Overview of FY2007 First Quarter Financial Results (Consolidated) | |||||||||
(Prepared in accordance with U.S. GAAP) | |||||||||
July 25, 2007 | |||||||||
Company name: | Advantest Corporation | ||||||||
Stock exchanges on which shares are listed: | First section of the Tokyo Stock Exchange | ||||||||
Stock code number: | 6857 | ||||||||
URL: | http://www.advantest.co.jp/investors/en-index.shtml | ||||||||
Company representative: | Toshio Maruyama, Representative Board Director, President and CEO | ||||||||
Contact person: | Hiroshi Nakamura, Executive Officer, Senior Vice President of the Financial Group (TEL (03) 3214-7500) | ||||||||
(Rounded to the nearest million yen) | |||||||||
1. Consolidated Financial Results of FY2007 1Q (April 1, 2007 through June 30, 2007) | |||||||||
(1) Consolidated Financial Results | (% changes as compared with the corresponding period of the previous fiscal year) |
Net sales | Operating income | Income before income taxes and equity in earnings of affiliated company | Net income | ||||||||||||||||||||||
Million yen | % increase (decrease) | Million yen | % increase (decrease) | Million yen | % increase (decrease) | Million yen | % increase (decrease) | ||||||||||||||||||
FY2007 Q1 | 57,089 | (4.7 | ) | 11,683 | (28.5 | ) | 15,050 | (12.6 | ) | 9,948 | (13.3 | ) | |||||||||||||
FY2006 Q1 | 59,874 | 15.1 | 16,338 | 38.8 | 17,213 | 42.0 | 11,479 | 46.8 | |||||||||||||||||
FY2006 | 235,012 | — | 56,792 | — | 61,090 | — | 35,556 | — |
Net income per share (basic) | Net income per share (diluted) | ||||||
Yen | Yen | ||||||
FY2007 Q1 | 53.53 | 53.31 | |||||
FY2006 Q1 | 61.46 | 61.02 | |||||
FY2006 | 190.01 | 188.85 |
(Note) Per-share information for the first quarter of FY2006 is restated to reflect the effects of the two for one stock split of shares of its common stock conducted by Advantest on October 1, 2006. | |||||||||
(2) Consolidated Financial Position | |||||||||||||
Total assets | Net assets | Equity-to-assets ratio | Net assets per share | ||||||||||
Million yen | Million yen | % | Yen | ||||||||||
FY2007 Q1 | 354,341 | 281,516 | 79.4 | 1,529.09 | |||||||||
FY2006 Q1 | 343,703 | 265,048 | 77.1 | 1,417.71 | |||||||||
FY2006 | 366,374 | 294,797 | 80.5 | 1,570.99 |
(3) Consolidated Cash Flows | |||||||||||||
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of period | ||||||||||
Million yen | Million yen | Million yen | Million yen | ||||||||||
FY2007 Q1 | 4,527 | (1,878 | ) | (24,744 | ) | 178,135 | |||||||
FY2006 Q1 | 1,262 | (2,384 | ) | (2,839 | ) | 152,980 | |||||||
FY2006 | 48,951 | (8,013 | ) | (3,662 | ) | 196,395 |
-1-
2. (Reference) Projected Results for FY2007 (April 1, 2007 through March 31, 2008) | ||||||||||
(% changes as compared with the corresponding period of the previous fiscal year) |
Net sales | Operating income | Income before income taxes and equity in earnings of affiliated company | Net income | Net income per share (basic) | ||||||||||||||||||||||||
Million yen | % increase (decrease) | Million yen | % increase (decrease) | Million yen | % increase (decrease) | Million yen | % increase (decrease) | Yen | ||||||||||||||||||||
FY2007 interim | 120,000 | (0.4 | ) | 26,000 | (19.3 | ) | 30,000 | (11.6 | ) | 19,500 | (12.2 | ) | 104.92 | |||||||||||||||
FY2007 | 255,000 | 8.5 | 60,000 | 5.6 | 65,000 | 6.4 | 42,000 | 18.1 | 225.99 | |||||||||||||||||||
3. Others | ||||||||||
(1) Changes in significant subsidiaries during 1Q of FY2007: | No | |||||||||
(Changes in specified subsidiaries resulting in changes in scope of consolidation) | ||||||||||
(2) Use of simplified accounting method: | Yes | |||||||||
(3) Changes in accounting method from the most recent fiscal year: | No | |||||||||
(Note) Please see "4. Others" in " Qualitative information / Financial Statements" on page 4. |
