which emerges from the
veneered surface of the custom-designed cabinet.
Horizon
International was responsible for the design and manufacture of the cabinet as
well as the carved and gilded coffee table and side-tables.
And the
state-of-the-art private gymnasium was designed along minimalistic lines with
grey and silver tones used to� create a sense of driving ambition and power
reinforcing the perception of the gym as a place for focus and determination.
Lighting launch
Middle East Interiors: 01 July 2011
[What follows is the full text of the news story.]
Dubai-based Modula
Conceptio has introduced the new collection of hand-made lighting solutions
from traditional Italian company Barovier & Toso which has partnered up
exclusively with Modula Conceptio to bring its pieces to the region.
Dating back to
1295, Barovier & Toso is the oldest glass manufacturing company in Italy
and produces its Murano glass collection on the island of Murano focussing on
blending the masterful old glass blowing techniques with new modern styles.
www.modula-conceptio.com
Expression of AIF
and HtrA2/Omi in Small Lymphocytic Lymphoma and Diffuse Large B-Cell Lymphoma
Archives of Pathology & Laboratory Medicine: 01 July 2011
[What follows is the full text of the news story.]
* Context.-The
pathogenesis of non-Hodgkin lymphoma may involve deregulation of apoptosis. In
response to apoptotic stimuli, several proapoptotic proteins are released into
the cytoplasm from the mitochondria, including second mitochondria-derived
activator of caspases/direct inhibitor of apoptosis protein binding protein
with low pI (Smac/ DIABLO), apoptosis-inducing factor (AIF), and high
temperature requirement protein A2 (HtrA2/Omi). Apoptosisinducing factor
promotes apoptosis through a caspaseindependent pathway, while Smac/DIABLO and
HtrA2/ Omi do so through both caspase-dependent and caspaseindependent
pathways. Smac/DIABLO was reported to be strongly positive in diffuse large
B-cell lymphoma (DLBCL) and virtually absent in small lymphocytic lymphoma/
chronic lymphocytic leukemia (SLL/CLL). Little is known about the expression of
AIF and HtrA2/Omi in lymphomas.
Objective.-To
evaluate the expression of AIF and HtrA2/Omi in SLL and DLBCL.
Design.-Twenty-three
DLBCLs, 20 SLLs/CLLs, and 10 benign lymph nodes were evaluated for AIF and
HtrA2/ Omi expression by immunohistochemical staining.
Results.-Apoptosis-inducing
factor was strongly and diffusely expressed in 19 of 23 (83%) cases of DLBCL
with comparable expression pattern between germinal center- like and
non-germinal center-like subgroups. Apoptosisinducing factor was weakly
positive in 15 of 20 (75%) cases of SLL/CLL with increased intensity in
pseudofollicles. In contrast, HtrA2/Omi was weakly expressed in SLL/ CLL (17 of
20; 85%) and DLBCL (18 of 23; 78%).
Conclusions.-The
different expression level and pattern of AIF and HtrA2/Omi in SLL/CLL and
DLBCL may suggest different apoptotic mechanisms involved in the pathogenesis
and prognosis of these diseases. HtrA2/Omi does not appear to be a major player
in the regulation of apoptosis of DLBCL and SLL/CLL.
(Arch Pathol Lab
Med. 2011;135:903-908)
Apoptosis1 or
programmed cell death is a tightly regulated and selective physiologic process
that maintains the optimal number of cells in tissues by removing redundant,
damaged, or functionally abnormal cells. It is essential for normal tissue
homeostasis, cellular differentiation, and development.2 Deregulation of
apoptosis is thought to be a hallmark of human cancer.3 Proper regulation of
apoptosis is extremely important in the hematopoietic system, a cellular
compartment with an intrinsic proliferative capacity and a high cell turnover
rate.4,5 Apparently, in addition to oncogenic mutation and stimulation,
apoptosis plays an important role in the pathogenesis of hematologic neoplasm.
For example, it is believed that small lymphocytic lymphoma/chronic lymphocytic
leukemia (SLL/CLL) results from decreased apoptosis, which is supported by
overexpression of antiapoptotic proteins such as BCL2, tumor necrosis factor a,
and TOSO (also known as Fas inhibitory molecule 3), and lack of expression of
proapoptotic protein such as second mitochondrial-derived activator of
caspases/direct inhibitor of apoptosis protein binding protein with low pI
(Smac/DIABLO) and others.6-10 Diffuse large B-cell lymphomas (DLBCLs) are a
heterogeneous group of tumors and may associate with either low or high levels
of apoptosis. Difference in resistance to apoptosis is possibly responsible for
the different response of DLBCLs to chemotherapy and therefore the different
prognosis.11,12 Expression of antiapoptotic BCL2 protein is strongly related to
poor clinical outcome of DLBCL and tends to be associated with the non-germinal
center-like (non- GCB) patient subgroup. The proapoptotic protein BAD was found
in most of the DLBCLs and negatively related to clinical stages of patients.13
Apoptosis is mediated through both caspase-dependent and caspase-independent
pathways. There are 2 major apoptotic pathways known as the intrinsic and
extrinsic pathways,14 which allow for induction of apoptosis by diverse
stimuli, including DNA damage, activation of oncogenes, and chemotherapy. The
extrinsic pathway is mediated by stimulation of death receptors and is
caspase-dependent. 15,16 The intrinsic pathway is routed through the
mitochondria. In response to apoptotic stimuli, several proapoptotic proteins
are released into the cytoplasm from the mitochondrial intermembrane space,
including Smac/DIABLO, apoptosis-inducing factor (AIF), high temperature
requirement protein A2 (HtrA2/Omi), cytochrome c, and endonuclease G.17 Once
released into the cytosol, these mitochondrial proteins activate both caspase-
dependent and caspase-independent cell death pathways. To protect against
inadvertent damage and death, cells have evolved a system of checks and
balances. The members of evolutionarily conserved inhibitor of apoptosis
protein (IAP) family are endogenous caspase inhibitors and inhibit
apopotosis.18 At least 3 classes of IAPs composed of a total of 8 proteins have
been identified in humans including the best known cIAP1, cIAP2, and XIAP.19
Overexpression of IAPs has been found in a wide variety of cancer cell lines
and primary tumor samples.20,21 There is growing evidence that IAPs play a role
in cancer pathogenesis and resistance to chemotherapy and radiotherapy. 22,23
Apoptosis-inducing
factor is a 57-kDa protein encoded by ''programmed cell death 8'' gene located
on the X chromosome in humans.24 It has been known that AIF has both apoptosis
and nicotinamide adenine dinucleotide oxidase activities.25 In physiologic
situations, AIF is a nicotinamide adenine dinucleotide oxidase with a local
redox function in the mitochondria. It acts as a free radical scavenger and
protects cells from cell death induced by oxidative stresses.26,27 The
mitochondrial level of AIF has been recently associated with tumorigenicity of
various carcinoma cell types.25 Apoptosis-inducing factor promotes apoptosis
through a caspase-independent pathway. Upon release from mitochondria, AIF is translocated
to the nucleus where it binds to the chromosome via its Cterminal nuclear
localization sequence and causes DNA condensation and fragmentation.24,28
Apoptosis-inducing factor lacks intrinsic nuclease activity and its DNA
degrading activity depends on the recruitment of downstream nucleases. Studies
have showed the cooperation of AIF with endonuclease G, a DNAse of
mitochondrial origin that is involved in the caspase-independent pathway, in
Caenorhabditis elegans and mammals.29,30 Dual functions of AIF have been
proposed: The prosurvival function of AIF plays a crucial role in
tumorigenesis, whereas the apoptotic activity of AIF might contribute to cancer
cell death induced by some agents including chemotherapy.
HtrA2/Omi is a
37-kDa serine protease located in the mitochondrial intermembrane space that
plays an important physiologic role in mitochondrial homeostasis.31 Upon
apoptotic stimulation, it is released into the cytosol, where it contributes to
apoptosis through both caspasedependent and caspase-independent pathways.
Similar to Smac/DIABLO, HtrA2/Omi binds to and neutralizes IAPs (XIAP, cIAP1,
and cIAP2) via its N-terminal IAPbinding motif, therefore releasing the
inhibition of IAP to caspase-3, -7, and -9. It also exerts its proapoptotic function
via its protease activity, independent of IAP and caspase.31,32
Because AIF and
HtrA2/Omi both play important roles in apoptosis, analysis of their expression
is necessary to understand the pathogenesis of cancer. The expression of AIF
and HtrA2/Omi has been studied in some tumors or tumor cell lines, such as
colorectal carcinoma, esophageal squamous carcinoma EC9706 cells, gastric
carcinoma, and renal cell carcinoma.33-38 However, little is known about their
expression in lymphomas. In this study, we have used immunohistochemical method
to assess the expression of AIF and Omi/HtrA2 in SLL/CLL and DLBCL.
MATERIALS AND
METHODS
This study was
approved by the University of Alabama at Birmingham institutional review board.
The study group
included 43 surgically resected lymphomas, which included 23 DLBCL cases and 20
cases of SLL/CLL. The control group included 10 cases of benign/reactive lymph
nodes. These cases were retrieved from surgical pathology archives of the
University of Alabama at Birmingham Hospital. The clinical history, pathology
reports, and hematoxylin-eosin-stained slides were reviewed to confirm the
diagnosis.
Immunohistochemical
staining was performed on serial paraffin-embedded sections of human lymphoid
tissue using UltraVision One detection system (HRP polymer and DAB Plus
chromogen, Thermo Fisher Scientific, Fremont, California). The 4-mm-thick
tissue sections were deparaffinized and incubated with Ultra V Block for 5
minutes to block nonspecific binding. The sections were then incubated with
either AIF antibody (rabbit polyclonal, 1:50 dilution, Cell Signaling,
Massachusetts) or HtrA2/Omi antibody (rabbit monoclonal, 1:50 dilution,
Epitomics, California) overnight at 4uC. After washing in Tris buffered saline
0.025% Triton X-100, the slides were incubated in hydrogen peroxide block for
10 minutes. After washing in Tris buffered saline buffer, they were incubated
with UltraVision One HRP Polymer (second antibodies) for 30 minutes, followed
by staining with DAB Plus chromogen and substrate. Counterstaining was
performed with hematoxylin. For both AIF and HtrA2/ Omi stains, cytoplasmic
immunoreactivity in tumor cells, regardless of intensity, was considered a
positive reaction. In positive cases, positivity was always present in greater
than 50% of tumor cells. The intensity ranged from low (1+) to moderate (2+) to
strong (3+). All stains were reviewed independently by 2 pathologists.
The 2-tailed
Fisher exact test was performed to compare the expression of AIF and HtrA2/Omi
between DLBCL and SLL/ CLL. A P value of less than .05 was considered
statistically significant.
RESULTS
The patients' age,
sex, and tumor location are summarized in Table 1. The cases were of DLBCL
include 8 GCB, 9 non-GCB, and 6 remaining cases of undetermined subtypes. The
SLL/CLL includes 2 cases with either prolymphocytic or large cell
transformation. Apoptosisinducing factor immunostaining, when present, was
detected in the cell cytoplasm with a fine or coarse granular pattern. In
reactive lymph nodes, moderate to strong AIF immunoreactivity was detected in
the lymphoid cells of follicular centers of 10 benign/ reactive lymph nodes
(Figure 1, A). Some follicular dendritic cells and histiocytes also showed
cytoplasmic stain. The frequency of AIF expression in DLBCL and SLL/CLL is
summarized in Table 2. Apoptosis-inducing factor was strongly and diffusely
expressed in 15 of 23 cases of DLBCL (Figure 1, B). There is no difference in
the AIF expression level and pattern between GCB and non-GCB subgroups of
DLBCL. The expression of AIF was detected in 15 of 20 SLL/CLL with most cases
showing weak positivity (Figure 1, C). Unlike DLBCL, SLL/CLL demonstrates a
heterogeneous AIF expression pattern characterized by predominantly positive
staining in large cells and increased intensity in pseudofollicles (Figure 1, C
through E). A strong and diffuse staining of AIF was noted in the areas with
either prolymphocytic or large cell transformation in 2 CLLs/ SLLs (Figure 1,
F).
In contrast,
HtrA2/Omi immunostain was only weakly expressed in 17 of 20 cases of SLL/CLL
(85%), 18 of 23 cases of DLBCL (78%), and the follicular center and mantle zone
of 10 benign lymph nodes (Figure 2, A through C). It is difficult to tell if it
is true positivity or background staining. There is no increased intensity of
HtrA2/Omi in 2 cases of SLL/CLL with either prolymphocytic or large cell
transformation (Figure 2, D).
Overall, the
expression of AIF was stronger in DLBCL than in SLL/CLL, but there was no
significant difference in the frequency of expression between these 2 lymphomas
(P > .05). For HtrA2/Omi expression, both the frequency and intensity showed
no significant difference (P > .05).
COMMENT
Deregulation of
apoptosis is not only involved in the development of hematopoietic malignancies
but also frequently associated with the resistance to anticancer therapies,
including chemotherapy, radiation, or immunotherapy. 5,39 The apoptosis
machinery of cells is tightly regulated by proapoptotic and antiapoptotic
proteins. Knowing the expression pattern of these proapoptotic and
antiapoptotic proteins is the necessary step to understand the pathogenesis of
hematopoietic malignancies and further aids the development of targeted
therapy. To our knowledge, the expression of 2 proapoptotic proteins, AIF and
HtrA2/Omi, in lymphomas has not been examined to date. In our present study, we
have shown that AIF is expressed in germinal center lymphoid cells and some
histiocytes and dendritic cells of normal/reactive lymph nodes. It is
detectable in more than 80% of DLBCLs and SLLs/CLLs with the expression level
much higher in DLBCL than in SLL/CLL. HtrA2/Omi is similarly and weakly
expressed in all normal/reactive lymph nodes, DLBCLs, and SLLs/CLLs.
SLL/CLL results
from an accumulation of malignant small B cells due to an imbalance between
cell proliferation and death rates. This imbalance may be caused by increased
cell proliferation, decreased death, or a combination of both processes. It is
believed that both low proliferative rate and decreased cell death or a defect in
apoptosis play a role in clinical indolent non-Hodgkin lymphomas such as
SLL/CLL. Our results of weak expression of AIF and HtrA2/Omi in SLL/CLL,
combined with previous studies of total lack of Smac/ DIABLO expression9 and
variable expression of cIAP1 and cIAP2 in SLL/CLL,21 appear to support the
notion that this lymphoma is characterized by defective apoptosis. However, the
weak and cytoplasmic expression of AIF may indicate that AIF does not play a
critical role as either a prosurvival or an apoptotic factor in CLL/SLL.
Interestingly, because the expression of AIF is largely located in large cells
and proliferation centers of SLL/ CLL, and highly and diffusely increased in
the areas of either prolymphocytic or large cell transformation, the increased
level or diffuse staining pattern of AIF in those areas of SLL/CLL may indicate
a potential role of AIF in promoting cell proliferation and transformation to
an aggressive disease course.
Clinically
aggressive non-Hodgkin lymphomas such as DLBCL are highly proliferative and may
be associated with either low or high level apoptosis. It has been shown that
Smac/DIABLO is highly expressed in approximately 53% of DLBCLs.9 Our current
study demonstrated that AIF is strongly expressed in most cases ofDLBCL.High
frequency and level of AIF and Smac/DIABLO in DLBCL may indicate that both
caspase-dependent and caspase-independent apoptotic pathways are functionally
active in this lymphoma. Because apoptosis is strictly regulated by multiple
proapoptotic and antiapoptotic proteins, the actual apoptotic rate in DLBCL
also depends on other factors like IAPs. Our data indicate no difference of AIF
expression between GCB and non-GCB subgroups of DLBCL.
An important fact
about AIF is its double functions.25 Normally, AIF is located in the
mitochondria and involved in the oxidative phosphorylation process. After
apoptotic stimuli, it is released to the cytoplasm from mitochondria and
further translocates to the nucleus to induce apoptosis. Apparently,
translocation to the nucleus is critical for its proapoptotic function. Both
previous studies in other tumors and our results in SLL/CLL and DLBCL showed
AIF expression in the cytoplasm. Is there any unknown factor that inhibits its
translocation to the nucleus? Does this possible inhibition contribute to the
defect of apoptosis? Alternatively, the strong cytoplasmic expression of AIF
may represent a major prosurvival function of AIF in tumorigenesis and
progression in DLBCL, while the apoptotic activity of AIF may contribute to
cell death induced by apoptotic stimuli such as chemotherapy, and the nuclear
expression of AIF may be a temporary phenomenon that is unable to be detected
in this study. A lot of details are still unclear and much work needs to be
done to further elucidate the regulation of AIF functions.
Apoptosis-inducing
factor, a major player in caspaseindependent apoptosis, is a very promising
drug target. In lymphomas with low or defective expression of AIF, such as
SLL/CLL, administration or overexpression of AIF or its agonist and use of
reagents that can increase its mitochondrial release and translocation to
nuclei theoretically could induce tumor cell apoptosis and serve as an
anticancer therapy. Several drugs, such as BZL101 and Antiprimod, that induce
AIF to release from mitochondria have undergone phase I or II clinical trial
and demonstrated promising antitumor activity.40 Both in vitro study and animal
studies have shown that Antiprimod has a potential in the treatment of multiple
myeloma, mantle cell lymphoma, and other advanced cancers.41 Because it is
thought that SLL/CLL commonly demonstrates decreased apoptosis and the
resistance of DLBCL to chemotherapy may be due to an apoptotic defect, we
postulate that Antiprimod may sensitize these lymphoma cells to apoptosis
induced by chemotherapy or immunotherapy; therefore, it may enhance
chemotherapy and/or immunotherapy for SLL/CLL and DLBCL, particularly for
chemotherapy-refractory DLBCL. However, extensive and detailed studies are
required before any possible conclusion can be made.
