Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE:3774)
today announced its consolidated financial results for the nine
months of the fiscal year ending March 31, 2015 (from April 1, 2014
to December 31, 2014, "3Q14").1
|
Highlights of Financial
Results for 3Q14 |
Revenues |
JPY87,846 million |
(up 6.2% YoY) |
Operating Income |
JPY3,786 million |
(down 10.1% YoY) |
Income before Income Tax Expense |
JPY3,889 million |
(down 15.9% YoY) |
Net Income attributable to IIJ |
JPY2,314 million |
(down 20.9% YoY) |
|
|
|
Highlights of Financial
Results for Three Months Ended December 31, 2014 |
Revenues |
JPY30,674 million |
(up 8.2% YoY) |
Operating Income |
JPY1,370 million |
(up 14.0% YoY) |
Income before Income Tax Expense |
JPY1,397 million |
(up 9.3% YoY) |
Net Income attributable to IIJ |
JPY870 million |
(up 20.9% YoY) |
|
Overview of 3Q14 Financial Results and Business
Outlook
"We achieved operating income increase in this third quarter as
planned with the continuous accumulation of stock revenues, which
absorbed last fiscal year's negative impact from three large
customers' stock revenues decrease and operating cost increase
mainly related to personnel and outsourcing from the beginning of
the fiscal year. MVNO2 services, which we started to invest in
seven years ago, contributed to the revenues accumulation
significantly. As a growing company, we continuously devote
ourselves to service developments and business investments to stay
ahead. This continues to be our core for further business
scale-up," said Koichi Suzuki, Founder and CEO of IIJ.
"Consumer MVNO led the 3Q revenues growth significantly. In this
three-month period, the net addition of subscription more than
doubled from the previous quarter and the revenues grew by almost
three times from last fiscal year's third quarter. As the first
MVNO to use NTT DoCoMo's network, we believe we're well positioned
to capture rapidly expanding consumer MVNO market with our high
customer satisfaction3. Although consumer MVNO market is very hot,
we strongly focus on enterprises as well. We're seeing great market
opportunity for M2M4 and MVNE5 transactions to which we can
leverage our blue-chip customer base and SI skills. We cover
Panasonic's MVNE transaction and related system construction to
connect their products to wireless network6, and began to offer our
network platform to several MVNOs including many of CATV operators.
By gathering consumer and enterprise traffic, we aim to improve our
mobile network infrastructure efficiency in pursuing greater
utilization of our MVNO infrastructure," followed Eijiro Katsu, COO
and President of IIJ.
"With regard to our six-year-old Cloud services, although it's
taking time for Japanese companies to fully adopt, the usage of
Cloud services is penetrating surely and gradually. Our prominent
cases include a unified group communication platform for Sompo
Japan Nipponkoa7, systems to prevent unauthorized online banking
remittance for a major commercial bank8, and full-scale Cloud
migration of core business operation platform for Nippon Express
and others. We continue to target the private Cloud market with our
public Cloud infrastructure with wide range of value-added services
features we developed," continued Katsu.
"3Q14 financial results work as a mid-way check point to our
business progress. Now that we returned to operating income
increase from this 3Q as planned, we expect further growth by
leveraging our business investments," concluded Katsu.
1 Unless otherwise stated, all financial figures discussed in
this announcement are prepared in accordance with U.S. GAAP. The
figures are unaudited, and consolidated.
2 MVNO: Mobile Virtual Network Operator
3 According to a survey conducted by Mobile Marketing Data
Labo. in February 2014 and others
4 M2M: Machine to Machine
5 MVNE: Mobile Virtual Network Enabler
6 IIJ supports Panasonic Corporation's entry to MVNO
business, as announced on October 15. For more information, please
see http://www.iij.ad.jp/en/news/pressrelease/2014/1015.html
7 For more information, please see
http://www.iij.ad.jp/en/news/pressrelease/2013/0704.html
8 For more information, please see
http://www.iij.ad.jp/en/news/pressrelease/2014/1225.html
3Q14 Financial Results Summary
Operating Results Summary |
|
3Q13 |
3Q14 |
YoY % Change |
|
JPY millions |
JPY millions |
|
Total Revenues |
82,746 |
87,846 |
6.2 |
Network
Services |
50,301 |
51,162 |
1.7 |
Systems
Integration (SI) |
29,197 |
32,644 |
11.8 |
Equipment
Sales |
1,178 |
1,366 |
15.9 |
ATM Operation
Business |
2,070 |
2,674 |
29.2 |
Total Costs |
67,228 |
71,398 |
6.2 |
Network
Services |
39,764 |
40,131 |
0.9 |
Systems
Integration (SI) |
24,826 |
28,179 |
13.5 |
Equipment
Sales |
1,062 |
1,197 |
12.7 |
ATM Operation
Business |
1,576 |
1,891 |
20.0 |
SG&A Expenses
and R&D |
11,307 |
12,662 |
12.0 |
Operating Income |
4,211 |
3,786 |
(10.1) |
Income before Income Tax
Expense |
4,625 |
3,889 |
(15.9) |
Net Income attributable to
IIJ |
2,924 |
2,314 |
(20.9) |
|
Segment Results Summary |
|
3Q13 |
3Q14 |
|
JPY millions |
JPY millions |
Total Revenues |
82,746 |
87,846 |
Network services
and SI business |
81,029 |
85,478 |
ATM Operation
Business |
2,070 |
2,674 |
Elimination |
353 |
306 |
Operating Income |
4,211 |
3,786 |
Network service
and SI business |
3,899 |
3,232 |
ATM Operation
Business |
400 |
654 |
Elimination |
88 |
100 |
We have omitted segment analysis because most of our revenues
are dominated by Network services and Systems Integration (SI)
business.
3Q14 Results of Operation
Revenues
Total revenues were JPY87,846 million, up 6.2% YoY.
Network Services revenue was JPY51,162 million, up 1.7% YoY.
Revenues for Internet connectivity services for enterprise were
JPY12,288 million, down 1.7% YoY from JPY12,499 million for 3Q13.
While enterprise mobile service revenues continued to increase, IP
services revenues including data center connectivity decreased.
Revenues for Internet connectivity services for consumer were
JPY5,753 million, up 30.8% YoY from JPY4,397 million for 3Q13,
mainly due to the rapid revenue growth of consumer mobile services
"IIJmio High-speed Mobile/D service," consumer mobile services
which offers inexpensive data communication and voice services with
SIM cards. The number of subscriptions of them at the end of 3Q14
was 339 thousand, increased largely by 94 thousand from the end of
2Q14. The numbers of subscriptions at the end of 2Q14 and 1Q14 were
245 thousand and 205 thousand respectively, for your reference.
