Drake Beam Morin-Japan Announces 2003 Third Quarter Results.Business Editors TOKYO--(BUSINESS WIRE)--Feb. 6, 2004 Drake drake 1. male duck. 2. loliumtemulentum. Beam beam In building construction, a horizontal member spanning an opening and carrying a load. The load may be a wall above the opening (see post-and-beam system) or it may be a floor or roof. Morin-Japan ("DBM-J" or the "Company") (JASDAQ Jasdaq See: Japanese Association of Securities Dealers Automated Quotation System : 4688), Japan's leading outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. ("OPC (1) (OpenGL Performance Characterization) A project group within GPC that manages OpenGL benchmarks. OPC endorses the Viewperf and GLperf benchmarks. Viewperf was created by IBM and OPC provides viewsets for it, which are combinations of tests using specific ") company, today announced the results of its operations for the third fiscal quarter ended December December: see month. 31, 2003. The results are unaudited and prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). .
Consolidated Financial Highlights for the Third Quarter ended December
31, 2003
December December Y-o-Y
2003 2002 change
(YEN (YEN (%)
million, million,
except except
EPS) EPS)
----------------------------------------------------------------------
Revenue 12,255 7,231 +69.5
----------------------------------------------------------------------
Operating Income 1,855 2,271 -18.3
----------------------------------------------------------------------
Ordinary Income 1,798 2,286 -21.3
----------------------------------------------------------------------
Net Income 951 1,284 -25.9
----------------------------------------------------------------------
EPS 135.17 182.42 -
----------------------------------------------------------------------
(Qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. information on consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: operating performance) Revenue for the quarter ended December 31, 2003 was 12,255 million (up 69.5% year-on-year), with outplacement, training and other businesses contributed 6,782 million (down 1.9% year-on-year), 5,328 million (no comparison available) and 145 million (up 48.4% year-on-year), respectively. A sharp increase in training revenue was driven by Novations Inc., a wholly owned US subsidiary founded in December 2002 to acquire several business lines from Provant Prov´ant v. t. 1. To supply with provender or provisions; to provide for. a. 1. Provided for common or general use, as in an army; hence, common in quality; inferior. Inc. Sales generated by the three companies owned by Novations, Inc. became consolidated as of April 1, 2003. The company's training business also benefited from growth in domestic business including career development seminars for corporations and career counselor
For the quarter, DBM-J recorded an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. and an ordinary profit of 1,855 million (down 18.3% year-on-year) and 1,798 million (down 21.3% year-on-year) respectively reflecting lower outplacement revenue and increased costs (e.g. facility expenses) for strengthening the internal infrastructure. Net profit after a 28 million loss from the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → was 951 million (down 25.9% year-on-year).
Consolidated Financial Position
December December
2003 2002
(YEN (YEN
million) million)
----------------------------------------------------------------------
Total assets 17,422 17,187
----------------------------------------------------------------------
Shareholders' equity 10,030 9,443
----------------------------------------------------------------------
Shareholders' equity ratio (%) 57.6 55.0
----------------------------------------------------------------------
Shareholders' equity per share (YEN) 1,425.03 1,341.57
----------------------------------------------------------------------
Consolidated Cash Flows Position
December
2003
(YEN
million)
----------------------------------------------------------------------
Cash flows from operating activities -3,047
----------------------------------------------------------------------
Cash flows from investing activities -113
----------------------------------------------------------------------
Cash flows from financing activities -1,052
----------------------------------------------------------------------
Cash and cash equivalents at the end of 3Q -6,046
----------------------------------------------------------------------
(Qualitative information on consolidated financial positions) Total assets as of December 31, 2003 were 17,422 million, down 3,670 million from the prior fiscal yearend, principally due to the decrease in cash and cash equivalents mostly caused by slower orders and dividend/ tax payments. During the quarter, consolidated cash flow was paid out as follows: 3,047 million from operating activities to cover decreased advance receipts, 113 million from investing activities to acquire tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. fixed assets for purposes including new office openings and, (YEN YEN Youth Employment Network )1,052 million from financing activities for dividend payments. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. as of December 31, 2003 reached 10,030 million, up 382 million from March 31, 2003. Consequently, shareholders' equity ratio increased from 45.7% at the end of fiscal 2003 to 57.6% as of December 31, 2003.