HtrA2/Omi plays a
pivotal role in both caspasedependent and caspase-independent apoptotic
pathways, which makes it a valuable therapeutic target. Our results of low
expression of HtrA2/Omi in DLBCL and SLL/CLL suggest that administration of
HtrA2/Omi or its agonist, or use of reagents that increase its mitochondrial
release, theoretically could induce tumor cell apoptosis. This may make it a
possible therapeutic target for developing new drugs for these lymphomas.
In summary, the
different expression of AIF and HtrA2/Omi in CLL/SLL and DLBCL suggests
different apoptotic mechanisms involved in the pathogenesis of these diseases.
High frequency and level of AIF and Smac/DIABLO (previous studies) in DLBCL
indicate that both caspase-dependent and caspase-independent apoptotic pathways
are functionally active in this lymphoma. Weak expression of AIF and lack of
Smac/DIABLO (previous studies) in CLL/SLL suggests that apoptosis in this
neoplasm is not active. Weak expression of HtrA2/ Omi in CLL/SLL, DLBCL, and
benign/reactive lymph nodes suggests that HtrA2/Omi may not be a major
proapoptotic protein in these disease entities. The results may help us to
better understand the pathogenesis of these lymphomas and also may benefit new
drug development for these lymphomas. Additional studies are required to
further elucidate the roles of these proapoptotic proteins in the pathogenesis
of these lymphomas.
References
1. Kerr JF, Wyllie
AH, Currie AR. Apoptosis: a basic biological phenomenon with wide-ranging
implications in tissue kinetics. Br J Cancer. 1972;26(4):239- 257.
2. Hengartner MO.
The biochemistry of apoptosis. Nature. 2000;407(6805): 770-776.
3. Hanahan D,
Weinberg RA. The hallmarks of cancer. Cell. 2000;100(1):57-70.
4. Reed JC,
Pellecchia M. Apoptosis-based therapies for hematologic malignancies. Blood.
2005;106(2):408-418.
5. Fulda S. Cell
death in hematological tumors. Apoptosis. 2009;14(4):409- 423.
6. Schimmer AD,
Munk-Pedersen I, Minden MD, Reed JC. Bcl-2 and apoptosis in chronic lymphocytic
leukemia. Curr Treat Options Oncol. 2003;4(3):211-218.
7. Kast RE,
Altschuler EL. Anti-apoptosis function of TNF-alpha in chronic lymphocytic
leukemia: lessons from Crohn's disease and the therapeutic potential of
bupropion to lower TNF-alpha. Arch Immunol Ther Exp. 2005; 53(2):143-147.
8. Pallasch CP,
Wendtner CM. Overexpression of the Fas-inhibitory molecule TOSO: a novel
antiapoptotic factor in chronic lymphocytic leukemia. Leuk Lymphoma.
2009;50(3):498-501.
9. Ren Y, Akyurek
N, Schlette E, Rassidakis GZ, Medeiros LJ. Expression of Smac/DIABLO in B-cell
non-Hodgkin and Hodgkin lymphomas. Hum Pathol. 2006;37(11):1407-1413.
10. Danilov AV,
Danilova OV, Klein AK, Huber BT. Molecular pathogenesis of chronic lymphocytic
leukemia. Curr Mol Med. 2006;6(6):665-675.
11. Muris JJ,
Meijer CJ, Ossenkoppele GJ, Vos W, Oudejans JJ. Apoptosis resistance and
response to chemotherapy in primary nodal diffuse large B-cell lymphoma.
Hematol Oncol. 2006;24(3):97-104.
12. Muris JJ,
Ylstra B, Cillessen SA, et al. Profiling of apoptosis genes allows for clinical
stratification of primary nodal diffuse large B-cell lymphomas. Br J Haematol.
2007;136(1):38-47.
13. Troutaud D,
Petit B, Bellanger C, et al. Prognostic significance of BAD and AIF apoptotic
pathways in diffuse large B-cell lymphoma. Clin Lymphoma Myeloma Leuk.
2010;10(2):118-124.
14. Jin Z,
El-Deiry WS. Overview of cell death signaling pathways. Cancer Biol Ther.
2005;4(2):139-163.
15. Falschlehner
C, Emmerich CH, Gerlach B, Walczak H. TRAIL signalling: decisions between life
and death. Int J BiochemCell Biol. 2007;39(7-8):1462-1475.
16. Scaffidi C,
Fulda S, Srinivasan A, et al. Two CD95 (APO-1/Fas) signaling pathways. EMBO J.
1998;17(6):1675-1687.
17. Saelens X,
Festjens N, Vande Walle L, van Gurp M, van Loo G, Vandenabeele P. Toxic
proteins released from mitochondria in cell death. Oncogene.
2004;23(16):2861-2874.
18. Thornberry NA,
Lazebnik Y. Caspases: enemies within. Science. 1998; 281(5381):1312-1316.
19. Schimmer AD.
Inhibitor of apoptosis proteins: translating basic knowledge into clinical
practice. Cancer Res. 2004;64(20):7183-7190.
20. de Graaf AO,
van Krieken JH, Tonnissen E, et al. Expression of C-IAP1, CIAP2 and SURVIVIN
discriminates different types of lymphoid malignancies. Br J Haematol.
2005;130(6):852-859.
21. Akyurek N, Ren
Y, Rassidakis GZ, Schlette EJ, Medeiros LJ. Expression of inhibitor of
apoptosis proteins in B-cell non-Hodgkin and Hodgkin lymphomas. Cancer.
2006;107(8):1844-1851.
22. Tamm I,
Kornblau SM, Segall H, et al. Expression and prognostic significance of
IAP-family genes in human cancers and myeloid leukemias. Clin Cancer Res.
2000;6(5):1796-1803.
23. Wrzesien-Kus
A, Smolewski P, Sobczak-Pluta A, Wierzbowska A, Robak T. The inhibitor of
apoptosis protein family and its antagonists in acute leukemias. Apoptosis.
2004;9(6):705-715.
24. Susin SA,
Lorenzo HK, Zamzami N, et al. Molecular characterization of mitochondrial
apoptosis-inducing factor. Nature. 1999;397(6718):441-446.
25. Porter AG,
Urbano AG. Does apoptosis-inducing factor (AIF) have both life and death
functions in cells? Bioessays. 2006;28(8):834-843.
26. Klein JA,
Longo-Guess CM, Rossmann MP, et al. The harlequin mouse mutation downregulates
apoptosis-inducing factor. Nature. 2002;419(6905): 367-374.
27. Miramar MD,
Costantini P, Ravagnan L, et al. NADH oxidase activity of mitochondrial
apoptosis-inducing factor. J Biol Chem. 2001;276(19):16391- 16398.
28. Ye H, Cande C,
Stephanou NC, et al. DNA binding is required for the apoptogenic action of
apoptosis inducing factor. Nat Struct Biol. 2002;9(9):680- 684.
29. Wang X, Yang
C, Chai J, Shi Y, Xue D. Mechanisms of AIF-mediated apoptotic DNA degradation
in Caenorhabditis elegans. Science. 2002;298(5598): 1587-1592.
30. Niikura Y,
Dixit A, Scott R, Perkins G, Kitagawa K. BUB1 mediation of caspase-independent
mitotic death determines cell fate. J Cell Biol. 2007;178(2): 283-296.
31. Vande Walle L,
Lamkanfi M, Vandenabeele P. The mitochondrial serine protease HtrA2/Omi: an
overview. Cell Death Differ. 2008;15(3):453-460.
32. Li W,
Srinivasula SM, Chai J, et al. Structural insights into the pro-apoptotic
function of mitochondrial serine protease HtrA2/Omi. Nat Struct Biol.
2002;9(6): 436-441.
33. Guan JT, Wang
L, Wang Y, et al. Expression of AIF and caspase-3 in colorectal carcinoma,
adenoma, and normal mucosa and its correlation [in Chinese]. Zhonghua Wei Chang
Wai Ke Za Zhi. 2009;12(4):391-394.
34. Fan T, Jiang
G, Suo Z, et al. Down-regulation of the apoptosis-inducing factor or Bcl-2
inhibitor of transcription by RNA interference can alleviate TAp63gamma-induced
apoptosis in esophageal squamous carcinoma EC9706 cells. Int J Oncol.
2009;35(2):359-367.
35. Jeong EG, Lee
JW, Soung YH, et al. Immunohistochemical and mutational analysis of
apoptosis-inducing factor (AIF) in colorectal carcinomas. APMIS.
2006;114(12):867-873.
36. Lee JW, Jeong
EG, Soung YH, et al. Immunohistochemical analysis of apoptosis-inducing factor
(AIF) expression in gastric carcinomas. Pathol Res Pract. 2006;202(7):497-501.
37. Kempkensteffen
C, Hinz S, Christoph F, et al. Expression levels of the mitochondrial IAP
antagonists Smac/DIABLO and Omi/HtrA2 in clear-cell renal cell carcinomas and
their prognostic value. J Cancer Res Clin Oncol. 2008; 134(5):543-550.
38. Lee SH, Lee
JW, Kim HS, et al. Immunohistochemical analysis of Omi/ HtrA2 expression in
stomach cancer. APMIS. 2003;111(5):586-590.
39. Fulda S,
Debatin KM. Extrinsic versus intrinsic apoptosis pathways in anticancer
chemotherapy. Oncogene. 2006;25(34):4798-4811.
40. Lorenzo HK,
Susin SA. Therapeutic potential of AIF-mediated caspaseindependent programmed
cell death. Drug Resist Updat. 2007;10(6):235-255.
41. Wang M, Zhang
L, Han X, et al. Atiprimod inhibits the growth of mantle cell lymphoma in vitro
and in vivo and induces apoptosis via activating the mitochondrial pathways.
Blood. 2007;109(12):5455-5462.
Shaoying Li, MD;
Mei Wan, MD, PhD; Xu Cao, PhD; Yongsheng Ren, MD, PhD
Accepted for
publication September 10, 2010.
From the
Department of Pathology, University of Alabama at Birmingham Health System,
Birmingham. Dr Li is now with the Department of Hematopathology, University of
Texas M. D. Anderson Cancer Center, Houston.
The authors have
no relevant financial interest in the products or companies described in this
article.
Presented as a
platform presentation at the annual meeting of the American Society of Clinical
Pathology resident research symposium, Chicago, Illinois, October 31, 2009.
Reprints: Shaoying
Li, MD, Department of Hematopathology, University of Texas M. D. Anderson
Cancer Center, 1515 Holcombe Blvd, Unit 72, Houston, TX 77030 (e-mail:
shaoyingli2004@yahoo. com).
Its Glass Industry
Is Fading, So Murano Looks to Tourism
New York Times: 04 June 2011
[What follows is the full text of the news story.]
MURANO, Italy --
The quasi-monastic quiet of this lagoon island a short vaporetto ride from
Venice has been broken intermittently in recent months by ear-splitting saws
and the low grumble of heavy machinery.
A wing of a late
19th century brick factory built by the Societa Veneziana Conterie e Cristallerie,
once one of the largest bead and glass factories on the island of Murano, is
metamorphosing into a 130-room, deluxe hotel, which is expected to open in the
summer of 2012.
At the height of
production in the 1920s and early 1930s, when the Conterie's beads were wildly
popular in clothing and design around the world, the factory employed as many
as 1,000 people, with another 4,000 working on contract. But it shut its doors
in 1992, a victim of changing tastes and a rapidly globalizing economy.
The hotel has
claimed one former Conterie structure; another is to become an annex of the
island's glass museum, if funding for the project can be found.
Off a nearby
canal, work is under way on another former glass factory destined to join the
top-end Kempinski Hotels chain when it opens in 2013 (though construction has
been stalled for some time as building permits await approval). The luxury digs
-- about 150 rooms and suites -- are to include a sun terrace, a spa and
fitness center and a ballroom, as well as meeting and convention spaces.
Another, smaller
hotel in an abandoned glassworks is still on the drawing board.
The new hotels
reflect a radical change in the self-image of an island whose history has been
inextricably linked with glassmaking since 1291, when Venice moved its glass
furnaces to this site, which it considered a safe distance away from the main
islands.
Since that time
Murano's core industry has had its highs and lows, and the economic roller
coaster of recent decades has dulled some of the luster of Murano artistic
glass.
In the boom years
of the 1950s and 1960s, boats weighted down with glass products -- miniature
animal families, glassware and vases, delicate rococo chandeliers constructed
of hundreds of pieces -- set sail from here to satisfy insatiable foreign
markets.
Then, the majority
of Murano's inhabitants, who today number about 4,600, were involved in one
aspect of glassmaking or another. Local boys would begin working in the
furnaces before they turned 10 and spend a lifetime honing their skills.
Things are
different today. Official industry figures for annual revenue from artistic
glass do not exist but can be estimated to hover around 150 million, or $217
million, according to Gianni De Checchi, secretary of the Confartigianato di
Venezia, a trade group for artisans.
Ten years ago it
was 200 million, he said, with profit margins worn away by rising production
costs -- especially the cost of energy and transportation -- as well as labor
costs.
''There's been a
massacre of companies,'' said Gianluca Vecchi, chairman of Andromeda, a
chandelier and lighting factory that he said is facing a bumpy patch. ''Too
many things have happened in too short a time,'' and now ''there are no more
tears to cry.''
In many ways, the
island has mapped its own decline.
Murano's current
situation ''is typical of what happened to other industrial districts in Italy
in the past 10 years,'' said Stefano Micelli, a professor of innovation
technology at Ca'Foscari University in Venice and dean of Venice International
University.
Comfortable after
years of prosperity, many Murano companies did not look beyond their fiery
furnaces and failed to evolve toward a more industrial and managerial model, he
said.
''Instead of
selling vases to tourists, they should have thought of ways to look to the
future,'' he said.
Now the island is
being forced to imagine a future beyond glass. Proximity to Venice had already
fueled a fledgling tourism industry, and in a few short years glass shops
catering to day-trippers have colonized waterfront palazzo locations, muscling
out residents and traditional retail stores.
But Murano is
notoriously insular, and previously it has dispensed its hospitality in small
doses. It has two hotels and a handful of bed and breakfasts that can
accommodate a total of 72 guests. There is not much nightlife. Once the
factories shut their doors, so does the island.
The influx of new
accommodations will change that, or so investors believe.
''If Murano
becomes another base for tourism, as we hope will happen, then the city will
live again, it will be revitalized around the clock,'' said Francesco
Paternostro, managing director of Lagare, the Milan real estate development
group behind the hotel in the ex-Conterie.
The group chose to
invest in Murano, he said, because demand for accommodations remained high in
the lagoon and because it was cheaper than developing in Venice. He is certain
that Murano's characteristic charm holds its own allure. ''People will start
going to Venice for the day,'' and not the other way around, he said.
The prospect that
China and other developing countries will send millions of tourists abroad,
flush with new wealth, is also pushing the change. Venice is already so packed,
''one can barely walk around the streets anymore,'' said Guido Ferro, whose
company has been dabbling in the hotel business here after centuries spent in
glass furnaces. ''Murano has to transform itself -- within limits, of course.''
Changes are also
on the way via a citywide urban development project, the so-called Urban
Structure Plan, or PAT in Italian, which is under discussion in City Hall. It
is a broad and fairly contentious rezoning plan that will shape Venice in the
coming decades.
In Murano,
administratively a district of Venice, discussion has centered on the ''Sacca
San Mattia,'' a 7-hectare, or 17-acre, plot of abandoned land that is to be
reconverted to industrial and artisanal use. Sacca refers to land that has
emerged from the lagoon.
Murano's municipal
officials envision transporting some glass factories from the center to this
northwestern spot. In Sacca San Mattia, modern glassworks could be built
according to more technologically advanced and environmentally friendly
criteria alongside other ''lagoon-friendly industries,'' like boat building,
said Erminio Viero, the president of the Murano Municipality, who noted that
ideas were still mostly at an embryonic stage.
In turn, the
vacated buildings in the center could be developed for low-cost housing, which
is in perennially short supply here. ''A lot of young people leave because they
can't afford to live'' in Murano, Mr. Viero said.
Local council
members hope the changes will bring other investments.
''The idea is that
Murano won't live just off of glass, but that new sources of employment will be
found,'' said Massimiliano Smerghetto, Murano's council member for culture,
sport and youth activities. ''We have to work on various axes; the island's
culture, which is tied to glass, new economic energies, and urban
development.''
The citywide plan
also calls for the development of new transportation lines, most
controversially an underwater subway that would carry travelers arriving by air
to Murano and then Venice, making the island a potential pit stop for air
passengers, more than nine million of whom arrived in 2010.
Opposition to the
subway remains lively, though most Murano residents complain about infrequent
and slow transportation to the mainland, which has contributed to the island's
geographical insularity.
''We need rapid
transport,'' said Lorenzo Giordani, who began courting tourist stomachs four
years ago when he opened Alla Vecchia Pescheria, a stylish eatery just off the
Fondamenta Dei Vetrai where the decor is as studied as the menu. Mr. Giordani's
family is in the glass business, ''but I wanted to launch something new,'' he
said. The restaurant is open daily for lunch but demand at night is slow, so
it's open two nights a week in winter, four in summer.
While he is
looking forward to the traffic the new hotels will bring, Mr. Giordani
acknowledged that the island's sleepy pace had been a significant calling card.
''Murano is beautiful because it is what it is,'' he said.
Even as some
islanders begin to plan for the future, many glass manufacturers are still
reeling at how quickly their industry spiraled into crisis mode.
Many point to the
terrorist attacks of Sept. 11, 2001, in the United States, as the beginning of
the end, when foreign orders began to crumble and tourists began to stay away.
Recovery has been hampered by the financial crisis of the past two years.
In little less
than a decade, about a third of Murano's glassmakers -- many of whom boast
lineages dating back centuries -- have shut down or have had to cut back
drastically. The industry's work force has dropped from 6,000 employees in 1970
to about 900 today, according to Gianfranco Albertini, president of the
Promovetro Consortium, which manages a trademark for original Murano glass.
