FINANCIAL SUMMARY
FY2008First Quarter(April 1, 2007 through June 30, 2007)

English translation from the original Japanese-language document

Cautionary Statement with Respect to Forward-Looking Statements

This report contains projections and other forward-looking statements that involve risks and uncertainties. Our use of thewords “expect,” “anticipate,” “estimate,” “forecast,” “plan” and similar expressions is intended to identify such forward-looking
statements. Projections and forward-looking statements are based on the current expectations and estimates of Toyota
Industries Corporation and its Group companies regarding their plans, outlook, strategies and results for the future. All suchprojections and forward-looking statements are based on management’s assumptions and beliefs derived from the information
available to it at the time of producing this report and are not guarantees of future performance. Toyota Industries and its
Group companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Therefore, it is advised that you should not rely solely upon these projections andforward-looking statements in making your investment decisions. You should also be aware that certain risks and uncertainties
could cause the actual results of Toyota Industries Corporation and its Group companies to differ materially from any
projections or forward-looking statements discussed in this report. These risks and uncertainties include, but are not limited to,the following : 1)reliance on a small number of customers, 2) product development capabilities, 3) intellectual property rights,
4) product defects, 5) price competition, 6) reliance on suppliers of raw materials and components, 7) environmental
regulations, 8) success or failure of strategic alliances with other companies, 9) exchange rate fluctuations, 10) share pricefluctuations, 11) effects of disasters, power blackouts and other incidents, 12) latent risks associated with international
activities and 13) retirement benefit liabilities.

July 26, 2007

FY2008 First Quarter Consolidated Financial Results (April 1, 2007 - June 30, 2007)
TOYOTA INDUSTRIES CORPORATION
Stock exchange listings: Tokyo, Nagoya and Osaka (Code number: 6201) (URL: http://www.toyota-industries.com/ )Representative person: Tetsuro Toyoda, President
Contact person: Toshifumi Ogawa, General Manager of Accounting Department(Tel. +81-(0)566-22-2511)

1. Financial highlights for FY2008 First Quarter (April 1, 2007 - June 30, 2007)(Amounts less than one million yen are omitted)(1) Consolidated financial results(% : change from the same period of previous year)

Net sales

Operating income%
486,477 ( 3.1 )million yen

FY2008 First Quarter
FY2007 First Quarter

FY2007

471,679 ( 38.6 )1,878,398
Net income
per share―basic

FY2007 First Quarter

FY2007

Net income

million yen%
26,781 ( 18.1 )million yen%
43,696 ( 17.5 )million yen

22,668 ( 36.9 )89,95437,182 ( 41.2 )108,484

22,289 ( 34.5 )
59,468%30,596 ( 37.3 )Net income
per share―diluted

Yen

FY2008 First Quarter

Ordinary income

Yen

98.04
70.38
189.8897.89
70.25
189.66(2) Consolidated financial position
Total assets

Total net assts

Million yen

FY2008 First Quarter
FY2007 First Quarter

FY2007%

Million yen

3,788,902
3,089,587
3,585,857

Equity per share

Equity ratio

1,905,738
1,523,595
1,810,483

48.7
47.6
48.8

Yen

5,910.67
4,728.56
5,612.11

2. Forecasts of consolidated financial results for FY2008 (April 1, 2007 - March 31, 2008)(% : change from the same period of previous year)

Net sales%
FY2008 semi-annual 940,000 ( 2.9 )FY20081,950,000 ( 3.8 )million yen

Operating income

Ordinary income%
45,000 ( 12.4 )95,000 ( 5.6 )%60,000 ( 12.2 )118,000 ( 8.8 )million yen

million yen

Net income%
37,000 ( 22.2 )69,000 ( 16.0 )Net income
per share―basic
Yenmillion yen

118.56221.103.Others(1) Significant changes in subsidiaries during the period(changes in specific subsidiaries involving changes in the scope of consolidation): None(2) Use of simplified accounting procedures:: None(3) Changes in accounting principles in the most recent fiscal year

: Yes

Starting from the fiscal year under review, the method of depreciation for property, plant and equipment has been changed
following an amendment to the Corporate Tax Law.
* All projections are based on the information available to management at the time of producing this report and are not guarantees of future performance.
Certain risks and uncertainties could cause the actual results of Toyota Industries to differ materially from any projections discussed in this report.