Financial Forecasts for Year Ending March 31, 2004
Consolidated
Basis Unconsolidated
Year ending Basis
March 31, Year ending
2004 March 31,
(YEN Y-o-Y 2004 Y-o-Y
million) Change (YEN million) Change
----------------------------------------------------------------------
Revenue 17,600 +76% 10,100 +2%
----------------------------------------------------------------------
Ordinary Profit 2,930 +6% 2,910 +5%
----------------------------------------------------------------------
Net Profit 1,560 +5% 1,550 +3%
----------------------------------------------------------------------
DBM-J expects a continuing demand for outplacement services amid a persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence sense of excess labor felt by smaller companies along with large corporations. The company seeks to expand its outplacement revenue not only through ongoing sales efforts to identify potential demand but also through quality services to enhance customer satisfaction. On the domestic training front, the company aims at attracting customers with activities including introductory seminars for HR professionals. DBM-J believes that customer education is the key to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the market trend where the number of younger participants gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. increases in addition to the middle- aged and elderly, reflecting a stronger interest in career development. In the US, the company will continue to focus on reinforcing re·in·force also re-en·force or re·en·force tr.v. re·in·forced, re·in·forc·ing, re·in·forc·es 1. To give more force or effectiveness to; strengthen: The news reinforced her hopes. its business base built upon relations of trust with blue chip companies. Accordingly, there is no change in the full year estimates provided on November November: see month. 13, 2003 when interim results were released. Meanwhile, DBM-J voted on the execution of stock swap A stock swap also known as a share swap or equity swap is a business takeover in which the acquiring company uses its own stock to pay for the acquired company. in accordance with Clause 352 of the Japanese Commercial Code at a board of directors' meeting held on January January: see month. 15, 2004 to covert COVERT, BARON. A wife; so called, from her being under the cover or protection of her husband, baron or lord. the company into a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Meitec Corporation ("Meitec".) At the same time, the company reached a basic agreement with Meitec to conduct the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. stock swap. Also on the same date, Meitec became the largest shareholder of the company, making DBM-J an equity method subsidiary. Operational & Strategic Review The DBM-J group consists of Drake Beam Morin-Japan ("DBM-J") and 5 wholly-owned subsidiaries. Until first half results for fiscal year 2002, the Training Business was included in the "Other Businesses" section. However, due to the large amount of assets that now fall under the Training Business following the formation of Novations Group Inc. and its three subsidiaries, a new "Training Business" division was formed at the end of the previous fiscal year. For the nine month results announced in this release, there are three business divisions: Outplacement, Training, and Others. DBM-J's Core Management Policies A. Basic Management Policy DBM-J views itself as an integrated HR (Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. ) consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that assists in a variety of challenges faced by its corporate clients. The company's basic principle is to support corporate growth as well as the self-fulfillment self-ful·fill·ment n. Fulfillment of oneself. Noun 1. self-fulfillment - the fulfillment of your capacities self-realisation, self-realization of working individuals by leveraging its outplacement and training capabilities. DBM- J believes that providing high-quality consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that benefit both corporations and the workforce is rewarding for shareholders and employees. B. Profit Distribution Policy Returning value to shareholders is one of the most important priorities for the Company. Using return on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) as a financial benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. , DBM-J strives to improve its financial performance and distribute profit through dividend payments. With this basic policy in mind, dividends are determined in accordance with future financial strength, with earnings retention to be used for business expansion. C. Policy on the Reduction in Minimum Investment Unit DBM-J believes that reducing the minimum investment unit of its shares will improve liquidity and increase the number of shareholders. The Company will make efforts to reduce the minimum investment unit. D. Medium-term Business Strategy DBM-J is committed to maintaining its dominant leadership position