Manufacturers
point to a series of difficulties and growing expenses.
Labor costs have
increased -- when labor can be found. Generational renewal is nearly
nonexistent and manufacturers note that it has become nearly impossible to find
young people willing to spend 12 hours a day working in front of a hot furnace.
The factories have
also been struggling with the expense of adapting to E.U. health and
environment directives.
At the same time,
the cost of production has also swelled because of increases in energy and
transportation prices.
And, as some
Murano businessmen said privately, it used to be easier for Italian companies
to work in the black economy, cheating on taxes and not putting workers on the
books. Increased controls have made such evasion much more difficult.
Lower-quality
products emerging ever faster from China and Eastern Europe have also made a
considerable dent in Murano's global glass market.
Real Murano glass
is handmade and can require enormous skill to craft.
''The Muranese
concept of beauty is directly proportional to the difficulty of creating the
object,'' explained Fabio Fornasier, a young maestro on the island, who has
been among the most successful glassmakers to emerge in recent years.
But that beauty
has its price. You can take home a made-in-China Murano-style glass for less
than 10. Giovanni Moretti, who co-founded his company with his late brother in
1958 and is one of the few Murano glassmakers to have a store devoted to the
brand in Venice, sells glasses that can range in price from 90 to 250.
''Once you know
that, for example, it takes 11 workers to make one glass, I think you can agree
that the prices are reasonable,'' Mr. Moretti said.
Other glassmakers
are less sanguine.
''If I sell a vase
for 800 and a Chinese copy costs 30, there's no competition,'' said Gino
Seguso, the son of the late Archimede Seguso, one of the island's best-known
glass maestros. ''I can understand why you'd buy it. Of course, you're losing
out on all the mastery and knowledge, but let's face it, not everyone is an
expert and can tell.''
To plump up local
quality and deter sales of fakes, the Artistico Murano trademark was set up in
1994 to guarantee that glass products are made on the island using traditional
techniques that were once so jealously guarded that Renaissance artisans were
not allowed to leave Murano to set up shop elsewhere. (They faced severe fines
and penalties -- sometimes death -- if they defied the interdiction).
About 45 companies
adhere to the trademark.
But not everyone
has jumped on board. Many of Murano's best-known manufacturers, like Barovier
& Toso, Venini, Salviati, Seguso, and Carlo Moretti, have declined to join,
because their brands, they say, are enough of a guarantee.
And fraud
persists.
Last June, Italian
papers reported that the finance police had confiscated 11 million Chinese
glass pieces (vases, glasses and jewelry) with a reported wholesale value of 13
million from three companies (two on Murano, one on the coast) that sold the
pieces as locally made.
Mr. De Checchi, of
Confartigianato, believes that tourism will be good for an island that has
depended on an industrial monoculture for more than 700 years. ''As long as
that reality allows Murano to preserve its history,'' he said.
Despite the shift
toward tourism, for some, Murano ''is glass and will always be nothing other
than glass,'' said Renata Ferrara, who designs delicate and elaborate custom
jewelry with hand-made beads.
And regardless of
the island's future development, glass will still be part of it, said Mr.
Ferro, who is also president of the island's only glassmaking school, which
offers courses and workshops mostly to foreigners.
''People come to
Murano,'' he said, ''because they want to see the furnaces.''
This is a more
complete version of the story than the one that appeared in print.
PHOTOS:
Distinctive glasses as designed by the Carlo Moretti firm of Murano. (B1);
Livio Serena teaches various glassmaking skills at the Abate Zennetti Glass
School in Murano. (PHOTOGRAPHS BY MICHELE BORZONI FOR THE INTERNATIONAL HERALD
TRIBUNE) (B2)
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Total Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
135.8 |
112.0 |
121.1 |
109.4 |
105.3 |
|
Cost of Revenue, Total |
135.8 |
112.0 |
121.1 |
109.4 |
105.3 |
|
Gross Profit |
107.3 |
86.3 |
90.8 |
81.2 |
85.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
38.1 |
34.9 |
37.6 |
33.6 |
32.9 |
|
Labor & Related Expense |
44.4 |
37.8 |
38.0 |
33.3 |
33.0 |
|
Advertising Expense |
11.2 |
9.5 |
13.0 |
11.1 |
10.9 |
|
Total Selling/General/Administrative Expenses |
93.6 |
82.2 |
88.6 |
78.1 |
76.8 |
|
Research & Development |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
Depreciation |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Depreciation/Amortization |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Litigation |
- |
0.0 |
0.1 |
0.0 |
- |
|
Impairment-Assets Held for Use |
0.0 |
0.1 |
0.3 |
0.3 |
0.2 |
|
Impairment-Assets Held for Sale |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
1.1 |
-0.7 |
-0.9 |
3.4 |
0.0 |
|
Unusual Expense (Income) |
1.1 |
-0.7 |
-0.3 |
3.8 |
0.2 |
|
Total Operating Expense |
232.9 |
195.0 |
210.8 |
192.7 |
183.8 |
|
|
|
|
|
|
|
|
Operating Income |
10.2 |
3.3 |
1.2 |
-2.2 |
6.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
Interest Expense, Net Non-Operating |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
0.3 |
0.4 |
0.2 |
|
Interest/Investment Income - Non-Operating |
0.0 |
0.1 |
0.4 |
0.5 |
0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.8 |
-0.9 |
-0.5 |
-0.3 |
-0.4 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.6 |
0.1 |
-0.3 |
0.0 |
0.1 |
|
Other, Net |
0.6 |
0.1 |
-0.3 |
0.0 |
0.1 |
|
Income Before Tax |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.3 |
0.7 |
2.8 |
-1.9 |
4.6 |
|
Income After Tax |
9.7 |
1.8 |
-2.5 |
-0.5 |
1.8 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Basic EPS Excl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Basic/Primary EPS Incl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Diluted Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Diluted EPS Excl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Diluted EPS Incl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.06 |
0.06 |
0.05 |
0.05 |
|
Gross Dividends - Common Stock |
1.0 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Interest Expense, Supplemental |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Depreciation, Supplemental |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Total Special Items |
1.1 |
-0.7 |
-0.3 |
3.7 |
0.2 |
|
Normalized Income Before Tax |
11.1 |
1.8 |
0.0 |
1.3 |
6.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-0.2 |
-0.1 |
1.3 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
2.7 |
-0.7 |
4.6 |
|
Normalized Income After Tax |
10.8 |
1.3 |
-2.7 |
1.9 |
1.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.8 |
1.4 |
-2.7 |
1.9 |
1.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Diluted Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Rental Expenses |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Advertising Expense, Supplemental |
11.2 |
9.5 |
13.0 |
11.1 |
10.9 |
|
Research & Development Exp, Supplemental |
1.4 |
1.2 |
1.3 |
1.2 |
1.3 |
|
Reported Operating Profit |
11.4 |
2.6 |
0.8 |
1.9 |
6.9 |
|
Reported Ordinary Profit |
11.1 |
1.8 |
-0.1 |
0.8 |
6.5 |
|
Normalized EBIT |
11.4 |
2.6 |
0.8 |
1.6 |
6.8 |
|
Normalized EBITDA |
16.5 |
7.2 |
5.6 |
5.9 |
10.2 |
|
Interest Cost - Domestic |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Service Cost - Domestic |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Expected Return on Assets - Domestic |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.7 |
0.9 |
0.4 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Total Pension Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Total Plan Service Cost |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Total Plan Expected Return |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in: USD
(mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.88 |
93.44 |
98.77 |
99.535 |
118.075 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Cash and Short Term Investments |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Accounts Receivable -
Trade, Gross |
92.8 |
69.7 |
71.1 |
74.4 |
69.3 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Trade Accounts Receivable - Net |
92.7 |
69.6 |
70.9 |
74.3 |
68.8 |
|
Total Receivables, Net |
92.7 |
69.6 |
70.9 |
74.3 |
68.8 |
|
Inventories - Finished Goods |
15.3 |
11.8 |
16.9 |
- |
- |
|
Inventories - Work In Progress |
2.6 |
2.6 |
2.4 |
- |
- |
|
Inventories - Raw Materials |
20.3 |
18.1 |
22.9 |
- |
- |
|
Total Inventory |
38.2 |
32.5 |
42.2 |
36.7 |
31.2 |
|
Deferred Income Tax - Current Asset |
4.4 |
2.7 |
3.2 |
2.8 |
1.4 |
|
Other Current Assets |
2.8 |
2.7 |
2.6 |
5.2 |
4.4 |
|
Other Current Assets, Total |
7.2 |
5.4 |
5.8 |
8.0 |
5.8 |
|
Total Current Assets |
175.5 |
143.6 |
145.1 |
150.2 |
132.7 |
|
|
|
|
|
|
|
|
Buildings |
55.9 |
49.5 |
46.8 |
47.6 |
40.0 |
|
Land/Improvements |
15.0 |
13.2 |
12.5 |
13.7 |
11.6 |
|
Machinery/Equipment |
85.5 |
76.4 |
73.0 |
74.5 |
63.3 |
|
Construction in
Progress |
0.6 |
0.1 |
0.8 |
0.3 |
0.0 |
|
Leases |
4.5 |
1.0 |
0.3 |
0.0 |
- |
|
Property/Plant/Equipment - Gross |
161.5 |
140.2 |
133.4 |
136.1 |
115.0 |
|
Accumulated Depreciation |
-126.3 |
-110.6 |
-103.9 |
-104.4 |
-88.0 |
|
Property/Plant/Equipment - Net |
35.1 |
29.6 |
29.6 |
31.7 |
27.0 |
|
Intangibles, Net |
3.1 |
2.9 |
2.4 |
1.0 |
0.6 |
|
LT Investments - Other |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
Long Term Investments |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
Note Receivable - Long Term |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
3.9 |
3.5 |
3.1 |
5.6 |
1.1 |
|
Other Long Term Assets |
3.6 |
4.0 |
5.1 |
4.8 |
4.3 |
|
Other Long Term Assets, Total |
7.5 |
7.6 |
8.1 |
10.4 |
5.5 |
|
Total Assets |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.5 |
16.2 |
17.9 |
21.2 |
18.8 |
|
Accrued Expenses |
8.2 |
5.1 |
4.3 |
4.7 |
4.5 |
|
Notes Payable/Short Term Debt |
15.8 |
20.7 |
24.3 |
24.9 |
22.1 |
|
Current Portion - Long Term Debt/Capital Leases |
7.9 |
11.3 |
5.4 |
7.1 |
13.3 |
|
Income Taxes Payable |
1.5 |
0.6 |
0.7 |
0.5 |
3.9 |
|
Other Payables |
9.0 |
6.4 |
8.8 |
9.3 |
8.2 |
|
Other Current Liabilities |
3.5 |
3.1 |
3.5 |
4.3 |
0.8 |
|
Other Current liabilities, Total |
14.0 |
10.1 |
13.0 |
14.1 |
12.8 |
|
Total Current Liabilities |
70.5 |
63.4 |
64.9 |
72.0 |
71.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
34.4 |
24.3 |
27.4 |
23.1 |
13.1 |
|
Capital Lease Obligations |
2.8 |
0.6 |
0.2 |
0.0 |
- |
|
Total Long Term Debt |
37.2 |
24.9 |
27.6 |
23.1 |
13.1 |
|
Total Debt |
60.9 |
56.9 |
57.3 |
55.1 |
48.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.3 |
0.4 |
0.4 |
0.3 |
|
Reserves |
- |
0.0 |
3.3 |
4.2 |
0.0 |
|
Pension Benefits - Underfunded |
7.7 |
6.2 |
6.1 |
6.8 |
6.3 |
|
Other Long Term Liabilities |
2.3 |
0.9 |
0.8 |
0.8 |
0.6 |
|
Other Liabilities, Total |
10.0 |
7.1 |
10.3 |
11.8 |
6.9 |
|
Total Liabilities |
118.0 |
95.7 |
103.2 |
107.3 |
91.7 |
|
|
|
|
|
|
|
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Additional Paid-In Capital |
16.2 |
14.4 |
13.6 |
13.5 |
11.4 |
|
Retained Earnings (Accumulated Deficit) |
84.2 |
66.5 |
61.8 |
65.2 |
56.0 |
|
Treasury Stock - Common |
-4.6 |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
|
Unrealized Gain (Loss) |
-1.1 |
-0.5 |
-0.9 |
0.1 |
5.6 |
|
Translation Adjustment |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Other Equity, Total |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Total Equity |
106.4 |
91.1 |
84.7 |
90.1 |
82.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Treasury Shares - Common Stock Primary Issue |
1.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
937 |
945 |
1,069 |
1,052 |
1,079 |
|
Number of Common Shareholders |
994 |
989 |
963 |
950 |
883 |
|
Total Long Term Debt, Supplemental |
42.4 |
36.2 |
32.8 |
30.2 |
26.3 |
|
Long Term Debt Maturing within 1 Year |
7.0 |
11.1 |
5.4 |
7.1 |
13.3 |
|
Long Term Debt Maturing in Year 2 |
17.4 |
2.7 |
8.6 |
4.8 |
5.1 |
|
Long Term Debt Maturing in Year 3 |
13.4 |
12.0 |
0.6 |
8.0 |
3.2 |
|
Long Term Debt Maturing in Year 4 |
2.4 |
9.2 |
10.1 |
0.2 |
4.6 |
|
Long Term Debt Maturing in Year 5 |
1.1 |
0.3 |
8.1 |
10.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
30.9 |
14.7 |
9.2 |
12.8 |
8.3 |
|
Long Term Debt Maturing in 4-5 Years |
3.5 |
9.5 |
18.2 |
10.2 |
4.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.0 |
0.9 |
0.0 |
0.0 |
0.2 |
|
Total Capital Leases, Supplemental |
3.7 |
0.8 |
0.3 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.7 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.3 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
1.8 |
0.4 |
0.1 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.1 |
0.2 |
0.1 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
Pension Obligation - Domestic |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Plan Assets - Domestic |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
Funded Status - Domestic |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Total Funded Status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Liabilities - Domestic |
-5.2 |
-4.2 |
-4.0 |
-4.6 |
-4.4 |
|
Other Assets, Net - Domestic |
1.3 |
0.8 |
4.0 |
0.3 |
-2.3 |
|
Net Assets Recognized on Balance Sheet |
-3.9 |
-3.4 |
0.0 |
-4.2 |
-6.7 |
|
Total Plan Obligations |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Total Plan Assets |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Depreciation/Depletion |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Unusual Items |
