3rd Quarter & 9 Mths Results

Maruwa Co Ld
9 February 2001


Nagoya-February 09, 2001 MARUWA Co.,Ltd today announced its consolidated and
non-consolidated business results for the third quarter of fiscal 2001, the
nine-month period ended December 31,2000 is as follows,

Note: Statements of income are unaudited.

I Consolidated

1. Financial highlights

                                     (JPY million)
                                 Current 3rd Qt
                                from  1st.Apr.2000
                                to 31st.Dec.2000

                                  Amount     %
Net sales                        12,253   100.0%
Cost of sales                     7,984    65.2%
Gloss profit                      4,269    34.8%
SG&A expenses                     1,335    10.9%
Operating income                  2,934    23.9%
Other income                         92     0.8%
Income before income taxes        3,026    24.7%

2. Annual transaction

                                                           (JPY Million)
                                  1st Qt     2nd Qt   3rd Qt    Total
Net sales                          3,706     4,290    4,257    12,253
Cost of sales                      2,491     2,792    2,701     7,984
Gross profit                       1,215     1,498    1,556     4,269
SG&A expenses                        476       376      483     1,335
Operating income                     739     1,122    1,073     2,934
Other income                          (9)       40       61        92
Income before income taxes           748     1,144    1,134     3,026

3. Sales breakdown

                                                           (JPY million)
                                  1st Qt     2nd Qt   3rd Qt    Total
Circuit Ceramic Products           1,815     1,909    2,061     5,785
Machinery Ceramic Products           346       416      437     1,199
High Frequency Products              380       358      240       978
Capacitor Products                 1,165     1,607    1,519     4,291
Amount                             3,706     4,290    4,257    12,253

II Non-Consolidated

1. Financial highlights

                                                           (JPY million)

                    Current 3rd Qt          Previous 3rd Qt      Changes
                    from 1st Apr.2000       from 1st.Apr.1999
                    to 31st Dec.2000        to 31st.Dec.1999
                    Amount    % per Sales   Amount  % per Sales  Amount    %
Net sales           8,661   100.0%           6,650     100.0%     2,011   23%
Cost of sales       6,573    75.9%           5,205      78.3%     1,368   21%
Gross profit        2,088    24.1%           1,445      21.7%       643   31%
SG&A expenses         949    11.0%             796      12.0%       153   16%
Operating income    1,139    13.2%             649       9.8%       490   43%
Other income,net      104     1.2%              39       0.6%        65   63%
Income before income
  taxes             1,243    14.4%             688      10.3%       555   45%
Net income            720     8.3%             398       6.0%       322   45%

2. Annual transaction

                                                             (JPY Million)
                            1st Qt      2nd Qt     3rd Qt        Total
Net sales                    2,859       3,033     2,769         8,661
Cost of sales                2,173       2,276     2,124         6,573
Gross profit                   686         757       645         2,088
SG&A expenses                  301         305       343           949
Operating income               385         452       302         1,139
Other income, net               41          47        16           104
Income before income taxes     426         499       318         1,243
Net income                     239         484        ^3           720

3. Sales breakdown

                                                             (JPY Million)
                              1st Qt     2nd Qt     3rd Qt     Total
Circuit Ceramic Products       1,207      1,141      1,001     3,349
Machinery Ceramic Products       118         98        176       392
High Frequency Products          384        351        240       975
Capacitor Products             1,150      1,443      1,352     3,945
Amount                         2,859      3,033      2,769     8,661


                     Financial Statement (Non-Consolidated)
                           (in thousand Japanese Yen)
                                 (Unaudited)

                                       Previous 3rd Qt     Current 3rd Qt
                                        31st.Dec.1999      31st.Dec.2000
   ASSETS
   Current assets:
   Cash & deposits                             735,152          575,468
   Marketable securities                     6,097,544        5,709,703
   Notes and accounts receivable, trade      2,804,086        3,395,726
   Allowance for doubtful accounts             (21,522)         (77,000)
   Inventories                                 994,624        1,085,292
   Deferred income taxes                         9,103           28,013
   Other current assets                      1,103,037        1,907,670
   Total Current assets                     11,722,026       12,624,872

   Property, plant and equipment:
   Land                                      1,168,212        1,202,257
   Buildings and Structures                  2,040,338        2,102,669
   Machinery and equipment                   4,605,494        5,182,407
   Construction in progress                     77,514           52,227
   Total                                     7,891,559        8,539,561
   Less-Accumulated depreciation            (4,114,657)      (4,326,772)
   Net property, plant and equipment         3,776,902        4,212,788

   Investments and other assets:
   Investment securities                       233,759         533,454
   investments in and advances to subsidiaries 
          and affiliates                     4,864,533       6,123,182
   Deferred income taxes                        10,328               0
   Property and equipment for investments    1,102,718       1,072,574
   Other                                        59,094          78,372
   Total investments and other assets        6,270,432       7,807,581
   Fixed assets Total                       10,047,334      12,020,370
   Total assets                             21,769,359      24,645,241

                                       Previous 3rd Qt  Current 3rd Qt
                                        31st.Dec.1999   31st.Dec.2000
   LIABILITIES AND SHAREHOLDERS' EQUITY

   Current liabilities:
   Current portion of long-term debt           56,400        199,200
   Notes and accounts payable, trade          960,498      1,129,233
   Accrued income taxes                       188,840        303,973
   Other current liabilities                  922,064      1,765,236
   Total current liabilities                2,127,801      3,397,643

Long term liabilities:
Long-term debt                                171,400        912,700
Differed tax liabilities                            0         68,018
Accrued pension and severance costs            45,419          8,502
Other                                          80,629         73,389
Total long-term liabilities                   297,448      1,062,609
Liabilities Total                           2,425,249      4,460,251

Shareholders'equity
Common stock, Y50 par value, authorized: 
26,00,000 shares;
issued and outstanding: 10,050,000 shares   5,656,450      5,656,450
Additional paid-in capital                  8,683,370      8,683,370
Legal reserve                               1,414,113      1,414,113
Retained earnings                           3,590,178      4,340,300
Net unrealized gains on other securities            0         90,757
Total shareholders' equity                 19,344,110     20,184,990
Total liabilities and shareholders' equity 21,769,359     24,645,241