Nihon Inter Electronics Corporation (Code: 6974) –Flash Report for 1Q of FY2008
(- Extract - Free translation -)
１
Consolidated Flash Report for 1
st
quarter of fiscal year ended March 31,
2009 (FY2008)
issued on August 6, 2008
Listed company name:
Nihon Inter Electronics Corporation
Listed on Sec.1 of TSE
Code Number:
6974
URL
http://www.niec.co.jp
Representative President (CEO) Name: Masao Ishii
Officer in charge of inquiry
Name: Fumihiko Fukuyama, General Manager, Accounting Dept.
Tel: (0463) 84 - 8015
Date to submit financial report
August 12, 2008
(Figures are rounded down to millions of yen)
1. Consolidated business performances for 1Q of FY2008 (April 1, 2008 ～ June 30, 2008) (1)Consolidated business performances
(% indicates the changes to corresponding numbers of previous periods)
Sales Operating
income
Ordinary income
Net income
Million
yen %
Million yen %
Million yen % Million
yen %
1Q of FY2008 1Q of FY2007
9,305 --
9,103
0.3
(404)
--
313
(42.9)
(407)
--
221
(51.5)
(242)
--
121
(56.8)
Net income per common share
(basic)
Net income per common share (diluted)
Yen Sen
Yen Sen
1Q of FY2008
1Q of FY2007
(7.85)
3.91
--
(2) Consolidated financial position
Total assets
Total net assets
Shareholders’ equity
ratio
Net assets per share
Million yen
Million yen
%
Yen Sen
As of June 30, 2008
As of March 31, 2008
38,557
37,247
9,793
9,879
25.4
26.5
316.39
319.16
(Reference) Shareholders’ equity as of: June 30, 2008: 9,793 million yen; March 31, 2008: 9,879 million yen According to Japanese GAAP: Shareholders’ equity = Net assets – Stock option – Minority interest
2. Dividend information
Dividend per share
(Record date)
End of 1Q
End of 2Q
End of 3Q
End of FY
Annual dividend
Yen Sen
Yen Sen
Yen Sen
Yen Sen
Yen Sen
FY2007
FY2008
--
--
4.00
------
--
------
2.00
------
6.00
------
FY2008 (Forecast)
------ -- -- 4.00 4.00
(Note) Modifications to dividend forecast figures during the current quarter: none.
3. Consolidated performance forecast for FY2008 (April 1, 2008 ～ March 31, 2009)
(% indicates the changes to corresponding numbers of previous periods)
Sales
Operating income Ordinary income
Net income
Net income per
share
Million
yen
% Million
yen
%
Million yen %
Million yen %
Yen Sen
2Q (cumulative)
19,700 --
250
--
50 --
0 --
0.00
Full year
41,000 6.5
1,000 187.5
600 --
200 --
6.46
(Note) Modifications to consolidated performance forecast figures during the current quarter: none.
Nihon Inter Electronics Corporation (Code: 6974) –Flash Report for 1Q of FY2008
(- Extract - Free translation -)
２
FY2008 1
st
quarter
1.
Non-quantitative information regarding consolidated business performance
Regarding consolidated business performance of this 1
st
quarter, sales were 9 billion 305 million yen
(2.2% increase YOY), of which products sales were 4 billion 791 million yen (8.6% decrease YOY) and trading sales were 4 billion 514 million yen (16.9% increase YOY).
Sales of discrete semiconductor products sector mainly for consumer application were 3 billion 260
million yen (8% decrease YOY) since we saw not much demand in spring towards Olympic games in summer as well as slow down in American economy and appreciation of yen compared to that of last year caused by higher oil price and sub-prime loan problem etc. Schottky Barrier Diode (SBD) high frequency rectifier sold well to ODM companies of liquid crystal television which was a result of our strong promotion in Taiwan and China started last year. New design low profile package product which we expect sales growth in solar energy module market showed good result as well. Sales into PC and amusement game machines were slow however which caused less sales figure YOY. Fast Recovery Epitaxial Diode (FRED) very fast rectifier sold well in automotive market mainly for hybrid cars. FRED showed double digit sales increase in industrial products such as inverter and absorbed decrease in main area of plasma television.
Sales of semiconductor applications industrial product sector were 1 billion 531 million yen (9%
decrease YOY). Sales of main target application market such as inverter for general use, growing battery forklift market went well which resulted in 6% increase YOY in industrial machinery market. Producers of base station power unit for cell phones adjusted production level however caused decrease of our sales of semiconductor applications industrial product sector as a whole.
Trading sector received continuous good demand in amusement applications market and sales showed
considerable increase YOY, caused by LCD and developed products such as customized module and power units etc.