0.6 |
0.0 |
0.4 |
-0.1 |
0.2 |
|
Other Non-Cash Items |
1.3 |
-3.2 |
-0.3 |
2.9 |
0.0 |
|
Non-Cash Items |
2.0 |
-3.2 |
0.1 |
2.8 |
0.1 |
|
Accounts Receivable |
-13.9 |
5.5 |
3.4 |
7.5 |
-7.4 |
|
Inventories |
-1.9 |
12.2 |
-5.7 |
0.3 |
0.0 |
|
Accounts Payable |
7.4 |
-4.3 |
-4.4 |
-0.9 |
-3.1 |
|
Accrued Expenses |
3.4 |
-0.6 |
-0.5 |
-0.6 |
1.8 |
|
Other Operating Cash Flow |
-2.0 |
-0.3 |
1.0 |
-6.9 |
-2.3 |
|
Changes in Working Capital |
-7.1 |
12.7 |
-6.2 |
-0.7 |
-11.0 |
|
Cash from Operating Activities |
10.0 |
16.7 |
-1.0 |
4.0 |
-1.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.5 |
-3.2 |
-3.6 |
-4.7 |
-2.9 |
|
Purchase/Acquisition of Intangibles |
-0.6 |
-0.8 |
-1.4 |
0.0 |
- |
|
Capital Expenditures |
-3.1 |
-4.0 |
-5.0 |
-4.7 |
-2.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Sale/Maturity of Investment |
0.7 |
0.9 |
0.6 |
3.6 |
0.9 |
|
Purchase of Investments |
-0.3 |
-1.1 |
-0.6 |
-0.6 |
-0.5 |
|
Other Investing Cash Flow |
1.2 |
1.2 |
-0.1 |
-0.5 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
1.6 |
1.1 |
-0.1 |
2.8 |
0.1 |
|
Cash from Investing Activities |
-1.4 |
-2.9 |
-5.1 |
-1.9 |
-2.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Total Cash Dividends Paid |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Sale/Issuance of
Common |
- |
0.0 |
0.0 |
0.0 |
- |
|
Repurchase/Retirement
of Common |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
-7.0 |
-5.1 |
-0.3 |
-1.0 |
-3.7 |
|
Long Term Debt Issued |
14.4 |
7.5 |
9.3 |
13.0 |
5.6 |
|
Long Term Debt
Reduction |
-13.6 |
-7.0 |
-7.2 |
-14.0 |
-1.6 |
|
Long Term Debt, Net |
0.7 |
0.6 |
2.1 |
-1.0 |
3.9 |
|
Issuance (Retirement) of Debt, Net |
-6.3 |
-4.5 |
1.8 |
-2.0 |
0.2 |
|
Cash from Financing Activities |
-11.1 |
-5.3 |
1.1 |
-2.7 |
-0.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
0.0 |
0.4 |
|
Net Change in Cash |
-2.8 |
8.5 |
-5.3 |
-0.6 |
-4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
39.0 |
27.4 |
30.6 |
27.5 |
30.8 |
|
Net Cash - Ending Balance |
36.1 |
35.9 |
25.3 |
26.9 |
26.8 |
|
Cash Interest Paid |
0.9 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Cash Taxes Paid |
0.5 |
1.0 |
-1.4 |
5.9 |
2.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Total Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
|
|
|
|
|
|
|
Cost of sales |
135.8 |
112.0 |
121.1 |
109.1 |
105.2 |
|
Shipping |
18.8 |
16.0 |
16.4 |
14.6 |
14.6 |
|
Advertising |
5.5 |
5.1 |
7.1 |
5.4 |
5.4 |
|
Sales Promotion |
5.7 |
4.3 |
5.8 |
5.7 |
5.5 |
|
Allow.Doubt.Acct. |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Director's remuneration |
1.5 |
1.6 |
1.6 |
1.5 |
1.5 |
|
Payrolls |
26.9 |
25.0 |
24.9 |
21.4 |
20.7 |
|
Bonuses |
7.0 |
3.3 |
4.2 |
4.1 |
4.6 |
|
Prov. for retire. benefits reserve |
2.0 |
1.9 |
1.5 |
1.2 |
1.2 |
|
Reserve for officers retirement |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Welfare Expenses |
6.8 |
5.8 |
5.5 |
4.9 |
4.8 |
|
Depreciation |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Rental Expense |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Travel & Transportation |
4.2 |
4.1 |
4.4 |
4.0 |
3.8 |
|
Research&Develop. |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
Other SGA |
10.5 |
9.9 |
11.2 |
10.2 |
10.0 |
|
NOP Loss Val. Invest. Sec. |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
NOP Loss Retir.Inventories |
- |
- |
0.0 |
0.3 |
0.1 |
|
SP Rev.Dir.Retir.Bonus |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP Rev. of allow. for doubtful acc. |
0.0 |
-0.1 |
0.0 |
-0.2 |
0.0 |
|
SP Rev. of business losses |
0.0 |
-0.6 |
-0.9 |
0.0 |
- |
|
SP Amort. gain of prior service costs |
- |
- |
- |
- |
0.0 |
|
SP Loss Retir.Fixed Assets |
0.0 |
0.1 |
0.3 |
0.2 |
0.1 |
|
SP Prov. of allow. for doubtful acc. |
0.0 |
0.0 |
0.0 |
- |
- |
|
SP L on adj. for change of acct, asset |
1.1 |
0.0 |
- |
- |
- |
|
SP Asset impairment losses |
- |
- |
0.0 |
0.1 |
0.1 |
|
SP Reserve for Business Loss |
- |
- |
0.0 |
3.7 |
0.0 |
|
SP Settlement expenses |
- |
0.0 |
0.1 |
0.0 |
- |
|
Total Operating Expense |
232.9 |
195.0 |
210.8 |
192.7 |
183.8 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
NOP Dividend Income |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
NOP Cash purchase discounts rcvd |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
NOP Book Sales |
0.2 |
0.3 |
0.3 |
0.3 |
0.4 |
|
NOP Refund of insurance cancellation |
0.5 |
0.0 |
- |
- |
- |
|
NOP Exchange Gain |
- |
0.0 |
0.3 |
0.0 |
0.1 |
|
NOP Other Non-Op.Income |
0.7 |
0.5 |
0.4 |
0.6 |
0.4 |
|
NOP Interest Expense |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
NOP Sales Discount |
-0.2 |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
|
NOP Allow.Doubt.Acct. |
- |
0.0 |
-0.2 |
-0.1 |
-0.1 |
|
NOP Cost of Book Sales |
-0.4 |
-0.4 |
-0.5 |
-0.4 |
-0.5 |
|
NOP Bond issue expenses |
-0.2 |
0.0 |
- |
- |
- |
|
NOP Foreign exchange losses |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
NOP Amort.Bond Issu.Cost |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Op.Expense |
-0.2 |
-0.2 |
-0.3 |
-0.2 |
-0.1 |
|
SP Gain Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
SP Gain Sale Inv. Sec. |
- |
0.0 |
0.0 |
0.4 |
0.0 |
|
SP Loss Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.3 |
0.7 |
2.8 |
-1.9 |
4.6 |
|
Net Income After Taxes |
9.7 |
1.8 |
-2.5 |
-0.5 |
1.8 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Basic EPS Including ExtraOrdinary Item |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Diluted Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Diluted EPS Including ExtraOrd Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
DPS-Ordinary Shares |
0.09 |
0.06 |
0.06 |
0.05 |
0.05 |
|
Gross Dividends - Common Stock |
1.0 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Normalized Income Before Taxes |
11.1 |
1.8 |
0.0 |
1.3 |
6.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
2.7 |
-0.7 |
4.6 |
|
Normalized Income After Taxes |
10.8 |
1.3 |
-2.7 |
1.9 |
1.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.8 |
1.4 |
-2.7 |
1.9 |
1.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Diluted Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
R&D Expense (SGA) |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
R&D Expense (COGS) |
1.0 |
0.9 |
0.8 |
0.7 |
0.7 |
|
Advertising Expense |
5.5 |
5.1 |
7.1 |
5.4 |
5.4 |
|
Sales Promotion |
5.7 |
4.3 |
5.8 |
5.7 |
5.5 |
|
Interest Expense |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Amort.Bond Issu.Cost |
- |
- |
- |
- |
0.0 |
|
Rental Expense |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Reported Operating Profit |
11.4 |
2.6 |
0.8 |
1.9 |
6.9 |
|
Reported Ordinary Profit |
11.1 |
1.8 |
-0.1 |
0.8 |
6.5 |
|
Service cost |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Interest cost |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Expected return on plan assets |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial gains and losses |
0.7 |
0.9 |
0.4 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Total Pension Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.88 |
93.44 |
98.77 |
99.535 |
118.075 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Note&Acct.Rcvl. |
92.8 |
69.7 |
71.1 |
74.4 |
69.3 |
|
Inventories |
- |
- |
- |
36.7 |
31.2 |
|
Inventories - merchandise/finished goods |
15.3 |
11.8 |
16.9 |
- |
- |
|
Inventories - work-in-process |
2.6 |
2.6 |
2.4 |
- |
- |
|
Inventories - raw materials/supplies |
20.3 |
18.1 |
22.9 |
- |
- |
|
Deferred Tax |
4.4 |
2.7 |
3.2 |
2.8 |
1.4 |
|
Other Curr.Asset |
2.8 |
2.7 |
2.6 |
5.2 |
4.4 |
|
Allow.Doubt.Acct |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Total Current Assets |
175.5 |
143.6 |
145.1 |
150.2 |
132.7 |
|
|
|
|
|
|
|
|
Bldg.&Structures |
55.9 |
49.5 |
46.8 |
47.6 |
40.0 |
|
Depreciation- bldg. & structures |
-46.4 |
-40.1 |
-38.1 |
-37.8 |
-31.6 |
|
Mach.&Vehicles |
36.2 |
32.7 |
31.3 |
33.1 |
27.5 |
|
Depreciation - mach. & vehicles |
-32.1 |
-28.6 |
-26.5 |
-27.9 |
-23.6 |
|
Tools |
49.3 |
43.7 |
41.7 |
41.4 |
35.7 |
|
Depreciation - tools & equipment |
-47.1 |
-41.7 |
-39.2 |
-38.6 |
-32.7 |
|
Land |
15.0 |
13.2 |
12.5 |
13.7 |
11.6 |
|
Lease assets, gross |
4.5 |
1.0 |
0.3 |
0.0 |
- |
|
Accum. depr - lease assets |
-0.8 |
-0.2 |
0.0 |
0.0 |
- |
|
Constr.-in-Prog. |
0.6 |
0.1 |
0.8 |
0.3 |
0.0 |
|
Intangibles |
3.1 |
2.9 |
2.4 |
1.0 |
0.6 |
|
Invest.Securities |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
LT Loan |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
3.9 |
3.5 |
3.1 |
5.6 |
1.1 |
|
Other Asset |
4.4 |
4.8 |
5.9 |
5.4 |
5.4 |
|
Allow.Doubt.Acct |
-0.8 |
-0.8 |
-0.9 |
-0.6 |
-1.1 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Note&Acct.Pybls. |
24.5 |
16.2 |
17.9 |
21.2 |
18.8 |
|
ST Debt |
15.8 |
20.7 |
24.3 |
24.9 |
22.1 |
|
Curr.LT Debt |
5.0 |
5.8 |
5.4 |
2.1 |
4.8 |
|
Current portion of bonds |
2.1 |
5.4 |
0.0 |
5.0 |
8.5 |
|
Lease obligations |
0.9 |
0.2 |
0.1 |
0.0 |
- |
|
Other Payables |
9.0 |
6.4 |
8.8 |
9.3 |
8.2 |
|
Accrued Expense |
7.6 |
3.7 |
4.1 |
4.7 |
4.5 |
|
Corp.Tax Payable |
1.5 |
0.6 |
0.7 |
0.5 |
3.9 |
|
Consumption taxes payable |
0.5 |
1.3 |
0.3 |
0.0 |
- |
|
Reserve for directors' bonuses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Curr.Liab. |
3.5 |
3.1 |
3.5 |
4.3 |
0.8 |
|
Total Current Liabilities |
70.5 |
63.4 |
64.9 |
72.0 |
71.4 |
|
|
|
|
|
|
|
|
Corp. Bond |
29.0 |
19.3 |
23.3 |
15.1 |
8.5 |
|
LT Debt |
5.4 |
5.0 |
4.1 |
8.0 |
4.6 |
|
Lease Obligations |
2.8 |
0.6 |
0.2 |
0.0 |
- |
|
Total Long Term Debt |
37.2 |
24.9 |
27.6 |
23.1 |
13.1 |
|
|
|
|
|
|
|
|
Res.Accrd.Retir. |
5.2 |
4.2 |
4.0 |
4.6 |
4.4 |
|
Asset retirement obligations |
1.3 |
0.0 |
- |
- |
- |
|
Allow.Dir.Retir. |
2.4 |
2.0 |
2.1 |
2.2 |
1.8 |
|
Reserve for Business Loss |
- |
0.0 |
3.3 |
4.2 |
0.0 |
|
Other LT Liabs. |
1.0 |
0.9 |
0.8 |
0.8 |
0.6 |
|
Minority Interest |
0.3 |
0.3 |
0.4 |
0.4 |
0.3 |
|
Total Liabilities |
118.0 |
95.7 |
103.2 |
107.3 |
91.7 |
|
|
|
|
|
|
|
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Paid-in-Capital |
16.2 |
14.4 |
13.6 |
13.5 |
11.4 |
|
Retained Earning |
84.2 |
66.5 |
61.8 |
65.2 |
56.0 |
|
Treasury Stock |
-4.6 |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
|
UnrlzedGain-Sec. |
0.4 |
0.8 |
0.6 |
1.9 |
4.1 |
|
Deferred hedge gain/loss |
-1.5 |
-1.3 |
-1.5 |
-1.8 |
1.5 |
|
Translation Adj. |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Total Equity |
106.4 |
91.1 |
84.7 |
90.1 |
82.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
T/S-Ordinary Shares |
1.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Full-Time Employees |
937 |
945 |
1,069 |
1,052 |
1,079 |
|
Number of Common Shareholders |
994 |
989 |
963 |
950 |
883 |
|
LT Debts Maturing within 1yr. |
7.0 |
11.1 |
5.4 |
7.1 |
13.3 |
|
LT Debts Maturing within 2yr. |
17.4 |
2.7 |
8.6 |
4.8 |
5.1 |
|
LT Debts Maturing within 3yr. |
13.4 |
12.0 |
0.6 |
8.0 |
3.2 |
|
LT Debts Maturing within 4yr. |
2.4 |
9.2 |
10.1 |
0.2 |
4.6 |
|
LT Debts Maturing within 5yr. |
1.1 |
0.3 |
8.1 |
10.0 |
- |
|
Remaining |
1.0 |
0.9 |
- |
- |
0.2 |
|
Total Long Term Debt, Supplemental |
42.4 |
36.2 |
32.8 |
30.2 |
26.3 |
|
Capital Lease due in 1 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 2 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 3 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 4 Yr. |
0.7 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 5 Yr. |
0.3 |
0.1 |
0.0 |
- |
- |
|
Remainings |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Capital Leases |
3.7 |
0.8 |
0.3 |
- |
- |
|
Pension obligation |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Fair value of plan asset |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
Funded status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Total Funded Status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Unrecognized actuarial gains and losses |
1.3 |
0.8 |
4.0 |
0.3 |
-2.3 |
|
Provision for pension |
-5.2 |
-4.2 |
-4.0 |
-4.6 |
-4.4 |
|
Net Assets Recognized on Balance Sheet |
-3.9 |
-3.4 |
0.0 |
-4.2 |
-6.7 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income bf. Tax |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
L on adj. for change of acct. asset |
1.1 |
0.0 |
- |
- |
- |
|
Impairment Loss |
- |
- |
0.0 |
0.1 |
0.1 |
|
Allow.Doubt.Acct. |
-0.1 |
-0.2 |
0.3 |
-0.9 |
0.1 |
|
Reserve for Director Bonus |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Res.Accrd.Retir.Ben. |
0.5 |
0.0 |
-0.5 |
-0.6 |
-0.4 |
|
Allow.Dir.Retir.Bon. |
0.2 |
-0.2 |
-0.1 |
0.0 |
0.1 |
|
Reserve for Business Losses |
0.0 |
-3.6 |
-0.9 |
3.7 |
0.0 |
|
Inter.&Div. Income |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Interest Expese |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Amort.BondIssu.Cost |
- |
0.0 |
0.2 |
0.1 |
0.0 |
|
Exchange Gain/Loss |
- |
0.0 |
-0.1 |
0.0 |
-0.4 |
|
Gain Sale Inv. Sec. |
- |
0.0 |
0.0 |
-0.4 |
- |
|
Loss Val. Inv. Sec. |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Amort. of prior service costs |
- |
- |
- |
- |
0.0 |
|
Gain Sale PP&E |
0.0 |
0.0 |
- |
-0.1 |
0.0 |
|
Loss Sale PP&E |
- |
- |
0.0 |
- |
0.0 |
|
Loss Retir. PP&E |
0.0 |
0.1 |
0.3 |
0.2 |
0.1 |
|
Gain on return of insurance contract |
-0.5 |
0.0 |
- |
- |
- |
|
Acct. Receivables |
-13.9 |
5.5 |
3.4 |
7.5 |
-7.4 |
|
Inventories |
-1.9 |
12.2 |
-5.7 |
0.3 |
0.0 |
|
Acct. Payables |
6.3 |
-2.7 |
-3.3 |
-0.9 |
-5.1 |
|
Other Payables |
1.1 |
-1.6 |
-1.1 |
0.0 |
2.1 |
|
Accrued Expenses |
3.4 |
-0.6 |
-0.5 |
-0.6 |
1.8 |
|
Bonus Paid Directors |
- |
- |
- |
0.0 |
0.0 |
|
Director Bonus by MI |
- |
- |
- |
0.0 |
0.0 |
|
Other |
-0.8 |
1.5 |
0.5 |
-0.5 |
1.1 |
|