in the growing outplacement market by providing a variety of HR solutions as an integrated HR consulting company. To achieve this goal, the company plans to enhance its outplacement infrastructure - information technology, in particular - and quickly ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale its high value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: consulting business. In addition, Novations, the wholly-owned subsidiary established last year, offers training and consulting services for corporate and individual performance enhancement. DBM-J intends to turn training and consulting services into a core business, reinforcing its position in the industry. DBM-J is also in the process of introducing Enhanced Career Transition Service ("ECTS ECTS European Credit Transfer System ECTS European Community Course Credit Transfer System ECTS European Computer Trade Show ECTS Erie County Technical School (Pennsylvania) ECTS Engine Coolant Temperature Sensor "), which draws upon cutting-edge technology to link the group's global IT platform for enhanced client support. Adopting ECTS will enable DBM-J to offer a high-quality, global product capable of rapidly responding to clients' international needs. Lastly, DBM-J continues to explore possibilities for M&A activity in order to strengthen its position as a "comprehensive human resources consultancy." Operational Issues For outplacement services, DBM-J has made the Career Counselor Master Program a requisite for all of its consultants and is constantly promoting a high level of employee training, allowing for an open, professional, and high-quality consultation service for its clients. For training operations, DBM-J differentiates itself as a business that provides training service and consulting services for corporate and individual performance enhancement. We are planning an early introduction of advanced US training and consulting services into Japan. With these services, we believe we can strengthen our domestic Japanese operations even further. Outside of Japan, the Company is enhancing Novations' by developing a new training service aimed at middle management that will be marketed throughout the US. Corporate Governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. The Company selects board members that ensure fast and accurate business information and timely decision making. Also, in an effort to gain objective advise from an experienced person, we have hired one external board member. As a rule, the Company's board meets once a month and whenever else it becomes necessary. Various important business decisions are discussed and voted upon with all board members present. All board meetings are attended by a statutory auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. and two outside auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together to audit the activities of the board members based on the interests of the company. The statuary stat·u·ar·y n. pl. stat·u·ar·ies 1. Statues considered as a group. 2. The art of making statues. 3. A sculptor. adj. Of, relating to, or suitable for a statue. auditor and two outside auditors hold numerous auditor meetings to exchange information and views. As an internal control structure, an internal audit department is under the direct supervision of the President and constantly audits operational integrity and risk management from the perspective of legal / regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance and social responsibility. Moreover, in order to gain objective advice from various outside advisors, an advisory board to the board has been established in June June: see month. , 2003. About DBM-J Drake Beam Morin-Japan Inc. ("DBM-J") is Japan's leading outplacement company, having assisted in finding new employment for over 37,000 individuals through relationships with over 1,670 customer companies in Japan. Founded in 1982, the Company pioneered the outplacement industry in Japan by licensing its brand and operating methodologies from Drake Beam Morin Mo´rin n. 1. (Chem.) A yellow crystalline substance ( fustic rodby> (Chlorophora tinctoria syn. Inc, now a subsidiary of Thomson Corporation. Since 1997, the DBM-J has been publicly traded on the Japanese OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market (JASDAQ) under the ticker ticker An automated quotation system on which security transactions are reported after they occur on an exchange floor. Even though the newer systems are electronic and no longer actually tick, the name of the old mechanical device has stuck. 4688. Corporate Headquarters Gate City Osaki Osaki or Ōsaki may refer to:
Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. , Japan The statements included above and elsewhere in this news release that are not historical in nature are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Drake Beam Morin Japan cautions readers that forward-looking statements are based on the Company's current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements.