Although we endeavoured to promote new products and cut cost we could not absorb depreciation cost
due to slow growth of sales, booking price adjustment of inventory assets due to yen appreciation caused thinner gross profit margin and as a result of all these aspects operating income/loss was 404 million yen loss, ordinary profit/loss was 407 million yen loss and net profit/loss was 242 million yen loss.
(Free translation)
(Millions of yen)
End of the 1st quarter
consolidated fiscal period
(June 30, 2008)
End of previous
consolidated FY2007
(March 31, 2008)
Assets Current assets Cash and deposits
3,207
2,151
Notes and accounts receivable
10,966
10,440
Merchandise
1,665
1,738
Products
2,624
3,078
Raw materials
1,995
1,438
Work-in-process
4,151
3,995
Supplies
54
54
Deferred tax assets
119
119
Others
563
1,200
Allowance for doubtful accounts
(5 )
(6 )
Total current assets
25,343
24,210
Fixed assets Tangible fixed assets
Buildings and constructions
3,879
3,940
Machinery and conveyers
1,891
3,527
Lease assets
1,469
―
Land
1,310
1,310
Construction-in-progress
160
60
Others
313
338
Total tangible fixed assets
9,024
9,177
Intangible fixed assets
66
68
Investment and other assets Investments in securities
1,913
1,632
Long-term prepaid expenses
112
113
Deffered tax assets
1,739
1,676
Others
315
323
Allowance for bad debt
(22 )
(24 )
Total investments and other assets
4,058
3,721
Total fixed assets
13,149
12,967
Deferred assets
64
69
Total assets
38,557
37,247
Nihon Inter Electronics Corporation (Code: 6974) - Flash Report for 1Q of FY2008
5. [ Quarterly consolidated financial statements
(1) [ Quarterly consolidated balance sheet ]
3
(Free translation)
(Millions of yen)
End of the 1st quarter
consolidated fiscal period
(June 30, 2008)
End of previous
consolidated FY2007
(March 31, 2008)
Liabilities Current liabilities Notes and accounts payable
9,210
8,872
Short-term borrowings
3,955
4,176
Bonds payable, due within one year
500
500
Lease obligations
215
―
Other accounts payable
220
137
Accrued expenses
416
477
Income taxes and etc. payable
13
15
Allowance for bonuses
147
275
Others
221
76
Total current liabilities
14,900
14,531
Fixed liabilities Bonds payable
8,200
8,200
Long-term borrowings
3,040
3,300
Lease obligations
1,256
―
Allowance for retirement benefits
1,115
1,179
Others
250
158
Total fixed liabilities
13,863
12,837
Total liabilities
28,763
27,368
Net assets Shareholders' capital Capital
4,041
4,041
Capital surplus
4,077
4,077
Retained earnings
2,301
2,606
Treasury stock
(509 )
(509 )
Total shareholders' capital
9,912
10,216
Evaluation and translation differences
Unrealized gain (loss) on investment securities
204
37
Foreign currency exchange adjustments
(323 )
(375 )
Total evaluation and translation differences
(118 )
(337 )
Total net assets
9,793
9,879
Total of liabilities and net assets
38,557
37,247
Nihon Inter Electronics Corporation (Code: 6974) - Flash Report for 1Q of FY2008
4
(Free translation)
(Millions of yen)
1st quarter of FY2008
(from April 1, 2008 to June 30, 2008)
Sales Sales of products
4,791
Sales of merchandise
4,514
Total sales
9,305
Cost of goods sold Cost of products sold
4,325
Cost of merchandise sold
4,094
Total cost of goods sold
8,419
Gross profit
885
Selling and general administrative expenses
1,290
Operating income
(404 )
Non-operating income Interest income
0
Dividend income
18
Gains on foreign currency translation
80
Gains on sales of others
26
Miscellaneous income
15
Total non-operating income
142
Non-operating expenses Interest expense
74
Amortized long-term prepaid expenses
33
Amortized corporate bond issuance expenses
5
Commitment fee
4
Loss on write-off inventory
1
Miscellaneous expenses
26
Total of non-operating expenses
145
Ordinary loss
(407 )
Extra-ordinary gain Reversal of allowance for bad debt
2
Total extra-ordinary gain
2
Extra-ordinary loss Loss on disposal of fixed assets
7
Total extra-ordinary loss
7
Net loss before tax and other adjustments
(412 )
Corporate income tax and etc.
(169 )
Net loss
(242 )
Nihon Inter Electronics Corporation (Code: 6974) - Flash Report for 1Q of FY2008
(2) [ Quarterly consolidated profit and loss statement ]
5