WAN services revenues were JPY18,145 million, down 3.4% YoY
compared to 18,786 million for 3Q13.
Outsourcing services revenues were JPY14,976 million, up 2.4%
YoY from JPY14,619 million for 3Q13, mainly by the increase in
revenues of "IIJ GIO Hosting Package Services."
Network Services9
Revenues Breakdown |
|
3Q13 |
3Q14 |
YoY % Change |
|
JPY millions |
JPY millions |
|
Internet Connectivity Service
(Enterprise) |
12,499 |
12,288 |
(1.7) |
IP
Service10 |
7,818 |
7,425 |
(5.0) |
IIJ
FiberAccess/F and IIJ DSL/F |
2,368 |
2,366 |
(0.1) |
IIJ Mobile
Service (Enterprise) |
2,141 |
2,324 |
8.5 |
Others |
172 |
173 |
0.3 |
Internet Connectivity Service
(Consumer) |
4,397 |
5,753 |
30.8 |
Under IIJ
Brand |
1,577 |
3,142 |
99.3 |
hi-ho |
2,297 |
2,114 |
(8.0) |
OEM |
523 |
497 |
(4.9) |
WAN Services |
18,786 |
18,145 |
(3.4) |
Outsourcing
Services |
14,619 |
14,976 |
2.4 |
Total Network
Services |
50,301 |
51,162 |
1.7 |
|
Number of Contracts for Connectivity Services |
|
as of Dec 31, 2013 |
as of Dec
31, 2014 |
YoY Change |
Internet Connectivity Services
(Enterprise) |
128,635 |
165,319 |
36,684 |
IP Service
(-99Mbps) |
873 |
796 |
(77) |
IP Service
(100Mbps-999Mbps) |
434 |
491 |
57 |
IP Service
(1Gbps-) |
263 |
330 |
67 |
IIJ Data
Center Connectivity Service |
293 |
280 |
(13) |
IIJ
FiberAccess/F and IIJ DSL/F |
53,536 |
61,346 |
7,810 |
IIJ Mobile
Service (Enterprise) |
71,940 |
100,750 |
28,810 |
Others |
1,296 |
1,326 |
30 |
Internet Connectivity Services
(Consumer) |
596,458 |
794,706 |
198,248 |
Under IIJ
Brand |
152,191 |
306,253 |
154,062 |
hi-ho |
157,087 |
151,857 |
(5,230) |
OEM |
287,180 |
336,596 |
49,416 |
Total Contracted
Bandwidth |
1,501.8Gbps |
1,705.6Gbps |
203.8Gbps |
9 We have renamed Internet Connectivity Service (for Corporate
Use) and Internet Connectivity Service (for home use) to Internet
Connectivity Service (Enterprise) and Internet Connectivity Service
(Consumer), respectively in June 2014.
10 IP Service revenues include revenues from the Data
Center Connectivity Service.
SI revenues were JPY32,644 million, up 11.8% YoY.
Systems construction revenue, a one-time revenue, was JPY12,494
million, up 7.4% YoY. Revenue increased largely due to the increase
in the scale of systems construction projects. Systems operation
and maintenance revenue, a recurring revenue, was JPY20,150
million, up 14.7% YoY. "IIJ GIO Component Services" revenues
increased and systems construction projects that were completed and
shifted to operation and maintenance phase contributed to revenue
increase of systems operation and maintenance.
Orders received for SI and equipment sales totaled JPY40,388
million, up 11.7% YoY, orders received for systems construction and
equipment sales were JPY16,376 million, up 0.9% YoY and orders
received for systems operation and maintenance were JPY24,013
million, up 20.5% YoY.
Order backlog for SI and equipment sales as of December 31, 2014
amounted to JPY30,687 million, up 18.7% YoY, order backlog for
systems construction and equipment sales was JPY7,619 million, up
6.9% YoY and order backlog for systems operation and maintenance
was JPY23,068 million, up 23.1% YoY.
Equipment sales revenues were JPY1,366 million, up 15.9%
YoY.
ATM Operation Business revenues were JPY2,674 million, up 29.2%
YoY. As of February 10, 2015, 1,048 ATMs are in operation (785 ATMs
as of February 7, 2014).
Cost and expense
Total cost of revenues was JPY71,398 million, up 6.2% YoY.
Cost of Network Services revenue was JPY40,131 million, up 0.9%
YoY. While network related costs decreased along with the decrease
in WAN services revenues, outsourcing costs, network operation
costs and personnel-related costs increased. Gross margin was
JPY11,031 million, up 4.7% YoY and gross margin ratio was
21.6%.
Cost of SI revenues was JPY28,179 million, up 13.5% YoY. The
increase was mainly due to the increase in outsourcing-related
costs and purchasing costs. Gross margin was JPY4,465 million, up
2.2% YoY and gross margin ratio was 13.7%.
Cost of Equipment Sales revenues was JPY1,197 million, up 12.7 %
YoY. Gross margin was JPY169 million, up 45.7% YoY and gross margin
ratio was 12.4%.
Cost of ATM Operation Business revenues was JPY1,891 million, up
20.0% YoY in accordance with the number of newly placed ATMs. Gross
margin was JPY783 million, up 58.6% YoY and gross margin ratio was
29.3%.
SG&A and R&D Expenses
SG&A and R&D expenses in total were JPY12,662 million,
up 12.0% YoY (JPY11,307 million in 3Q13).
Sales and marketing expenses were JPY6,829 million, up 7.6% YoY.
The increase was mainly due to the increase in personnel-related
expenses and sales commission expenses.
General and administrative expenses were JPY5,468 million, up
17.7% YoY. The increase was mainly due to the expenses related to
headquarter relocation in 1H14.
Research and development expenses were JPY365 million, up 15.5%
YoY.
Operating income
Operating income was JPY3,786 million, down 10.1% YoY (JPY4,211
million for 3Q13).
Other income (expenses)
Other income (expenses) was an income of JPY103 million (an
income of JPY414 million for 3Q13), as a result of miscellaneous
non-operating income such as gain on other investments of JPY176
million, dividend income of JPY59 million and interest expenses of
JPY180 million.
Income before Income tax expense
Income before income tax expense was JPY3,889 million, down
15.9% YoY. (JPY4,625 million for 3Q13)
Net Income
Income tax expense was JPY1,633 million (JPY1,841 million for
3Q13).
Equity in net income of equity method investees was JPY115
million (JPY191 million for 3Q13) mainly due to net income of
Internet Multifeed Co.and Internet Revolution, Inc.