-1-

(Reference) FY2008 First Quarter Non-consolidated Financial Results(Amounts less than one million yen are omitted)

1. Financial highlights for FY2008 First Quarter (April 1, 2007 - June 30, 2007)(% : change from the same period of previous year)

Net sales
FY2008 First Quarter
FY2007 First Quarter

FY2007

Operating income

million yen%
287,149 ( 8.2 )
265,357 ( 25.0 )
1,135,668

Net income
per share―basic%
13,431 ( 27.7 )
10,522 ( 16.8 )39,294

million yen

FY2007 First Quarter

FY200782.73
57.18
128.49%31,044 ( 23.2 )25,199 ( 34.3 )
58,013

million yen

Net income%
25,818 ( 42.6 )18,108 ( 33.9 )40,242

million yen

Net income
per share―diluted

Yen

FY2008 First Quarter

Ordinary income

Yen

82.60
57.07
128.34

2. Forecasts of non-consolidated financial results for FY2008 (April 1, 2007 - March 31, 2008)(% : change from the same period of previous year)

Net sales

Operating income%
560,000 ( 3.7 )
1,170,000 ( 3.0 )million yen

FY2008 semi-annual

FY2008%19,000 ( 12.7 )41,000 ( 4.3 )million yen

Net income
per share―basic
Yen

FY2008 semi-annual

FY200886.52
150.60-2-

Ordinary income%
33,000 ( 12.6 )63,000 ( 8.6 )million yen

Net income%
27,000 ( 31.6 )47,000 ( 16.8 )million yen

Business Results
During the first quarter of fiscal 2008 (the three months from April 1 to June 30, 2007), total consolidated net salesof Toyota Industries amounted to 486.4 billion yen, an increase of 14.8 billion yen, or 3%, over the same period of
the previous fiscal year. The following is a review of operations for the major business segments.
Net sales of the Automobile Segment totaled 236.8 billion yen, an increase of 30.4 billion yen, or 15%, over thesame period. Within this segment, net sales of the Vehicle Business amounted to 117.4 billion yen, an increase of
7.9 billion yen, or 7%, due mainly to strong sales of the RAV4 in both the U.S. and European markets. Net sales of
the Engine Business totaled 44.0 billion yen, an increase of 7.2 billion yen, or 20%, attributable largely to anincrease in sales of KD and L diesel engines. Net sales of the Car Air-Conditioning Compressor Business totaled
67.1 billion yen, an increase of 14.5 billion yen, or 28%, as a result of solid sales in Europe.
Net sales of the Materials Handling Equipment Segment totaled 190.4 billion yen, a decrease of 31.1 billion yen,or 14%. However, the first quarter of the previous fiscal year included six-month results of certain subsidiaries
following a change in their fiscal year-end. Excluding its effects, net sales increased 30.4 billion yen, or 19%, due
primarily to strong sales of TOYOTA- and BT-brand products.
Net sales of the Logistics Segment amounted to 29.3 billion yen, an increase of 11.3 billion yen, or 63%, as aresult of Wanbishi Archives Co., Ltd., which engages in total information management, becoming a Toyota Industries
subsidiary.
Net sales of the Textile Machinery Segment totaled 14.2 billion yen, an increase of 1.0 billion yen, or 8%, owing
mainly to solid sales of both weaving machinery and spinning machinery.
In terms of profit, Toyota Industries’ ordinary income amounted to 43.6 billion yen, an increase of 6.5 billion yen,or 18%. Although the price of raw materials and expenses for personnel and depreciation increased, ordinary
income rose as a result of an increase in sales in Japan and overseas, enhanced cost-reduction efforts Group-wide,
favorable effects of exchange rate fluctuations and an increase in dividends income. Net income amounted to 30.5
billion yen, an increase of 8.3 billion yen, or 37%, arising from the posting of proceeds from sales of investment
securities.
Total assets increased 203.1 billion yen to 3,788.9 billion yen as a result of an increase in market value ofinvestment securities. Net assets amounted 1,905.7 billion yen, an increase of 95.3 billion yen.
For fiscal 2008, ending March 31, 2008, Toyota Industries forecasts consolidated net sales of 1,950.0 billion yen,operating income of 95.0 billion yen, ordinary income of 118.0 billion yen and net income of 69.0 billion yen.

