Wacoal Holdings Corp. of Kyoto, Japan, The World's Largest Manufacturer of Intimate Apparel Reported Its Year-End Results for the Fiscal Year Ended March 31, 2006.KYOTO Kyoto (kyō`tō), city (1990 pop. 1,461,140), capital of Kyoto prefecture, S Honshu, Japan, on the Kamo River. Yodo is its port. Kyoto is one of Japan's largest cities and an important cultural and spiritual center. , Japan -- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the year increased 2.0 percent on a yen basis to 164.1 billion yen ($1,397.0 million), compared to 161.0 billion yen a year ago. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. decreased to 1.3 billion yen ($11.3 million) compared with 11.8 billion yen in 2005. Net income decreased 59 percent on a yen basis to 2.8 billion yen ($24.0 million). Earnings per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (5 shares of common stock) were 98.0 yen ($0.85) on 28,786,000 average ADS shares outstanding compared to 235.9 yen earnings per American Depositary Share with 28,791,000 shares outstanding in the prior year. Wacoal Wacoal Corporation (株式会社ワコール declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. cash dividends of 20.0 yen per share same as previous year. During the fiscal year ended March 31, 2006, the 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 economy has shown steady improvement with increasing consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. due to an increase in household income, corporate profits and an improving job market. Business results in the woman's fashion industry seems to have recovered because of the stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. weather during the first half of the year as compared to the same period of the previous fiscal year, which was affected by bad weather. During the second half of the fiscal year, a series of cold waves, not common in recent years, contributed increased purchases of winter wear and a generally strong start to sales of spring wear. In such an environment, the group (primarily Wacoal Corporation, which is the core business entity) sought to improve the strengths of its products, while developing new products focused on consumer needs. Wacoal endeavored to develop new points of contact with customers through directly managed stores and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the sales. Regarding sales by business category, sales of textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. goods and related products in the last fiscal year were 148,719 million yen, a 2.4% increase compared to the previous fiscal year. Other sales during the last fiscal year were 1,543 million yen, a 2.1% decrease compared to the previous fiscal year. As for sales by geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. location, Japan represented 143,514 million yen, accounting for 87.5% of group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. , whereas Asia accounted for 3.5% and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the U.S. accounted for 9.0%.FINANCIAL HIGHLIGHT Net sales for this fiscal year were 164.1 billion yen ($1,397.0 million), a 2.0% increase compare to the previous year. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta net income for the last fiscal year was 3,466 million yen, a 71.3% decrease compared to the previous fiscal year, and net income for the last fiscal year was 2,821 million yen, a 58.5% decrease compared to the previous fiscal year. Profit, however, declined significantly compared to the same period of the previous fiscal year due to the effect on operating income of each following events: the previous fiscal year's gain from the return of the substitutional sub·sti·tu·tion n. 1. a. The act or an instance of substituting. b. The state of being substituted. 2. One that is substituted; a replacement. portion of our welfare pension fund (7.1 billion yen), special additional allowance and reemployment support expenses in connection with the special voluntary retirement program which was conducted in November November: see month. 2005 (6,931 million yen), and a special allowance paid to retiring employees (590 million yen) following the dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each of our group subsidiary, Fukushima Fukushima (f k `shĭmä), city (1990 pop. 277,528), capital of Fukushima prefecture, N Honshu, Japan, on the Kiso plain. Wacoal Sewing sewing: see needlework. Corp. Excluding such one time
gains and losses, operating profitability improved.
Billions Millions
of Yen of US$
--------------- ---------
2006 2005 2006
------- ------- ---------
Net Sales 164.1 161.0 1,397.0
Cost of Sales 84.3 84.0 717.8
Selling,general and administrative expenses 71.0 72.3 603.9
Government subsidy (7.1)
Special retirement related expenses 7.5 64.0
Operating income 1.3 11.8 11.3
% of net sales 0.8 % 7.3 %
Other income and expenses 2.1 0.3 18.2
Income before income taxes,Equity in net
income of affiliated companies, minority
interests 3.4 12.1 29.5
Income taxes 1.4 5.8 12.4
Equity in net income of affiliated companies 1.1 0.8 9.5
Minority interest (0.3) (0.3) (2.6)
Net income 2.8 6.8 24.0
By Product Category
Foundation garments and lingerie 120.0 114.9 1,021.5
Sleepwear 10.4 10.8 88.6
Children's underwear 2.2 2.3 18.7
Outerwear and sportswear 9.1 9.6 77.5
Hosiery 2.4 2.4 20.4
Other textiles and related products 4.6 5.3 39.2
Housing, Interior development and
others 15.4 15.7 131.1
Note: The US dollar amounts in this statement for fiscal year 2006
are presented for convenience only at the actual approximate exchange
rate on March 31, 2006 of Yen 117.48 equals $1.00.
FORECAST FOR THE FISCAL YEAR 2007
Billions Millions
of Yen of US$
-------- --------
2007 2007
-------- --------
Net Sales 168.0 1,430.0
Operating Income 12.6 107.3
Income before income taxes,Equity in net
income of affiliated companies, and
minority interests 12.9 109.8
Net Income 8.0 68.1
Note: Caution on the forecast
The Companies' forecast contains the view of the Companies' management based on the management's assumptions and beliefs in light of information currently available but should not be relied on solely in making investment and other decisions. Investor should be aware that a number of impact risks and uncertainties could lead to outcomes that differ materially from those presented in the forecast. Wacoal's American Depositary shares trade at the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "WACLY". The company's common stock is listed on the Tokyo stock exchange Tokyo Stock Exchange Main stock market of Japan, located in Tokyo. It opened in 1878 to provide a market for the trading of government bonds newly issued to former samurai. as well as on the Osaka Osaka (ō`säkä), city (1990 pop. 2,623,801), capital of Osaka prefecture, S Honshu, Japan, on Osaka Bay, at the mouth of the Yodo River. stock exchanges.