Explanation on the Appropriate Use of Future Earnings Projections and Other Special Instructions | ||||||||||
1. In this document, Advantest has revised its interim and full-term earnings forecast which it announced on April 25, 2007. | ||||||||||
2. This document contains “forward-looking statements” that are based on Advantest’s current expectations, estimates and projections. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Advantest’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These factors include: (i) changes in demand for the products and services produced and offered by Advantest’s customers, including semiconductors, communications services and electronic goods; (ii) circumstances relating to Advantest’s investment in technology, including its ability to timely develop products that meet the changing needs of semiconductor manufacturers and communications network equipment and components makers and service providers; (iii) significant changes in the competitive environment in the major markets where Advantest purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (iv) changes in economic conditions, currency exchange rates or political stability in the major markets where Advantest procures materials, components and supplies for the production of its principal products or where its products are produced, distributed or sold. A discussion of these and other factors which may affect Advantest’s actual results, levels of activity, performance or achievements is contained in the “Operating and Financial Review and Prospects”, “Key Information - Risk Factors” and “Information on the Company” sections and elsewhere in Advantest’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. For the assumptions on which earnings projections are made and other related matters, please see "3. Qualitative Information Regarding Projected Consolidated Earnings" in "Qualitative Information / Financial Statements" on page 4. |
-2-
[Qualitative Information / Financial Statements] | ||||||||
1. Qualitative Information Regarding Consolidated Financial Results | ||||||||
During this first quarter, Advantest’s operating environment remained sluggish due to the postponement of capital expenditure by DRAM semiconductor manufacturers resulting from the decline in prices of DRAM semiconductors used in personal computers, as well as the suppression of capital expenditure by certain non memory semiconductor manufacturers. On the other hand, demand for flash memory semiconductors used in portable music players and mobile phones launched in the United States remained strong, leading the relevant manufacturers of such semiconductors to enhance their production facilities and actively implement capital expenditures to enhance the efficiency of their production lines. In addition, demand for portable devices, LCD panels for personal computers and flat-panel TVs grew, and as such, capital expenditures by manufacturers of semiconductors used in these products remained active. In this environment, Advantest made concentrated efforts to increase orders input received and expand sales by actively investing in the development of new products and by introducing test solutions that meet customer demands. At the same time, Advantest has endeavored to improve management efficiency by enhancing production efficiency, strengthening its competitive edge in pricing through development of new products and streamlining of internal operations. As the result of the above, in this first quarter, orders input received was ¥ 53.2 billion (an 18.1 % decrease compared to the first quarter of the previous fiscal year), sales was ¥ 57.1 billion (a 4.7% decrease), income before income taxes and equity in earnings of affiliated company was ¥ 15.1 billion (a 12.6% decrease) and net income was ¥ 9.9 billion (a 13.3% decrease). Overseas sales as a percentage of total sales was 65.2% (as compared to 57.0% in the first quarter of the previous fiscal year). | ||||||||
