IB Daiwa Revises Consolidated Full-year Forecasts.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, Jan 13, 2006 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - IB Daiwa IB Daiwa Corporation JASDAQ: 3587 established in September 1947. The group listed in over-the-counter market in the Tokyo Securities Dealers’ Association in June 1963. By December 2004, the Company cancelled this registration and listed itself on Jasdaq. Corporation (JASDAQ Jasdaq See: Japanese Association of Securities Dealers Automated Quotation System :3587) has announced a revision (programming) revision - A release of a piece of software which is not a major release or a bugfix, but only introduces small changes or new features. of its full year earnings forecasts for fiscal 2005, ending March 31, 2006. The earnings forecast is being revised, from those previously announced on November November: see month. 24, 2005, due to the full consolidation of Darcy darcy A unit used to measure the permeability of porous substances such as soil. One darcy is equal to the passage of 1 cubic centimeter of fluid having a viscosity of 1 centipoise for 1 second under the pressure of 1 atmosphere through a medium having a Energy Ltd, which is an acquisition that was completed by IB Daiwa in December December: see month. 7, 2005 and the earnings impact resulting from the spin off in December of certain subsidiaries. 1. Forecasts for March 2006 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: earnings (from April 1, 2005 to March 31, 2006)
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(millions of yen)
Previous New Difference Difference
forecast(A) forecast(B) (B-A) (%)
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Sales 2,378 2,591 213 8.9%
Ordinary profit (276) (134) 142 51.4%
Net profit (345) (207) 138 40.0%
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(Note) Units less than one million yen are not shown. IB Daiwa expects that the earnings of Lodore will contribute to its earnings from the next fiscal year (from April 1, 2006 to March 31, 2007) 2. Reasons for Amendment (1) Darcy Energy Limited related 1. In December 2005, IB Daiwa acquired 100% of Darcy Energy Ltd. through the acquisition of Darcy Energy Holdings Inc. and Darcy Energy Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . (hereunder Adv. 1. hereunder - in a subsequent part of this document or statement or matter etc.; "the landlord demises unto the tenant the premises hereinafter called the demised premises"; "the terms specified hereunder" hereafter, hereinafter 2. the two companies together with Darcy Energy Limited are referred to as "US subsidiary and other two companies). IB Daiwa is consolidating earnings of Darcy Energy Holdings in the U.S., starting from October October: see month. 1, 2005, 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 the agreement signed between IB Daiwa and Darcy Energy Ltd on November 18, 2005. 2. The net acquisition cost relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of Darcy Energy Holdings Inc. is to be amortized as consolidated goodwill over 18 years, which is the currently envisaged period of production. This has been posted as SG&A expenses. 3. The consolidated operating results from October 1, 2005 to March 31, 2006 of Darcy Energy Holdings Inc. as well as the US subsidiary and other two companies, are expected to contribute sales of $5.73 million (659 million yen), and also ordinary profits of $3.37 million (388 million yen), and net profits of $3.37 million (388 million yen), to IB Daiwa's consolidated earnings. IB Daiwa's revised forecasts include these figures in the respective accounting items. The consolidated earnings forecasts. (2) Forecasts of consolidated sales, ordinary profits, and net profits by segments for fiscal 2005 Forecast of sales amounts by segment for March 2006
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(millions of yen)
Previous New Difference
forecast(A) forecast(B) (B-A)
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Textile 215 215 0
Food 1,617 1,617 0
Real Estate 495 85 (410)
Others 51 15 (36)
Narural Resources -- 659 659
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Total 2,378 2,591 213
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(Note) With the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. or liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the three IB Daiwa subsidiaries including IB Area Consulting, revenues arising from the real estate business decreased to 85 million yen and revenues from other businesses also fell to 15 million yen. In the announcement on December 27, 2005 regarding the sale of IB Management Service and IB Area Consulting and the liquidation of IB Otasuketai, IB Daiwa announced that the impact of the spin-off and liquidation on the company's earnings will be minor. The company expects it will result in a 410 million yen decrease in the real estate business and 36 million yen fall in other businesses. IB Daiwa expects to record the final consolidated sales of 2,591 million yen for fiscal 2005, an increase of 213 million yen. Forecast of ordinary profits by segment for March 2006
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(millions of yen)
Previous New Difference
forecast(A) forecast(B) (B-A)
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Textile 11 11 0
Food 31 31 0
Real Estate 99 19 (80)
Others (14) (7) 7
Narural Resources -- 388 388
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Total 127 442 315
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Administrative costs (403) (576) (173)
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Total (276) (134) 142
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(Note) In the administrative department's expenses, the new forecast (B) and difference (B-A B-A basolateral-to-apical ) include the goodwill depreciation of 182 million yen. In this forecast of consolidated ordinary profits for fiscal 2005, IB Daiwa forecasts ordinary profits generated from the real estate business to decrease by 80 million yen. This is due to the decrease of revenues arising from the real estate business in the forecast of sales by segments for fiscal year 2005. IB Daiwa expects to record the final consolidated ordinary profits of -134 million yen for fiscal year 2005, an increase of 142 million yen. Forecast of net profits by segment for March 2006
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(millions of yen)
Previous New Difference
forecast(A) forecast(B) (B-A)
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Textile 11 11 0
Food (45) (45) 0
Real Estate 68 (12) (80)
Others (11) (4) 7
Narural Resources -- 388 388
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Total 23 338 315
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Administrative costs (368) (545) (177)
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Total (345) (207) 138
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(Note) The item called 'elimination or company overall' includes extraordinary loss or profit, corporate tax, and corporate tax adjustments. In this forecast of consolidated net profits for fiscal 2005, IB Daiwa forecasts net profits generated from the real estate business to decrease by 80 million yen. This is due to the decrease of ordinary profits generated from the real estate business in the forecast of ordinary sales by segments for fiscal 2005. IB Daiwa expects to record the final consolidated net profits of -207 million yen for fiscal year 2005, an increase of 138 million yen. IB Daiwa IR Website (01/11/06): http://www.ibdaiwa.co.jp/pdf/pr_20060111_3_en.pdf About IB Daiwa IB Daiwa was incorporated in Japan in September September: see month. 1947 and was engaged in the manufacture and sale of industrial use machine sewing sewing: see needlework. thread and twisted yarns. The Group was also involved in the property business and the import and sale of high brand kitchenware. On June June: see month. 24, 2005, the shareholders of IB Daiwa elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. and approved a new board of directors. The new board has begun to restructure the management and operations of IB Daiwa and has signified sig·ni·fied n. Linguistics The concept that a signifier denotes. [Translation of French signifié, past participle of signifier, to signify.] Noun 1. its intention to supplement the existing business with investments in the natural resources, particularly the oil and gas sectors. IB Daiwa announced on December 27, 2005 the disposal of non-core subsidiaries to further concentrate on natural resources businesses. For further information please go to: www.ibdaiwa.co.jp Source: IB Daiwa Contact: IB Daiwa Keisuke Matsuno Tel: +81-3-3264-1378 Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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