1st Quarter Results

Maruwa Co Ld 08 August 2006 8 August 2006 MARUWA CO., LTD. 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN Consolidated financial results for 1st quarter of Fiscal 2007 MARUWA CO., LTD. today announced its consolidated financial results for the 1st quarter of Fiscal 2007 <1 April 2006 - 30 June 2006> as follows; *The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. *Consolidated subsidiaries: 6 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWA Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., MARUWA QUARTZ Co., Ltd., and MARUWA SHOMEI Co., Ltd.) I. Summary of Consolidated Financial Results (1) Summary of consolidated operating results JPY million ----------- ----------- --------- ---- ---------- 1st Quarter 1st Quarter Change % (Reference) 1 April - 30 1 April - 30 For year June June ended 2006 2005 31 March 2006 ----------- ----------- --------- ---- ---------- Net sales 4,878 4,481 8.9% 20,278 Operating income 420 398 5.5% 1,693 Income before income 519 112 363.4% 1,669 taxes Net income 357 51 600.0% 1,135 ----------- ----------- --------- ---- ---------- Net income per share: JPY ----------- ----------- --------- ---- ---------- Basic 32.55 4.69 594.0% 103.82 Diluted 32.36 4.67 592.9% 103.21 ----------- ----------- --------- ---- ---------- (2) Summary of consolidated financial condition JPY million ----------- ----------- --------- ---- ---------- As of 30 June As of 30 June Change % (Reference) 2006 2005 As of 31 March 2006 ----------- ----------- --------- ---- ---------- Total Assets 32,006 30,475 5.0% 33,044 Shareholders' equity 26,624 24,492 8.7% 26,557 ----------- ----------- --------- ---- ---------- Shareholders' equity 83.2% 80.4% 80.4% ratio ----------- ----------- --------- ---- ---------- JPY Shareholders' equity 2,429.96 2,272.53 6.9% 2,423.40 per share ----------- ----------- --------- ---- ---------- II. Outlook for the fiscal 2007 As for the outlook for the full fiscal 2007 ending 31 March 2007, the forecast figures announced on 16 May 2006 are unchanged. * The forecasts stated above are based on currently available information as of the date of announcement. Actual results may differ from these forecasts due to various factors. 1. Review of Operations Net sales in the 1st quarter of the current fiscal year were 4,878 million yen, up 8.9% from a year earlier. Total sales of the Ceramic Components segment increased 3.8% compared to the substantially favorable 1st quarter of the previous year thanks to solid demand in the electronic components market and demand recovery in the semiconductor equipment-related market. Operating income remained 420 million yen, up 5.5% from the same period last year due mainly to reorganization of production equipment in order to enhance the manufacturing system of the subsidiaries. Net income was 357 million yen, up 600.0% since MARUWA posted as a loss the payment of 261 million yen upon the abolishment of the retirement allowance system for directors last year. 2. Consolidated results by segment JPY million -------- ------- -------------- 1st Quarter 1st Quarter 1 April - 30 June 1 April - 30 June 2006 2005 ------------- -------------- Ceramic Components: Net sales 4,379 4,217 Operating income 662 714 -------- ------- -------------- Lighting Equipment: Net sales 499 264 Operating income (61) (165) -------- ------- -------------- Total: Net sales 4,878 4,481 Operating income 601 549 -------- ------- -------------- Elimination: Net sales -- -- Operating income (181) (151) -------- ------- -------------- Consolidated: Net sales 4,878 4,481 Operating income 420 398 -------- ------- -------------- Quarterly sales results of Ceramic Components segment by product division JPY million -------------------------------------------------- For year ended 31 March 2006 2007 -------- ------- -------- -------- ------- 1Q 2Q 3Q 4Q 1Q -------- ------- -------- -------- ------- Circuit Ceramics 1,649 1,576 1,519 1,601 1,778 Machinery 1,129 1,117 1,135 1,063 1,148 Ceramics RF Products 344 364 417 464 407 EMC Components 1,096 1,024 1,075 1,055 1,046 -------- ------- -------- -------- ------- Total 4,218 4,081 4,146 4,183 4,379 -------- ------- -------- -------- ------- Review of operations by segment Ceramic Components Circuit Ceramics Total sales of the Circuit Ceramics increased 7.8% to 1,778 million yen from a year earlier. Substrate products generally enjoyed high demand; orders for Alumina large substrates for the power module-related field have been increasing as well as sales increased for our main product, ceramic substrates for chip resistors. Machinery Ceramics Total sales of the Machinery Ceramics were 1,148 million yen, up 1.7% compared to the same period last year. Quartz glass products saw sales recovery thanks to expanding demand in the semiconductor equipment-related market. Radio Frequency Products Total sales of the Radio Frequency Products were 407 million yen, an increase of 18.3% from the same period last year. Despite of