Overview of FY2004 First Quarter Financial Results (Consolidated)
(Prepared in accordance with U.S. GAAP)
July 28, 2004
Company name Advantest Corporation (Stock code number: 6857, TSE 1st Section)
(Ticker Symbol: ATE, NYSE)
(URL http://www.advantest.co.jp/investors/)
-------------------------------------
Contacts Company representative: Toshio Maruyama, Representative Board
Director, President of Corporate
Executive Officers and COO
Person-in-charge: Hiroshi Nakamura, Manager, Accounting
Department
(TEL (03) 3342-7500)
1. Notes to the Quarterly Financial Results:
(1) Use of simplified accounting method: Yes
Simplified tax effect accounting is used for the calculation
of tax expenses for the purpose of the quarterly financial
results.
(2) Changes in accounting method from the most recent
fiscal year: No
(3) Changes in scope of consolidation and equity method
(as compared to March 31, 2004): Yes
Number of consolidated subsidiaries: 39
(Newly included) 0
(Excluded) 1
Number of unconsolidated subsidiaries: 0
Number of affiliates accounted for
under the equity method: 0
(Newly included) 0
(Excluded) 0
(4) Advantest's independent outside auditor has not been involved in the
preparation of these consolidated quarterly financial statements.
(5) Figures for the corresponding quarter in the previous fiscal year
(FY2002 Q1) are nonexistent and percentage changes therefrom are not available
for inclusion in the present presentation.
2. Consolidated Financial Results of FY2004 Q1
(April 1, 2004 through June 30, 2004)
(1) Consolidated Financial Results
- -------------------------------------------------------------------------------------------------------------------------------
Net income before
Net sales Operating income income taxes Net income
- -------------------------------------------------------------------------------------------------------------------------------
Million Increase Million Multiples Million Multiples Million Multiples
yen (%) yen yen yen
FY2004 Q1 72,065 165.2 22,402 92.5 times 22,660 94.1 times 13,995 97.7 times
FY2003 Q1 27,172 - 242 - 241 - 143 -
- -------------------------------------------------------------------------------------------------------------------------------
(For reference) FY2003 174,218 30,960 28,878 17,329
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Net income per share Net income per share
(basic) (diluted)
- -------------------------------------------------------------------------------
Yen Yen
FY2004 Q1 142.38 142.02
FY2003 Q1 1.46 1.46
- -------------------------------------------------------------------------------
(For reference) FY2003 176.37 176.02
- -------------------------------------------------------------------------------
(Note): The percentage shown for net sales is the increase rate from the same
period of the previous fiscal year, while the multiples shown for operating
income, income before income taxes and net income are changes in comparison
to the same period of the previous fiscal year.
(Qualitative Information Regarding Consolidated Financial Results)
During the first quarter of the current fiscal year, Advantest's operating
environment remained robust owing to continuous strong sales of flat-screen TVs,
DVD recorders and other digital consumer products and the increased capital
expenditure needs of Japanese semiconductor makers amidst stabilization of DRAM
prices and steady demand for PCs. As a result, Advantest was able to exceed by
far its 1Q projections set forth at the beginning of the current fiscal year.
During the quarter, incoming orders increased by 143.6% to (Y) 77.6 billion
from the same quarter of last year and net sales increased by 165.2% to (Y) 72.0
billion from the same quarter of the preceding year. In terms of profits, the
income before income taxes increased 94.1 times as much as the same quarter of
the previous year to (Y) 22.6 billion and net quarterly income, 97.7 times as
much as the same quarter of the previous year to (Y) 13.9 billion. Overseas
sales as a percentage of total sales was 73.6%, as compared to 60.3% in the same
quarter of last fiscal year.
(Results by Business Segment)
In accordance with the restructuring of the business and organization Advantest
regrouped its two business segments - "Automated Test Equipment" and "Measuring
Instruments" - into three business segments -
"Semiconductor and Component Test System", "Mechatronics System" and "Services,
Support and Others" effective from April 1, 2004. With respect to results by
business segment for the first quarter of the current fiscal year, incoming
orders, net sales and operating income of the Semiconductor and Component Test
System business segment were (Y) 58.8 billion, 54.0 billion and 19.3 billion
respectively. The Mechatronics System business segment posted incoming orders,
net sales and operating income of (Y) 13.4 billion, 12.4 billion and 4.7
billion, respectively while the Services, Support and Others business segment
recorded (Y) 5.3 billion, 5.5 billion and 0.6 billion, respectively.