(Results by Business Segment) | ||||||||
During the first quarter, for the Semiconductor and Component Test System segment, sales of test systems for flash memory semiconductors remained steady with increased demand for NAND-type flash memory semiconductors resulting from the broadening of the range of functions and use of end-products such as digital consumer devices. On the other hand, demand for DRAM semiconductors used in personal computers with a new operating system did not increase as anticipated due to the decrease in price of devices and the need for inventory adjustments, and therefore did not lead to higher capital expenditures. In the field of non memory semiconductors, demand for test systems remained steady, lead by demand for semiconductors for digital consumer devices and semiconductors for automobiles. Furthermore, due to the increase in size and in resolution of LCD TVs as well as the rapid recovery of the semiconductor market for LCDs used in personal computers, demand for test systems for LCD driver ICs remained active. As the result of the above, in this first quarter, orders input received was ¥ 39.7 billion, sales was ¥ 41.0 billion and operating income was ¥ 10.3 billion. In the Mechatronics System segment, weakening of demand for DRAM semiconductor test systems resulted in the slowdown of sales, and accordingly, orders input received was ¥ 10.2 billion, sales was ¥ 12.2 billion and operating income was ¥ 3.1 billion. In the Services, Support and Others segment, orders input received was ¥ 4.9 billion, sales was ¥ 4.4 billion and operating income was ¥ 0.7 billion. | ||||||||
2. Qualitative Information Regarding Consolidated Financial Position | ||||||||
At the end of this first quarter, total assets decreased by ¥ 12.0 billion from the end of the previous fiscal year to ¥ 354.3 billion. The decrease is mainly attributable to decrease in cash and cash equivalents by ¥ 18.3 billion and in trade receivables by ¥ 6.9 billion, as well as to an increase in inventories by ¥ 8.4 billion. Total liabilities increased by ¥ 1.2 billion to ¥ 72.8 billion, due to factors such as an increase in trade accounts payable. Furthermore, net assets was ¥ 281.5 billion and the equity-to-assets ratio decreased by 1.1% to 79.4%. | ||||||||
(Cash Flow Statements) | ||||||||
Cash and cash equivalents at the end of this first quarter decreased by ¥18.3 billion from the end of the previous fiscal year to ¥ 178.1 billion. The situation of each type of cash flow at the end of the first quarter and the contributing factors are as follows: Cash flows from operating activities was an inflow of ¥ 4.5 billion. This is primarily attributable to the first quarter net income of ¥ 9.9 billion and a decrease of ¥ 8.2 billion in trade receivables, which were offset by an increase of ¥ 8.3 billion in inventories. Cash flows from investing activities was an outflow of ¥ 1.9 billion, consisting primarily of purchases of property, plant and equipment, including lease assets. Cash flows from financing activities was an outflow of ¥ 24.7 billion, consisting primarily of ¥ 19.1 billion in payments to acquire treasury stock and ¥ 5.8 billion in dividend payments. | ||||||||
-3-
3. Qualitative Information Regarding Projected Consolidated Earnings | ||||||||