Appendix I: Consolidated Balance Sheet and Income Statement
(1) Consolidated Balance Sheets for Third Fiscal Quarter Ended
December 31, 2003
(Unit: Thousands of yen)
3Q for FY 2002 3Q for FY 2003 FY 2002
(As of December (As of December (As of March
31,2002) 31,2003) 31,2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Assets)
I Current assets
1 Cash and time
deposits 9,078,650 6,146,646 9,375,514
2 Accounts
receivable 393,021 1,757,463 1,751,220
3 Marketable
securities 90,948 - 1,091,509
4 Inventories 1,753,122 1,832,833 2,169,378
5 Short term
loan to
affiliates 1,450,800 - -
6 Others 256,891 448,733 452,806
Allowance for 130,829 175,173
doubtful accounts -
----------- ----------- -----------
Total
current
assets 13,023,434 75.8 10,054,847 57.7 14,665,255 69.5
II Fixed assets
(1) Tangible fixed
assets 586,281 3.4 672,875 3.9 751,857 3.6
(2) Intangible
fixed assets
1 Goodwill - 3,860,914 4,161,129
2 Others 80,629 209,475 196,468
----------- ----------- -----------
Total intangible
assets 80,629 0.5 4,070,389 23.4 4,357,598 20.7
(3) Investment and
other assets
1 Investment
securities 2,774,644 1,578,656 552,258
2 Deposits 653,589 788,792 711,314
3 Others 70,602 258,137 56,129
Allowance for
doubtful accounts 1,261 1,261 1,261
----------- ----------- -----------
Total investment
and other assets 3,497,574 20.3 2,624,325 15.1 1,318,441 6.2
----------- ----------- -----------
Total fixed
assets 4,164,485 24.2 7,367,590 42.3 6,427,896 30.5
----------- ----------- -----------
Total assets 17,187,920 100.0 17,422,437 100.0 21,093,152 100.0
=========== =========== ===========
(Unit: Thousands of yen)
3Q for FY 2002 3Q for FY 2003 FY 2002
(As of December (As of December (As of March
31,2002) 31,2003) 31,2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Liabilities)
I Current
liabilities
1 Accounts
payable 496,110 1,197,623 1,996,785
2 Income taxes
payable and
others 628,732 96,737 803,504
3 Advance
receipt 6,211,752 4,560,916 7,099,815
4 Others 299,453 1,010,911 1,368,711
----------- ----------- -----------
Total current
liabilities 7,636,049 44.4 6,866,185 39.4 11,268,817 53.4
II Fixed liabilities
1 Liabilities
for retirement
benefits 54,920 47,957 49,260
2 Allowance for
directors'
retirement
benefits 53,850 61,887 60,651
3 Others - 415,824 65,945
----------- ----------- -----------
Total fixed
liabilities 108,771 0.6 525,670 3.0 175,856 0.9
----------- ----------- -----------
Total
Liabilities 7,744,820 45.0 7,391,856 42.4 11,444,673 54.3
(Shareholders' equity)
I Common stock 3,137,119 18.3 3,137,119 18.0 3,137,119 14.8
II Capital
surplus 3,141,577 18.3 3,141,577 18.0 3,141,577 14.9
III Retained
earnings 3,164,809 18.4 3,228,140 18.5 3,372,538 16.0
IV Net unrealized
gains on other
securities 264 0.0 633,514 3.6 22,807 0.1
V Foreign currency
translation
adjustments - - 109,098 0.6 24,892 0.1
VI Treasury
stock 671 0.0 671 0.0 671 0.0
----------- ----------- -----------
Total shareholders'
equity 9,443,099 54.9 10,030,581 57.6 9,648,478 45.7
----------- ----------- -----------
Total liabilities
and shareholders'
equity 17,187,920 100.0 17,422,437 100.0 21,093,152 100.0
=========== =========== ===========
(2) Consolidated Income Statements for Third Fiscal Quarter Ended
December 31, 2003
(Unit:Thousands of yen)
3Q for FY 2002 3Q for FY 2003
(From April 1, 2002 (From April 1, 2003
to December 31, 2002) to December 31, 2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio
----------------------------------------------------------------------
% %
I Revenue 7,231,027 100.0 12,255,743 100.0
II Cost of sales 2,188,896 30.3 4,638,791 37.9
---------- -----------