As a result of the above, net income was JPY2,371 million, down
20.3% YoY (JPY2,975 million for 3Q13).
Net Income attributable to IIJ
Net income attributable to non-controlling interests was JPY57
million mainly related to net income of Trust Networks Inc. (JPY51
million for 3Q13).
Net income attributable to IIJ was JPY2,314 million, down 20.9%
YoY (JPY2,924 million for 3Q13).
3Q14 Financial Condition
Balance Sheets
As of December 31, 2014, the balance of total assets was
JPY105,829 million, increased by JPY1,962 million from the balance
as of March 31, 2014 of JPY103,867 million.
As for current assets as of December 31, 2014, as compared to
the respective balances as of March 31, 2014, cash and cash
equivalents decreased by JPY1,374 million, mainly related to the
repayment of bank borrowings, prepaid expense increased by JPY1,552
million and current portion of guarantee deposits decreased by
JPY1,462 million along with our headquarter relocation. As for
noncurrent assets, as compared to the respective balance as of
March 31, 2014, guarantee deposits increased by JPY1,520 million
and property and equipment increased by JPY1,487 million. As for
current liabilities, as compared to the respective balances as of
March 31, 2014, current portion of long-term borrowings decreased
by JPY980 million, accrued expenses increased by JPY858 million and
accounts payable decreased by JPY763 million.
As for the balances of capital lease obligations as of December
31, 2014, as compared to the respective balances as of March 31,
2014, capital lease obligations-current portion decreased by JPY156
million to JPY3,597 million and capital lease
obligations-noncurrent decreased by JPY257 million to JPY4,346
million.
As of December 31, 2014, the balance of other investments was
JPY6,543 million. The breakdown of other investments were JPY4,239
million in available-for-sale securities, JPY2,221 million in
nonmarketable equity securities and JPY84 million in other.
As of December 31, 2014, the breakdown of major non-amortized
intangible assets were JPY6,170 million in goodwill and JPY107
million in trademark. The balance of amortized intangible assets,
which was customer relationships, was JPY3,904 million.
Total IIJ shareholders' equity as of December 31, 2014 compared
to the balance as of March 31, 2014, increased by JPY1,352 million
to JPY61,264 million. IIJ shareholders' equity ratio (total IIJ
shareholders' equity/total assets) as of December 31, 2014 was
57.9%.
Cash Flows
Cash and cash equivalents as of December 31, 2014 were JPY21,047
million compared to JPY22,102 million as of December 31, 2013.
Net cash provided by operating activities for 3Q14 was JPY10,012
million compared to net cash provided by operating activities of
JPY5,732 million for 3Q13. The increase was mainly due to the
increase in advance receipt mainly related to long-term systems
maintenance projects and the increase in operating liabilities,
while net income decreased from 3Q13.
Net cash used in investing activities for 3Q14 was JPY6,318
million compared to net cash used in investing activities of
JPY8,480 million for 3Q13 mainly due to the payments for purchase
of property and equipment of JPY6,569 million (JPY7,228 million for
3Q13).
Net cash used in financing activities for 3Q14 was JPY5,131
million compared to net cash provided by financing activities of
JPY12,408 million for 3Q13, mainly due to the principal payments
under capital leases of JPY3,140 million (JPY2,942 million for
3Q13), FY2013 year-end and FY2014 interim dividend payments of
JPY1,011 million (JPY911 million for 3Q13) and repayments of bank
borrowings of JPY980 million (JPY1,010 million for 3Q13).
Prospects for the Fiscal Year Ending March 31,
2015
Our FY2014 financial targets announced on November 7, 2014
remain unchanged.
Due to seasonal factors, our financial results tend to be large
in fourth quarter in general.
Reconciliation of Non-GAAP Financial
Measures
The following table summarizes the reconciliation of adjusted
EBITDA to net income attributable to IIJ in our consolidated
statements of income that are prepared in accordance with U.S.
GAAP.
Adjusted EBITDA |
|
3Q13 |
3Q14 |
|
JPY millions |
JPY millions |
Adjusted EBITDA |
10,715 |
11,003 |
Depreciation and Amortization
11 |
6,504 |
7,217 |
Operating Income |
4,211 |
3,786 |
Other Income
(Expense) |
414 |
103 |
Income Tax
Expense |
1,841 |
1,633 |
Equity in Net Income of
Equity Method Investees |
191 |
115 |
Net income |
2,975 |
2,371 |
Net loss (income) attributable
to noncontrolling interests |
(51) |
(57) |
Net Income attributable to
IIJ |
2,924 |
2,314 |
|
CAPEX |
|
3Q13 |
3Q14 |
|
JPY millions |
JPY millions |
CAPEX, including capital
leases |
9,863 |
9,290 |
Acquisition of
Assets by Entering into Capital
Leases |
2,635 |
2,721 |
Purchase of
Property and Equipment |
7,228 |
6,569 |
11 Depreciation and amortization includes impairment loss
on other intangible assets. (See IIJ's consolidated financial
statements for details).
Presentation
Presentation materials will be posted on our web site
(http://www.iij.ad.jp/en/ir/) on February 10, 2015.
About Internet Initiative Japan Inc.
Founded in 1992, IIJ is one of Japan's leading Internet-access
and comprehensive network solutions providers. IIJ and its group of
companies provide total network solutions that mainly cater to
high-end corporate customers. IIJ's services include high-quality
systems integration and security services, Internet access, and
cloud computing. Moreover, IIJ has built one of the largest
Internet backbone networks in Japan that is connected to the United
States, the United Kingdom and Asia. IIJ listed on the U.S. NASDAQ
Stock Market in 1999 and on the First Section of the Tokyo Stock
Exchange in 2006.