With respect to Advantest’s future prospects, there are risk factors such as a sharp rise in cost of materials resulting from an increase in oil prices and the weakening of the Japanese yen, as well as the impact that the concerns over a slowdown of the U.S. economy and the adjustments made in the housing industry will have on the world economy. Notwithstanding these risks, higher demand for test systems for DRAM semiconductors is anticipated, with an expected increase in year-end sales in the lead up to the Beijing Olympics, which is less than a year away, increased capacity of DRAM semiconductors for use in personal computers with a new operating system and full-scale implementation of upgrading of computers by companies. Furthermore, Advantest expects to see an increase in sales of test systems for non memory semiconductors through the expansion of its line of products by launching a new module for T2000, a system compatible with OPENSTAR®*, for the next generation MPU and GPU markets as well as for markets for communication devices, and also through expansion in sales of digital appliances and semiconductors for automobiles. Due to the fact that Other income improved in this first quarter as a result of recent interest rates and currency fluctuations, Advantest has revised its interim and full-term earnings forecast for the fiscal year ending March 31, 2008 as follows. |
[FY2007 interim (April 1, 2007 through September 30, 2007)] | |||||||||||||||||||||||||
Net sales | Operating income | Income before income taxes and equity in earnings of affiliated company | Net income | ||||||||||||||||||||||
Previous forecast (A) | Million yen | Million yen | Million yen | Million yen | |||||||||||||||||||||
(As of April 25, 2007) | 120,000 | 26,000 | 27,000 | 17,500 | |||||||||||||||||||||
Revised forecast (B) | 120,000 | 26,000 | 30,000 | 19,500 | |||||||||||||||||||||
Difference (B)-(A) | — | — | 3,000 | 2,000 | |||||||||||||||||||||
[FY2007 (April 1, 2007 through March 31, 2008)] | |||||||||||||||||||||||||
Net sales | Operating income | Income before income taxes and equity in earnings of affiliated company | Net income | ||||||||||||||||||||||
Previous forecast (A) | Million yen | Million yen | Million yen | Million yen | |||||||||||||||||||||
(As of April 25, 2007) | 255,000 | 60,000 | 62,000 | 40,000 | |||||||||||||||||||||
Revised forecast (B) | 255,000 | 60,000 | 65,000 | 42,000 | |||||||||||||||||||||
Difference (B)-(A) | — | — | 3,000 | 2,000 |
*OPENSTAR®: The name of an open architecture standard published by the STC (Semiconductor Test Consortium, Inc.). OPENSTAR® is a registered trademark or a trademark of STC in the United States, Japan and other countries. | ||||||||
4. Others | ||||||||
(1) Changes in significant subsidiaries during 1Q of FY2007: | ||||||||
(Changes in specified subsidiaries resulting in changes in scope of consolidation) | ||||||||
None. | ||||||||
(2) Use of simplified accounting method: | ||||||||
Simplified tax effect accounting is used for the calculation of tax expenses for the purpose of the quarterly financial results. | ||||||||
(3) Changes in accounting method from the most recent fiscal year: | ||||||||
None. |
-4-
Quarterly Consolidated Financial Statements (Summary) | Advantest Corporation - Consolidated (June 2007) | ||||||||||
1. Quarterly Consolidated Balance Sheets (Summary) |
FY2006 | Q1 of FY2007 | Increase | Q1 of FY2006 | |||||||||||||||||||
(As of March 31, 2007) | (As of June 30, 2007) | (Decrease) | (As of June 30, 2006) | |||||||||||||||||||
Item | Amount (in million yen) | Percentage (%) | Amount (in million yen) | Percentage (%) | Amount (in million yen) | Amount (in million yen) | Percentage (%) | |||||||||||||||
(Assets) | ||||||||||||||||||||||
Cash and cash equivalents | 196,395 | 178,135 | (18,260 | ) | 152,980 | |||||||||||||||||
Trade receivables, net | 54,264 | 47,355 | (6,909 | ) | 63,939 | |||||||||||||||||
Inventories | 31,976 | 40,390 | 8,414 | 34,885 | ||||||||||||||||||
Other current assets | 12,173 | 17,684 | 5,511 | 18,031 | ||||||||||||||||||
Total current assets | 294,808 | 80.5 | 283,564 | 80.0 | (11,244 | ) | 269,835 | 78.5 | ||||||||||||||
