EXHIBIT 1
IIJ Announces Partial Amendments to FY2008 Consolidated Financial Results
TOKYO, May 22, 2009 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE1: 3774) today announced that it has amended part of the consolidated balance sheets in its consolidated financial results for the fiscal year ended March 31, 2009 ("FY2008"), which was announced on May 15, 2009.
Please be advised that reclassifications were made on assets in the consolidated balance sheets as of March 31, 2009 and the amendments on consolidated statements of cash flows. These amendments to the consolidated financial statements do not affect (1) total assets, total liabilities and total shareholders' equity in the consolidated balance sheets as of March 31, 2009, (2) consolidated statements of income, (3) the total amount of net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities in the consolidated statements of cash flows and (4) consolidated statements of shareholders' equity.
1. Partial amendments
(1) Advances to equity method investees (JPY34,545 thousand) which
was classified in "Investments in and advances to equity method
investees" has been reclassified to "Other assets" in the
consolidated balance sheets as of March 31, 2009. Due to this
reclassification, "Investments in and advances to equity method
investees" was renamed to "Investments in equity method
investees" and postscripts related to allowance for doubtful
accounts has also been amended. Due to this reclassification,
consolidated balance sheets as of March 31, 2008 has also been
reclassified.
(2) JPY171,205 thousand which was recognized in "Loss on disposal of
property and equipment" has been corrected to "Depreciation and
amortization" in the operating activities of the consolidated
statements of cash flows. The same correction was made in the
operating activities of the quarterly consolidated statements of
cash flows of the 4th quarter FY2008 reference material.
"Adjusted EBITDA" and "Depreciation and amortization" of the 4th
quarter FY2008 reference material has also been changed.
(3) JPY3,415 thousand which was recognized in "Proceeds from sales
and redemption of short-term and other investment" has been
corrected to "Proceeds from sales of available-for-sale
securities" in the investing activities of the consolidated
statements of cash flows. The same reclassification was made in
the investing activities of the quarterly consolidated statements
of cash flows of the 4th quarter FY2008 reference material.
2. Content of amendments
The figures underlined in the following pages are amended.
Amendments for (1)
<p.9>
Consolidated Balance Sheets (Unaudited)
(Before amendment)
As of March 31, 2008 As of March 31, 2009
Thousands
Thousands % of U.S. Thousands %
of JPY Dollars of JPY
ASSETS
INVESTMENTS IN AND
ADVANCES TO EQUITY
METHOD INVESTEES, net
of loan loss valuation
allowance of JPY16,701
thousand at March 31,
2008 and March 31,
2009, respectively 991,237 1.8 9,906 982,171 1.9
------- --- ----- ------- ---
OTHER ASSETS, net of
allowance for doubtful
accounts of JPY 64,796
thousand and JPY 72,800
thousand at March 31,
2008 and March 31,
2009, respectively 4,177,162 7.5 39,950 3,960,997 7.5
---------- --- ------ --------- ---
TOTAL 55,702,546 100.0 527,496 52,301,199 100.0
(After amendment)
As of March 31, 2008 As of March 31, 2009
Thousands
Thousands % of U.S. Thousands %
of JPY Dollars of JPY
ASSETS
INVESTMENTS IN EQUITY
METHOD INVESTEES 956,692 1.7 9,557 947,626 1.8
------- --- ----- ------- ---
OTHER ASSETS, net of
allowance for doubtful
accounts of JPY81,497
thousand and JPY89,501
thousand at March 31,
2008 and March 31,
2009, respectively 4,211,707 7.6 40,298 3,995,542 7.6
---------- --- ------ --------- ---
TOTAL 55,702,546 100.0 527,496 52,301,199 100.0
Amendments for (2)
<p.14>
Consolidated Statements of Cash Flows (Unaudited), OPERATING
ACTIVITIES:
(Before amendment)
Fiscal Year
Ended
March 31, Fiscal Year Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
OPERATING ACTIVITIES:
Depreciation and
amortization 4,774,804 53,044 5,259,296
------ ---------
Loss on disposal of
property and equipment 72,086 6,195 614,224
----- -------
Net cash provided by
operating activities 4,537,746 87,049 8,630,869
(After amendment)
Fiscal Year
Ended
March 31, Fiscal Year Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