(2) Changes in Consolidated Financial Position
- ----------------------------------------------------------------------------------------------------------------------------
Stockholders' equity
Total assets Stockholders' equity Equity-to-assets ratio per share
- ----------------------------------------------------------------------------------------------------------------------------
Million yen Million yen % Yen
FY2004 Q1 341,443 234,517 68.7 2,385.79
FY2003 Q1 281,870 210,405 74.7 2,141.61
- --------------------------------------------------------------------- ------------------------------------------------------
67.0 2,256.59
(For reference) FY2003 330,808 221,768
- ----------------------------------------------------------------------------------------------------------------------------
(Consolidated Cash Flows)
- ----------------------------------------------------------------------------------------------------------------------------------
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities activities activities at end of period
- ----------------------------------------------------------------------------------------------------------------------------------
Million yen Million yen Million yen Million yen
FY2004 Q1 10,383 (2,489) (2,140) 107,535
FY2003 Q1 3,908 (406) (976) 90,140
- ----------------------------------------------------------------------------------------------------------------------------------
(For reference) FY2003 28,215 (5,070) (6,376) 101,146
- ----------------------------------------------------------------------------------------------------------------------------------
(Qualitative Information Regarding Changes in Consolidated Financial Position)
With respect to Advantest's financial position for the first fiscal
quarter, total assets increased by (Y) 10.6 billion due to the increase of
accounts receivables by (Y) 12.6 billion to (Y) 341.4 billion while total
liabilities decreased by (Y) 2.1 billion from the same period from the previous
year to (Y) 106.2 billion. The decrease was primarily due to the decrease of
accounts payable by (Y) 4.1 billion. Shareholders' equity amounted to (Y) 234.5
billion. As a result, equity-to-assets ratio increased 1.7 percentage points
from last fiscal year end to 68.7%.
(Cash Flow Statements)
Cash and cash equivalents at the end of the first fiscal quarter increased
by (Y) 6.3 billion from the end of the previous fiscal year to (Y) 107.5
billion.
Cash flows from operating activities was an inflow of (Y)10.3 billion,
which consisted of among others, a substantial increase in quarterly net income
despite the increase in accounts receivables.
Cash flows from investing activities was an outflow of (Y) 2.4 billion,
which consisted of primarily of capital expenditures on tangible fixed assets
including lease assets.
Cash flows from financing activities was an outflow of (Y) 2.1 billion,
which consisted primarily of dividends paid.
3. Projected Results for FY2004 (April 1, 2004 through March 31, 2005)
- -------------------------------------------------------------------------------
Income before
Net sales income taxes Net income
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Million yen Million yen Million yen
FY2004 interim 140,000 42,000 26,000
FY2004 250,000 70,000 43,000
- -------------------------------------------------------------------------------
(Reference) Projected net income per share for the fiscal year: (Y) 437.45
(Qualitative Information Regarding Projected Results)
With respect to Advantest's projected results in the second quarter and
beyond, the prospect for semiconductor related capital investments remains
strong throughout the interim. As a result, Advantest anticipates increase in
sales and profits against the interim earning forecast released on April 26,
2004. Accordingly, consolidated and unconsolidated earning forecasts have been
revised as shown in the attachment, "Revision of Earnings Forecast for the
Fiscal Year Ending March 2005."
While the net sales forecast for the fiscal year remains unchanged, the
earnings forecast for the fiscal year is revised as aforementioned due to the
prospect of the profit ratio improving beyond the initial forecast. As a result,
initial income before income taxes and net income forecasts for the fiscal year
have been revised as shown in the attachment, "Revision of Earnings Forecast for
the Fiscal Year Ending March 2005."
(Note) Figures presented in the Quarterly Financial Results have been rounded to
the nearest million yen.
Cautionary Statement with Respect to Forward-Looking Statements
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.