production adjustment in the mobile phone-related field, device products including the mainstay band pass filters showed strong sales especially for base stations. Thin film substrates were affected by customers' inventory adjustments. EMC Components For the EMC Components, total sales were 1,046 million yen, a 4.6% decline from a year earlier. Although the digital home appliance market remains favorable and sales of EMI filters are increasing, this division was partly affected by customers' inventory adjustments. MARUWA expects a sales increase from the second half of the year, and is now making efforts in improving the current manufacturing lines to strength our system for production increase. Lighting Equipment Total sales in the Lighting Equipment segment jumped 89.0% to 499 million yen compared to the same period last year. This business sells lighting appliances for public works including roads and bridges, and its sales tend to be posted intensively in March, the end of the fiscal term. In this 1st quarter, however, sales increased. 3. Consolidated financial condition Total assets at the end of this 1st quarter were 32,006 million yen, a decrease of 1,038 million yen from the last year end. This was particularly caused by a decrease of current assets; trade notes and accounts receivable declined, and cash and deposits decreased due to a decrease of trade notes and accounts payable, reflecting the structure of the Lighting Equipment business that sales tend to occur at the end of fiscal term. Liabilities decreased 1,105 million yen from the last year end. Shareholder' equity increased 67 million yen due mainly to an increase of retained earnings. Capital expenditure in this 1st quarter amounted to 578 million yen, and depreciation cost was 389 million yen. Consolidated Balance Sheet JPY million ----------- ----------- -------- ----------- 1st Quarter 1st Quarter (Reference) As of 30 June As of 30 June Change % As of 31st March 2006 2005 2006 ----------- ----------- -------- ----------- ASSETS Current assets: Cash & deposits 7,180 6,910 3.9% 7,899 Trade notes & accounts 6,560 6,077 7.9% 7,003 receivable Inventories 2,940 2,748 7.0% 2,869 Other 368 539 -31.7% 817 ----------- ----------- ----------- Total current assets 17,048 16,274 4.8% 18,588 ----------- ----------- ----------- Property, plant & equipment: Net property, plant & 12,192 11,772 3.6% 12,087 equipment ----------- ----------- ----------- Investment & other assets: Total investments & other 2,766 2,429 13.9% 2,369 assets ----------- ----------- ----------- Total assets 32,006 30,475 5.0% 33,044 ----------- ----------- ----------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Trade notes & accounts 1,880 1,948 -3.5% 2,590 payable Other 2,227 2,078 7.2% 2,391 ----------- ----------- ----------- Total current liabilities 4,107 4,026 2.0% 4,981 ----------- ----------- ----------- Long-term liabilities: Long-term debt 151 298 -49.3% 188 Accrued retirement 165 837 -80.3% 300 benefits Other 959 822 16.7% 1,018 ----------- ----------- ----------- Total long-term 1,275 1,957 -34.8% 1,506 liabilities ----------- ----------- ----------- Shareholders' equity: Common stock, no par value 6,710 6,683 0.4% 6,710 Capital surplus 9,747 9,710 0.4% 9,747 Retained earnings 10,743 9,537 12.6% 10,522 Net unrealized gains on 0 11 -- 38 available-for-sale securities Foreign currency (322) (868) -- (206) translation adjustment Treasury stock, at cost (254) (581) -- (254) ----------- ----------- ----------- Total shareholders' equity 26,624 24,492 8.7% 26,557 ----------- ----------- ----------- Total liabilities & 32,006 30,475 5.0% 33,044 shareholders' equity ----------- ----------- ----------- Consolidated Statements of Income JPY million ----------- ----------- -------- ----------- 1st Quarter 1st Quarter (Reference) 1 April - 30 1 April - 30 Change % For year June June ended 2006 2005 31 March 2006 ----------- ----------- -------- ----------- Net sales 4,878 4,481 8.9% 20,278 Cost of sales 3,438 3,091 11.2% 14,494 ----------- ----------- ----------- Gross profit 1,440 1,390 3.6% 5,784 ----------- ----------- ----------- Selling, general & 1,020 992 2.8% 4,091 administrative ----------- ----------- ----------- expenses Operating income 420 398 5.5% 1,693 ----------- ----------- ----------- Other income (expenses): Interest & dividend income 10 7 42.9% 39 Interest expenses (2) (2) -- (8) Foreign exchange gain 49 (45) -- (158) (loss), net Other, net 42 (246) -- 103 ----------- ----------- ----------- Other income (expenses), 99 (286) -- (24) net ----------- ----------- ----------- Income before income taxes 519 112 363.4% 1,669 ----------- ----------- ----------- Income tax expenses: Current 59 19 299 Deferred 103 42 145.2% 235 ----------- ----------- ----------- Net income 357 51 600.0% 1,135 ----------- ----------- ----------- This information is provided by RNS The company news service from the London Stock Exchange

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