Inter.&Div. Received |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Interest Paid |
-0.9 |
-0.9 |
-1.0 |
-0.7 |
-0.7 |
|
Tax Paid |
-0.5 |
-1.0 |
-0.8 |
-5.9 |
-2.8 |
|
Tax Refund |
- |
0.0 |
2.1 |
0.0 |
- |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
10.0 |
16.7 |
-1.0 |
4.0 |
-1.1 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.2 |
-1.0 |
-0.6 |
-0.5 |
-0.5 |
|
Time Deposit Matured |
0.7 |
0.9 |
0.6 |
0.5 |
0.9 |
|
Capital Expenditures |
-2.5 |
-3.2 |
-3.6 |
-4.7 |
-2.9 |
|
Sale PP&E |
0.0 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Retirement of PP&E |
- |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Purchase of intangible assets |
-0.6 |
-0.8 |
-1.4 |
0.0 |
- |
|
Purch. Invest. Sec. |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale Invest. Sec. |
- |
0.0 |
0.0 |
3.0 |
0.0 |
|
Payments of loans receivable |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Loan Collected |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Sale of Membership |
- |
- |
0.0 |
0.1 |
0.0 |
|
Proceeds from collection of guarantee de |
0.0 |
1.4 |
0.0 |
- |
- |
|
Other |
1.2 |
-0.2 |
-0.1 |
-0.5 |
-0.2 |
|
Cash from Investing Activities |
-1.4 |
-2.9 |
-5.1 |
-1.9 |
-2.8 |
|
|
|
|
|
|
|
|
ST Debt, Net |
-7.0 |
-5.1 |
-0.3 |
-1.0 |
-3.7 |
|
Lease Refund |
-0.5 |
-0.1 |
0.0 |
0.0 |
- |
|
LT Debt Proceed |
5.3 |
7.5 |
1.5 |
4.4 |
5.6 |
|
LT Debt Paid |
-6.9 |
-6.8 |
-2.2 |
-5.3 |
-1.6 |
|
Corp.Bond Issued |
9.1 |
0.0 |
7.8 |
8.7 |
0.0 |
|
Redemption of Corporate Bond |
-6.2 |
0.0 |
-5.0 |
-8.7 |
0.0 |
|
Sale Treasury Stock |
- |
0.0 |
0.0 |
0.0 |
- |
|
Purch. TreasuryStock |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Dividend Paid MI |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-11.1 |
-5.3 |
1.1 |
-2.7 |
-0.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
0.0 |
0.4 |
|
Net Change in Cash |
-2.8 |
8.5 |
-5.3 |
-0.6 |
-4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
39.0 |
27.4 |
30.6 |
27.5 |
30.8 |
|
Net Cash - Ending Balance |
36.1 |
35.9 |
25.3 |
26.9 |
26.8 |
|
Cash Interest Paid |
0.9 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Cash Taxes Paid |
0.5 |
1.0 |
-1.4 |
5.9 |
2.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 |
68.4 |
-0.12% |
243.1 |
13.04% |
-1.48% |
-1.15% |
|
Research & Development1 |
0.1 |
5.19% |
0.4 |
-7.39% |
-18.33% |
-13.58% |
|
Operating Income1 |
3.6 |
7.17% |
10.2 |
187.57% |
- |
62.92% |
|
Income Available to Common Excl Extraord Items1 |
1.5 |
-41.22% |
9.7 |
363.58% |
- |
- |
|
Basic EPS Excl Extraord Items1 |
0.15 |
-38.03% |
0.89 |
398.80% |
- |
- |
|
Capital Expenditures2 |
3.4 |
- |
3.1 |
-29.61% |
-21.27% |
5.37% |
|
Cash from Operating Activities2 |
10.0 |
- |
10.0 |
-44.49% |
23.74% |
-2.16% |
|
Free Cash Flow |
6.7 |
- |
7.2 |
-49.20% |
- |
-4.62% |
|
Total Assets3 |
235.6 |
4.23% |
224.4 |
6.58% |
-1.82% |
-2.07% |
|
Total Liabilities3 |
120.8 |
-1.68% |
118.0 |
9.41% |
-2.89% |
-2.48% |
|
Total Long Term Debt3 |
38.9 |
-5.20% |
37.2 |
32.63% |
10.28% |
4.37% |
|
Employees3 |
- |
- |
937 |
-0.85% |
-3.79% |
-3.26% |
|
Total Common Shares Outstanding3 |
10.5 |
-0.02% |
10.5 |
-11.12% |
-3.88% |
-2.37% |
|
1-ExchangeRate: JPY to USD Average for Period |
77.752043 |
 |
85.691434 |
 |
 |
 |
|
2-ExchangeRate: JPY to USD Average for Period |
79.672811 |
 |
85.691434 |
 |
 |
 |
|
3-ExchangeRate: JPY to USD Period End Date |
77.080000 |
 |
82.880000 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Profitability |
|||||
|
Gross Margin |
44.12% |
43.51% |
42.85% |
42.61% |
44.68% |
|
Operating Margin |
4.21% |
1.65% |
0.56% |
-1.13% |
3.47% |
|
Pretax Margin |
4.11% |
1.29% |
0.17% |
-1.26% |
3.32% |
|
Net Profit Margin |
3.98% |
0.97% |
-1.16% |
-0.25% |
0.91% |
|
Financial Strength |
|||||
|
Current Ratio |
2.49 |
2.27 |
2.24 |
2.08 |
1.86 |
|
Long Term Debt/Equity |
0.35 |
0.27 |
0.33 |
0.26 |
0.16 |
|
Total Debt/Equity |
0.57 |
0.62 |
0.68 |
0.61 |
0.59 |
|
Management Effectiveness |
|||||
|
Return on Assets |
4.61% |
0.95% |
-1.30% |
-0.26% |
0.99% |
|
Return on Equity |
9.58% |
2.12% |
-2.86% |
-0.59% |
2.09% |
|
Efficiency |
|||||
|
Receivables Turnover |
2.94 |
2.73 |
2.96 |
2.81 |
2.89 |
|
Inventory Turnover |
3.75 |
2.89 |
3.11 |
3.41 |
3.34 |
|
Asset Turnover |
1.16 |
1.02 |
1.12 |
1.08 |
1.08 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) |
4.18 |
. |
Enterprise Value2 |
77.7 |
|
Price/Sales (TTM) |
0.21 |
. |
Enterprise Value/Revenue (TTM) |
0.28 |
|
Price/Book (MRQ) |
0.45 |
. |
Enterprise Value/EBITDA (TTM) |
3.95 |
|
Market Cap as of 11-Nov-20111 |
58.2 |
. |
|
|
|
1-ExchangeRate: JPY to USD on 11-Nov-2011 |
77.070000 |
|
|
|
|
2-ExchangeRate: JPY to USD on 30-Sep-2011 |
77.080000 |
|
|
|
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Total Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
135.8 |
112.0 |
121.1 |
109.4 |
105.3 |
|
Cost of Revenue, Total |
135.8 |
112.0 |
121.1 |
109.4 |
105.3 |
|
Gross Profit |
107.3 |
86.3 |
90.8 |
81.2 |
85.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
38.1 |
34.9 |
37.6 |
33.6 |
32.9 |
|
Labor & Related Expense |
44.4 |
37.8 |
38.0 |
33.3 |
33.0 |
|
Advertising Expense |
11.2 |
9.5 |
13.0 |
11.1 |
10.9 |
|
Total Selling/General/Administrative Expenses |
93.6 |
82.2 |
88.6 |
78.1 |
76.8 |
|
Research & Development |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
Depreciation |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Depreciation/Amortization |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Litigation |
- |
0.0 |
0.1 |
0.0 |
- |
|
Impairment-Assets Held for Use |
0.0 |
0.1 |
0.3 |
0.3 |
0.2 |
|
Impairment-Assets Held for Sale |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
1.1 |
-0.7 |
-0.9 |
3.4 |
0.0 |
|
Unusual Expense (Income) |
1.1 |
-0.7 |
-0.3 |
3.8 |
0.2 |
|
Total Operating Expense |
232.9 |
195.0 |
210.8 |
192.7 |
183.8 |
|
|
|
|
|
|
|
|
Operating Income |
10.2 |
3.3 |
1.2 |
-2.2 |
6.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
Interest Expense, Net Non-Operating |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Investment Income -
Non-Operating |
0.0 |
0.0 |
0.3 |
0.4 |
0.2 |
|
Interest/Investment Income - Non-Operating |
0.0 |
0.1 |
0.4 |
0.5 |
0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.8 |
-0.9 |
-0.5 |
-0.3 |
-0.4 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Other Non-Operating Income (Expense) |
0.6 |
0.1 |
-0.3 |
0.0 |
0.1 |
|
Other, Net |
0.6 |
0.1 |
-0.3 |
0.0 |
0.1 |
|
Income Before Tax |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
0.3 |
0.7 |
2.8 |
-1.9 |
4.6 |
|
Income After Tax |
9.7 |
1.8 |
-2.5 |
-0.5 |
1.8 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Basic EPS Excl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Basic/Primary EPS Incl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Diluted Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Diluted EPS Excl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Diluted EPS Incl Extraord Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.06 |
0.06 |
0.05 |
0.05 |
|
Gross Dividends - Common Stock |
1.0 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Interest Expense, Supplemental |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Depreciation, Supplemental |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Total Special Items |
1.1 |
-0.7 |
-0.3 |
3.7 |
0.2 |
|
Normalized Income Before Tax |
11.1 |
1.8 |
0.0 |
1.3 |
6.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-0.2 |
-0.1 |
1.3 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
2.7 |
-0.7 |
4.6 |
|
Normalized Income After Tax |
10.8 |
1.3 |
-2.7 |
1.9 |
1.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.8 |
1.4 |
-2.7 |
1.9 |
1.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Diluted Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Rental Expenses |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Advertising Expense, Supplemental |
11.2 |
9.5 |
13.0 |
11.1 |
10.9 |
|
Research & Development Exp, Supplemental |
1.4 |
1.2 |
1.3 |
1.2 |
1.3 |
|
Reported Operating Profit |
11.4 |
2.6 |
0.8 |
1.9 |
6.9 |
|
Reported Ordinary Profit |
11.1 |
1.8 |
-0.1 |
0.8 |
6.5 |
|
Normalized EBIT |
11.4 |
2.6 |
0.8 |
1.6 |
6.8 |
|
Normalized EBITDA |
16.5 |
7.2 |
5.6 |
5.9 |
10.2 |
|
Interest Cost - Domestic |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Service Cost - Domestic |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Expected Return on Assets - Domestic |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial Gains and Losses - Domestic |
0.7 |
0.9 |
0.4 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Total Pension Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Total Plan Service Cost |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Total Plan Expected Return |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
77.752043 |
81.605269 |
82.241044 |
82.567473 |
85.838925 |
|
|
|
|
|
|
|
|
Net Sales |
68.4 |
56.8 |
69.1 |
66.1 |
62.0 |
|
Revenue |
68.4 |
56.8 |
69.1 |
66.1 |
62.0 |
|
Total Revenue |
68.4 |
56.8 |
69.1 |
66.1 |
62.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
38.5 |
32.9 |
40.1 |
35.1 |
35.0 |
|
Cost of Revenue, Total |
38.5 |
32.9 |
40.1 |
35.1 |
35.0 |
|
Gross Profit |
29.9 |
23.9 |
28.9 |
30.9 |
27.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
10.7 |
9.6 |
10.0 |
10.0 |
9.5 |
|
Labor & Related Expense |
12.2 |
11.8 |
12.4 |
11.2 |
11.3 |
|
Advertising Expense |
2.6 |
2.8 |
2.4 |
2.7 |
2.6 |
|
Total Selling/General/Administrative Expenses |
25.5 |
24.2 |
24.7 |
23.9 |
23.4 |
|
Research & Development |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Depreciation |
0.6 |
0.5 |
0.6 |
0.6 |
0.4 |
|
Depreciation/Amortization |
0.6 |
0.5 |
0.6 |
0.6 |
0.4 |
|
Impairment-Assets Held for Use |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
Unusual Expense (Income) |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Total Operating Expense |
64.8 |
57.8 |
65.6 |
59.7 |
59.0 |
|
|
|
|
|
|
|
|
Operating Income |
3.6 |
-1.0 |
3.5 |
6.3 |
3.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Interest Expense, Net Non-Operating |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
|
Interest Income -
Non-Operating |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Investment Income -
Non-Operating |
-0.2 |
0.1 |
0.0 |
0.0 |
-0.1 |
|
Interest/Investment Income - Non-Operating |
-0.2 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-0.4 |
-0.1 |
-0.2 |
-0.2 |
-0.3 |
|
Gain (Loss) on Sale of Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Operating Income (Expense) |
-0.1 |
0.1 |
0.7 |
0.0 |
-0.2 |
|
Other, Net |
-0.1 |
0.1 |
0.7 |
0.0 |
-0.2 |
|
Income Before Tax |
3.1 |
-1.1 |
4.0 |
6.2 |
2.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
1.6 |
-0.7 |
-0.4 |
0.3 |
0.2 |
|
Income After Tax |
1.6 |
-0.4 |
4.5 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extraord Items |
1.5 |
-0.4 |
4.4 |
5.9 |
2.4 |
|
Net Income |
1.5 |
-0.4 |
4.4 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
1.5 |
-0.4 |
4.4 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1.5 |
-0.4 |
4.4 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
10.5 |
10.5 |
10.5 |
10.5 |
11.0 |
|
Basic EPS Excl Extraord Items |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Basic/Primary EPS Incl Extraord Items |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1.5 |
-0.4 |
4.4 |
5.9 |
2.4 |
|
Diluted Weighted Average Shares |
10.5 |
10.5 |
10.5 |
10.5 |
11.0 |
|
Diluted EPS Excl Extraord Items |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Diluted EPS Incl Extraord Items |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.00 |
0.06 |
0.00 |
0.03 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.6 |
0.0 |
0.4 |
|
Interest Expense, Supplemental |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Depreciation, Supplemental |
1.8 |
1.4 |
1.5 |
1.5 |
1.2 |
|
Total Special Items |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Tax |
3.1 |
-1.0 |
4.0 |
6.2 |
2.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
1.6 |
-0.7 |
-0.4 |
0.3 |
0.2 |
|
Normalized Income After Tax |
1.6 |
-0.3 |
4.5 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.6 |
-0.3 |
4.4 |
5.9 |
2.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Diluted Normalized EPS |
0.15 |
-0.03 |
0.42 |
0.57 |
0.22 |
|
Rental Expenses |
1.2 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Advertising Expense, Supplemental |
2.6 |
2.8 |
2.4 |
2.7 |
2.6 |
|
Research & Development Exp, Supplemental |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Reported Operating Profit |
3.6 |
-0.9 |
3.5 |
6.4 |
3.1 |
|
Reported Ordinary Profit |
3.1 |
-1.0 |
4.0 |
6.2 |
2.6 |
|
Normalized EBIT |
3.6 |
-0.9 |
3.5 |
6.4 |
3.0 |
|
Normalized EBITDA |
5.4 |
0.5 |
5.0 |
7.8 |
4.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.88 |
93.44 |
98.77 |
99.535 |
118.075 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Cash and Short Term Investments |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Accounts Receivable -
Trade, Gross |
92.8 |
69.7 |
71.1 |
74.4 |
69.3 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Trade Accounts Receivable - Net |
92.7 |
69.6 |
70.9 |
74.3 |
68.8 |
|
Total Receivables, Net |
92.7 |
69.6 |
70.9 |
74.3 |
68.8 |
|
Inventories - Finished Goods |
15.3 |
11.8 |
16.9 |
- |
- |
|
Inventories - Work In Progress |
2.6 |
2.6 |
2.4 |
- |
- |
|
Inventories - Raw Materials |
20.3 |
18.1 |
22.9 |
- |
- |
|
Total Inventory |
38.2 |
32.5 |
42.2 |
36.7 |
31.2 |
|
Deferred Income Tax - Current Asset |
4.4 |
2.7 |
3.2 |
2.8 |
1.4 |
|
Other Current Assets |
2.8 |
2.7 |
2.6 |
5.2 |
4.4 |
|
Other Current Assets, Total |
7.2 |
5.4 |
5.8 |
8.0 |
5.8 |
|
Total Current Assets |
175.5 |
143.6 |
145.1 |
150.2 |
132.7 |