Gross profits 5,042,130 69.7 7,616,952 62.1
III Selling,
general and
administrative
expenses 2,770,284 38.3 5,761,653 47.0
---------- -----------
Operating
income 2,271,846 31.4 1,855,298 15.1
IV Non-operating
income
1 Interest
income and
Dividends 1,627 3,544
2 Gain on sale of
marketable
securities - 3,176
3 Foreign exchange
gains 10,350 -
4 Cancellation of
sales taxes
payment 3,060 15,037 0.2 14,085 20,807 0.2
---------- --------
V Non-operating
expenses
1 Acquisition
costs - -
2 Foreign
exchange
losses 70,225
3 Securities
evaluation losses 489 -
4 Miscellaneous
loss - 489 0.0 7,262 77,488 0.6
-------------------- -------------------
Ordinary
income 2,286,394 31.6 1,798,617 14.7
VI Extraordinary losses
1 Loss on
disposal of
fixed assets 6,178 28,452
2 Investment
securities
evaluation losses 18,925 25,103 0.3 - 28,452 0.2
-------------------- -------------------
Income (3Q)
before income
taxes and
others 2,261,290 31.3 1,770,165 14.5
Corporate income,
residential and
enterprise taxes 1,017,734 702,106
Adjustment for
income taxes 40,637 977,096 13.5 116,628 818,734 6.7
---------- --------
Minority
interests 184 0.0 - -
---------- -----------
Net (3Q)
income 1,284,009 17.7 951,430 7.7
========== ===========
FY 2002
(From April 1, 2002
to March 31, 2003)
Accounts ---------------------------
Amount Ratio
----------------------------------------------------------------------
%
I Revenue 10,010,578 100.0
II Cost of sales 2,980,353 29.8
-----------
Gross profits 7,030,224 70.2
III Selling,
general and
administrative
expenses 4,023,250 40.2
-----------
Operating
income 3,006,974 30.0
IV Non-operating
income
1 Interest
income and
Dividends 2,535
2 Gain on sale of marketable securities -
3 Foreign exchange gains 2,208
4 Cancellation of sales taxes payment 4,140 8,883 0.1
----------
V Non-operating
expenses
1 Acquisition
costs 259,587
2 Foreign
exchange
losses
3 Securities evaluation losses -
4 Miscellaneous
loss - 259,587 2.6
---------------------
Ordinary
income 2,756,271 27.5
VI Extraordinary
losses
1 Loss on
disposal of
fixed assets 26,227
2 Investment securities evaluation losses 19,130 45,357 0.4
---------------------
Income (3Q)
before income
taxes and
others 2,710,913 27.1
Corporate income, residential and
enterprise taxes 1,195,008
Adjustment for income taxes 24,122 1,219,130 12.2
----------
Minority
interests 45 0.0
-----------
Net (3Q)
income 1,491,737 14.9
===========
(3) Consolidated Statement of Cash flows for Third Fiscal Quarter
Ended December 31, 2003
(Unit: Thousands of yen)
3Q for FY FY 2002
2003 (From April
(From April 1,2002,
1,2003, to March
to December 31, 2003)
31, 2003)
Accounts ----------------------
Amount Amount
----------------------------------------------------------------------
I Cash flows from operating activities
1 Income (3Q) before income taxes and
minority interests 1,770,165 2,710,913
2 Depreciation and amortization 222,087 151,540
3 Changes in net liability for 1,302 6,429
retirement benefits decrease
4 Changes in allowance for
directors' retirement benefits (decrease) 1,236 131,846
5 Changes in allowance for doubtful accounts
(decrease) 33,727 -
6 Interest income and dividends received 3,544 2,535
7 Foreign exchange losses gains 53,031 58
8 Gain on sale of marketable securities 3,176 -
9 Evaluation losses on investment securities - 19,130
10 Loss on disposal of fixed assets 28,452 26,227
11 Changes in accounts receivable increase 111,068 62,627
12 Changes in inventories increase 321,535 404,655
13 Changes in accounts payable (decrease) 718,476 -
14 Increase in advance receipt decrease 2,537,402 2,782,575
15 Payments of bonuses to directors 40,000 41,000