OPERATING ACTIVITIES:
Depreciation and
amortization 4,774,804 54,771 5,430,501
------ ---------
Loss on disposal of
property and equipment 72,086 4,468 443,019
----- -------
Net cash provided by
operating activities 4,537,746 87,049 8,630,869
<p.17>
Reconciliation of Non-GAAP Financial Measures
(Before amendment)
4Q08 4Q07
JPY millions JPY millions
Adjusted EBITDA 2,379 3,101
-----
Depreciation and Amortization 1,306 1,293
-----
(After amendment)
4Q08 4Q07
JPY millions JPY millions
Adjusted EBITDA 2,550 3,101
-----
Depreciation and Amortization 1,477 1,293
-----
<p.20>
Quarterly Consolidated Statements of Cash Flows (Unaudited),
OPERATING ACTIVITIES:
(Before amendment)
Three Months
Ended
March 31, Three Months Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
OPERATING ACTIVITIES:
Depreciation and
amortization 1,293,410 13,168 1,305,653
------ ---------
Loss on disposal of
property and equipment 56,404 4,543 450,452
----- -------
Net cash provided by
operating activities 4,083,239 33,081 3,280,002
(After amendment)
Three Months
Ended
March 31, Three Months Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
OPERATING ACTIVITIES:
Depreciation and
amortization 1,293,410 14,895 1,476,858
------ ---------
Loss on disposal of
property and equipment 56,404 2,816 279,247
----- -------
Net cash provided by
operating activities 4,083,239 33,081 3,280,002
Amendments for (3)
<p.14>
Consolidated Statements of Cash Flows (Unaudited), INVESTING
ACTIVITIES:
(Before amendment)
Fiscal Year
Ended
March 31, Fiscal Year Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
INVESTING ACTIVITIES:
Proceeds from sales of
available-for-sale
securities 616,920 0 2
- -
Proceeds from sales and
redemption of short-term
and other investments 69,722 1,159 114,924
----- -------
Net cash used in
investing activities (5,443,766) (33,566) (3,328,072)
(After amendment)
Fiscal Year
Ended
March 31, Fiscal Year Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
INVESTING ACTIVITIES:
Proceeds from sales of
available-for-sale
securities 616,920 34 3,417
-- -----
Proceeds from sales and
redemption of short-term
and other investments 69,722 1,125 111,509
----- -------
Net cash used in investing
activities (5,443,766) (33,566) (3,328,072)
<p.20>
Quarterly Consolidated Statements of Cash Flows (Unaudited),
INVESTING ACTIVITIES:
(Before amendment)
Three Months
Ended
March 31, Three Months Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
INVESTING ACTIVITIES:
Proceeds from sales of
available-for-sale
securities -- 0 2
- -
Proceeds from sales and
redemption of short-term
and other investments 49,143 666 66,042
--- ------
Net cash used in investing
activities (380,424) (4,054) (401,954)
(After amendment)
Three Months
Ended
March 31, Three Months Ended
2008 March 31, 2009
Thousands of Thousands of Thousands of
JPY U.S. Dollars JPY
INVESTING ACTIVITIES:
Proceeds from sales of
available-for-sale
securities -- 34 3,417
-- -----
Proceeds from sales and
redemption of short-term
and other investments 49,143 632 62,627
--- ------
Net cash used in investing
activities (380,424) (4,054) (401,954)
About IIJ
Founded in 1992, Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE1: 3774) 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. The company's services include high-quality systems integration and security services, Internet access, hosting/housing, and content design. Moreover, the company has built one of the largest Internet backbone networks in Japan, and between Japan and the United States. IIJ was listed on NASDAQ in 1999 and on the First Section of the Tokyo Stock Exchange in 2006. For more information about IIJ, visit the IIJ Web site at http://www.iij.ad.jp/en/.
The Internet Initiative Japan Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4613
The statements within this release contain forward-looking statements about our future plans that involve risk and uncertainty. These statements may differ materially from actual future events or results. Readers are referred to the documents furnished by Internet Initiative Japan Inc. with the SEC, specifically the most recent reports on Forms 20-F and 6-K, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.
CONTACT: IIJ
Investor Relations
+81-3-5259-6500
ir@iij.ad.jp
http://www.iij.ad.jp/