|
|
|
|
|
|
|
|
Buildings |
55.9 |
49.5 |
46.8 |
47.6 |
40.0 |
|
Land/Improvements |
15.0 |
13.2 |
12.5 |
13.7 |
11.6 |
|
Machinery/Equipment |
85.5 |
76.4 |
73.0 |
74.5 |
63.3 |
|
Construction in
Progress |
0.6 |
0.1 |
0.8 |
0.3 |
0.0 |
|
Leases |
4.5 |
1.0 |
0.3 |
0.0 |
- |
|
Property/Plant/Equipment - Gross |
161.5 |
140.2 |
133.4 |
136.1 |
115.0 |
|
Accumulated Depreciation |
-126.3 |
-110.6 |
-103.9 |
-104.4 |
-88.0 |
|
Property/Plant/Equipment - Net |
35.1 |
29.6 |
29.6 |
31.7 |
27.0 |
|
Intangibles, Net |
3.1 |
2.9 |
2.4 |
1.0 |
0.6 |
|
LT Investments - Other |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
Long Term Investments |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
Note Receivable - Long Term |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
3.9 |
3.5 |
3.1 |
5.6 |
1.1 |
|
Other Long Term Assets |
3.6 |
4.0 |
5.1 |
4.8 |
4.3 |
|
Other Long Term Assets, Total |
7.5 |
7.6 |
8.1 |
10.4 |
5.5 |
|
Total Assets |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
24.5 |
16.2 |
17.9 |
21.2 |
18.8 |
|
Accrued Expenses |
8.2 |
5.1 |
4.3 |
4.7 |
4.5 |
|
Notes Payable/Short Term Debt |
15.8 |
20.7 |
24.3 |
24.9 |
22.1 |
|
Current Portion - Long Term Debt/Capital Leases |
7.9 |
11.3 |
5.4 |
7.1 |
13.3 |
|
Income Taxes Payable |
1.5 |
0.6 |
0.7 |
0.5 |
3.9 |
|
Other Payables |
9.0 |
6.4 |
8.8 |
9.3 |
8.2 |
|
Other Current Liabilities |
3.5 |
3.1 |
3.5 |
4.3 |
0.8 |
|
Other Current liabilities, Total |
14.0 |
10.1 |
13.0 |
14.1 |
12.8 |
|
Total Current Liabilities |
70.5 |
63.4 |
64.9 |
72.0 |
71.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
34.4 |
24.3 |
27.4 |
23.1 |
13.1 |
|
Capital Lease Obligations |
2.8 |
0.6 |
0.2 |
0.0 |
- |
|
Total Long Term Debt |
37.2 |
24.9 |
27.6 |
23.1 |
13.1 |
|
Total Debt |
60.9 |
56.9 |
57.3 |
55.1 |
48.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.3 |
0.4 |
0.4 |
0.3 |
|
Reserves |
- |
0.0 |
3.3 |
4.2 |
0.0 |
|
Pension Benefits - Underfunded |
7.7 |
6.2 |
6.1 |
6.8 |
6.3 |
|
Other Long Term Liabilities |
2.3 |
0.9 |
0.8 |
0.8 |
0.6 |
|
Other Liabilities, Total |
10.0 |
7.1 |
10.3 |
11.8 |
6.9 |
|
Total Liabilities |
118.0 |
95.7 |
103.2 |
107.3 |
91.7 |
|
|
|
|
|
|
|
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Additional Paid-In Capital |
16.2 |
14.4 |
13.6 |
13.5 |
11.4 |
|
Retained Earnings (Accumulated Deficit) |
84.2 |
66.5 |
61.8 |
65.2 |
56.0 |
|
Treasury Stock - Common |
-4.6 |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
|
Unrealized Gain (Loss) |
-1.1 |
-0.5 |
-0.9 |
0.1 |
5.6 |
|
Translation Adjustment |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Other Equity, Total |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Total Equity |
106.4 |
91.1 |
84.7 |
90.1 |
82.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Treasury Shares - Common Stock Primary Issue |
1.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
937 |
945 |
1,069 |
1,052 |
1,079 |
|
Number of Common Shareholders |
994 |
989 |
963 |
950 |
883 |
|
Total Long Term Debt, Supplemental |
42.4 |
36.2 |
32.8 |
30.2 |
26.3 |
|
Long Term Debt Maturing within 1 Year |
7.0 |
11.1 |
5.4 |
7.1 |
13.3 |
|
Long Term Debt Maturing in Year 2 |
17.4 |
2.7 |
8.6 |
4.8 |
5.1 |
|
Long Term Debt Maturing in Year 3 |
13.4 |
12.0 |
0.6 |
8.0 |
3.2 |
|
Long Term Debt Maturing in Year 4 |
2.4 |
9.2 |
10.1 |
0.2 |
4.6 |
|
Long Term Debt Maturing in Year 5 |
1.1 |
0.3 |
8.1 |
10.0 |
- |
|
Long Term Debt Maturing in 2-3 Years |
30.9 |
14.7 |
9.2 |
12.8 |
8.3 |
|
Long Term Debt Maturing in 4-5 Years |
3.5 |
9.5 |
18.2 |
10.2 |
4.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
1.0 |
0.9 |
0.0 |
0.0 |
0.2 |
|
Total Capital Leases, Supplemental |
3.7 |
0.8 |
0.3 |
- |
- |
|
Capital Lease Payments Due in Year 1 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 2 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 3 |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 4 |
0.7 |
0.2 |
0.1 |
- |
- |
|
Capital Lease Payments Due in Year 5 |
0.3 |
0.1 |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
1.8 |
0.4 |
0.1 |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.1 |
0.2 |
0.1 |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
- |
|
Pension Obligation - Domestic |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Plan Assets - Domestic |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
Funded Status - Domestic |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Total Funded Status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Liabilities - Domestic |
-5.2 |
-4.2 |
-4.0 |
-4.6 |
-4.4 |
|
Other Assets, Net - Domestic |
1.3 |
0.8 |
4.0 |
0.3 |
-2.3 |
|
Net Assets Recognized on Balance Sheet |
-3.9 |
-3.4 |
0.0 |
-4.2 |
-6.7 |
|
Total Plan Obligations |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Total Plan Assets |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
77.08 |
80.76 |
82.88 |
81.105 |
83.54 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
44.9 |
41.7 |
37.4 |
30.8 |
36.3 |
|
Cash and Short Term Investments |
44.9 |
41.7 |
37.4 |
30.8 |
36.3 |
|
Accounts Receivable -
Trade, Gross |
87.7 |
83.7 |
92.8 |
93.4 |
78.1 |
|
Provision for Doubtful
Accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Trade Accounts Receivable - Net |
87.6 |
83.6 |
92.7 |
93.2 |
78.0 |
|
Total Receivables, Net |
87.6 |
83.6 |
92.7 |
93.2 |
78.0 |
|
Inventories - Finished Goods |
15.4 |
16.2 |
15.3 |
16.5 |
14.9 |
|
Inventories - Work In Progress |
2.9 |
2.8 |
2.6 |
2.7 |
2.8 |
|
Inventories - Raw Materials |
23.1 |
23.4 |
20.3 |
22.4 |
20.7 |
|
Total Inventory |
41.4 |
42.4 |
38.2 |
41.6 |
38.4 |
|
Deferred Income Tax - Current Asset |
6.4 |
7.2 |
4.4 |
3.6 |
3.5 |
|
Other Current Assets |
2.9 |
2.8 |
2.8 |
2.4 |
2.4 |
|
Other Current Assets, Total |
9.3 |
10.0 |
7.2 |
6.0 |
6.0 |
|
Total Current Assets |
183.2 |
177.7 |
175.5 |
171.6 |
158.6 |
|
|
|
|
|
|
|
|
Buildings |
60.1 |
57.4 |
55.9 |
57.2 |
55.7 |
|
Land/Improvements |
16.1 |
15.4 |
15.0 |
15.2 |
14.8 |
|
Machinery/Equipment |
95.7 |
88.6 |
85.5 |
87.5 |
86.1 |
|
Construction in
Progress |
0.3 |
1.1 |
0.6 |
0.1 |
0.1 |
|
Leases |
5.2 |
4.7 |
4.5 |
4.5 |
3.5 |
|
Property/Plant/Equipment - Gross |
177.4 |
167.2 |
161.5 |
164.6 |
160.3 |
|
Accumulated Depreciation |
-137.2 |
-130.1 |
-126.3 |
-128.9 |
-125.4 |
|
Property/Plant/Equipment - Net |
40.2 |
37.0 |
35.1 |
35.6 |
34.9 |
|
Intangibles, Net |
3.0 |
3.0 |
3.1 |
3.4 |
3.4 |
|
LT Investments - Other |
3.2 |
3.1 |
3.1 |
3.3 |
2.9 |
|
Long Term Investments |
3.2 |
3.1 |
3.1 |
3.3 |
2.9 |
|
Note Receivable - Long Term |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Deferred Income Tax - Long Term Asset |
2.4 |
2.2 |
3.9 |
4.5 |
4.3 |
|
Other Long Term Assets |
3.6 |
3.5 |
3.6 |
4.3 |
4.4 |
|
Other Long Term Assets, Total |
6.0 |
5.7 |
7.5 |
8.8 |
8.7 |
|
Total Assets |
235.6 |
226.6 |
224.4 |
222.8 |
208.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
21.8 |
23.4 |
24.5 |
24.0 |
21.1 |
|
Accrued Expenses |
7.5 |
5.4 |
7.7 |
5.0 |
6.5 |
|
Notes Payable/Short Term Debt |
17.0 |
19.4 |
15.8 |
16.9 |
17.1 |
|
Current Portion - Long Term Debt/Capital Leases |
8.1 |
7.9 |
7.9 |
7.5 |
7.4 |
|
Income Taxes Payable |
0.7 |
0.4 |
1.5 |
1.0 |
0.8 |
|
Other Payables |
10.9 |
8.7 |
9.0 |
7.4 |
7.5 |
|
Other Current Liabilities |
4.5 |
5.4 |
4.1 |
5.8 |
4.8 |
|
Other Current liabilities, Total |
16.1 |
14.5 |
14.5 |
14.3 |
13.1 |
|
Total Current Liabilities |
70.6 |
70.5 |
70.5 |
67.7 |
65.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
36.1 |
34.4 |
34.4 |
37.7 |
35.3 |
|
Capital Lease Obligations |
2.9 |
2.7 |
2.8 |
3.1 |
2.6 |
|
Total Long Term Debt |
38.9 |
37.2 |
37.2 |
40.8 |
37.9 |
|
Total Debt |
64.1 |
64.5 |
60.9 |
65.2 |
62.4 |
|
|
|
|
|
|
|
|
Minority Interest |
0.4 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Reserves |
1.4 |
1.4 |
1.3 |
1.4 |
1.3 |
|
Pension Benefits - Underfunded |
8.3 |
7.7 |
7.7 |
7.9 |
7.6 |
|
Other Long Term Liabilities |
1.1 |
1.0 |
1.0 |
1.0 |
1.0 |
|
Other Liabilities, Total |
10.9 |
10.1 |
10.0 |
10.3 |
9.9 |
|
Total Liabilities |
120.8 |
118.1 |
118.0 |
119.1 |
113.4 |
|
|
|
|
|
|
|
|
Common Stock |
15.2 |
14.5 |
14.1 |
14.4 |
14.0 |
|
Common Stock |
15.2 |
14.5 |
14.1 |
14.4 |
14.0 |
|
Additional Paid-In Capital |
17.4 |
16.7 |
16.2 |
16.6 |
16.1 |
|
Retained Earnings (Accumulated Deficit) |
91.2 |
85.6 |
84.2 |
81.5 |
73.7 |
|
Treasury Stock - Common |
-4.8 |
-4.8 |
-4.6 |
-4.7 |
-4.6 |
|
Unrealized Gain (Loss) |
-1.7 |
-1.2 |
-1.1 |
-1.8 |
-2.1 |
|
Translation Adjustment |
-2.5 |
-2.1 |
-2.3 |
-2.2 |
-1.8 |
|
Other Equity, Total |
-2.5 |
-2.1 |
-2.3 |
-2.2 |
-1.8 |
|
Total Equity |
114.8 |
108.6 |
106.4 |
103.8 |
95.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
235.6 |
226.6 |
224.4 |
222.8 |
208.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
10.5 |
10.5 |
10.5 |
10.5 |
10.5 |
|
Total Common Shares Outstanding |
10.5 |
10.5 |
10.5 |
10.5 |
10.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.4 |
1.4 |
1.4 |
1.4 |
1.4 |
|
Employees |
- |
- |
937 |
945 |
953 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Depreciation/Depletion |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Unusual Items |
0.6 |
0.0 |
0.4 |
-0.1 |
0.2 |
|
Other Non-Cash Items |
1.3 |
-3.2 |
-0.3 |
2.9 |
0.0 |
|
Non-Cash Items |
2.0 |
-3.2 |
0.1 |
2.8 |
0.1 |
|
Accounts Receivable |
-13.9 |
5.5 |
3.4 |
7.5 |
-7.4 |
|
Inventories |
-1.9 |
12.2 |
-5.7 |
0.3 |
0.0 |
|
Accounts Payable |
7.4 |
-4.3 |
-4.4 |
-0.9 |
-3.1 |
|
Accrued Expenses |
3.4 |
-0.6 |
-0.5 |
-0.6 |
1.8 |
|
Other Operating Cash Flow |
-2.0 |
-0.3 |
1.0 |
-6.9 |
-2.3 |
|
Changes in Working Capital |
-7.1 |
12.7 |
-6.2 |
-0.7 |
-11.0 |
|
Cash from Operating Activities |
10.0 |
16.7 |
-1.0 |
4.0 |
-1.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-2.5 |
-3.2 |
-3.6 |
-4.7 |
-2.9 |
|
Purchase/Acquisition of Intangibles |
-0.6 |
-0.8 |
-1.4 |
0.0 |
- |
|
Capital Expenditures |
-3.1 |
-4.0 |
-5.0 |
-4.7 |
-2.9 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Sale/Maturity of Investment |
0.7 |
0.9 |
0.6 |
3.6 |
0.9 |
|
Purchase of Investments |
-0.3 |
-1.1 |
-0.6 |
-0.6 |
-0.5 |
|
Other Investing Cash Flow |
1.2 |
1.2 |
-0.1 |
-0.5 |
-0.2 |
|
Other Investing Cash Flow Items, Total |
1.6 |
1.1 |
-0.1 |
2.8 |
0.1 |
|
Cash from Investing Activities |
-1.4 |
-2.9 |
-5.1 |
-1.9 |
-2.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Total Cash Dividends Paid |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Sale/Issuance of
Common |
- |
0.0 |
0.0 |
0.0 |
- |
|
Repurchase/Retirement
of Common |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock, Net |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Debt, Net |
-7.0 |
-5.1 |
-0.3 |
-1.0 |
-3.7 |
|
Long Term Debt Issued |
14.4 |
7.5 |
9.3 |
13.0 |
5.6 |
|
Long Term Debt
Reduction |
-13.6 |
-7.0 |
-7.2 |
-14.0 |
-1.6 |
|
Long Term Debt, Net |
0.7 |
0.6 |
2.1 |
-1.0 |
3.9 |
|
Issuance (Retirement) of Debt, Net |
-6.3 |
-4.5 |
1.8 |
-2.0 |
0.2 |
|
Cash from Financing Activities |
-11.1 |
-5.3 |
1.1 |
-2.7 |
-0.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
0.0 |
0.4 |
|
Net Change in Cash |
-2.8 |
8.5 |
-5.3 |
-0.6 |
-4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
39.0 |
27.4 |
30.6 |
27.5 |
30.8 |
|
Net Cash - Ending Balance |
36.1 |
35.9 |
25.3 |
26.9 |
26.8 |
|
Cash Interest Paid |
0.9 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Cash Taxes Paid |
0.5 |
1.0 |
-1.4 |
5.9 |
2.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Sep-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
6 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.672811 |
85.691434 |
86.812446 |
88.962162 |
92.080323 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.9 |
10.0 |
6.0 |
0.1 |
-2.3 |
|
Depreciation |
3.2 |
5.1 |
3.6 |
2.2 |
1.0 |
|
Depreciation/Depletion |
3.2 |
5.1 |
3.6 |
2.2 |
1.0 |
|
Unusual Items |
0.1 |
0.6 |
1.1 |
1.1 |
1.1 |
|
Other Non-Cash Items |
0.6 |
1.3 |
1.2 |
0.9 |
0.4 |
|
Non-Cash Items |
0.7 |
2.0 |
2.3 |
2.0 |
1.5 |
|
Accounts Receivable |
11.7 |
-13.9 |
-12.3 |
-0.2 |
3.1 |
|
Inventories |
-0.3 |
-1.9 |
-4.2 |
-2.0 |
-3.5 |
|
Accounts Payable |
-4.8 |
7.4 |
4.9 |
2.7 |
2.5 |
|
Accrued Expenses |
-0.7 |
3.4 |
0.6 |
2.2 |
-0.5 |
|
Other Operating Cash Flow |
-1.9 |
-2.0 |
-1.0 |
-1.7 |
-0.9 |
|
Changes in Working Capital |
4.1 |
-7.1 |
-12.1 |
1.1 |
0.8 |
|
Cash from Operating Activities |
10.0 |
10.0 |
-0.1 |
5.4 |
1.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-3.4 |
-2.5 |
-1.2 |
-0.9 |
-0.2 |
|
Purchase/Acquisition of Intangibles |
0.0 |
-0.6 |
-0.5 |
-0.5 |
-0.5 |
|
Capital Expenditures |
-3.4 |
-3.1 |
-1.8 |
-1.4 |
-0.7 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of Investment |
0.0 |
0.7 |
0.7 |
0.7 |
0.2 |
|
Purchase of Investments |
0.0 |
-0.3 |
-0.3 |
-0.3 |
-0.2 |
|
Other Investing Cash Flow |
0.4 |
1.2 |
0.3 |
0.1 |
0.0 |
|
Other Investing Cash Flow Items, Total |
0.3 |
1.6 |
0.7 |
0.5 |
0.0 |
|
Cash from Investing Activities |
-3.1 |
-1.4 |
-1.1 |
-0.9 |
-0.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.2 |
- |
- |
- |
- |
|
Financing Cash Flow Items |
0.2 |
- |
- |
- |
- |
|
Cash Dividends Paid - Common |
-0.7 |
-0.8 |
-0.8 |
-0.4 |
-0.4 |
|
Total Cash Dividends Paid |
-0.7 |
-0.8 |
-0.8 |
-0.4 |
-0.4 |
|
Repurchase/Retirement
of Common |
0.0 |
-4.1 |
-4.0 |
-3.9 |
0.0 |
|
Common Stock, Net |
0.0 |
-4.1 |
-4.0 |
-3.9 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-4.1 |
-4.0 |
-3.9 |
0.0 |
|
Short Term Debt, Net |
0.0 |
-7.0 |
-6.3 |
-5.6 |
-2.2 |
|
Long Term Debt Issued |
2.5 |
14.4 |
14.2 |
11.0 |
0.0 |
|
Long Term Debt
Reduction |
-4.3 |
-13.6 |
-11.4 |
-8.9 |
-1.9 |
|
Long Term Debt, Net |
-1.7 |
0.7 |
2.8 |
2.1 |
-1.9 |
|
Issuance (Retirement) of Debt, Net |
-1.7 |
-6.3 |
-3.5 |
-3.5 |
-4.1 |
|
Cash from Financing Activities |