Investment securities | 11,370 | 3.1 | 11,625 | 3.3 | 255 | 11,489 | 3.3 | |||||||||||||||
Property, plant and equipment, net | 49,650 | 13.6 | 49,167 | 13.9 | (483 | ) | 50,042 | 14.6 | ||||||||||||||
Intangible assets, net | 3,101 | 0.8 | 3,032 | 0.9 | (69 | ) | 2,769 | 0.8 | ||||||||||||||
Other assets | 7,445 | 2.0 | 6,953 | 1.9 | (492 | ) | 9,568 | 2.8 | ||||||||||||||
Total assets | 366,374 | 100.0 | 354,341 | 100.0 | (12,033 | ) | 343,703 | 100.0 | ||||||||||||||
(Liabilities) | ||||||||||||||||||||||
Current portion of long-term debt | 10 | 10 | — | 30 | ||||||||||||||||||
Trade accounts payable | 29,095 | 31,255 | 2,160 | 31,912 | ||||||||||||||||||
Other current liabilities | 31,547 | 31,420 | (127 | ) | 30,809 | |||||||||||||||||
Total current liabilities | 60,652 | 16.6 | 62,685 | 17.7 | 2,033 | 62,751 | 18.3 | |||||||||||||||
Long-term debt, excluding current portion | — | — | — | — | — | 10 | 0.0 | |||||||||||||||
Accrued pension and severance cost | 8,267 | 2.2 | 8,022 | 2.3 | (245 | ) | 12,000 | 3.5 | ||||||||||||||
Other liabilities | 2,658 | 0.7 | 2,118 | 0.6 | (540 | ) | 3,894 | 1.1 | ||||||||||||||
Total liabilities | 71,577 | 19.5 | 72,825 | 20.6 | 1,248 | 78,655 | 22.9 | |||||||||||||||
(Stockholders' equity) | ||||||||||||||||||||||
Common stock | 32,363 | 8.8 | 32,363 | 9.1 | — | 32,363 | 9.4 | |||||||||||||||
Capital surplus | 39,256 | 10.7 | 39,219 | 11.1 | (37 | ) | 37,147 | 10.8 | ||||||||||||||
Retained earnings | 273,082 | 74.6 | 276,887 | 78.1 | 3,805 | 252,165 | 73.4 | |||||||||||||||
Accumulated other comprehensive income (loss) | 3,652 | 1.0 | 5,450 | 1.5 | 1,798 | 40 | 0.0 | |||||||||||||||
Treasury stock | (53,556 | ) | (14.6 | ) | (72,403 | ) | (20.4 | ) | (18,847 | ) | (56,667 | ) | (16.5 | ) | ||||||||
Total stockholders' equity | 294,797 | 80.5 | 281,516 | 79.4 | (13,281 | ) | 265,048 | 77.1 | ||||||||||||||
Total liabilities and stockholders' equity | 366,374 | 100.0 | 354,341 | 100.0 | (12,033 | ) | 343,703 | 100.0 | ||||||||||||||
-5-
Advantest Corporation - Consolidated (June 2007) |
2. Quarterly Consolidated Statements of Income (Summary) | ||||||||||||||||||||||||||||||||||
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | |||||||||||||||||||||||||||||||
April 1, 2006 through | April 1, 2007 through | (Decrease) | April 1, 2006 through | |||||||||||||||||||||||||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | ||||||||||||||||||||||||||||||||
Item | Amount (in million yen) | Percentage (%) | Amount (in million yen) | Percentage (%) | Amount (in million yen) | Amount (in million yen) | Percentage (%) | |||||||||||||||||||||||||||
Net sales | 59,874 | 100.0 | 57,089 | 100.0 | (2,785 | ) | 235,012 | 100.0 | ||||||||||||||||||||||||||
Cost of sales | 27,158 | 45.4 | 27,253 | 47.7 | 95 | 108,718 | 46.3 | |||||||||||||||||||||||||||
Gross profit | 32,716 | 54.6 | 29,836 | 52.3 | (2,880 | ) | 126,294 | 53.7 | ||||||||||||||||||||||||||
Research and development expenses | 7,339 | 12.3 | 8,202 | 14.4 | 863 | 29,509 | 12.6 | |||||||||||||||||||||||||||
Selling, general and administrative expenses | 9,039 | 15.0 | 9,951 | 17.4 | 912 | 39,993 | 16.9 | |||||||||||||||||||||||||||
Operating income | 16,338 | 27.3 | 11,683 | 20.5 | (4,655 | ) | 56,792 | 24.2 | ||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||
Interest and dividends income | 645 | 1,092 | 447 | 3,026 | ||||||||||||||||||||||||||||||
Interest expense | (4 | ) | (3 | ) | 1 | (16 | ) | |||||||||||||||||||||||||||
Other | 234 | 875 | 1.5 | 2,278 | 3,367 | 5.9 | 2,044 | 2,492 | 1,288 | 4,298 | 1.8 | |||||||||||||||||||||||
Income before income taxes and equity in earnings of affiliated company | 17,213 | 28.8 | 15,050 | 26.4 | (2,163 | ) | 61,090 | 26.0 | ||||||||||||||||||||||||||