Breakdown of Consolidated Net Sales(Million yen)

FY2007 First Quarter
AmountComponent
ratio

FY2008 First Quarter
Component
ratio

AmountIncrease(Decrease)

FY2007% changeAmountComponent
ratio

Automobile
Vehicle109,565%
23.2

117,471

%
24.1

7,906

%
7.2

470,286%
25.0

Engine36,857

7.8

44,052

9.1

7,195

19.5

167,4078.9

52,611

11.2

67,11013.8

14,49927.6

235,478

12.6

7,390

1.6

8,179

1.7

789

10.7

31,722

1.7

Subtotal

206,42443.8

236,81348.7

30,38914.7

904,893

48.2

Materials handlingequipment

221,59347.0

190,41739.2(31,176)(14.1)

767,237

40.8

Logistics

18,011

3.8

29,316

6.0

11,03562.8

89,470

4.8

Textile machinery

13,2162.8

14,265

2.9

1,049

7.9

58,403

3.1

Others12,433

2.6

15,664

3.2

3,231

26.0

58,392

3.1

Total

471,679

100.0

486,477

100.0

14,7983.1

1,878,398

100.0

Car air-conditioning
compressor
Foundry, Electronics
parts and others-3-Consolidated Balance Sheets
FY2007(As of March 31, 2007)

FY2008 First Quarter(As of June 30, 2007)

Increase(Decrease)

FY2007 First Quarter(As of June 30, 2006)

568,001

608,682

40,681

513,895

Cash and deposits

110,516

119,377

8,861

99,740Trade notes and accounts
receivable

234,611

241,323

6,712

193,61030,065

40,107

10,04235,008120,737

131,694

10,957111,938

Deferred tax assets

17,924

19,8191,895

20,617

Other current assets

56,93059,2172,287

55,667Less－allowance for doubtful
accounts(2,784)(2,856)(72)(2,689)3,017,856

3,180,219

162,363

2,575,692

Property, plant and equipment

605,922

631,417

25,495563,225

Buildings and structures

171,897

183,859

11,962

169,334

Machinery, equipment andvehicles269,769

277,048

7,279

248,597

Tools, furniture and fixtures

26,081

28,2182,137

22,337

Land

99,117

101,559

2,442

90,532

Construction in progress

39,056

40,732

1,676

32,423112,816

168,038

55,222

112,391

Goodwill

101,102

155,463

54,361

100,345

Software

11,714

12,575861

12,045Investments and other assets

2,299,117

2,380,763

81,646

1,900,074

Investments in securities

2,226,575

2,298,226

71,651

1,830,359

8,460

8,283

(177)

8,436

11,603

12,773

1,170

11,270

7,435

7,866

431

8,668

45,27453,8408,566

41,565

(232)

(226)

6

(226)

3,585,857

3,788,902

203,0453,089,587

AssetsCurrent assets

Marketable securities
Inventories

Fixed assets

Intangible assets

Long-term loans
Long-term prepaid expenses
Deferred tax assets
Other investments and otherassetsLess－allowance for doubtful
accounts
Total assets-4-

(Million yen)

FY2007(As of March 31, 2007)

FY2008 First Quarter(As of June 30, 2007)

Increase(Decrease)

FY2007 First Quarter(As of June 30, 2006)

558,405

595,997

37,592

479,036

205,168

210,102

4,934

186,502

Short-term bank loans

37,103

57,844

20,741

46,835

Commercial paper

33,76035,8802,120

31,620Current portion of bonds

60,00060,000-15,000

Other payables

37,80838,936

1,128

35,498

Accrued expenses

77,69888,464

10,766

77,247

Accrued income taxes

25,854

22,775(3,079)14,243

Deposits received from
employees

22,02020,375(1,645)

19,120

Deferred tax liabilities

3,162

2,914

(248)