-2.2 |
-11.1 |
-8.3 |
-7.8 |
-4.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.1 |
-0.3 |
-0.2 |
-0.1 |
0.0 |
|
Net Change in Cash |
4.6 |
-2.8 |
-9.7 |
-3.5 |
-4.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
38.9 |
39.0 |
38.5 |
37.5 |
36.3 |
|
Net Cash - Ending Balance |
30.9 |
36.1 |
28.7 |
34.1 |
32.1 |
|
Cash Interest Paid |
0.4 |
0.9 |
0.5 |
0.4 |
0.1 |
|
Cash Taxes Paid |
1.4 |
0.5 |
0.5 |
0.4 |
0.5 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
Total Revenue |
243.1 |
198.3 |
212.0 |
190.6 |
190.4 |
|
|
|
|
|
|
|
|
Cost of sales |
135.8 |
112.0 |
121.1 |
109.1 |
105.2 |
|
Shipping |
18.8 |
16.0 |
16.4 |
14.6 |
14.6 |
|
Advertising |
5.5 |
5.1 |
7.1 |
5.4 |
5.4 |
|
Sales Promotion |
5.7 |
4.3 |
5.8 |
5.7 |
5.5 |
|
Allow.Doubt.Acct. |
0.0 |
0.0 |
0.1 |
- |
0.0 |
|
Director's remuneration |
1.5 |
1.6 |
1.6 |
1.5 |
1.5 |
|
Payrolls |
26.9 |
25.0 |
24.9 |
21.4 |
20.7 |
|
Bonuses |
7.0 |
3.3 |
4.2 |
4.1 |
4.6 |
|
Prov. for retire. benefits reserve |
2.0 |
1.9 |
1.5 |
1.2 |
1.2 |
|
Reserve for officers retirement |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Welfare Expenses |
6.8 |
5.8 |
5.5 |
4.9 |
4.8 |
|
Depreciation |
1.9 |
1.1 |
0.9 |
1.0 |
0.9 |
|
Rental Expense |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Travel & Transportation |
4.2 |
4.1 |
4.4 |
4.0 |
3.8 |
|
Research&Develop. |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
Other SGA |
10.5 |
9.9 |
11.2 |
10.2 |
10.0 |
|
NOP Loss Val. Invest. Sec. |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
NOP Loss Retir.Inventories |
- |
- |
0.0 |
0.3 |
0.1 |
|
SP Rev.Dir.Retir.Bonus |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP Rev. of allow. for doubtful acc. |
0.0 |
-0.1 |
0.0 |
-0.2 |
0.0 |
|
SP Rev. of business losses |
0.0 |
-0.6 |
-0.9 |
0.0 |
- |
|
SP Amort. gain of prior service costs |
- |
- |
- |
- |
0.0 |
|
SP Loss Retir.Fixed Assets |
0.0 |
0.1 |
0.3 |
0.2 |
0.1 |
|
SP Prov. of allow. for doubtful acc. |
0.0 |
0.0 |
0.0 |
- |
- |
|
SP L on adj. for change of acct, asset |
1.1 |
0.0 |
- |
- |
- |
|
SP Asset impairment losses |
- |
- |
0.0 |
0.1 |
0.1 |
|
SP Reserve for Business Loss |
- |
- |
0.0 |
3.7 |
0.0 |
|
SP Settlement expenses |
- |
0.0 |
0.1 |
0.0 |
- |
|
Total Operating Expense |
232.9 |
195.0 |
210.8 |
192.7 |
183.8 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
NOP Dividend Income |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
NOP Cash purchase discounts rcvd |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
NOP Book Sales |
0.2 |
0.3 |
0.3 |
0.3 |
0.4 |
|
NOP Refund of insurance cancellation |
0.5 |
0.0 |
- |
- |
- |
|
NOP Exchange Gain |
- |
0.0 |
0.3 |
0.0 |
0.1 |
|
NOP Other Non-Op.Income |
0.7 |
0.5 |
0.4 |
0.6 |
0.4 |
|
NOP Interest Expense |
-0.9 |
-0.9 |
-0.9 |
-0.8 |
-0.7 |
|
NOP Sales Discount |
-0.2 |
-0.1 |
-0.2 |
-0.2 |
-0.2 |
|
NOP Allow.Doubt.Acct. |
- |
0.0 |
-0.2 |
-0.1 |
-0.1 |
|
NOP Cost of Book Sales |
-0.4 |
-0.4 |
-0.5 |
-0.4 |
-0.5 |
|
NOP Bond issue expenses |
-0.2 |
0.0 |
- |
- |
- |
|
NOP Foreign exchange losses |
-0.1 |
0.0 |
0.0 |
0.0 |
- |
|
NOP Amort.Bond Issu.Cost |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Op.Expense |
-0.2 |
-0.2 |
-0.3 |
-0.2 |
-0.1 |
|
SP Gain Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
SP Gain Sale Inv. Sec. |
- |
0.0 |
0.0 |
0.4 |
0.0 |
|
SP Loss Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
0.3 |
0.7 |
2.8 |
-1.9 |
4.6 |
|
Net Income After Taxes |
9.7 |
1.8 |
-2.5 |
-0.5 |
1.8 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Basic EPS Including ExtraOrdinary Item |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
9.7 |
1.9 |
-2.5 |
-0.5 |
1.7 |
|
Diluted Weighted Average Shares |
10.9 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
Diluted EPS Including ExtraOrd Items |
0.89 |
0.16 |
-0.21 |
-0.04 |
0.15 |
|
DPS-Ordinary Shares |
0.09 |
0.06 |
0.06 |
0.05 |
0.05 |
|
Gross Dividends - Common Stock |
1.0 |
0.8 |
0.7 |
0.6 |
0.6 |
|
Normalized Income Before Taxes |
11.1 |
1.8 |
0.0 |
1.3 |
6.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
0.3 |
0.5 |
2.7 |
-0.7 |
4.6 |
|
Normalized Income After Taxes |
10.8 |
1.3 |
-2.7 |
1.9 |
1.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10.8 |
1.4 |
-2.7 |
1.9 |
1.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
Diluted Normalized EPS |
0.99 |
0.12 |
-0.23 |
0.16 |
0.16 |
|
R&D Expense (SGA) |
0.4 |
0.4 |
0.5 |
0.5 |
0.6 |
|
R&D Expense (COGS) |
1.0 |
0.9 |
0.8 |
0.7 |
0.7 |
|
Advertising Expense |
5.5 |
5.1 |
7.1 |
5.4 |
5.4 |
|
Sales Promotion |
5.7 |
4.3 |
5.8 |
5.7 |
5.5 |
|
Interest Expense |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Amort.Bond Issu.Cost |
- |
- |
- |
- |
0.0 |
|
Rental Expense |
4.5 |
4.9 |
5.5 |
4.8 |
4.5 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
Reported Operating Profit |
11.4 |
2.6 |
0.8 |
1.9 |
6.9 |
|
Reported Ordinary Profit |
11.1 |
1.8 |
-0.1 |
0.8 |
6.5 |
|
Service cost |
1.7 |
1.5 |
1.2 |
0.9 |
1.3 |
|
Interest cost |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Expected return on plan assets |
-0.4 |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
|
Actuarial gains and losses |
0.7 |
0.9 |
0.4 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Total Pension Expense |
2.4 |
2.5 |
1.7 |
1.0 |
1.5 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
81.605269 |
82.241044 |
82.567473 |
85.838925 |
92.080323 |
|
|
|
|
|
|
|
|
Net Sales |
56.8 |
69.1 |
66.1 |
62.0 |
47.5 |
|
Total Revenue |
56.8 |
69.1 |
66.1 |
62.0 |
47.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
32.9 |
40.1 |
35.1 |
35.0 |
26.4 |
|
Packing & shipping expenses |
4.6 |
5.0 |
5.1 |
4.7 |
4.0 |
|
Advertising expenses |
1.4 |
0.8 |
1.4 |
1.2 |
2.0 |
|
Sales Promotion expenses |
1.4 |
1.6 |
1.2 |
1.4 |
1.5 |
|
Allowance for Doubtful Account |
- |
- |
0.0 |
0.0 |
- |
|
Directors' remuneration |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Payrolls |
7.3 |
7.1 |
7.0 |
6.7 |
6.2 |
|
Bonuses |
1.7 |
2.5 |
1.6 |
2.0 |
1.0 |
|
Retirement benefit expenses |
0.6 |
0.5 |
0.5 |
0.5 |
0.6 |
|
Reserve for officers retirement |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Welfare expenses |
1.8 |
1.9 |
1.7 |
1.7 |
1.5 |
|
Depreciation |
0.5 |
0.6 |
0.6 |
0.4 |
0.3 |
|
Rental Expense |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Travel & Transportation |
1.2 |
1.1 |
1.1 |
1.1 |
1.0 |
|
Research & Development Expenses |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other SGA |
2.7 |
2.8 |
2.6 |
2.5 |
2.5 |
|
SP Rev.Allow.Doubt.Acct |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
SP Rev. of prov. for loss on busine |
- |
0.0 |
- |
- |
- |
|
SP Loss Retirement of Fixed Asset |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP L on Adj. for Acct. changes-Assets |
0.0 |
0.0 |
- |
- |
1.1 |
|
Total Operating Expense |
57.8 |
65.6 |
59.7 |
59.0 |
49.7 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Dividend Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Rev. of allow. for doubtful acct. |
0.1 |
- |
- |
- |
0.0 |
|
NOP G on allotment of LT inv't. secs |
0.0 |
- |
- |
- |
0.1 |
|
NOP Purchase discounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Book Sales |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
NOP Exchange Gain |
0.0 |
0.0 |
0.0 |
- |
0.0 |
|
NOP Other Income |
0.1 |
0.8 |
0.1 |
0.2 |
0.1 |
|
NOP Interest Expense |
-0.1 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
NOP Bond Interest Expenses |
-0.1 |
- |
-0.1 |
-0.1 |
-0.1 |
|
NOP Bond issue expenses |
- |
0.0 |
- |
-0.2 |
- |
|
NOP Sales Discount |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
NOP Cost of book sales |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
NOP Foreign exchange losses |
0.0 |
- |
- |
-0.1 |
-0.1 |
|
NOP Other Expense |
-0.1 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
SP Gain Sale Fixed Asset |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
SP Loss Sale Fixed Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Taxes |
-1.1 |
4.0 |
6.2 |
2.6 |
-2.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-0.7 |
-0.4 |
0.3 |
0.2 |
0.2 |
|
Net Income After Taxes |
-0.4 |
4.5 |
5.9 |
2.4 |
-2.5 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Income Before Extra. Items |
-0.4 |
4.4 |
5.9 |
2.4 |
-2.5 |
|
Net Income |
-0.4 |
4.4 |
5.9 |
2.4 |
-2.5 |
|
|
|
|
|
|
|
|
Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-0.4 |
4.4 |
5.9 |
2.4 |
-2.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-0.4 |
4.4 |
5.9 |
2.4 |
-2.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
10.5 |
10.5 |
10.5 |
11.0 |
11.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.21 |
|
Basic EPS Including ExtraOrdinary Item |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.21 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-0.4 |
4.4 |
5.9 |
2.4 |
-2.5 |
|
Diluted Weighted Average Shares |
10.5 |
10.5 |
10.5 |
11.0 |
11.8 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.21 |
|
Diluted EPS Including ExtraOrd Items |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.21 |
|
DPS-Ordinary Shares |
0.00 |
0.06 |
0.00 |
0.03 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.6 |
0.0 |
0.4 |
0.0 |
|
Normalized Income Before Taxes |
-1.0 |
4.0 |
6.2 |
2.6 |
-1.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-0.7 |
-0.4 |
0.3 |
0.2 |
0.5 |
|
Normalized Income After Taxes |
-0.3 |
4.5 |
5.9 |
2.4 |
-1.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-0.3 |
4.4 |
5.9 |
2.4 |
-1.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.15 |
|
Diluted Normalized EPS |
-0.03 |
0.42 |
0.57 |
0.22 |
-0.15 |
|
Research & Development Exp |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Advertising Expense |
1.4 |
0.8 |
1.4 |
1.2 |
2.0 |
|
Sales Promotion expenses |
1.4 |
1.6 |
1.2 |
1.4 |
1.5 |
|
Interest Expense |
0.1 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Bond Interest Expenses |
0.1 |
- |
0.1 |
0.1 |
0.1 |
|
Rental Expense |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
|
Depreciation |
1.4 |
1.5 |
1.5 |
1.2 |
1.0 |
|
Reported Operating Profit |
-0.9 |
3.5 |
6.4 |
3.1 |
-1.1 |
|
Reported Ordinary Profit |
-1.0 |
4.0 |
6.2 |
2.6 |
-1.3 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.88 |
93.44 |
98.77 |
99.535 |
118.075 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposits |
37.4 |
36.2 |
26.1 |
31.2 |
26.8 |
|
Note&Acct.Rcvl. |
92.8 |
69.7 |
71.1 |
74.4 |
69.3 |
|
Inventories |
- |
- |
- |
36.7 |
31.2 |
|
Inventories - merchandise/finished goods |
15.3 |
11.8 |
16.9 |
- |
- |
|
Inventories - work-in-process |
2.6 |
2.6 |
2.4 |
- |
- |
|
Inventories - raw materials/supplies |
20.3 |
18.1 |
22.9 |
- |
- |
|
Deferred Tax |
4.4 |
2.7 |
3.2 |
2.8 |
1.4 |
|
Other Curr.Asset |
2.8 |
2.7 |
2.6 |
5.2 |
4.4 |
|
Allow.Doubt.Acct |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
-0.4 |
|
Total Current Assets |
175.5 |
143.6 |
145.1 |
150.2 |
132.7 |
|
|
|
|
|
|
|
|
Bldg.&Structures |
55.9 |
49.5 |
46.8 |
47.6 |
40.0 |
|
Depreciation- bldg. & structures |
-46.4 |
-40.1 |
-38.1 |
-37.8 |
-31.6 |
|
Mach.&Vehicles |
36.2 |
32.7 |
31.3 |
33.1 |
27.5 |
|
Depreciation - mach. & vehicles |
-32.1 |
-28.6 |
-26.5 |
-27.9 |
-23.6 |
|
Tools |
49.3 |
43.7 |
41.7 |
41.4 |
35.7 |
|
Depreciation - tools & equipment |
-47.1 |
-41.7 |
-39.2 |
-38.6 |
-32.7 |
|
Land |
15.0 |
13.2 |
12.5 |
13.7 |
11.6 |
|
Lease assets, gross |
4.5 |
1.0 |
0.3 |
0.0 |
- |
|
Accum. depr - lease assets |
-0.8 |
-0.2 |
0.0 |
0.0 |
- |
|
Constr.-in-Prog. |
0.6 |
0.1 |
0.8 |
0.3 |
0.0 |
|
Intangibles |
3.1 |
2.9 |
2.4 |
1.0 |
0.6 |
|
Invest.Securities |
3.1 |
3.1 |
2.7 |
4.2 |
8.7 |
|
LT Loan |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Tax |
3.9 |
3.5 |
3.1 |
5.6 |
1.1 |
|
Other Asset |
4.4 |
4.8 |
5.9 |
5.4 |
5.4 |
|
Allow.Doubt.Acct |
-0.8 |
-0.8 |
-0.9 |
-0.6 |
-1.1 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
Note&Acct.Pybls. |
24.5 |
16.2 |
17.9 |
21.2 |
18.8 |
|
ST Debt |
15.8 |
20.7 |
24.3 |
24.9 |
22.1 |
|
Curr.LT Debt |
5.0 |
5.8 |
5.4 |
2.1 |
4.8 |
|
Current portion of bonds |
2.1 |
5.4 |
0.0 |
5.0 |
8.5 |
|
Lease obligations |
0.9 |
0.2 |
0.1 |
0.0 |
- |
|
Other Payables |
9.0 |
6.4 |
8.8 |
9.3 |
8.2 |
|
Accrued Expense |
7.6 |
3.7 |
4.1 |
4.7 |
4.5 |
|
Corp.Tax Payable |
1.5 |
0.6 |
0.7 |
0.5 |
3.9 |
|
Consumption taxes payable |
0.5 |
1.3 |
0.3 |
0.0 |
- |
|
Reserve for directors' bonuses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Curr.Liab. |
3.5 |
3.1 |
3.5 |
4.3 |
0.8 |
|
Total Current Liabilities |
70.5 |
63.4 |
64.9 |
72.0 |
71.4 |
|
|
|
|
|
|
|
|
Corp. Bond |
29.0 |
19.3 |
23.3 |
15.1 |
8.5 |
|
LT Debt |
5.4 |
5.0 |
4.1 |
8.0 |
4.6 |
|
Lease Obligations |
2.8 |
0.6 |
0.2 |
0.0 |
- |
|
Total Long Term Debt |
37.2 |
24.9 |
27.6 |
23.1 |
13.1 |
|
|
|
|
|
|
|
|
Res.Accrd.Retir. |
5.2 |
4.2 |
4.0 |
4.6 |
4.4 |
|
Asset retirement obligations |
1.3 |
0.0 |
- |
- |
- |
|
Allow.Dir.Retir. |
2.4 |
2.0 |
2.1 |
2.2 |
1.8 |
|
Reserve for Business Loss |
- |
0.0 |
3.3 |
4.2 |
0.0 |
|
Other LT Liabs. |
1.0 |
0.9 |
0.8 |
0.8 |
0.6 |
|
Minority Interest |
0.3 |
0.3 |
0.4 |
0.4 |
0.3 |
|
Total Liabilities |
118.0 |
95.7 |
103.2 |
107.3 |
91.7 |
|
|
|
|
|
|
|
|
Common Stock |
14.1 |
12.5 |
11.8 |
11.8 |
9.9 |
|
Paid-in-Capital |
16.2 |
14.4 |
13.6 |
13.5 |
11.4 |
|
Retained Earning |
84.2 |
66.5 |
61.8 |
65.2 |
56.0 |
|
Treasury Stock |
-4.6 |
-0.4 |
-0.4 |
-0.4 |
-0.3 |
|
UnrlzedGain-Sec. |
0.4 |
0.8 |
0.6 |
1.9 |
4.1 |
|
Deferred hedge gain/loss |
-1.5 |
-1.3 |
-1.5 |
-1.8 |
1.5 |
|
Translation Adj. |
-2.3 |
-1.4 |
-1.4 |
-0.1 |
0.1 |
|
Total Equity |
106.4 |
91.1 |
84.7 |
90.1 |
82.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
224.4 |
186.8 |
187.8 |
197.4 |
174.5 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
Total Common Shares Outstanding |