Quarterly Consolidated Financial Statements (Summary) Advantest Corporation - Consolidated (June 2004)
1. Quarterly Consolidated Balance Sheets (Summary)
- ----------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 FY2003 Increase Q1 of FY2003
(As of June 30, 2004) (As of March 31, 2004) (Decrease) (As of June 30, 2003)
- ----------------------------------------------------------------------------------------------------------------------------------
Item Notes Amount Percentage Amount Percentage Amount Amount Percentage
(in million (%) (in million (%) (in million (in million (%)
yen) yen) yen) yen)
- ---------------------------------------------------------------------------------------------------------------------------------
(Assets)
Cash and cash equivalents 107,535 101,146 6,389 90,140
Trade accounts receivable, less *1 88,818 76,133 12,685 41,802
allowance for doubtful accounts
Inventories 46,406 49,423 (3,017) 35,774
Other current assets 23,154 29,060 (5,906) 16,910
--------- --------- --------- ---------
Total current assets 265,913 77.9 255,762 77.3 10,151 184,626 65.5
Investment securities 7,818 2.3 7,952 2.4 (134) 7,157 2.6
Property, plant and equipment, net *2 51,253 15.0 50,516 15.3 737 53,934 19.1
Intangible assets, at cost, less 3,509 1.0 3,756 1.1 (247) 4,859 1.7
accumulated amortization
Other assets 12,950 3.8 12,822 3.9 128 31,294 11.1
--------- --------- --------- ---------
Total assets 341,443 100.0 330,808 100.0 10,635 281,870 100.0
--------- --------- --------- ---------
================================================================================================================================
(Liabilities)
Current installments of long-term
debt 4,543 4,543 -- 2,243
Trade accounts payable 34,048 38,214 (4,166) 13,536
Other current liabilities 25,482 23,854 1,628 13,289
--------- --------- --------- ---------
Total current liabilities 64,073 18.8 66,611 20.1 (2,538) 29,068 10.3
Long-term debt, excluding current 20,083 5.9 20,083 6.1 -- 24,626 8.7
installments
Accrued pension and severance cost 18,618 5.5 18,348 5.6 270 14,642 5.2
Other noncurrent liabilities 3,495 0.9 3,411 1.0 84 2,746 1.0
--------- --------- --------- ---------
Total liabilities 106,269 31.1 108,453 32.8 (2,184) 71,082 25.2
--------- --------- --------- ---------
(Minority interests)
Minority interests 657 0.2 587 0.2 70 383 0.1
(Stockholders' equity)
Common stock 32,363 9.5 32,363 9.8 -- 32,363 11.5
Capital surplus 32,973 9.7 32,973 10.0 -- 32,973 11.7
Retained earnings 188,867 55.2 177,404 53.5 11,463 161,708 57.4
Accumulated other comprehensive *3 (6,960) (2.0) (8,061) (2.4) 1,101 (3,472) (1.2)
income (loss)
Treasury stock (12,726) (3.7) (12,911) (3.9) 185 (13,167) (4.7)
--------- --------- --------- ---------
Total stockholders' equity 234,517 68.7 221,768 67.0 12,749 210,405 74.7
--------- --------- --------- ---------
Total liabilities and 341,443 100.0 330,808 100.0 10,635 281,870 100.0
stockholders' equity --------- --------- --------- ---------
(Notes)
1. Allowance for doubtful accounts 2,461 2,464 (3) 1,292
2. Accumulated depreciation of 65,599 64,533 1,066 68,827
property, plant and equipment
3. Accumulated other comprehensive
income (loss)
Foreign currency translation (7,100) (8,087) 987 (3,674)
adjustments
Net unrealized gains on securities 1,435 1,422 13 202
Minimum pension liability adjustments (1,295) (1,396) 101 --
Advantest Corporation - Consolidated (June 2004)
2. Quarterly Consolidated Statements of Income (Summary)
- --------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase FY2003
(April 1, 2004 through (April 1, 2003 through (Decrease) (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004)
- --------------------------------------------------------------------------------------------------------------------------------
Item Amount Percentage Amount Percentage Amount Amount Percentage
(in million (%) (in million (%) (in million (in million (%)
yen) yen) yen) yen)
- ------------------------------------------------------------------------------------------------------------------------------------
Net sales 72,065 100.0 27,172 100.0 44,893 174,218 100.0
Cost of sales 34,027 47.2 14,839 54.6 19,188 85,513 49.1
------- ------- ------- -------
Gross profit 38,038 52.8 12,333 45.4 25,705 88,705 50.9
Research and development 5,813 8.1 5,077 18.7 736 21,637 12.4
expenses
Selling, general and
administrative expenses 9,823 13.6 7,014 25.8 2,809 36,108 20.7
------- ------ ------- -------
Operating income 22,402 31.1 242 0.9 22,160 30,960 17.8
Other income (expense):
Interest and dividend income 98 90 8 339
Interest expense (113) (121) 8 (469)
Minority interests (loss) (65) (35) (30) (214)
Other 338 258 0.3 65 (1) (0.0) 273 259 (1,738) (2,082) (1.2)
-------------- --------------- ----------------------------------
Income before income 22,660 31.4 241 0.9 22,419 28,878 16.6
taxes
Income taxes 8,665 12.0 98 0.4 8,567 11,549 6.6
------- ------ -------- -------
Net income 13,995 19.4 143 0.5 13,852 17,329 10.0