16 Others 590,199 92,675
----------------------
Subtotal 1,642,391 5,134,027
17 Interest and dividends -received 3,546 1,136
18 Income taxes paid 1,408,694 1,108,694
----------------------
Cash flows from operating activities 3,047,539 4,026,469
II Cash flows from investing activities
1 Proceeds from repayment of time deposits - 368,452
2 Proceeds from sale of marketable
securities 95,102 -
3 Payments for purchase of tangible fixed
assets 107,025 184,110
4 Payments for disposal of tangible fixed
assets 12,433 4,220
5 Payments for purchase of intangible fixed
assets 89,051 -
6 Payments for purchase of marketable
securities - 501,854
7 Payments for establishing subsidiaries,
etc - 3,678,045
8 Others - 2,000
----------------------
Cash flows from investing activities 113,407 4,001,777
III Cash flows from financing activities
1 Dividends paid 1,052,444 351,942
----------------------
Cash flows from financing activities 1,052,444 351,942
----------------------
IV Effects of exchange rate changes on cash and
cash equivalents 15,059 58
----------------------
V Net increase decrease in cash and cash
equivalents 4,228,451 327,309
----------------------
VI Cash and cash equivalents at
beginning of year 10,275,098 10,602,407
----------------------
VII Cash and cash equivalents at the end
of year 3Q 6,046,646 10,275,098
======================
Appendix : Unconsolidated Balance Sheet and Income Statement
(1) Unconsolidated Balance Sheets for the Third Quarter Ended December
31, 2003
(Unit : Thousands of yen)
3Q for FY 2002 3Q for FY 2003 FY 2002
(As of December (As of December (As of March
31,2002) 31,2003) 31,2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Assets)
I Current assets
1 Cash and time
deposits 9,052,938 5,810,922 9,043,705
2 Accounts due
on finished
work 345,893 344,021 393,482
3 Marketable
securities 90,948 - 1,091,509
4 Prepaid
expenses of
unfinished work 1,753,122 1,672,244 1,802,364
5 Short term loan
to affiliates 1,450,800 482,085 1,442,400
6 Others 257,113 208,129 338,233
----------- ----------- -----------
Total current
assets 12,950,815 75.5 8,517,403 54.0 14,111,695 76.2
II Fixed assets
(1) Tangible
fixed assets 585,570 3.4 500,277 3.2 591,730 3.2
(2) Intangible
fixed assets 80,629 0.5 83,363 0.5 74,050 0.4
(3) Investment
and other
assets
1 Investment
securities 2,824,644 4,047,656 3,021,258
2 Long term loan
to affiliates - 1,791,000 -
3 Deposits 649,368 747,194 681,761
4 Others 69,712 74,892 45,757
Allowance for
doubtful
accounts 1,261 1,261 1,261
----------- ----------- -----------
Total investment
and other assets 3,542,463 20.6 6,659,483 42.3 3,747,516 20.2
----------- ----------- -----------
Total fixed
assets 4,208,663 24.5 7,243,123 46.0 4,413,297 23.8
----------- ----------- -----------
Total assets 17,159,479 100.0 15,760,527 100.0 18,524,992 100.0
=========== =========== ===========
(Unit: Thousands of yen)
3Q for FY 2002 3Q for FY 2003 FY 2002
(As of December (As of December (As of March
31,2002) 31,2003) 31,2003)
Accounts ---------------------------------------------------
Amount Ratio Amount Ratio Amount Ratio
----------------------------------------------------------------------
% % %
(Liabilities)
I Current
liabilities
1 Income taxes
payable and
others 624,629 93,796 800,449
2 Advance receipt
of unfinished
work 6,211,752 4,560,916 6,984,840
3 Others 775,778 369,694 937,662
----------- ----------- -----------
Total current
liabilities 7,612,161 44.4 5,024,408 31.9 8,722,952 47.1
II Fixed
liabilities
1 Liabilities for
retirement
benefits 54,687 47,674 49,022
2 Allowance for
directors'
retirement
benefits 53,850 61,887 60,651
3 Others - 402,209 -