10.5 |
11.8 |
11.8 |
11.8 |
11.8 |
|
T/S-Ordinary Shares |
1.4 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Full-Time Employees |
937 |
945 |
1,069 |
1,052 |
1,079 |
|
Number of Common Shareholders |
994 |
989 |
963 |
950 |
883 |
|
LT Debts Maturing within 1yr. |
7.0 |
11.1 |
5.4 |
7.1 |
13.3 |
|
LT Debts Maturing within 2yr. |
17.4 |
2.7 |
8.6 |
4.8 |
5.1 |
|
LT Debts Maturing within 3yr. |
13.4 |
12.0 |
0.6 |
8.0 |
3.2 |
|
LT Debts Maturing within 4yr. |
2.4 |
9.2 |
10.1 |
0.2 |
4.6 |
|
LT Debts Maturing within 5yr. |
1.1 |
0.3 |
8.1 |
10.0 |
- |
|
Remaining |
1.0 |
0.9 |
- |
- |
0.2 |
|
Total Long Term Debt, Supplemental |
42.4 |
36.2 |
32.8 |
30.2 |
26.3 |
|
Capital Lease due in 1 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 2 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 3 Yr. |
0.9 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 4 Yr. |
0.7 |
0.2 |
0.1 |
- |
- |
|
Capital Lease due in 5 Yr. |
0.3 |
0.1 |
0.0 |
- |
- |
|
Remainings |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Capital Leases |
3.7 |
0.8 |
0.3 |
- |
- |
|
Pension obligation |
29.3 |
24.6 |
23.5 |
22.7 |
19.1 |
|
Fair value of plan asset |
22.7 |
19.6 |
15.4 |
17.8 |
16.9 |
|
Funded status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Total Funded Status |
-6.6 |
-5.0 |
-8.0 |
-4.9 |
-2.2 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Unrecognized actuarial gains and losses |
1.3 |
0.8 |
4.0 |
0.3 |
-2.3 |
|
Provision for pension |
-5.2 |
-4.2 |
-4.0 |
-4.6 |
-4.4 |
|
Net Assets Recognized on Balance Sheet |
-3.9 |
-3.4 |
0.0 |
-4.2 |
-6.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2011 |
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
80.76 |
82.88 |
81.105 |
83.54 |
88.49 |
|
|
|
|
|
|
|
|
Cash & Deposits |
41.7 |
37.4 |
30.8 |
36.3 |
33.9 |
|
Note & Account Receivable |
83.7 |
92.8 |
93.4 |
78.1 |
70.5 |
|
Merchandise and finished goods |
16.2 |
15.3 |
16.5 |
14.9 |
14.7 |
|
Work-in-Process Inventories |
2.8 |
2.6 |
2.7 |
2.8 |
2.8 |
|
Raw materials and supplies |
23.4 |
20.3 |
22.4 |
20.7 |
20.5 |
|
Deferred tax assets |
7.2 |
4.4 |
3.6 |
3.5 |
3.6 |
|
Other current assets |
2.8 |
2.8 |
2.4 |
2.4 |
2.4 |
|
Allowance for doubtful accounts |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total Current Assets |
177.7 |
175.5 |
171.6 |
158.6 |
148.1 |
|
|
|
|
|
|
|
|
Bldg.&Structures, gross |
57.4 |
55.9 |
57.2 |
55.7 |
52.8 |
|
Accum. depr - bldg&struc |
-47.5 |
-46.4 |
-47.2 |
-45.7 |
-43.0 |
|
Machineries, equip., & vehicle, gross |
37.9 |
36.2 |
37.1 |
36.5 |
34.7 |
|
Accum. depr - machin&vehicles |
-33.0 |
-32.1 |
-32.9 |
-32.2 |
-30.5 |
|
Tools, Furnitures, & Fixtures, gross |
50.7 |
49.3 |
50.5 |
49.6 |
46.3 |
|
Accum. depr - tools, furn, fixtur |
-48.5 |
-47.1 |
-48.3 |
-47.1 |
-44.3 |
|
Land, gross |
15.4 |
15.0 |
15.2 |
14.8 |
14.0 |
|
Leased Assets, gross |
4.7 |
4.5 |
4.5 |
3.5 |
3.3 |
|
Accum. depr - lease assets |
-1.0 |
-0.8 |
-0.6 |
-0.3 |
-0.3 |
|
Construction-in-Progress, gross |
1.1 |
0.6 |
0.1 |
0.1 |
0.1 |
|
Intangible assets |
3.0 |
3.1 |
3.4 |
3.4 |
3.4 |
|
Invest.Securities |
3.1 |
3.1 |
3.3 |
2.9 |
2.9 |
|
LT Loan |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Deferred tax assets |
2.2 |
3.9 |
4.5 |
4.3 |
3.5 |
|
Other assets |
4.3 |
4.4 |
5.1 |
5.1 |
4.9 |
|
Allowance for doubtful accounts |
-0.8 |
-0.8 |
-0.8 |
-0.8 |
-0.7 |
|
Adjustment |
- |
- |
0.0 |
- |
- |
|
Total Assets |
226.6 |
224.4 |
222.8 |
208.6 |
195.2 |
|
|
|
|
|
|
|
|
Note & Account Payable |
23.4 |
24.5 |
24.0 |
21.1 |
20.0 |
|
ST Debt |
19.4 |
15.8 |
16.9 |
17.1 |
19.6 |
|
Current Portion of LT Debt |
4.9 |
5.0 |
5.2 |
5.5 |
4.7 |
|
Current portion of bonds |
2.1 |
2.1 |
1.4 |
1.4 |
5.7 |
|
Lease obligations |
0.9 |
0.9 |
0.9 |
0.6 |
0.5 |
|
Other Payables |
8.7 |
9.0 |
7.4 |
7.5 |
6.5 |
|
Accrued Expense |
5.4 |
7.6 |
5.0 |
6.5 |
3.6 |
|
Corp.Tax Payable |
0.4 |
1.5 |
1.0 |
0.8 |
0.2 |
|
Reserve for directors' bonuses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other current liabilities |
5.4 |
4.1 |
5.8 |
4.8 |
4.9 |
|
Total Current Liabilities |
70.5 |
70.5 |
67.7 |
65.2 |
65.7 |
|
|
|
|
|
|
|
|
Corporate Bond |
29.7 |
29.0 |
30.6 |
29.7 |
20.3 |
|
LT Debt |
4.7 |
5.4 |
7.1 |
5.5 |
4.7 |
|
Lease Obligation |
2.7 |
2.8 |
3.1 |
2.6 |
2.5 |
|
Total Long Term Debt |
37.2 |
37.2 |
40.8 |
37.9 |
27.6 |
|
|
|
|
|
|
|
|
Reserve for Accrued Retirement Benefit |
5.3 |
5.2 |
5.4 |
5.2 |
4.8 |
|
Reserve for Director Retirement Benefit |
2.4 |
2.4 |
2.5 |
2.3 |
2.2 |
|
Asset retirement obligations |
1.4 |
1.3 |
1.4 |
1.3 |
1.2 |
|
Other liabilities |
1.0 |
1.0 |
1.0 |
1.0 |
0.9 |
|
Minority Interest |
0.3 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Total Liabilities |
118.1 |
118.0 |
119.1 |
113.4 |
102.8 |
|
|
|
|
|
|
|
|
Common Stock |
14.5 |
14.1 |
14.4 |
14.0 |
13.2 |
|
Paid-in-Capital |
16.7 |
16.2 |
16.6 |
16.1 |
15.2 |
|
Retained earnings |
85.6 |
84.2 |
81.5 |
73.7 |
67.2 |
|
Treasury Stock |
-4.8 |
-4.6 |
-4.7 |
-4.6 |
-0.4 |
|
Unrealized Gain/Loss on Securities |
0.4 |
0.4 |
0.6 |
0.3 |
0.4 |
|
Deferred hedge gain/loss |
-1.6 |
-1.5 |
-2.4 |
-2.4 |
-1.9 |
|
Translation Adjustment |
-2.1 |
-2.3 |
-2.2 |
-1.8 |
-1.4 |
|
Total Equity |
108.6 |
106.4 |
103.8 |
95.2 |
92.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
226.6 |
224.4 |
222.8 |
208.6 |
195.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
10.5 |
10.5 |
10.5 |
10.5 |
11.8 |
|
Total Common Shares Outstanding |
10.5 |
10.5 |
10.5 |
10.5 |
11.8 |
|
T/S-Ordinary Shares |
1.4 |
1.4 |
1.4 |
1.4 |
0.1 |
|
Full-Time Employees |
- |
937 |
945 |
953 |
955 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
31-Mar-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
116.944303 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Tomatsu Audit
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income bf. Tax |
10.0 |
2.6 |
0.4 |
-2.4 |
6.3 |
|
Depreciation |
5.1 |
4.6 |
4.8 |
4.3 |
3.4 |
|
L on adj. for change of acct. asset |
1.1 |
0.0 |
- |
- |
- |
|
Impairment Loss |
- |
- |
0.0 |
0.1 |
0.1 |
|
Allow.Doubt.Acct. |
-0.1 |
-0.2 |
0.3 |
-0.9 |
0.1 |
|
Reserve for Director Bonus |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Res.Accrd.Retir.Ben. |
0.5 |
0.0 |
-0.5 |
-0.6 |
-0.4 |
|
Allow.Dir.Retir.Bon. |
0.2 |
-0.2 |
-0.1 |
0.0 |
0.1 |
|
Reserve for Business Losses |
0.0 |
-3.6 |
-0.9 |
3.7 |
0.0 |
|
Inter.&Div. Income |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.2 |
|
Interest Expese |
0.9 |
0.9 |
0.9 |
0.8 |
0.7 |
|
Amort.BondIssu.Cost |
- |
0.0 |
0.2 |
0.1 |
0.0 |
|
Exchange Gain/Loss |
- |
0.0 |
-0.1 |
0.0 |
-0.4 |
|
Gain Sale Inv. Sec. |
- |
0.0 |
0.0 |
-0.4 |
- |
|
Loss Val. Inv. Sec. |
- |
0.0 |
0.1 |
0.0 |
0.0 |
|
Amort. of prior service costs |
- |
- |
- |
- |
0.0 |
|
Gain Sale PP&E |
0.0 |
0.0 |
- |
-0.1 |
0.0 |
|
Loss Sale PP&E |
- |
- |
0.0 |
- |
0.0 |
|
Loss Retir. PP&E |
0.0 |
0.1 |
0.3 |
0.2 |
0.1 |
|
Gain on return of insurance contract |
-0.5 |
0.0 |
- |
- |
- |
|
Acct. Receivables |
-13.9 |
5.5 |
3.4 |
7.5 |
-7.4 |
|
Inventories |
-1.9 |
12.2 |
-5.7 |
0.3 |
0.0 |
|
Acct. Payables |
6.3 |
-2.7 |
-3.3 |
-0.9 |
-5.1 |
|
Other Payables |
1.1 |
-1.6 |
-1.1 |
0.0 |
2.1 |
|
Accrued Expenses |
3.4 |
-0.6 |
-0.5 |
-0.6 |
1.8 |
|
Bonus Paid Directors |
- |
- |
- |
0.0 |
0.0 |
|
Director Bonus by MI |
- |
- |
- |
0.0 |
0.0 |
|
Other |
-0.8 |
1.5 |
0.5 |
-0.5 |
1.1 |
|
Inter.&Div. Received |
0.1 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Interest Paid |
-0.9 |
-0.9 |
-1.0 |
-0.7 |
-0.7 |
|
Tax Paid |
-0.5 |
-1.0 |
-0.8 |
-5.9 |
-2.8 |
|
Tax Refund |
- |
0.0 |
2.1 |
0.0 |
- |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
10.0 |
16.7 |
-1.0 |
4.0 |
-1.1 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.2 |
-1.0 |
-0.6 |
-0.5 |
-0.5 |
|
Time Deposit Matured |
0.7 |
0.9 |
0.6 |
0.5 |
0.9 |
|
Capital Expenditures |
-2.5 |
-3.2 |
-3.6 |
-4.7 |
-2.9 |
|
Sale PP&E |
0.0 |
0.0 |
0.0 |
0.3 |
0.0 |
|
Retirement of PP&E |
- |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Purchase of intangible assets |
-0.6 |
-0.8 |
-1.4 |
0.0 |
- |
|
Purch. Invest. Sec. |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale Invest. Sec. |
- |
0.0 |
0.0 |
3.0 |
0.0 |
|
Payments of loans receivable |
-0.1 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Loan Collected |
0.1 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Sale of Membership |
- |
- |
0.0 |
0.1 |
0.0 |
|
Proceeds from collection of guarantee de |
0.0 |
1.4 |
0.0 |
- |
- |
|
Other |
1.2 |
-0.2 |
-0.1 |
-0.5 |
-0.2 |
|
Cash from Investing Activities |
-1.4 |
-2.9 |
-5.1 |
-1.9 |
-2.8 |
|
|
|
|
|
|
|
|
ST Debt, Net |
-7.0 |
-5.1 |
-0.3 |
-1.0 |
-3.7 |
|
Lease Refund |
-0.5 |
-0.1 |
0.0 |
0.0 |
- |
|
LT Debt Proceed |
5.3 |
7.5 |
1.5 |
4.4 |
5.6 |
|
LT Debt Paid |
-6.9 |
-6.8 |
-2.2 |
-5.3 |
-1.6 |
|
Corp.Bond Issued |
9.1 |
0.0 |
7.8 |
8.7 |
0.0 |
|
Redemption of Corporate Bond |
-6.2 |
0.0 |
-5.0 |
-8.7 |
0.0 |
|
Sale Treasury Stock |
- |
0.0 |
0.0 |
0.0 |
- |
|
Purch. TreasuryStock |
-4.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Dividend Paid |
-0.8 |
-0.8 |
-0.7 |
-0.6 |
-0.6 |
|
Dividend Paid MI |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-11.1 |
-5.3 |
1.1 |
-2.7 |
-0.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
0.0 |
-0.3 |
0.0 |
0.4 |
|
Net Change in Cash |
-2.8 |
8.5 |
-5.3 |
-0.6 |
-4.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
39.0 |
27.4 |
30.6 |
27.5 |
30.8 |
|
Net Cash - Ending Balance |
36.1 |
35.9 |
25.3 |
26.9 |
26.8 |
|
Cash Interest Paid |
0.9 |
0.9 |
1.0 |
0.7 |
0.7 |
|
Cash Taxes Paid |
0.5 |
1.0 |
-1.4 |
5.9 |
2.8 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2011 |
31-Dec-2010 |
30-Sep-2010 |
30-Jun-2010 |
31-Mar-2010 |
|
Period Length |
12 Months |
9 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
85.691434 |
86.812446 |
88.962162 |
92.080323 |
92.941082 |
|
|
|
|
|
|
|
|
Net Income before Taxes |
10.0 |
6.0 |
0.1 |
-2.3 |
2.6 |
|
Depreciation |
5.1 |
3.6 |
2.2 |
1.0 |
4.6 |
|
L on Adj. for change of acct. assets |
1.1 |
1.1 |
1.1 |
1.1 |
- |
|
Allowance for Doubtful Account |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Reserve for Directors' Bonus |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve for retirement benefits |
0.5 |
0.6 |
0.5 |
0.3 |
0.0 |
|
Reserve for Director Retirement Bonus |
0.2 |
0.2 |
0.1 |
0.0 |
-0.2 |
|
Reserve for business loss |
0.0 |
0.0 |
0.0 |
0.0 |
-3.6 |
|
Interest &Dividend Income |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Interest Expense |
0.9 |
0.6 |
0.4 |
0.2 |
0.9 |
|
Amort.Bond Issu.Expenses |
- |
- |
- |
- |
0.0 |
|
Exchange Gain/Loss |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Gain Sale Invest. Sec. |
- |
- |
- |
- |
0.0 |
|
Loss Valuation Invest. Sec. |
- |
0.0 |
- |
- |
0.0 |
|
Gain Sale Fixed Assets |
0.0 |
0.0 |
- |
- |
0.0 |
|
Loss Sale Fixed Assets |
- |
- |
0.0 |
0.0 |
- |
|
Loss Retir.Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.1 |
|
Gain on return of insurance contract |
-0.5 |
- |
- |
- |
- |
|
Account Receivables |
-13.9 |
-12.3 |
-0.2 |
3.1 |
5.5 |
|
Inventories |
-1.9 |
-4.2 |
-2.0 |
-3.5 |
12.2 |
|
Inc (Dec) in acts & notes payable |
6.3 |
5.1 |
2.9 |
2.8 |
-2.7 |
|
Other Payables |
1.1 |
-0.3 |
-0.1 |
-0.3 |
-1.6 |
|
Accrued Expenses |
3.4 |
0.6 |
2.2 |
-0.4 |
-0.6 |
|
Other operating activities |
-0.8 |
-0.1 |
-0.9 |
-0.3 |
1.5 |
|
Interest &Dividend Received |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Paid |
-0.9 |
-0.5 |
-0.4 |
-0.1 |
-0.9 |
|
Tax Paid |
-0.5 |
-0.5 |
-0.4 |
-0.5 |
-1.0 |
|
Tax Refunded |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
10.0 |
-0.1 |
5.4 |
1.0 |
16.7 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.2 |
-0.2 |
-0.2 |
-0.2 |
-1.0 |
|
Time Deposit Matured |
0.7 |
0.7 |
0.7 |
0.2 |
0.9 |
|
Capital Expenditures |
-2.5 |
-1.2 |
-0.9 |
-0.2 |
-3.2 |
|
Sale PP&E |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Retirement of PP&E |
- |
- |
- |
- |
0.0 |
|
Purchase of Intangibles |
-0.6 |
-0.5 |
-0.5 |
-0.5 |
-0.8 |
|
Purchase of Invest. Sec. |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale Invest. Sec. |
- |
- |
- |
- |
0.0 |
|
Loans made |
-0.1 |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Loan Collected |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Proceeds from collection of guarantee de |
0.0 |
- |
- |
- |
1.4 |
|
Other investing activities |
1.2 |
0.3 |
0.1 |
0.0 |
-0.2 |
|
Cash from Investing Activities |
-1.4 |
-1.1 |
-0.9 |
-0.7 |
-2.9 |
|
|
|
|
|
|
|
|
ST Debt, Net |
-7.0 |
-6.3 |
-5.6 |
-2.2 |
-5.1 |
|
Repayment of lease |
-0.5 |
-0.3 |
-0.1 |
-0.1 |
-0.1 |
|
LT debts, issued |
5.3 |
5.2 |
2.2 |
0.0 |
7.5 |
|
LT debts, repaid |
-6.9 |
-5.3 |
-3.2 |
-1.9 |
-6.8 |
|
Bond Issued |
9.1 |
9.0 |
8.8 |
- |
0.0 |
|
Redemption of Corporate Bond |
-6.2 |
-5.8 |
-5.6 |
- |
0.0 |
|
Proceeds from sales of treasury stock |
- |
- |
- |
- |
0.0 |
|
Purchase of TreasuryStock |
-4.1 |
-4.0 |
-3.9 |
0.0 |
0.0 |
|
Dividend Paid |
-0.8 |
-0.8 |
-0.4 |
-0.4 |
-0.8 |
|
Dividend Paid Minority Interest |
- |
- |
- |
- |
0.0 |
|
Cash from Financing Activities |
-11.1 |
-8.3 |
-7.8 |
-4.5 |
-5.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
-0.2 |
-0.1 |
0.0 |
0.0 |
|
Net Change in Cash |
-2.8 |
-9.7 |
-3.5 |
-4.1 |
8.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
39.0 |
38.5 |
37.5 |
36.3 |
27.4 |
|
Net Cash - Ending Balance |
36.1 |
28.7 |
34.1 |
32.1 |
35.9 |
|
Cash Interest Paid |
0.9 |
0.5 |
0.4 |
0.1 |
0.9 |
|
Cash Taxes Paid |
0.5 |
0.5 |
0.4 |
0.5 |
1.0 |
|
|
|
Financials in: As Reported (mil)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Financials in: As Reported (mil)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.82 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.