------- ------ -------- -------
Q1 of FY2004 Q1 of FY2003 Increase FY2003
(April 1, 2004 through (April 1, 2003 through (Decrease) (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004)
- ------------------------------------------------------------------------------------------------------------------------------------
Item Amount (in yen) Amount (in yen) Amount (in yen) Amount (in yen)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income per share
Basic 142.38 1.46 140.92 176.37
Diluted 142.02 1.46 140.56 176.02
- ------------------------------------------------------------------------------------------------------------------------------------
Advantest Corporation - Consolidated (June 2004)
3. Quarterly Consolidated Statements of Cash Flows (Summary)
- ----------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 FY2003
(April 1, 2004 through (April 1, 2003 through (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004)
- ---------------------------------------------------------------------------------------------------------------------------------
Item Amount Amount Amount
(in million yen) (in million yen) (in million yen)
- ----------------------------------------------------------------------------------------------------------------------------------
I Cash flows from operating activities:
Net income 13,995 143 17,329
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 2,036 2,407 9,328
Decrease (increase) in trade accounts receivable (12,254) 1,269 (35,285)
Decrease (increase) in inventories 3,284 (700) (14,570)
Increase (decrease) in trade accounts payable (4,632) 2,678 29,190
Other 7,954 (1,889) 22,223
------------------------------------------------------------------------
Net cash provided by operating activities 10,383 3,908 28,215
------------------------------------------------------------------------
II Cash flows from investing activities:
Purchases of property, plant and equipment (2,436) (785) (5,068)
Other (53) 379 (2)
------------------------------------------------------------------------
Net cash used in investing activities (2,489) (406) (5,070)
------------------------------------------------------------------------
III Cash flows from financing activities:
Dividends paid (2,319) (909) (2,462)
Other 179 (67) (3,914)
------------------------------------------------------------------------
Net cash used in financing activities (2,140) (976) (6,376)
------------------------------------------------------------------------
IV Net effect of exchange rate changes on cash and 635 276 (2,961)
cash equivalents
------------------------------------------------------------------------
V Net change in cash and cash equivalents 6,389 2,802 13,808
VI Cash and cash equivalents at beginning of period 101,146 87,338 87,338
------------------------------------------------------------------------
VII Cash and cash equivalents at end of period 107,535 90,140 101,146
------------------------------------------------------------------------
Advantest Corporation - Supplemental Information (June 2004)
Supplemental Information to FY2004 First Quarter Financial Results
1. Business Segment Operating Income
(In billion yen; truncated after the hundred million)
- ---------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase
(April 1, 2004 through (April 1, 2003 through (Decrease)
June 30, 2004) June 30, 2003)
- ---------------------------------------------------------------------------------------------------------------------------------
Amount Percentage Amount Percentage Amount
(%) (%)
- ---------------------------------------------------------------------------------------------------------------------------------
Semiconductor and Sales to unaffiliated 54.0 94.5 17.4 97.7 36.6
component test system customers
Intersegment sales 3.1 5.5 0.4 2.3 2.7
-------------------------------------------------------------------------------------------------------
Net sales 57.2 100.0 17.8 100.0 39.4
-------------------------------------------------------------------------------------------------------
Operating expenses 37.8 66.2 17.6 98.6 20.2
-------------------------------------------------------------------------------------------------------
Operating income 19.3 33.8 0.2 1.4 19.1
- -----------------------------------------------------------------------------------------------------------------------------
Mechatronics system Sales to unaffiliated 12.4 99.2 5.1 98.6 7.3
customers
Intersegment sales 0.0 0.8 0.0 1.4 0.0
-------------------------------------------------------------------------------------------------------
Net sales 12.5 100.0 5.1 100.0 7.4
-------------------------------------------------------------------------------------------------------
Operating expenses 7.7 61.7 4.5 87.4 3.2
-------------------------------------------------------------------------------------------------------
Operating income 4.7 38.3 0.6 12.6 4.1
- -----------------------------------------------------------------------------------------------------------------------------