Statements made in this press release regarding IIJ's or
management's intentions, beliefs, expectations, or predictions for
the future are forward-looking statements that are based on IIJ's
and managements' current expectations, assumptions, estimates and
projections about its business and the industry. These
forward-looking statements, such as statements regarding FY2014
revenues and operating and net profitability, are subject to
various risks, uncertainties and other factors that could cause
IIJ's actual results to differ materially from those contained in
any forward-looking statement. These risks, uncertainties and other
factors include: IIJ's ability to maintain and increase revenues
from higher-margin services such as systems integration and
outsourcing services; the possibility that revenues from
connectivity services may decline substantially as a result of
competition and other factors; the ability to compete in a rapidly
evolving and competitive marketplace; the impact on IIJ's profits
of fluctuations in costs such as backbone costs and subcontractor
costs; the impact on IIJ's profits of fluctuations in the price of
available-for-sale securities; the impact of technological changes
in its industry; IIJ's ability to raise additional capital to cover
its indebtedness; the possibility that NTT, IIJ's largest
shareholder, may decide to exercise substantial influence over IIJ;
and other risks referred to from time to time in IIJ's filings on
Form 20-F of its annual report and other filings with the United
States Securities and Exchange Commission.
|
|
|
|
|
|
Internet Initiative
Japan Inc. |
Quarterly Consolidated
Balance Sheets (Unaudited) |
(As of March 31, 2014
and December 31, 2014) |
|
|
|
|
As of March 31, 2014 |
As of December 31, 2014 |
|
Thousands of JPY |
Thousands of JPY |
ASSETS |
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
22,421,100 |
21,047,000 |
Accounts receivable, net of
allowance for doubtful accounts of JPY 53,871 thousand and JPY
54,890 thousand at March 31, 2014 and December 31, 2014,
respectively |
19,214,248 |
17,705,002 |
Inventories |
1,670,258 |
2,308,634 |
Prepaid expenses |
3,128,290 |
4,679,834 |
Deferred tax
assets—current |
1,392,971 |
1,514,473 |
Guarantee deposits—current |
1,462,223 |
-- |
Other current assets, net of
allowance for doubtful accounts of JPY 720 thousand at March
31, 2014 and December 31, 2014, respectively |
2,411,376 |
2,965,096 |
Total current assets |
51,700,466 |
50,220,039 |
INVESTMENTS IN EQUITY METHOD INVESTEES |
2,085,689 |
2,227,435 |
OTHER INVESTMENTS |
6,355,817 |
6,543,096 |
PROPERTY AND EQUIPMENT, net of accumulated
depreciation and amortization of JPY 34,725,611 thousand and
JPY 38,076,823 thousand at March 31, 2014 and December 31,
2014, respectively |
26,971,485 |
28,458,260 |
GOODWILL |
5,969,951 |
6,169,609 |
OTHER INTANGIBLE ASSETS—Net |
4,338,944 |
4,040,541 |
GUARANTEE DEPOSITS |
1,264,535 |
2,784,225 |
DEFERRED TAX ASSETS—Noncurrent |
636,807 |
594,705 |
NET INVESTMENT IN SALES-TYPE
LEASES—Noncurrent |
752,774 |
865,195 |
Prepaid expenses—Noncurrent |
2,633,154 |
2,845,185 |
OTHER ASSETS, net of allowance for doubtful
accounts of JPY 62,800 thousand and JPY 62,489
thousand at March 31, 2014 and December 31, 2014,
respectively |
1,156,953 |
1,080,218 |
TOTAL |
103,866,575 |
105,828,508 |
|
|
|
|
|
|
|
As of March 31, 2014 |
As of December 31, 2014 |
|
Thousands of JPY |
Thousands of JPY |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Short-term borrowings |
9,400,000 |
9,400,000 |
Long-term borrowings—current
portion |
980,000 |
-- |
Capital lease
obligations—current portion |
3,753,026 |
3,596,578 |
Accounts payable—trade |
11,491,666 |
11,122,154 |
Accounts payable—other |
1,050,429 |
656,799 |
Income taxes payable |
1,079,480 |
336,424 |
Accrued expenses |
2,053,550 |
2,911,477 |
Deferred income—current |
1,560,603 |
2,377,347 |
Other current liabilities |
1,098,173 |
1,969,102 |
Total current liabilities |
32,466,927 |
32,369,881 |
CAPITAL LEASE OBLIGATIONS—Noncurrent |
4,603,322 |
4,346,448 |
ACCRUED RETIREMENT AND PENSION
COSTS—Noncurrent |
2,274,540 |
2,582,714 |
DEFERRED TAX LIABILITIES—Noncurrent |
1,092,863 |
1,225,200 |
DEFERRED INCOME—Noncurrent |
2,711,347 |
2,894,855 |
OTHER NONCURRENT LIABILITIES |
536,950 |
820,623 |
Total Liabilities |
43,685,949 |
44,239,721 |
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
Common-stock |
|
|
—authorized, 75,520,000 shares;
issued and outstanding, 46,697,800 shares at March 31,
2014 |
25,497,022 |
25,499,857 |
—authorized, 75,520,000 shares;
issued and outstanding, 46,701,000 shares at December 31,
2014 |
|
|
Additional paid-in capital |
35,961,995 |
36,000,604 |
Accumulated deficit |
(2,867,548) |
(1,564,332) |
Accumulated other comprehensive
income |
1,712,786 |
1,720,348 |
Treasury stock —758,709 shares
held by the company at March 31, 2014 and December 31, 2014,
respectively |
(392,070) |
(392,070) |
Total Internet Initiative Japan
Inc. shareholders' equity |
59,912,185 |
61,264,407 |
NONCONTROLLING INTERESTS |
268,441 |
324,380 |
Total equity |
60,180,626 |
61,588,787 |
TOTAL |
103,866,575 |
105,828,508 |
|
|
|
|
|
|
Internet Initiative
Japan Inc. |
Quarterly Consolidated
Statements of Income and |
Quarterly Consolidated
Statements of Other Comprehensive Income (Unaudited) |
(For the nine months
ended December 31, 2013 and December 31, 2014) |
|
|
|
Quarterly
Consolidated Statements of Income |
|
|
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
REVENUES: |
|
|
Network services: |
|
|
Internet
