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Fiscal Year 2008

FY2008 3rd Quarter Financial Results

Financial Results Presentations
Date
October 29，2008
Venue
BELLESALLE YAESU

Financial Results Overview

Sales of the third Quarter of 2008 fell 17.8% year-on-year to ¥14,701 million. It was partly explained by the appreciation of Japanese Yen which inflated year-on-year from ¥117.79 to ¥107.61 to a US dollar causing an inevitably twin-digit sales decrease in Legacy Company, partly due to the sales decline from the restructuring of Inverter Company and VOGT EMS Company and from the different accounting treatment in which the materials to subcontractor had been recorded at free of charge since this year in VOGT Component Company and partly for the sales slowdown of Other Company, despite the expansion in Automotive Company.
Operating income reduced 43.1% year-on-year to ¥819 million, resulted from the declined profit margin in Coil Business led by the sales contraction in Legacy Company and Other Company that was not fully offset by the enhanced revenue of Automotive Company and the decreased headquarters, selling and administrative expenses in addition to the production adjustments by leading US-based and Europe-based customers of VOGT Business.

（Unit:Millions of yen）
  FY2008 FY2007 Change
3rd quarter 3rd quarter Amount %
Net sales 14,701 100.0% 17,885 100.0% (3,184) (17.8)
Operating income 819 5.6% 1,439 8.0% (620) (43.1)
Ordinary income 867 5.9% 1,023 5.7% (156) (15.2)
lncome before income tax 365 2.5% 1,252 7.0% (887) (70.8)
Net income 531 3.6% 872 4.9% (341) (39.0)
Capital expenditure 519 980 (461)
Depreciation 833 895 (62)
Foreign exchange rate (US$) ¥107 ¥115  

Financial Results Materials (Click on a report title to download (PDF format).)

FY2008 2nd Quarter Financial Results

Financial Results Presentations
Date
August 8，2008
Venue
Waseda University Nihonbashi Campus

Financial Results Overview

Overall sales of the 2nd Quarter of 2008 dropped 15.9% year-on-year to ¥15,479 million. The main reasons are i) the decline of Legacy Business due to the appreciation of yen (from 120.63 yen/USD to 104.53 yen/USD), ii) the decrease of sales of Inverter Business and VOG EMS business due to the restructuring measures taken last year, and iii) the reduction of VOGT Components business due to shifting of charge-free materials to the subcontractors.
Operating income decreased 16.1% year-on-year to ¥1,051 million, because partly of the decrease in profit of VOGT EMS business arising from the low demand from the main customers and partly of the decline in profit of Coil business due to the low sales of Legacy Business, whereas the profitability improved in VOGT Components business owing to the restructuring measures taken last year.
Ordinary income decreased 70.5% year-on-year to ¥517 million due to the exchange loss and the increase of interest cost, although we no longer have the investment loss of the equity method. The extraordinary loss decreased owing to the restructuring measures taken last year whereas we recorded the tax expense. As a result, we recorded the net loss ¥17 million.

（Unit:Millions of yen）
  FY2008 FY2007 Change
2nd quarter 2nd quarter Amount %
Net sales 15,479 100.0% 18,402 100.0% (2,923) (15.9)
Operating income 1,051 6.8% 1,253 6.8% (202) (16.1)
Ordinary income 517 3.3% 1,750 9.5% (1,233) (70.5)
lncome before income tax 427 2.8% 1,001 5.4% (574) (57.3)
Net income (17) －% 679 3.7% (696) －
Capital expenditure 778 1,369 (591)
Depreciation 878 1,022 (144)
Foreign exchange rate (US$) ¥106 ¥121  

Financial Results Materials (Click on a report title to download (PDF format).)

FY2008 1st Quarter Financial Results

Financial Results Presentations
Date
May 8，2008
Venue
Waseda University Nihonbashi Campus

Financial Results Overview

Overall sales of the First Quarter of 2008 dropped 12.2% year-on-year to ¥14,835 million, because partly of the declined sales of power solution, power inductor and signal under Legacy Company due to the production adjustment by manufacturers and partly of the dramatic loss of sales in inverter business resulting from the disposal of Inverter Company in Taiwan and Suzhou, China in addition to the contraction of Vogt Component Company and Vogt EMS Company despite expansion in Automotive Company.  The decline was also accounted for the appreciation of Japanese Yen which inflated 11.7% year-on-year from 119.3 to 105.4 Yen to a US dollar.
Operating income increased 47.8% to ¥1,042 million as compared with the same term last year, thanks to the improved profitability in Automotive Company, sustainable double-digit growth in Legacy Company of Coil Business along with the enhanced profit margin from Vogt Component Company led by the declined subcontract fees as well as the absence of selling and administration expenses at the disposed divisions like Jensen and Inverter Company.

Ordinary income climbed 43.7% year-on-year to ¥810 million, explained by the absence of investment loss from the equity-method despite increase of interest payables and unrealized exchange loss resulting from the sharp appreciation of Yen.  Net income increased 41.7% year-on-year to ¥502 million in spite of the restructuring costs and disposal loss of fixed assets of Vogt which could not be accounted in last year.
（Unit:Millions of yen）
  FY2008 FY2007 Change
1st quarter 1st quarter Amount %
Net sales 14,835 100.0% 16,888 100.0% (2,053) (12.2)
Operating income 1,042 7.0% 705 4.2% 337 47.8
Ordinary income 810 5.5% 563 3.3% 247 43.7
lncome before income tax 754 5.1% 594 3.5% 160 27.0
Net income 502 3.4% 355 2.1% 147 41.7
Capital expenditure 771 844 (73)
Depreciation 810 848 (38)
Foreign exchange rate (US$) ¥105 ¥119  

Financial Results Materials (Click on a report title to download (PDF format).)

Links to related information

Financial Results
Fiscal Year 2008（Financial Results）