Services, support Sales to unaffiliated 5.5 100.0 4.5 100.0 1.0
and others customers
Intersegment sales - - - - -
-------------------------------------------------------------------------------------------------------
Net sales 5.5 100.0 4.5 100.0 1.0
-------------------------------------------------------------------------------------------------------
Operating expenses 4.9 89.2 4.3 95.2 0.6
-------------------------------------------------------------------------------------------------------
Operating income 0.6 10.8 0.2 4.8 0.4
- -----------------------------------------------------------------------------------------------------------------------------
Elimination and Sales to unaffiliated - - - - -
corporate customers
Intersegment sales (3.2) 100.0 (0.4) 100.0 (2.8)
-------------------------------------------------------------------------------------------------------
Net sales (3.2) 100.0 (0.4) 100.0 (2.8)
-------------------------------------------------------------------------------------------------------
Operating expenses (0.9) - 0.4 - (1.3)
-------------------------------------------------------------------------------------------------------
Operating income (2.3) - (0.8) - (1.5)
- -----------------------------------------------------------------------------------------------------------------------------
Consolidated Sales to unaffiliated 72.0 100.0 27.1 100.0 44.9
customers
Intersegment sales - - - - -
-------------------------------------------------------------------------------------------------------
Net sales 72.0 100.0 27.1 100.0 44.9
-------------------------------------------------------------------------------------------------------
Operating expenses 49.6 68.9 26.9 99.1 22.7
-------------------------------------------------------------------------------------------------------
Operating income 22.4 31.1 0.2 0.9 22.2
- -----------------------------------------------------------------------------------------------------------------------------
2. Geographic Segment Net Sales
(In billion yen; truncated after the hundred million)
- --------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase FY2003
(April 1, 2004 through (April 1, 2003 through (Decrease) (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004)
- --------------------------------------------------------------------------------------------------------------------------------
Amount Percentage Amount Percentage Amount Amount Percentage
(%) (%) (%)
- ------------------------------------------------------------------------------------------------------------------------------------
Americas 8.1 11.3 2.1 8.0 6.0 16.2 9.3
- ------------------------------------------------------------------------------------------------------------------------------------
Europe 2.9 4.1 1.7 6.6 1.2 10.4 6.0
- ------------------------------------------------------------------------------------------------------------------------------------
Asia 42.0 58.2 12.4 45.7 29.6 89.5 51.4
- ------------------------------------------------------------------------------------------------------------------------------------
Overseas total 53.0 73.6 16.3 60.3 36.7 116.2 66.7
- ------------------------------------------------------------------------------------------------------------------------------------
Japan 18.9 26.4 10.7 39.7 8.2 57.9 33.3
- ------------------------------------------------------------------------------------------------------------------------------------
Consolidated 72.0 100.0 27.1 100.0 44.9 174.2 100.0
- ------------------------------------------------------------------------------------------------------------------------------------
Advantest Corporation - Supplemental Information (June 2004)
3. Consolidated Net Sales by Business Segment
(In billion yen; truncated after the hundred million)
- -----------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase
(April 1, 2004 through (April 1, 2003 through (Decrease)
June 30, 2004) June 30, 2003)
===================================================================================================================
Semiconductor and component test 54.0 17.4 36.6
system
----------------------------------------------------------------------------------------------------------------
Mechatronics system 12.4 5.1 7.3
----------------------------------------------------------------------------------------------------------------
Services, support and others 5.5 4.5 1.0
----------------------------------------------------------------------------------------------------------------
Net sales total 72.0 27.1 44.9
- -----------------------------------------------------------------------------------------------------------------------
4. Consolidated Volume of Order and Orders Backlog by Business Segment
(In billion yen; truncated after the hundred million)
- -----------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase
(April 1, 2004 through (April 1, 2003 through (Decrease)
June 30, 2004) June 30, 2003)