connectivity services (enterprise) |
12,499,526 |
12,288,271 |
Internet
connectivity services (consumer) |
4,396,796 |
5,752,832 |
WAN services |
18,785,947 |
18,145,417 |
Outsourcing
services |
14,619,196 |
14,975,424 |
Total |
50,301,465 |
51,161,944 |
Systems integration: |
|
|
Systems
construction |
11,635,117 |
12,493,812 |
Systems operation
and maintenance |
17,561,594 |
20,150,467 |
Total |
29,196,711 |
32,644,279 |
Equipment sales |
1,177,989 |
1,365,362 |
ATM operation business |
2,070,278 |
2,674,213 |
Total revenues |
82,746,443 |
87,845,798 |
COST AND EXPENSES: |
|
|
Cost of network services |
39,763,829 |
40,130,904 |
Cost of systems
integration |
24,826,140 |
28,179,242 |
Cost of equipment sales |
1,062,057 |
1,196,462 |
Cost of ATM operation
business |
1,576,636 |
1,891,279 |
Total cost |
67,228,662 |
71,397,887 |
Sales and marketing |
6,345,713 |
6,829,064 |
General and administrative |
4,645,519 |
5,467,733 |
Research and development |
315,800 |
364,778 |
Total cost and expenses |
78,535,694 |
84,059,462 |
OPERATING INCOME |
4,210,749 |
3,786,336 |
OTHER INCOME (EXPENSE): |
|
|
Dividend income |
48,259 |
58,971 |
Interest income |
18,670 |
14,990 |
Interest expense |
(194,108) |
(180,095) |
Foreign exchange gains
(losses) |
202,598 |
27,415 |
Net gain on sales of other
investments |
107,655 |
5,317 |
Net gain on other
investments |
172,423 |
-- |
Other —net |
59,186 |
175,640 |
Other income (expense)
—net |
414,683 |
102,238 |
INCOME FROM OPERATIONS BEFORE INCOME TAX
EXPENSE AND EQUITY IN NET INCOME OF EQUITY METHOD
INVESTEES |
4,625,432 |
3,888,574 |
INCOME TAX EXPENSE |
1,841,690 |
1,632,849 |
EQUITY IN NET INCOME OF EQUITY METHOD
INVESTEES |
191,204 |
115,486 |
NET INCOME |
2,974,946 |
2,371,211 |
LESS: NET INCOME ATTRIBUTABLE
TO NONCONTROLLING INTERESTS |
(50,876) |
(57,300) |
NET INCOME ATTRIBUTABLE TO
INTERNET INITIATIVE JAPAN INC. |
2,924,070 |
2,313,911 |
|
|
|
|
|
|
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
NET INCOME PER SHARE |
|
|
BASIC WEIGHTED-AVERAGE NUMBER
OF SHARES (shares) |
43,772,437 |
45,942,291 |
DILUTED WEIGHTED-AVERAGE NUMBER
OF SHARES (shares) |
43,825,204 |
46,011,417 |
BASIC WEIGHTED-AVERAGE NUMBER
OF ADS EQUIVALENTS (ADSs) |
87,544,874 |
91,884,582 |
DILUTED WEIGHTED-AVERAGE
NUMBER OF ADS EQUIVALENTS (ADSs) |
87,650,408 |
92,022,834 |
BASIC NET INCOME PER
SHARE (JPY / U.S. Dollars / JPY) |
66.80 |
50.37 |
DILUTED NET INCOME PER
SHARE (JPY / U.S. Dollars / JPY) |
66.72 |
50.29 |
BASIC NET INCOME PER
ADS EQUIVALENT (JPY / U.S. Dollars / JPY) |
33.40 |
25.18 |
DILUTED NET
INCOME PER ADS EQUIVALENT (JPY / U.S. Dollars / JPY) |
33.36 |
25.14 |
|
|
|
|
|
|
Quarterly
Consolidated Statements of Other Comprehensive Income |
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
NET INCOME |
2,974,946 |
2,371,211 |
Comprehensive income (loss): |
|
|
Foreign currency
translation adjustments |
279,107 |
64,375 |
Unrealized holding gain
(loss) on securities |
1,628,430 |
(58,352) |
Defined benefit pension
plans |
178 |
178 |
Total comprehensive income |
4,882,661 |
2,377,412 |
Less: Comprehensive income attributable to
noncontrolling interests |
(51,037) |
(55,939) |
Comprehensive income attributable to
Internet Initiative Japan Inc. |
4,831,624 |
2,321,473 |
|
|
|
|
|
|
Internet Initiative
Japan Inc. |
Quarterly Consolidated
Statements of Cash Flows (Unaudited) |
(For the nine months
ended December 31, 2013 and December 31, 2014) |
|
|
|
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
OPERATING ACTIVITIES: |
|
|
Net income |
2,974,946 |
2,371,211 |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
Depreciation and
amortization |
6,504,202 |
7,216,844 |
Provision for
retirement and pension costs, less payments |
172,815 |
176,514 |
Provision for
(reversal of) allowance for doubtful accounts |
(45,808) |
2,165 |
Gain on sales of
property and equipment |
-- |
(29,344) |
Loss on disposal
of property and equipment |
11,443 |
91,988 |
Net gain on sales
of other investments |
(107,655) |
(5,317) |
Net gain on other
investments |
(172,423) |
-- |
Foreign exchange
gains, net |
(155,394) |
(15,390) |
Equity in net
income of equity method investees, less dividends received |
(191,204) |
(83,146) |
Deferred income
tax expense |
390,591 |
266,540 |
Others |
53,567 |
(15,649) |
Changes in operating assets and
liabilities net of effects from acquisition of a company: |
|
|
Decrease in accounts
receivable |
2,077,501 |
1,653,474 |
Decrease (increase) in net
investment in sales-type lease — noncurrent |
107,472 |
(112,421) |
Increase in inventories |
(1,213,943) |
(632,722) |
Increase in prepaid
expenses |
(1,461,899) |
(1,541,760) |
Increase in other current and
noncurrent assets |
(532,984) |
(60,501) |
Decrease in accounts
payable |
(987,036) |
(441,078) |
Decrease in income taxes
payable |
(1,493,410) |
(880,942) |
Decrease in deferred
income-noncurrent |
(8,392) |
(313,923) |
Increase
(decrease) in accrued expenses, other current and noncurrent
liabilities |
(190,343) |
2,365,330 |
Net cash
provided by operating activities |
5,732,046 |
10,011,873 |
INVESTING ACTIVITIES: |
|
|
Purchase of property and
equipment |
(7,227,651) |
(6,568,926) |
Proceeds from sales of property
and equipment |
236,499 |
535,528 |
Purchase of available-for-sale
securities |
(98,494) |
(4,104) |
Purchase of other
investments |
(1,127,831) |
(181,678) |
Investment in an equity method
investee |
-- |
(50,000) |
Proceeds from sales of
available-for-sale securities |
391,814 |
-- |
Proceeds from sales of other
investments |
20,000 |
30,501 |
Payments of guarantee
deposits |
