Kyoritsu Maintenance Co., Ltd.
(Securities Code: 9616)

Third Quarter of Fiscal Year March 2009
Consolidated Earnings Results Update
February 2009

Kyoritsu Maintenance Consolidated Financial Data at a Glance
Consolidated Sales and YY Change
90,00035%

80,00030%

70,00025%
60,00050,00020%

40,00015%

30,00010%
20,0005%

10,0000%0
mn yen

3/99

3/00

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09e

Consolidated Operating Income and YY Change
50%

6,000

40%

5,000

30%
4,000

20%
10%

3,000

0%

2,000

-10%
1,000

-20%
-30%

0
3/98

mn yen

3/99

3/00

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08 3/09e

Consolidated Net Income and YY Change
3,000

70%
60%

2,500
50%
2,000

40%
30%

1,500
20%
1,000

10%
0%

500
-10%
0
mn yen

-20%
3/99

3/00

3/01

3/02

3/03

3/04

3/05

3/06

3/07

3/08

3/09e

2

120,000
100,000
80,00060,00040,00020,0000
3/ 98 3/ 99 3/ 00 3/ 01 3/ 02 3/ 03 3/ 04 3/ 05 3/ 06 3/ 07 3/ 08
total assets

net assets (shareholders' equity)

14%
12%
10%
8%
6%
4%
2%
0%
3/ 98

3/ 99

3/ 00

3/ 01

3/ 02

ROE

3/ 03

3/ 04

3/ 05

3/ 06

3/ 07

3/ 08

ROA

3

3Q FY3/ 09

6,157, 9%

3,364, 5%
3,614, 5%
28,400, 41%

Dormitories
Hotels8,603, 12%Contracted Services
Food Service
19,381, 28%

Construction
Other(Units: Million Yen)

3Q FY3/ 08
6,501, 10%

3,200, 5%

3,643, 6%
Dormitories
27,031, 42%
8,288, 13%

HotelsContracted Services
Food Service

15,211, 24%Construction
Other(Units: Million Yen)

4

Consolidated Income Statement 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09e * 3QFY3/08 3QFY3/09 *net sales
32,458 36,788 37,884 50,065 50,109 54,081 58,014 63,085 66,287 75,606 85,100 * 56,495 62,090 *gross income
6,578 7,173 7,834 10,221 10,785 10,541 10,894 11,783 12,242 14,183 na * 10,762 11,781 *operating income
2,465 2,369 2,828 3,908 4,149 4,004 4,407 4,611 3,745 4,492 5,260 * 3,521 4,117 *ordinary income
2,203 2,281 2,643 3,580 3,885 4,060 4,411 4,824 3,787 4,167 4,600 * 3,159 3,510 *net income
850 907 1,147 1,822 2,039 2,138 2,343 2,011 2,413 2,740 2,790 * 1,643 1,513 *Consolidated Balance Sheetcurrent assets
fixed assets
total assets
current liabilities
fixed liabilities
total liabilities
net assets (shareholders' equity)

15,336 19,900 23,793 18,100 22,138 22,122 23,254 23,350 24,901 19,967
25,695 29,867 40,478 47,768 49,497 55,715 62,336 74,681 85,562 95,728
41,144 49,880 64,327 65,867 71,647 77,865 85,620 98,047 110,507 115,738
20,921 19,731 28,513 27,031 31,610 29,374 31,585 44,039 37,342 44,119
10,946 16,977 22,064 23,761 23,146 29,433 33,077 28,316 46,068 44,079
31,866 36,707 22,064 50,792 54,755 58,806 64,663 72,355 83,411 88,199
9,278 13,169 13,747 15,073 16,824 18,935 20,788 25,512 27,096 27,538

yy change
net sales
gross income
operating income
ordinary income
net income

3.6% 13.3% 3.0% 32.2% 0.1% 7.9% 7.3% 8.7% 5.1% 14.1% 12.6% *
6.3% 9.0% 9.2% 30.5% 5.5% -2.3% 3.3% 8.2% 3.9% 15.9% na *25.1% -3.9% 19.4% 38.2% 6.1% -3.5% 10.1% 4.6% -18.8% 19.9% 17.1% *
18.2% 3.5% 15.9% 35.4% 8.5% 4.5% 8.6% 9.4% -21.5% 10.0% 10.4% *64.6% 6.7% 26.5% 58.8% 11.9% 4.8% 9.6% -14.2% 20.0% 13.6% 1.8% *margins
gross margins
operating margins
ordinary margins
net margins

