1st Quarter Results
August 08 2003 - 2:02AM
UK Regulatory
RNS Number:4737O
Maruwa Co Ld
08 August 2003
8th August 2003
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
FOR IMMEDIATE RELEASE
Nagoya- MARUWA CO., LTD. today announced its consolidated business results for
the first quarter of fiscal 2004, the three-month period ended 30th June 2003
as follows; -
Note: statements of income are unaudited.
1. Consolidated statements of income
JPY million
----------------------------------------------------
Current 1st Qt Previous 1st Qt
from 1st April 2003 from 1st April 2002 Change Change
to 30th June 2003 to 30th June 2002 %
----------------------------------------------------
% of sales % of sales
---------- ----------
Net sales 2,852 2,797 55 2.0%
Cost of sales 2,232 78.3% 2,227 79.6% 5 0.2%
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Gross profit 620 21.7% 570 20.4% 50 8.8%
------- -------
Selling, general & 577 20.2% 468 16.7% 109 23.3%
administrative expenses
------- -------
Operating income 43 1.5% 102 3.6% (59) -57.8%
------- -------
Other income 51 1.8% 49 1.8% 2 4.1%
------- -------
Income before income taxes 94 3.3% 151 5.4% (57) -37.8%
------- -------
Income tax expenses 40 1.4% 59 2.1% (19) -32.2%
------- -------
Net income 54 1.9% 92 3.3% (38) -41.4%
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2. Sales breakdown
JPY million
----------------------------------------------------
Current 1st Qt Previous 1st Qt
from 1st April 2003 from 1st April 2002 Change Change
to 30th June 2003 to 30th June 2002 %
----------------------------------------------------
Circuit Ceramics 1,239 1,194 45 4%
Machinery Ceramics 637 326 311 95%
Radio Frequency Products 253 421 (168) -40%
EMC Components 723 856 (133) -16%
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Total 2,852 2,797 55 2%
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3. Quarterly sales trend
JPY million
---------------------------------------------------
For year ended 31st March
2003 2004 % of
1st Qt 2nd Qt 3rd Qt 4th Qt 1st Qt total sales
-------------------------------------------------------------------
Circuit Ceramics 1,194 1,157 1,137 1,194 1,239 43%
Machinery Ceramics 326 407 288 264 637 22%
Radio Frequency Products 421 334 262 251 253 9%
EMC Components 856 735 758 753 723 25%
-------------------------------------------------------------------
Total 2,797 2,633 2,445 2,462 2,852 100%
-------------------------------------------------------------------
Review of operations
Circuit Ceramics
Total sales in Circuit Ceramics increased 45 million yen compared to the previous quarter.
Sales of ceramic substrates for resistors, which is one of our core products, have moved
favorably in Asian markets since the fourth quarter of the previous year with increasing
demand for miniaturized chip resistors. In addition, sales of glazed substrates for
thermal printer heads grew in the domestic market.
Machinery Ceramics
Total sales in Machinery Ceramics increased 311 million yen, as sales of quartz glass
products newly contributed to the revenue for this product division.
Radio Frequency Products
For dielectric ceramics, sales recovery has been dull after bottoming out in the fourth
quarter of the previous fiscal year due to protracted inventory adjustments at a mobile
phone parts manufacturer, one of our main customers. Sales of device products moved flat
due to a fall in market price even though PHS components for the Chinese market showed
favorable sales.
EMC Components
Multi-layer ceramic capacitors showed relatively solid sales in the domestic power supply
market, but have been struggling in the Taiwan-centered overseas digital cameras market.
Sales of EMI filters are moderately growing especially for components related to base
stations.
4. Consolidated Balance Sheet
JPY million
----------------------------------------------------
As of 30th June As of 31st March Change
2003 2003
----------------------------------------------------
ASSETS
Current assets
Cash & deposits 5,464 5,291 173
Notes and accounts receivable, trade 3,279 3,249 30
Inventories 3,734 3,847 (113)
Other current assets 229 310 (81)
-------- --------
Total current assets 12,706 12,697 9
-------- --------
Property, plant & equipment 11,742 11,912 (170)
-------- --------
Investments & other assets 2,271 2,272 (1)
-------- --------
Total assets 26,719 26,881 (162)
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes & accounts payable, trade 448 489 (41)
Short-term debt 150 152 (2)
Other current liabilities 1,248 1,310 (62)
-------- --------
Total current liabilities 1,846 1,951 (105)
-------- --------
Long-term liabilities:
Long-term debt 594 630 (36)
Accrued pension & severance costs 145 139 6
Other 644 672 (28)
-------- --------
Total long-term liabilities 1,383 1,441 (58)
-------- --------
Shareholders' equity:
Common stock, authorized: 6,683 6,683 0
26,000,000 shares; issued & outstanding:
11,050,000 shares in 2003
Additional paid-in capital 9,710 9,710 0
Retained earnings 7,719 7,748 (29)
Net unrealized gains (losses) on 5 (7) 12
other securities
Foreign currency translation (425) (443) 18
adjustment
Treasury stock (202) (202) 0
-------- --------
Total shareholders' equity 23,490 23,489 1
-------- --------
Total liabilities & 26,719 26,881 (162)
shareholders' equity -------- --------
END
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