(681,378) |
(1,611,498) |
Refund of guarantee
deposits |
7,818 |
1,559,399 |
Payments for refundable
insurance policies |
(4,697) |
(34,379) |
Refund from insurance
policies |
16,026 |
-- |
Proceeds from subsidies |
-- |
200,000 |
Acquisition of a newly
controlled company, net of cash acquired |
-- |
(167,678) |
Other |
(12,209) |
(25,000) |
Net cash used
in investing activities |
(8,480,103) |
(6,317,835) |
|
|
|
|
|
|
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of
short-term borrowings with initial maturities over three
months |
250,000 |
50,000 |
Repayments of short-term
borrowings with initial maturities over three months and
long-term borrowings |
(1,260,000) |
(1,030,000) |
Principal payments under
capital leases |
(2,942,006) |
(3,140,288) |
Dividends paid |
(910,697) |
(1,010,695) |
Proceeds from issuance of
common stock, net of issuance cost |
17,271,204 |
-- |
Other |
(41) |
3 |
Net cash
provided by (used in) financing activities |
12,408,460 |
(5,130,980) |
|
|
|
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS |
183,075 |
62,842 |
|
|
|
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS |
9,843,478 |
(1,374,100) |
|
|
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF THE PERIOD |
12,258,872 |
22,421,100 |
|
|
|
CASH AND CASH
EQUIVALENTS, END OF THE PERIOD |
22,102,350 |
21,047,000 |
|
|
|
ADDITIONAL CASH FLOW INFORMATION: |
|
|
Interest paid |
194,375 |
181,544 |
Income taxes paid |
2,700,675 |
2,278,660 |
|
|
|
NONCASH INVESTING AND FINANCING
ACTIVITIES: |
|
|
Acquisition of assets by
entering into capital leases |
2,635,473 |
2,720,754 |
Facilities purchase
liabilities |
600,544 |
656,799 |
Asset retirement
obligation |
177,223 |
176,597 |
Acquisition of a company: |
|
|
Assets acquired |
-- |
1,064,736 |
Liabilities assumed |
-- |
464,736 |
Cash paid |
-- |
(600,000) |
Cash acquired |
-- |
432,322 |
Acquisition of a
newly controlled company, net of cash acquired |
-- |
(167,678) |
Going Concern Assumption
(Unaudited) |
Nothing to be
reported. |
|
Material Changes In
Shareholders' Equity (Unaudited) |
Nothing to be
reported. |
|
Segment Information
(Unaudited) |
Business
Segments: |
Revenues: |
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
Network service and systems integration
business |
81,028,754 |
85,477,918 |
Customers |
80,676,165 |
85,171,585 |
Intersegment |
352,589 |
306,333 |
ATM operation business |
2,070,278 |
2,674,213 |
Customers |
2,070,278 |
2,674,213 |
Intersegment |
-- |
-- |
Elimination |
352,589 |
306,333 |
Consolidated total |
82,746,443 |
87,845,798 |
Segment profit or
loss: |
|
|
|
Nine Months Ended December 31,
2013 |
Nine Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
Network service and systems integration
business |
3,899,222 |
3,232,040 |
ATM operation business |
399,972 |
653,996 |
Elimination |
88,445 |
99,700 |
Consolidated operating income |
4,210,749 |
3,786,336 |
|
|
|
Geographic information is not
presented due to immateriality of revenue attributable to
international operations. |
|
Subsequent Events
(Unaudited) |
Nothing to be
reported. |
Third Quarter FY2014 Consolidated Financial Results (3
months)
The following tables are highlight data of third quarter FY2014
consolidated financial results (unaudited, from October 1, 2014 to
December 31, 2014).
Operating Results Summary |
|
3Q13 |
3Q14 |
YoY % Change |
|
JPY millions |
JPY millions |
|
Total Revenues: |
28,349 |
30,674 |
8.2 |
Network
Services |
16,691 |
17,466 |
4.6 |
Systems
Integration (SI) |
10,524 |
11,776 |
11.9 |
Equipment
Sales |
422 |
521 |
23.2 |
ATM Operation
Business |
712 |
911 |
27.9 |
Cost of Revenues: |
23,262 |
25,131 |
8.0 |
Network
Services |
13,299 |
13,763 |
3.5 |
Systems
Integration (SI) |
9,061 |
10,239 |
13.0 |
Equipment
Sales |
381 |
458 |
20.2 |
ATM Operation
Business |
521 |
671 |
28.8 |
SG&A Expenses and
R&D |
3,885 |
4,173 |
7.4 |
Operating Income |
1,202 |
1,370 |
14.0 |
Income before Income Tax
Expense |
1,278 |
1,397 |
9.3 |
Net Income attributable to
IIJ |
719 |
870 |
20.9 |
|
Network Services Revenues Breakdown |
|
3Q13 |
3Q14 |
YoY % Change |
|
JPY millions |
JPY millions |
|
Internet Connectivity Service
(Enterprise) |
4,141 |
4,080 |
(1.5) |
IP
Service |
2,550 |
2,442 |
(4.3) |
IIJ
FiberAccess/F and IIJ DSL/F |
793 |
778 |
(1.9) |
IIJ Mobile
Service |
740 |
801 |
8.3 |
Others |
58 |
59 |
1.7 |
Internet Connectivity Service
(Consumer) |
1,541 |
2,242 |
45.5 |
Under IIJ
Brand |
596 |
1,400 |
134.8 |
hi-ho |
766 |
692 |
(9.6) |
OEM |
179 |
150 |
(16.3) |
WAN Services |
6,168 |
6,189 |
0.3 |
Outsourcing
Services |
4,841 |
4,955 |
2.3 |
Network Services
Revenues |
16,691 |
17,466 |
4.6 |
Reconciliation of Non-GAAP Financial Measures (Third
Quarter FY2014 (3 months))
The following table summarizes the reconciliation of adjusted
EBITDA to net income in our consolidated statements of income that
are prepared in accordance with U.S. GAAP.
Adjusted EBITDA |
|
3Q13 |
3Q14 |
|
JPY millions |
JPY millions |
Adjusted EBITDA |
3,468 |
3,903 |
Depreciation and
Amortization |
2,266 |
2,533 |
Operating Income |
1,202 |
1,370 |
Other Income
(Expense) |
76 |
27 |
Income Tax
Expense |
599 |
558 |
Equity in Net Income of Equity
Method Investees |
64 |
46 |
Net income |
743 |
885 |
Less: Net income attributable
to noncontrolling interests |
(24) |
(15) |
Net Income attributable to
IIJ |
719 |
870 |
The following table summarizes the reconciliation of capital
expenditures to the purchase of property and equipment in our
consolidated statements of cash flows that are prepared and
presented in accordance with U.S. GAAP.