3,474

Other current liabilities

55,82958,704

2,875

49,492Long-term liabilities

1,216,969

1,287,166

70,197

1,086,955

Bonds

250,761

251,577816

284,303

Long-term debt

141,567

169,993

28,426135,295

Deferred tax liabilities

751,764

788,865

37,101

601,005

Allowance for retirement benefits

45,48247,302

1,820

43,816

Other long-term liabilities

27,39329,426

2,033

22,535

Total liabilities

1,775,374

1,883,163

107,789

1,565,992

Shareholders’ equity

540,696

562,453

21,757508,711

Common stock

80,46280,462-80,462

Capital surplus

105,055

105,053(2)

105,664Retained earnings

402,431424,198

21,767372,379

Treasury stock at cost

(47,253)(47,261)(8)(49,794)

1,210,704

1,282,117

71,413

963,419

1,157,793

1,214,021

56,228923,532

(0)

(113)

(113)

(115)

52,912

68,21015,29840,003

202

278

76

-

58,87860,8882,010

51,463

Total net assets

1,810,483

1,905,738

95,255

1,523,595

Total liabilities andnet assets

3,585,857

3,788,902

203,0453,089,587

Liabilities
Current liabilities
Trade notes and accounts payable

Net assets

Valuation and translation
adjustments
Net unrealized gains or losses
on other securities
Deferred gains or losses on
HedgesForeign currencytranslation adjustments
Subscription rights to shares
Minority interest inconsolidated subsidiaries-5-Consolidated Statements of Income(Million yen)

FY2007 First Quarter( April 1,2006 June 30, 2006 )FY2008 First Quarter( April 1,2007 June 30, 2007 )Net sales

471,679

486,477

14,798

1,878,398

Cost of sales

391,646

405,802

14,156

1,586,781

Gross profit

80,03280,675643

291,616

Selling, general andadministrative expenses

57,36453,893(3,471)

201,662

Operating income

22,66826,781

4,113

89,954Non-operating income

22,31924,0781,759

50,882

Interest income

5,320

3,472

(1,848)13,760

Dividends income

14,091

17,865

3,774

27,547

Other non-operating income

2,907

2,741

(166)

9,575

Non-operating expenses

7,806

7,163

(643)

32,352

Interest expenses

5,613

4,759

(854)

17,855

Other non-operating expenses

2,192

2,403

211

14,49737,182

43,696

6,514

108,484

Extraordinary gains

-

5,863

5,863

4,305

Proceeds from sales ofinvestment securities

-

5,863

5,863

4,305

i
t
t
iti
Extraordinary losses

-

-

-

4,390

-

-

-

4,390

Income before income
taxes

37,182

49,56012,378108,399

Income taxes

13,544

16,756

3,212

41,540

1,348

2,207

859

7,390

22,28930,5968,307

59,468

Ordinary income

Losses of discontinuing productionof designated electronics parts

Minority interest inconsolidated subsidiaries
Net income-6-

FY2007

Increase(Decrease)( April 1,2006 March 31, 2007 )Segment Information
1.Business segment information(1)FY2007 First Quarter (April 1, 2006 - June 30, 2006)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

206,424

221,593

18,011

13,216

12,433471,679-

471,679(2) Intersegment transactions

5,164

217

1,694

0

5,604

12,682(12,682)-

Total

211,588

221,811

19,705

13,217

18,038484,361(12,682)471,679

Operating expenses

204,014208,223

19,49013,187

16,853

461,770(12,759)

449,010

Operating income

7,574

13,587

215

30

1,184

22,591

77

22,668Net sales(2)FY2008 First Quarter (April 1, 2007 - June 30, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

236,813

190,417

29,316

14,265

15,664486,477-

486,477(2) Intersegment transactions

5,524

269

1,982

0

5,200

12,976(12,976)-

Total

242,338

190,686

31,29914,265

20,865499,454(12,976)

486,477

Operating expenses

230,659

178,226

30,73813,767

19,384

472,777(13,080)

459,696

Operating income

11,67912,459

560

498

1,480

26,677104

26,781

Net sales

Notes 1. Business segments are divided by the type and nature of the product.
2. Main products of each segment:
Automobile ………………………Passenger vehicles, diesel and gasoline engines, car air-conditioning compressors, foundry,
electronics parts
Materials handling equipment ...Counterbalanced lift trucks, warehouse equipment, automated storage and retrieval systems,
aerial work platforms
Logistics …………………………Transportation services, collection and delivery of cash and management of sales proceeds,
total information management
Textile machinery ………………Air-jet looms, water-jet looms, ring spinning frames
Others ……………………………Semiconductor package substrates(3)FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Automobile