Income taxes | 5,734 | 9.6 | 5,098 | 9.0 | (636 | ) | 25,520 | 10.9 | ||||||||||||||||||||||||||
Equity in earnings (loss) of affiliated company | — | — | (4 | ) | (0.0 | ) | (4 | ) | (14 | ) | (0.0 | ) | ||||||||||||||||||||||
Net income | 11,479 | 19.2 | 9,948 | 17.4 | (1,531 | ) | 35,556 | 15.1 | ||||||||||||||||||||||||||
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | ||||||||||
April 1, 2006 through | April 1, 2007 through | (Decrease) | April 1, 2006 through | ||||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | |||||||||||
Item | Amount (in yen) | Amount (in yen) | Amount (in yen) | Amount (in yen) | |||||||||
Net income per share | |||||||||||||
Basic | 61.46 | 53.53 | (7.93) | 190.01 | |||||||||
Diluted | 61.02 | 53.31 | (7.71) | 188.85 |
-6-
Advantest Corporation - Consolidated (June 2007) |
3. Quarterly Consolidated Statements of Cash Flows (Summary) |
Q1 of FY2006 | Q1 of FY2007 | FY2006 | ||||||||
April 1, 2006 through | April 1, 2007 through | April 1, 2006 through | ||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | ||||||||
Item | Amount (in million yen) | Amount (in million yen) | Amount (in million yen) | |||||||
I Cash flows from operating activities: | ||||||||||
Net income | 11,479 | 9,948 | 35,556 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 1,793 | 1,902 | 8,214 | |||||||
Changes in assets and liabilities: | ||||||||||
Trade receivables | 5,269 | 8,228 | 15,563 | |||||||
Inventories | (5,075 | ) | (8,295 | ) | (2,054 | ) | ||||
Trade accounts payable | (117 | ) | 905 | (3,318 | ) | |||||
Other | (12,087 | ) | (8,161 | ) | (5,010 | ) | ||||
Net cash provided by operating activities | 1,262 | 4,527 | 48,951 | |||||||
II Cash flows from investing activities: | ||||||||||
Purchases of property, plant and equipment | (2,329 | ) | (1,790 | ) | (7,511 | ) | ||||
Other | (55 | ) | (88 | ) | (502 | ) | ||||
Net cash used in investing activities | (2,384 | ) | (1,878 | ) | (8,013 | ) | ||||
III Cash flows from financing activities: | ||||||||||
Payments to acquire treasury stock | (9 | ) | (19,117 | ) | (68 | ) | ||||
Dividends paid | (3,981 | ) | (5,770 | ) | (7,468 | ) | ||||
Other | 1,151 | 143 | 3,874 | |||||||
Net cash used in financing activities | (2,839 | ) | (24,744 | ) | (3,662 | ) | ||||
IV Net effect of exchange rate changes on cash and cash equivalents | (984 | ) | 3,835 | 1,194 | ||||||
V Net change in cash and cash equivalents | (4,945 | ) | (18,260 | ) | 38,470 | |||||
VI Cash and cash equivalents at beginning of period | 157,925 | 196,395 | 157,925 | |||||||
VII Cash and cash equivalents at end of period | 152,980 | 178,135 | 196,395 | |||||||
-7-
Advantest Corporation - Supplemental Information (June 2007) |
Supplemental Information to FY2007 First Quarter Financial Results | |||||||||
1. Business Segment Operating Income | |||||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | FY2006 | |||||||||||||||||||||||
April 1, 2006 through June 30, 2006 | April 1, 2007 through June 30, 2007 | Increase (Decrease) | April 1, 2006 through March 31, 2007 | ||||||||||||||||||||||
Amount | Percentage (%) | Amount | Percentage (%) | Amount | Amount | Percentage (%) | |||||||||||||||||||
Semiconductor and Component Test System | Sales to unaffiliated customers | 41,835 | 96.9 | 40,566 | 99.0 | (1,269 | ) | 164,899 | 98.3 | ||||||||||||||||
Intersegment sales | 1,346 | 3.1 | 412 | 1.0 | (934 | ) | 2,916 | 1.7 | |||||||||||||||||
Net sales | 43,181 | 100.0 | 40,978 | 100.0 | (2,203 | ) | 167,815 | 100.0 | |||||||||||||||||
Operating expenses | 29,259 | 67.8 | 30,664 | 74.8 | 1,405 | 119,207 | 71.0 | ||||||||||||||||||
Operating income before stock option compensation expenses | 13,922 | 32.2 | 10,314 | 25.2 | (3,608 | ) | 48,608 | 29.0 | |||||||||||||||||