CAPEX |
|
3Q13 |
3Q14 |
|
JPY millions |
JPY millions |
CAPEX, including capital
leases |
5,216 |
3,489 |
Acquisition of
Assets by Entering into Capital Leases |
772 |
930 |
Purchase of
Property and Equipment |
4,444 |
2,559 |
|
|
|
|
|
|
Internet Initiative
Japan Inc. |
Quarterly Consolidated
Statements of Income (Unaudited) |
(For the three months
ended December 31, 2013 and December 31, 2014) |
|
|
|
|
Three Months Ended December 31,
2013 |
Three Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
REVENUES: |
|
|
Network services: |
|
|
Internet
connectivity services (enterprise) |
4,141,412 |
4,080,290 |
Internet
connectivity services (consumer) |
1,541,006 |
2,242,443 |
WAN services |
6,167,599 |
6,189,009 |
Outsourcing
services |
4,840,919 |
4,954,577 |
Total |
16,690,936 |
17,466,319 |
Systems integration: |
|
|
Systems
Construction |
4,483,875 |
4,625,098 |
Systems Operation
and Maintenance |
6,039,819 |
7,150,557 |
Total |
10,523,694 |
11,775,655 |
Equipment sales |
422,680 |
520,760 |
ATM operation business |
712,174 |
910,846 |
Total revenues |
28,349,484 |
30,673,580 |
COST AND EXPENSES: |
|
|
Cost of network services |
13,299,490 |
13,762,311 |
Cost of systems
integration |
9,060,955 |
10,239,223 |
Cost of equipment sales |
380,895 |
457,965 |
Cost of ATM operation
business |
520,692 |
670,903 |
Total cost |
23,262,032 |
25,130,402 |
Sales and marketing |
2,183,154 |
2,265,958 |
General and administrative |
1,608,318 |
1,793,802 |
Research and development |
94,210 |
113,318 |
Total cost and expenses |
27,147,714 |
29,303,480 |
OPERATING INCOME |
1,201,770 |
1,370,100 |
OTHER INCOME (EXPENSE): |
|
|
Dividend income |
12,499 |
11,432 |
Interest income |
5,869 |
3,752 |
Interest expense |
(61,641) |
(57,571) |
Foreign exchange gains
(losses) |
63,313 |
36,796 |
Net gain on sales of other
investments |
24,803 |
-- |
Other—net |
31,221 |
32,679 |
Other income (expense) —
net |
76,064 |
27,088 |
INCOME FROM OPERATIONS BEFORE INCOME TAX
EXPENSE AND EQUITY IN NET INCOME OF EQUITY METHOD
INVESTEES |
1,277,834 |
1,397,188 |
INCOME TAX EXPENSE |
598,517 |
558,440 |
EQUITY IN NET INCOME OF EQUITY METHOD
INVESTEES |
63,846 |
46,253 |
NET INCOME |
743,163 |
885,001 |
LESS: NET INCOME ATTRIBUTABLE
TO NONCONTROLLING INTERESTS |
(23,964) |
(15,354) |
NET INCOME ATTRIBUTABLE
TO INTERNET INITIATIVE JAPAN INC. |
719,199 |
869,647 |
|
|
|
|
|
|
|
Three Months Ended December 31,
2013 |
Three Months Ended December 31,
2014 |
NET INCOME PER SHARE |
|
|
BASIC WEIGHTED-AVERAGE NUMBER
OF SHARES (shares) |
45,938,987 |
45,942,291 |
DILUTED WEIGHTED-AVERAGE
NUMBER OF SHARES (shares) |
45,995,002 |
46,017,618 |
BASIC WEIGHTED-AVERAGE NUMBER
OF ADS EQUIVALENTS (ADSs) |
91,877,974 |
91,884,582 |
DILUTED WEIGHTED-AVERAGE
NUMBER OF ADS EQUIVALENTS (ADSs) |
91,990,004 |
92,035,236 |
BASIC NET INCOME PER
SHARE (JPY / U.S. Dollars / JPY) |
15.66 |
18.93 |
DILUTED NET INCOME PER
SHARE (JPY / U.S. Dollars / JPY) |
15.64 |
18.90 |
BASIC NET INCOME PER
ADS EQUIVALENT (JPY / U.S. Dollars / JPY) |
7.83 |
9.46 |
DILUTED NET INCOME PER
ADS EQUIVALENT (JPY / U.S. Dollars / JPY) |
7.82 |
9.45 |
|
|
|
|
|
|
Internet Initiative
Japan Inc. |
Quarterly Consolidated
Statements of Cash Flows (Unaudited) |
(For the three months
ended December 31, 2013 and December 31, 2014) |
|
|
|
|
Three Months Ended December 31,
2013 |
Three Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
OPERATING ACTIVITIES: |
|
|
Net income |
743,163 |
885,001 |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
Depreciation and
amortization |
2,265,726 |
2,533,248 |
Provision for
retirement and pension costs, less payments |
55,092 |
56,928 |
Provision for
allowance for doubtful accounts |
1,392 |
416 |
Loss on disposal
of property and equipment |
7,827 |
71,370 |
Net gain on sales
of other investments |
(24,803) |
-- |
Foreign exchange
gains, net |
(67,370) |
(1,893) |
Equity in net
income of equity method investees, less dividends
received |
(63,846) |
(46,253) |
Deferred income
tax expense |
221,007 |
35,806 |
Others |
52,633 |
(38,664) |
Changes in operating assets and
liabilities net of effects from acquisition of a company: |
|
|
Decrease (increase) in accounts
receivable |
(58,605) |
1,887,949 |
Decrease (increase) in net
investment in sales-type lease―noncurrent |
42,497 |
(367,550) |
Increase in inventories |
(455,298) |
(239,596) |
Increase in prepaid
expenses |
(528,822) |
(821,921) |
Decrease (increase) in other
current and noncurrent assets |
(685,056) |
137,732 |
Increase in accounts
payable |
525,733 |
721,952 |
Decrease in income taxes
payable |
(699,762) |
(553,150) |
Increase (decrease) in deferred
income― noncurrent |
368,209 |
(834,969) |
Increase in
accrued expenses, other current and noncurrent liabilities |
336,714 |
1,240,894 |
Net cash
provided by operating activities |
2,036,431 |
4,667,300 |
INVESTING ACTIVITIES: |
|
|
Purchase of property and
equipment |
(4,443,660) |
(2,558,579) |
Proceeds from sales of property
and equipment |
113,413 |
108,938 |
Purchase of available-for-sale
securities |
(64,592) |
(4,104) |
Purchase of other
investments |
(45,191) |
(57,974) |
Proceeds from sales of
available-for-sale securities |
172,452 |
-- |
Proceeds from sales of other
investments |
16,000 |
5,000 |
Payments of guarantee
deposits |
(19,095) |
(3,512) |
Refund of guarantee
deposits |
706 |
1,526,219 |
Payments for refundable
insurance policies |
(4,697) |
(12,014) |
Acquisition of a newly
controlled company, net of cash acquired |
-- |
(167,678) |
Other |
(2,959) |
-- |
Net cash used in
investing activities |
(4,277,623) |
(1,163,704) |
|
|
|
|
|
|
|
Three Months Ended December 31,
2013 |
Three Months Ended December 31,
2014 |
|
Thousands of JPY |
Thousands of JPY |
FINANCING ACTIVITIES: |
|
|
Proceeds from issuance of
short-term borrowings with initial maturities over three
months |
50,000 |
50,000 |
Repayments of short-term
borrowings with initial maturities over three months and
long-term borrowings |
(50,000) |
(50,000) |
Principal payments under
capital leases |
(969,549) |
(1,057,398) |
Dividends
paid |
(505,329) |
(505,365) |
Net cash used
in financing activities |
(1,474,878) |
(1,562,763) |
|
|
|
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS |
36,790 |
57,457 |
|
|
|
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS |
(3,679,280) |
1,998,290 |
|
|
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF THE PERIOD |
25,781,630 |
19,048,710 |
|
|
|
CASH AND CASH
EQUIVALENTS, END OF THE PERIOD |
22,102,350 |
21,047,000 |
Note: The following information is provided to
disclose Internet Initiative Japan Inc. ("IIJ") financial results
(unaudited) for the nine months ended December 31, 2014 ("3Q14") in
the form defined by the Tokyo Stock Exchange.