Materials
handling
equipment

Logistics

Textilemachinery

OthersTotal

Eliminations Consolidated(1) Outside customer sales

904,893

767,237

89,47058,40358,392

1,878,398-

1,878,398(2) Intersegment transactions

21,134

805

7,275

5

21,85551,077(51,077)-

Total

926,028

768,042

96,74658,40980,2481,929,475(51,077) 1,878,398

Operating expenses

892,435

720,840

94,96557,32773,9201,839,490(51,046) 1,788,443

Operating income

33,592

47,201

1,780

1,081

6,328

89,984

Net sales

-7-

(30)

89,954

2.Geographical segment information(1)FY2007 First Quarter (April 1, 2006 - June 30, 2006)
Japan(Million yen)North
America

EuropeOthersTotal

Eliminations Consolidated

Net sales(1) Outside customer sales

273,061

88,992

99,652

9,973

471,679-

471,679(2) Intersegment transactions
Total

36,039

459

2,299

1,156

39,954(39,954)-309,100

89,451

101,952

11,129511,634(39,954)471,679

Operating expenses

292,808

86,62999,10810,447

488,993(39,982)

449,010

Operating income

16,291

2,822

2,844

682

22,64028

22,668(2) FY2008 First Quarter (April 1, 2007 - June 30, 2007)
Japan(Million yen)North
America

EuropeOthersTotal

Eliminations Consolidated

Net sales(1) Outside customer sales

315,651

74,112

81,634

15,079486,477-

486,477(2) Intersegment transactions
Total

33,349

1,342

2,086

1,755

38,533(38,533)-

349,000

75,454

83,72016,835525,011(38,533)

486,477

Operating expenses

328,556

72,39881,533

15,615498,104(38,407)459,696

Operating income

20,444

3,055

2,187

1,219

26,907(125)

26,781(3) FY2007 (April 1, 2006 - March 31, 2007)(Million yen)

Japan

North
America

Europe(1) Outside customer sales

1,232,131

287,316

312,051(2) Intersegment transactions
Total

121,338

2,712

7,152

5,573

136,776(136,776)-

1,353,470

290,029

319,204

52,471

2,015,175(136,776)

1,878,398

Operating expenses

1,284,500

284,095

307,91249,364

1,925,872(137,428)

1,788,443

Operating income

68,9705,934

11,292

3,106

89,302651

89,954

OthersTotal

Eliminations Consolidated

1,878,398-

Net sales-8-

46,897

1,878,398

3.Overseas sales(1)FY2007 First Quarter (April 1, 2006 - June 30, 2006)(Million yen)

North America

EuropeOthersTotal

85,228106,215

34,855226,299

Overseas sales
Consolidated sales

471,679

Ratio of overseas sales to consolidated sales

18.1%

22.5%

7.4%

(2) FY2008 First Quarter (April 1, 2007 - June 30, 2007)

Overseas sales(Million yen)

North America

EuropeOthersTotal

75,051

92,46841,161

208,681

Consolidated sales
Ratio of overseas sales to consolidated sales

486,477
15.4%

19.0%

8.5%

(3) FY2007 (April 1, 2006 - March 31, 2007)

Overseas sales

42.9%(Million yen)

North America

EuropeOthersTotal

287,957

347,617156,338

791,913

Consolidated sales
Ratio of overseas sales to consolidated sales

48.0%

1,878,398
15.3%

-9-

18.5%

8.4%

42.2%

July 26, 2007
TOYOTA INDUSTRIES CORPORATIONFINANCIAL SUMMARY for FY2008 First Quarter (April 1, 2007 - June 30, 2007)
1. Consolidated financial results(Billion yen, %)FY2007 1st Quarter FY2008 1st Quarter
April 06 - June 06

Net sales
Operating income
Ordinary income

100.0%
4.8%
7.9%

Net income

4.7%

\/US$

Exchange rate\/EuroInvestments in tangible assets
Investments in overseas
Depreciation