Mechatronics System | Sales to unaffiliated customers | 13,092 | 99.3 | 12,167 | 100.0 | (925 | ) | 51,801 | 99.6 | ||||||||||||||||
Intersegment sales | 92 | 0.7 | — | — | (92 | ) | 224 | 0.4 | |||||||||||||||||
Net sales | 13,184 | 100.0 | 12,167 | 100.0 | (1,017 | ) | 52,025 | 100.0 | |||||||||||||||||
Operating expenses | 8,956 | 67.9 | 9,058 | 74.4 | 102 | 38,378 | 73.8 | ||||||||||||||||||
Operating income before stock option compensation expenses | 4,228 | 32.1 | 3,109 | 25.6 | (1,119 | ) | 13,647 | 26.2 | |||||||||||||||||
Services, Support and Others | Sales to unaffiliated customers | 4,947 | 100.0 | 4,356 | 100.0 | (591 | ) | 18,312 | 100.0 | ||||||||||||||||
Intersegment sales | — | — | — | — | — | — | — | ||||||||||||||||||
Net sales | 4,947 | 100.0 | 4,356 | 100.0 | (591 | ) | 18,312 | 100.0 | |||||||||||||||||
Operating expenses | 3,941 | 79.7 | 3,700 | 84.9 | (241 | ) | 15,442 | 84.3 | |||||||||||||||||
Operating income before stock option compensation expenses | 1,006 | 20.3 | 656 | 15.1 | (350 | ) | 2,870 | 15.7 | |||||||||||||||||
Elimination and Corporate | Sales to unaffiliated customers | — | — | — | — | — | — | — | |||||||||||||||||
Intersegment sales | (1,438 | ) | 100.0 | (412 | ) | 100.0 | 1,026 | (3,140 | ) | 100.0 | |||||||||||||||
Net sales | (1,438 | ) | 100.0 | (412 | ) | 100.0 | 1,026 | (3,140 | ) | 100.0 | |||||||||||||||
Operating expenses | 1,380 | — | 1,984 | — | 604 | 2,627 | — | ||||||||||||||||||
Operating income (loss) before stock option compensation expenses | (2,818 | ) | — | (2,396 | ) | — | 422 | (5,767 | ) | — | |||||||||||||||
Consolidated | Sales to unaffiliated customers | 59,874 | 100.0 | 57,089 | 100.0 | (2,785 | ) | 235,012 | 100.0 | ||||||||||||||||
Intersegment sales | — | — | — | — | — | — | — | ||||||||||||||||||
Net sales | 59,874 | 100.0 | 57,089 | 100.0 | (2,785 | ) | 235,012 | 100.0 | |||||||||||||||||
Operating expenses | 43,536 | 72.7 | 45,406 | 79.5 | 1,870 | 175,654 | 74.7 | ||||||||||||||||||
Operating income before stock option compensation expenses | 16,338 | 27.3 | 11,683 | 20.5 | (4,655 | ) | 59,358 | 25.3 | |||||||||||||||||
Adjustment: Stock based compensation expense | — | — | — | — | — | 2,566 | 1.1 | ||||||||||||||||||
Operating income | 16,338 | 27.3 | 11,683 | 20.5 | (4,655 | ) | 56,792 | 24.2 |
(Notes) | 1. | Adjustments to operating income(loss) in Corporate principally represent corporate general and administrative expenses and research and development expenses related to fundamental research activities that are not allocated to operating segments. | |||||||
2. | Advantest uses the operating income (loss) before stock option compensation expenses and net gain on settlement of substitutional portions of EPF for managment's analysis of business segment results. | ||||||||
2. Geographic Segment Net Sales | |||||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | FY2006 | ||||||||||||||||||||
April 1, 2006 through June 30, 2006 | April 1, 2007 through June 30, 2007 | Increase (Decrease) | April 1, 2006 through March 31, 2007 | |||||||||||||||||||
Amount | Percentage (%) | Amount | Percentage (%) | Amount | Amount | Percentage (%) | ||||||||||||||||
Americas | 3,998 | 6.7 | 2,748 | 4.8 | (1,250 | ) | 10,158 | 4.3 | ||||||||||||||
Europe | 2,932 | 4.9 | 2,307 | 4.0 | (625 | ) | 11,238 | 4.8 | ||||||||||||||
Asia | 27,192 | 45.4 | 32,158 | 56.3 | 4,966 | 140,782 | 59.9 | |||||||||||||||
Total Overseas | 34,122 | 57.0 | 37,213 | 65.2 | 3,091 | 162,178 | 69.0 | |||||||||||||||
Japan | 25,752 | 43.0 | 19,876 | 34.8 | (5,876 | ) | 72,834 | 31.0 | ||||||||||||||
Consolidated | 59,874 | 100.0 | 57,089 | 100.0 | (2,785 | ) | 235,012 | 100.0 |
-8-
Advantest Corporation - Supplemental Information (June 2007)
3. Consolidated Net Sales by Business Segment | ||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | ||||||||||