Consolidated Financial Results for the Nine Months Ended
December 31, 2014
[Under accounting principles generally accepted in the
United States ("U.S. GAAP")]
|
February 10, 2015 |
Company name: Internet Initiative Japan
Inc. |
Exchange listed: Tokyo Stock Exchange
First Section |
Stock code number: 3774 |
URL: http://www.iij.ad.jp/ |
Representative: Eijiro Katsu, President and
Representative Director |
|
Contact: Akihisa Watai, Managing Director and
CFO |
TEL: (03) 5205-6500 |
Scheduled date for filing of quarterly report
(Shihanki-houkokusho) to Japan's regulatory organization: February
16, 2015 |
|
Scheduled date for interim dividend payment:
-- |
|
Supplemental material on quarterly results:
Yes |
|
Presentation on quarterly results: Yes (for
institutional investors and analysts) |
|
|
(Amounts of less than JPY one million are
rounded) |
1. Consolidated Financial Results for the
Nine Months Ended December 31, 2014
(April 1, 2014 to December 31,
2014)
(1)
Consolidated Results of Operations |
|
|
|
(% shown is YoY
change) |
|
Total Revenues |
Operating Income |
Income before Income Tax
Expense |
Net Income attributable
to IIJ |
|
JPY millions |
% |
JPY millions |
% |
JPY millions |
% |
JPY millions |
% |
Nine months ended December 31, 2014 |
87,846 |
6.2 |
3,786 |
(10.1) |
3,889 |
(15.9) |
2,314 |
(20.9) |
Nine months ended December 31,
2013 |
82,746 |
7.9 |
4,211 |
(16.5) |
4,625 |
(6.5) |
2,924 |
(6.0) |
(Note1) Total comprehensive income attributable to IIJ
Nine Months Ended December 31, 2014: JPY2,321 million (down
52.0% YoY)
Nine Months Ended December 31, 2013: JPY4,832 million (up 51.6%
YoY)
(Note2) Income before income tax expense represents income from
operations before income tax expense and equity in net income in
equity method investees, respectively, in IIJ's consolidated
financial statements.
|
|
|
|
Basic Net Income attributable
to IIJ per Share |
Diluted Net Income attributable
to IIJ per Share |
|
JPY |
JPY |
Nine months ended December 31, 2014 |
50.37 |
50.29 |
Nine months ended December 31,
2013 |
66.80 |
66.72 |
|
|
|
(2)
Consolidated Financial Position |
|
|
|
|
Total Assets |
Total Equity |
Total IIJ Shareholders' Equity |
Total IIJ Shareholders' Equity to
Total Assets |
|
JPY millions |
JPY millions |
JPY millions |
% |
As of December 31, 2014 |
105,829 |
61,589 |
61,264 |
57.9 |
As of March 31, 2014 |
103,867 |
60,181 |
59,912 |
57.7 |
2. Dividends
|
|
|
Dividend per Shares |
|
1Q-end |
2Q-end |
3Q-end |
Year-end |
Total |
|
JPY |
JPY |
JPY |
JPY |
JPY |
Fiscal Year Ended March 31, 2014 |
-- |
11.00 |
-- |
11.00 |
22.00 |
Fiscal Year Ending March 31, 2015 |
-- |
11.00 |
-- |
|
|
Fiscal Year Ending March 31, 2015
(forecast) |
|
|
-- |
11.00 |
22.00 |
(Note) Change from the latest released dividend
forecasts: No
3. Target of Consolidated Financial Results for the
Fiscal Year Ending March 31, 2015
(April 1, 2014 through March 31, 2015)
|
|
|
|
|
(% shown is YoY change) |
|
Total Revenues |
Operating Income |
Income before Income Tax
Expense (Benefit) |
Net Income attributable
to IIJ |
Basic Net Income attributable to IIJ
per Share |
|
JPY millions |
% |
JPY millions |
% |
JPY millions |
% |
JPY millions |
% |
JPY |
Fiscal Year Ending March 31, 2015 |
122,000 |
6.8 |
6,500 |
13.6 |
6,500 |
3.6 |
4,000 |
(10.0) |
87.07 |
(Note) Change from the latest released earnings target: No
* Notes |
(1) Changes in Significant
Subsidiaries for the nine months ended December 31, 2014 |
(Changes in significant
subsidiaries for the nine months ended December 31, 2014 which
resulted in changes in scope of consolidation): No |
|
(2) Application of simplified or
exceptional accounting: No |
|
(3) Changes in Significant
Accounting and Reporting Policies for the Consolidated Financial
Statements |
1) Changes
due to the revision of accounting standards: No |
2) Others:
No |
|
|
(4) Number of Shares Outstanding
(Shares of Common Stock) |
1) The number of
shares outstanding (inclusive of treasury stock): |
As of December 31,
2014: |
46,701,000 shares |
As of March 31,
2014: |
46,697,800 shares |
2) The number of
treasury stock: |
As of December 31,
2014: |
758,709 shares |
As of March 31, 2014: |
758,709 shares |
3) The weighted
average number of shares outstanding: |
For the nine months ended
December 31, 2014: |
45,942,291 shares |
For the nine months ended
December 31, 2013: |
43,772,437 shares |
CONTACT: IIJ Investor Relations
Tel: +81-3-5205-6500 E-mail: ir@iij.ad.jp
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