=======================================================================================================================
Semiconductor and component test 58.8 20.7 38.1
system
----------------------------------------------------------------------------------------------------------------
Mechatronics system 13.4 6.5 6.9
----------------------------------------------------------------------------------------------------------------
Services, support and others 5.3 4.5 0.8
---------------------------------------------------------------------------------------------------------------
Total volume of orders 77.6 31.8 45.8
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase
(April 1, 2004 through (April 1, 2003 through (Decrease)
June 30, 2004) June 30, 2003)
======================================================================================================================
Semiconductor and component test 45.6 14.3 31.3
system
---------------------------------------------------------------------------------------------------------------
Mechatronics system 10.2 5.4 4.8
---------------------------------------------------------------------------------------------------------------
Services, support and others 1.1 1.6 (0.5)
---------------------------------------------------------------------------------------------------------------
Total orders backlog 57.0 21.4 35.6
- ----------------------------------------------------------------------------------------------------------------------
(Note) The amount of incoming orders for any given period consists of the sum of the revenues for such period and the
amount of backlog at the end of such period less the backlog at the end of the previous fiscal year. Backlog
is calculated based on incoming orders, which are recorded as such once a written customer order is received.
5. Consolidated Cash Flows
(In billion yen; truncated after the hundred million)
- -----------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 FY2003
(April 1, 2004 through (April 1, 2003 through (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004
======================================================================================================================
Operating activities 10.3 3.9 28.2
----------------------------------------------------------------------------------------------------------------
Investing activities (2.4) (0.4) (5.0)
----------------------------------------------------------------------------------------------------------------
(Free cash flows) 7.8 3.5 23.1
----------------------------------------------------------------------------------------------------------------
Financing activities (2.1) (0.9) (6.3)
----------------------------------------------------------------------------------------------------------------
Total cash flows 5.7 2.5 16.7
- -----------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents at end of period 107.5 90.1 101.1
- -----------------------------------------------------------------------------------------------------------------------
6. Consolidated Capital Expenditures, Depreciation and Amortization and Research and Development Expenses
(In billion yen; truncated after the hundred million)
- -----------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 Q1 of FY2003 Increase FY2003
(April 1, 2004 through (April 1, 2003 through (Decrease) (April 1, 2003 through
June 30, 2004) June 30, 2003) March 31, 2004)
- --------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 2.3 0.6 1.7 5.6
- -----------------------------------------------------------------------------------------------------------------------------
Depreciation and amortization 2.0 2.4 (0.4) 9.3
- -----------------------------------------------------------------------------------------------------------------------------
Research and development expenses 5.8 5.0 0.8 21.6
- ---------------------------------------------------------------------------------------------------------------------------------
7. Number of Employees (Advantest Corporation and Consolidated Subsidiaries)
(Persons)
- ----------------------------------------------------------------------------------------------------------------------------------
Q1 of FY2004 FY2003 Increase Q1 of FY2003
(As of June 30, 2004) (As of March 31, 2004) (Decrease) (As of June 30, 2003)
- ----------------------------------------------------------------------------------------------------------------------------------
Unconsolidated 1,468 1,450 18 1,630
- ----------------------------------------------------------------------------------------------------------------------------------
Affiliates 2,096 2,094 2 1,914
- ----------------------------------------------------------------------------------------------------------------------------------
Consolidated full-time employee total 3,564 3,544 20 3,544
- ----------------------------------------------------------------------------------------------------------------------------------