Billions Millions
of Yen of US$
-------------------------
2005 2004 2005
------- ------- ---------
Net Sales 161.0 163.2 1,501.3
Cost of Sales 84.0 84.6 783.8
Selling,general and administrative expenses 72.3 75.5 674.0
Government subsidy (7.1) (66.2)
Operating income 11.8 3.0 109.7
% of net sales 7.3 % 1.8 %
Other income and expenses 0.3 1.5 2.9
Income before income taxes,Equity in net
income of affiliated companies, minority
interests 12.1 4.5 112.6
Income taxes 5.8 2.5 54.1
Equity in net income of affiliated companies 0.8 1.0 8.1
Minority interest (0.3) (0.1) (3.3)
Net income 6.8 2.9 63.3
By Product Category
Foundation garments and lingerie 114.9 115.7 1,071.6
Sleepwear 10.8 11.8 100.2
Children's underwear 2.3 2.6 21.6
Outerwear and sportswear 9.6 10.4 89.8
Hosiery 2.4 1.8 22.4
Other textiles and related products 5.3 4.7 49.0
Housing, Interior development and others 15.7 16.2 146.7
Billions Millions
of Yen of US$
---------------
2006 2006
------- -------
Net Sales 164.0 1,529.6
Operating Income 8.4 78.3
Income before income taxes,Equity in net
income of affiliated companies, and minority
interests 8.5 79.3
Net Income 5.6 52.2
Billions Millions
of Yen of US$
-------------------------
2003 2002 2003
------- ------- ---------
Net Sales 163.7 162.8 1,386.5
By Product Category
Foundation garments and lingerie 116.7 116.1 988.7
Sleepwear 12.7 12.7 107.6
Children's underwear 2.5 2.5 21.3
Outerwear and sportswear 9.4 9.6 80.0
Hosiery 1.7 1.8 14.2
Other textiles and related products 4.3 3.8 36.4
Housing, Interior development and others 16.3 16.4 138.3
Cost of Sales 85.3 86.6 722.5
Selling,general and administrative expenses 71.1 69.1 602.5
Operating income 7.3 7.2 61.5
% of net sales 4.4 % 4.4 %
Other income and expenses (2.7) 0.4 (22.5)
Income before income taxes,Equity in net
income of affiliated companies, minority
interests and cumulative effect of
accounting change 4.6 7.6 39.0
Income taxes and minority interests 1.7 2.6 14.4
Income before Cumulative Effect of
Accounting Change 2.9 5.0 24.5
Cumulative Effect of Accounting Change
Net Income 2.9 5.0 24.5
Note: The US dollar amounts in this statement for fiscal year 2003
represent transaction of the Japanese yen for convenience only at the
actual approximate exchange rate on March 31,2003 of 118.07 equals
$1.00.
Billions Millions
of Yen of US$
---------------
2004 2004
------- -------
Net Sales 167.0 1,414.4
Operating Income 8.3 70.3
Income before income taxes,Equity in net
income of affiliated companies, and
minority interests 8.4 71.1
Net Income 5.8 49.1
Note: Caution on the forecast:
The Companies' forecast contains the view of the Companies'
management based on the management's assumptions and beliefs in light
of information currently available to it but should not be relied on
solery in making investment and other decisions. Investor should be
aware that a number of impact risks and uncertainties could lead to
outcomes that differ materially from those presented in the forecast.
Billion Million
of Yen of us$
-------------------------
2002 2001 2002
------- ------- ---------
Net Sales 162.8 162.0 1,227.0
By Product Category
Foundation garments and lingerie 116.1 115.1 874.9
Sleepwear 12.7 12.6 95.8
Children's underwear 2.5 2.8 18.6
Outerwear and sportswear 9.6 9.3 72.3
Hosiery 1.8 1.6 13.4
Other textiles and related products 3.8 4.3 28.6
Housing, Interior development and others 16.4 16.3 123.5
Cost of Sales 86.6 87.5 652.4
Selling,general and administrative expenses 69.1 64.9 520.5
Operating income 7.2 9.6 54.2
% of net sales 4.4 % 5.9 %
Other income and expenses 0.4 10.5 3.2
Income before income taxes,Equity in net
income of affiliated companies, minority
interests and cumulative effect of
accounting change 7.6 20.1 57.4
Income taxes and minority interests 2.6 8.0 19.8
Income before Cumulative Effect of Accounting
Change 5.0 12.2 37.6
Cumulative Effect of Accounting Change 1.3 -
Net Income 5.0 10.9 37.6
Note: The US dollar amounts in this statement for fiscal year
2002represent transaction of the Japanese yen for convenience only at
the actual approximate exchange rate on March 29,2002 of 132.70 equals
$1.00.
Billion Million
of Yen of us$
-------------------------
2001 2000 2001
------- ------- ---------
Net Sales 162.0 165.9 1290.6
By Product Category
Foundation garments and lingerie 115.1 118.1 916.6
Sleepwear 12.6 13.2 100.6
Children's underwear 2.8 3.1 21.9
Outerwear and sportswear 9.3 9.8 74.4
Hosiery 1.6 1.7 13.1
Other textiles and related products 4.3 4.9 34.1
Housing, Interior development and others 16.3 15.1 129.9
Cost of Sales 87.5 89.3 696.9
Selling,general and administrative expenses 64.9 65.5 517.0
Operating income 9.6 11.1 76.7
% of net sales 5.9% 6.7%
Other income and expenses 11.8 1.4 93.8
Income before income taxes and minority
interests 21.4 12.5 170.5
Income taxes and minority interests 10.5 5.2 83.8
Net Income 10.9 7.3 86.7
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