----------- ----------- -----------
Total fixed
liabilities 108,538 0.6 511,771 3.2 109,673 0.6
----------- ----------- -----------
Total
liabilities 7,720,699 45.0 5,536,179 35.1 8,832,626 47.7
----------- ----------- -----------
(Shareholders' equity)
I Common stock 3,137,119 18.3 3,137,119 19.9 3,137,119 16.9
II Capital surplus
1 Capital reserve 3,141,577 3,141,577 19.9 3,141,577
----------- ----------- -----------
Total
capital
surplus 3,141,577 18.3 3,141,577 19.9 3,141,577 17.0
III Retained earnings
1 Legal reserve 41,350 41,350 41,350
2 Voluntary
reserve 1,740,802 2,131,765 1,740,802
3 Unappropriated
retained
earnings 3Q 1,378,338 1,139,693 1,609,381
----------- ----------- -----------
Total retained
earnings 3,160,491 18.4 3,312,808 21.0 3,391,534 18.3
IV Net unrealized
gains on other
securities 264 0.0 633,514 4.0 22,807 0.1
Treasury stock 671 0.0 671 0.0 671 0.0
----------- ----------- -----------
Total
shareholders'
equity 9,438,780 55.0 10,224,348 64.9 9,692,366 52.3
----------- ----------- -----------
Total liabilities
and shareholders'
equity 17,159,479 100.0 15,760,527 100.0 18,524,992 100.0
=========== =========== ===========
(2) Unconsolidated Income Statements for the Third Quarter Ended
December 31, 2003
(Unit: Thousands of yen)
3Q for FY 2002 3Q for FY 2003
(From April 1, 2002 (From April 1, 2003
to December 31, 2002) to December 31, 2003)
Accounts --------------------------------------------------
Amount Ratio Amount Ratio
----------------------------------------------------------------------
% %
I Revenue 7,133,051 100.0 6,975,442 100.0
II Cost of
sales 2,188,896 30.7 2,301,297 33.0
---------- ----------
Gross
profits 4,944,154 69.3 4,674,145 67.0
III Selling, general
and administrative
expenses 2,681,842 37.6 2,841,459 40.7
---------- ----------
Operating
income 2,262,312 31.7 1,832,686 26.3
IV Non-operating
income 15,682 0.2 71,987 1.0
V Non-operating
expenses 489 0.0 46,671 0.7
---------- ----------
Ordinary income 2,277,505 31.9 1,858,001 26.6
VI Extraordinary losses 25,103 0.4 28,452 0.4
---------- ----------
Income (3Q) before
income taxes and
others 2,252,401 31.6 1,829,549 26.2
Corporate income,
residential and
enterprise
taxes 1,013,630 696,054
Adjustment for
income taxes 40,637 972,992 13.7 116,392 812,446 11.6
-------------------- ------------------
Net (3Q) income 1,279,408 17.9 1,017.102 14.6
Retained
earnings
carried
forward 94,138 122,590
---------- ----------
Unappropriated
retained earnings
(3Q) 1,373,547 1,139,693
========== ==========
FY 2002
(From April 1, 2002
to March 31, 2003)
Accounts --------------------------
Amount Ratio
----------------------------------------------------------------------
%
I Revenue 9,873,794 100.0
II Cost of
sales 2,980,353 30.1
----------
Gross
profits 6,893,441 69.9
II Selling, general and administrative
expenses 3,896,088 39.5
----------
Operating
income 2,997,351 30.4
IV Non-operating income 34,356 0.3
V Non-operating expenses 259,587 2.6
----------
Ordinary
income 2,772,120 28.1
VI Extraordinary losses 45,357 0.5
----------
Income (3Q) before income taxes and others 2,726,763 27.6
Corporate income, residential and
enterprise taxes 1,191,953
Adjustment for income taxes 24,358 1,216,311 12.3
--------------------
Net (3Q)
income 1,510,451 15.3
Retained
earnings
carried
forward 98,929
----------
Unappropriated retained earnings (3Q) 1,609,381
==========
Appendix : Review on Orders and Revenues
(1) Orders by Business Segments
Drake Beam Morin Japan's (DBM-J) orders in the third Fiscal
Quarter for ended December 31, 2003 are Shown below by business
segment (and by client industry for the outplacement business).