April 1, 2006 through | April 1, 2007 through | (Decrease) | April 1, 2006 through | ||||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | |||||||||||
Semiconductor and Component Test System | 43,181 | 40,978 | (2,203 | ) | 167,815 | ||||||||
Mechatronics System | 13,184 | 12,167 | (1,017 | ) | 52,025 | ||||||||
Services, Support and Others | 4,947 | 4,356 | (591 | ) | 18,312 | ||||||||
Intercompany transactions elimination | (1,438 | ) | (412 | ) | 1,026 | (3,140 | ) | ||||||
Total net sales | 59,874 | 57,089 | (2,785 | ) | 235,012 |
4. Consolidated Orders input received and Orders Backlog by Business Segment | ||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | ||||||||||
April 1, 2006 through | April 1, 2007 through | (Decrease) | April 1, 2006 through | ||||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | |||||||||||
Semiconductor and Component Test System | 46,832 | 39,684 | (7,148 | ) | 175,126 | ||||||||
Mechatronics System | 14,737 | 10,207 | (4,530 | ) | 54,861 | ||||||||
Services, Support and Others | 4,996 | 4,922 | (74 | ) | 18,013 | ||||||||
Intercompany transactions elimination | (1,670 | ) | (1,639 | ) | 31 | (5,131 | ) | ||||||
Total orders input received | 64,895 | 53,174 | (11,721 | ) | 242,869 |
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | ||||||||||
(As of June 30, 2006) | (As of June 30, 2007) | (Decrease) | (As of March 31, 2007) | ||||||||||
Semiconductor and Component Test System | 39,866 | 42,233 | 2,367 | 43,526 | |||||||||
Mechatronics System | 9,444 | 8,767 | (677 | ) | 10,727 | ||||||||
Services, Support and Others | 1,087 | 1,304 | 217 | 739 | |||||||||
Intercompany transactions elimination | (325 | ) | (3,311 | ) | (2,986 | ) | (2,084 | ) | |||||
Total orders backlog | 50,072 | 48,993 | (1,079 | ) | 52,908 |
(Note) | The amount of orders input received for any given period consists of the sum of the revenues for such period and the amount of orders backlog at the end of such period less the orders backlog at the end of the previous fiscal year. Orders input received are recorded upon receipt of a written customer order. |
5. Consolidated Cash Flows | ||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | FY2006 | ||||||||
April 1, 2006 through | April 1, 2007 through | April 1, 2006 through | ||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | ||||||||
Operating activities | 1,262 | 4,527 | 48,951 | |||||||
Investing activities | (2,384 | ) | (1,878 | ) | (8,013 | ) | ||||
(Free cash flows) | (1,122 | ) | 2,649 | 40,938 | ||||||
Financing activities | (2,839 | ) | (24,744 | ) | (3,662 | ) | ||||
Total cash flows | (3,961 | ) | (22,095 | ) | 37,276 | |||||
Cash and cash equivalents at end of period | 152,980 | 178,135 | 196,395 | |||||||
6. Consolidated Capital Expenditures, Depreciation and Amortization and Research and Development Expenses | ||||||
(Rounded to the nearest million yen) |
Q1 of FY2006 | Q1 of FY2007 | Increase | FY2006 | ||||||||||
April 1, 2006 through | April 1, 2007 through | (Decrease) | April 1, 2006 through | ||||||||||
June 30, 2006 | June 30, 2007 | March 31, 2007 | |||||||||||
Capital expenditures | 1,551 | 1,712 | 161 | 8,336 | |||||||||
Depreciation and amortization | 1,793 | 1,902 | 109 | 8,214 | |||||||||
Research and development expenses | 7,339 | 8,202 | 863 | 29,509 | |||||||||
7. Number of Employees (Advantest Corporation and Consolidated Subsidiaries) | ||||||
(Persons) |
FY2006 | Q1 of FY2007 | Increase | Q1 of FY2006 | ||||||||||
(As of March 31, 2007) | (As of June 30, 2007) | (Decrease) | (As of June 30, 2006) | ||||||||||
Non-Consolidated (Parent Company only) | 1,454 | 1,462 | 8 | 1,452 | |||||||||
Consolidated subsidiaries | 2,183 | 2,240 | 57 | 2,179 | |||||||||
Consolidated full-time employee total | 3,637 | 3,702 | 65 | 3,631 |
-9-