April 07 - June 07

471.6
22.6
37.1
22.2
115
144
32.2
7.2
17.5

100.0%
5.5%
9.0%
6.3%

486.4
26.7
43.6
30.5
121
163
25.4
4.6
18.6

Change%Amount

14.8
4.1
6.5
8.3
6
19
(6.8)
(2.6)
1.1

FY2008 Forecast

ChangeApril 07 - March 08%

3.1

100.0%

18.1

4.9%

17.5

6.1%

37.3

3.5%

(21.0)(35.8)
5.9

1,950.0
95.0
118.0
69.0
115
150
120.0
16.0
90.0

3.8
5.6
8.8
16.0

(7.0)
(39.2)
20.9(As of Mar.31,2007)

3,585.8
1,810.4
48.8%
162 companies
21 companies

Total assets
Total net assets
Equity ratio
Consolidated subsidiaries
Affiliates applied the equity method

3,788.9
203.1
1,905.7
95.3
48.7%
168 companies 6 companies
20 companies (1) company

−
−
−
−
−

5.7
5.3

Note: Starting from FY2006, Toyota Industries Sweden (formerly BT Industries) Group, which constitutes our network of subsidiaries, changed its fiscal year-end from December (Jan. - Dec.) to
March (Jan. - next Mar.). As a result, the table above includes the results of the Toyota Industries Sweden Group from January to June 2006. Excluding the effects of changes in fiscal year-end(Jan. - Mar. 2006), net sales, operating income, ordinary income and net income increased 76.3 billion yen (18.6%), 5.9 billion yen (28.7%), 9.1 billion yen (26.5%) and 9.5 billion yen (45.1%),
respectively.

2. Breakdown of consolidated net sales(Billion yen, %)FY2007 1st Quarter FY2008 1st Quarter
VehicleEngine23.2%

Car air-conditioning compressor
Foundry, electronics and other

11.2%

7.8%

Automobile total
Materials handling equipment

1.6%
43.8%
47.0%

※

Logistics
Textile machinery
Others
Total

3.8%
2.8%
2.6%
100.0%

109.5
36.8
52.6
7.3
206.4
221.5
18.0
13.2
12.4
471.6

24.1%
9.1%
13.8%
1.7%
48.7%
39.2%
6.0%
2.9%
3.2%
100.0%

117.4
44.0
67.1
8.1
236.8
190.4
29.3
14.2
15.6
486.4

Change
7.9
7.2
14.5
0.8
30.4
(31.1)
11.3
1.0
3.2
14.8

%

FY2008 Forecast

7.2

24.6%

19.5

8.9%

27.6

12.5%

10.7

1.9%

14.7

47.9%

(14.1)

39.5%

62.8

5.9%

7.9

3.1%

26.0

3.6%

3.1

100.0%

480.0
173.0
245.0
37.0
935.0
770.0
115.0
60.0
70.0
1,950.0

%

2.1
3.3
4.0
16.6
3.3
0.4
28.5
2.7
19.9
3.8

※ Excluding the effects of changes in subsidiaries' fiscal year-end, net sales of the Materials Handling Equipment Segment increased 30.4 billion yen (19.0%).

3. Unit sales(Thousand Units)

FY2007
FY2008Change1st Quarter 1st Quarter

FY2008 Change

Vitz (Yaris)

46

40

(6)

174

(8)

RAV4 and other

37

46

9

176

8

Vehicle

83

86

3

350

0

Engine

106

130

24

495

6

Car air-conditioning
compressor

5,060

5,660

600

21,5001,050

Materials handlingequipment ※

70
<48>

51

(19)
<3>

204

(11)
<11>

Air-jet looms

2.4

2.4

0

8.5

(2.1)

※ Figures in < > show unit sales excluding the effects of changes in subsidiaries' fiscal year-end

English translation from the original Japanese-language document

4. Changes in ordinary income(Billion yen)

Cost reduction
Sales volume increase
Exchange gain
Non-operating income increase

4.5
4.0
2.0
3.2

Increase total
Labor cost
Depreciation
Raw material cost
Expenses and others
Impact of change in subsidiaries' fiscal year

13.7
1.3
1.1
0.7
1.5
2.6

Decrease total

7.2

Total increase in ordinary income

6.5

Note: Toyota Industries posted extraordinary income (proceeds from sales of investment
securities) of 5.8 billion yen during the first quarter of fiscal 2008.