(Unit: Thousands of yen)
Ratio to Ratio to
Segment Orders Previous Order Previous
year backlog year
(%) (%)
----------------------------------------------------------------------
Electricals 648,741 42.4 800,222 52.4
---------------------------------------------------------
Financials Insurance 644,253 42.2 835,738 62.5
---------------------------------------------------------
Service 572,427 128.8 568,048 152.2
---------------------------------------------------------
Outplacement Construction 365,871 34.4 491,267 59.7
Business ---------------------------------------------------------
Transportation
Equipment 335,623 100.0 232,289 60.7
---------------------------------------------------------
Others 1,332,828 35.3 2,158,835 55.2
---------------------------------------------------------
Subtotal 3,899,746 45.0 5,086,402 60.9
----------------------------------------------------------------------
Training Business 3,555,496 1,110.2 1,050,320 935.8
----------------------------------------------------------------------
Other Business 145,436 156.9
----------------------------------------------------------------------
Total 7,600,679 83.7 6,136,722 72.5
----------------------------------------------------------------------
( Note) All transactions above are recorded net of consumption taxes
and others.
Year ended March 31, 2003
(Unit: Thousands of yen)
Segment Orders Order
backlog
----------------------------------------------------------------------
Financials Insurance 2,068,363 1,347,325
-------------------------------------------
Electricals 1,878,210 1,375,409
-------------------------------------------
Construction 1,396,831 905,204
-------------------------------------------
Outplacement Business Chemicals 979,944 747,864
-------------------------------------------
Commerce 878,972 927,800
-------------------------------------------
Others 3,698,413 2,665,148
-------------------------------------------
Subtotal 10,900,736 7,968,753
----------------------------------------------------------------------
Training Business 452,733 2,823,033
----------------------------------------------------------------------
Other Business 131,482 -
----------------------------------------------------------------------
Total 11,484,952 10,791,786
----------------------------------------------------------------------
( Note) All transactions above are recorded net of consumption taxes
and others.
(2) Revenues by Business Segments
DBM-J' s revenue in the Third Quarter ended December 31, 2003 are
shown below by business segment (and by client industry for the
outplacement business).
(Unit Thousands of yen)
Ratio to
Segment Revenues Previous
year
(%)
----------------------------------------------------------------------
Electricals 1,223,927 104.1
-----------------------------------------
Financials Insurance 1,155,840 88.6
-----------------------------------------
Construction 779,809 145.8
-----------------------------------------
Outplacement Business Commerce 654,718 80.8
-----------------------------------------
Chemicals 572,092 131.5
-----------------------------------------
Others 2,395,708 90.7
-----------------------------------------
Subtotal 6,782,097 98.1
----------------------------------------------------------------------
Training Business 5,328,209 2,429.9
----------------------------------------------------------------------
Other Business 145,436 148.4
----------------------------------------------------------------------
Total 12,255,743 169.5
----------------------------------------------------------------------
( Note) All transactions above are recorded net of consumption taxes
and others.
Year ended March 31, 2003
(Unit: Thousands of yen)
Segment Revenues
----------------------------------------------------------------------
Electricals 1,907,536
---------------------------------
Financials Insurance 1,620,729
---------------------------------
Commerce 1,083,762
---------------------------------
Outplacement Business Transportation
Equipment 818,450
---------------------------------
Construction 784,738
---------------------------------
Others 3,314,010
---------------------------------
Subtotal 9,529,228
----------------------------------------------------------------------
Training Business 344,565
----------------------------------------------------------------------
Other Business 136,784
----------------------------------------------------------------------
Total 10,010,578
----------------------------------------------------------------------
(Note) All transactions above are recorded net of consumption taxes
and others.
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