20.3% 19.5% 20.7% 20.4% 21.5% 19.5% 18.8% 18.7% 18.5% 18.8% na * 19.9% 20.4% *7.6% 6.4% 7.5% 7.8% 8.3% 7.4% 7.6% 7.3% 5.6% 5.9% 6.2% * 7.6% 8.3% *6.8% 6.2% 7.0% 7.2% 7.8% 7.5% 7.6% 7.6% 5.7% 5.5% 5.4% * 7.0% 7.4% *
2.6% 2.5% 3.0% 3.6% 4.1% 4.0% 4.0% 3.2% 3.6% 3.6% 3.3% * 4.0% 3.5% *other benchmarks
ROE
ROA
equity ratio
Units: million yen

na * 19,967 21,320 *na * 95,728 100,026 *na * 115,738 121,399 *na * 44,119 37,257 *na * 44,079 55,771 *na * 88,198 93,028 *na * 27,538 28,370 *

na
na
na
na
na

6.3% *
8.9% *
15.3% *
11.7% *
-6.7% *

9.2% 6.9% 8.3% 12.1% 12.1% 11.3% 11.3% 7.9% 8.9% 9.9% na * 5.6% 5.1% *
2.1% 1.8% 1.8% 2.8% 2.8% 2.7% 2.7% 2.1% 2.2% 2.4% na * 1.4% 1.2% *22.6% 26.4% 21.4% 22.9% 23.5% 24.3% 24.3% 26.0% 24.5% 23.8% na * 24.6% 22.9% *5Second Quarter of Fiscal Year March 2009 Earnings Announcement
February 9, 2009
Company Name:
Kyoritsu Maintenance Co., Ltd.
Stock Code:9616
URL: http://www.kyoritsugroup.co.jp/
Director:
Mitsutaka Sato, President
Contact:
Takumi Ueda, Vice President
Tel: +81-3-5295-7778
Earnings Announcement Filing Date (anticipated):
February 13, 2009

Tokyo Stock Exchange

1. Third Quarter of Fiscal Year March 2009 Consolidated Earnings (From April 1 to December 31, 2008)(1) Consolidated Earnings (1st to 3rd Quarter Aggregate)
Net Sales
3Q FY3/09
3Q FY3/08

Operating Income

Ordinary Income

Million yen％yyMillion yen％yyMillion yen

62,09056,495

－
22.9

4,117
3,521

－
20.6

3,510
3,159

EPS

Net Income％yyMillion yen

％yy

1,513
1,643

－
7.6

－
9.9

Fully Diluted EPS

3Q FY3/09
3Q FY3/08

Yen

Yen

105.35111.11

84.08
89.20

(2) Consolidated Financial Position
Total Assets

Net Assets

Net Asset Ratio

Book Value per Share

Million yen

Million yen％

Yen

121,399
115,738

28,37027,53823.2
23.6

1,958.63
1,897.73

3Q FY3/09
FY3/08(Reference) Capital: 28,139 million yen in 3Q FY3/09, 27,266 million yen in FY3/08

2. Dividend Conditions
Registry Date

End 1QEnd Interim
Yen

－
－
―――

FY3/08
FY3/09
FY3/09 (Projected)

Dividend Per ShareEnd 3QEnd Fiscal Year

Yen

Yen

Yen

20.00
―――
19.00

38.00
―――
38.00

Yen

－
―――
－

18.00
19.00
―――

Total

(Note) Revisions to our dividend projections during the quarter: None
3. Fiscal Year March 2009 Earnings Projection (April 1, 2008 to March 31, 2009)
Net Sales
Full Year

Operating Income

Ordinary Income

Million Yen%yy

Million Yen%yy

Million Yen%yy

Million Yen

Net Income
%yy

EPS
Yen

85,100

12.6

5,260

17.1

4,600

10.4

2,790

1.8

194.19(Note) Revisions to our earnings projections during the quarter: None6

4. Others(1)(2)

Important changes in our subsidiaries, including changes to the scope of our consolidation: None
Application of simple accounting procedures and other special accounting procedures in the creation of ourquarterly consolidated financial statements: Yes(3) Changes in the accounting methods, procedures, display methods used in the creation of our consolidated
financial statements during the most recent quarter:① Changes accompanying revisions in accounting standards: Yes② Other changes: Yes(4) Shares issued (Common stock)① Shares issued as of term end (including treasury stock): 15,125,582 shares at end 3Q FY3/09, 15,125,582
shares at end FY3/08② Treasury stock as of term end: 758,778 shares at end 3Q FY3/09, 757,865 shares at end FY3/08③ Average shares issued during term: 14,367,368 shares at end 3Q FY3/09, 14,788,459 at end 3Q FY3/08

 Notes and explanations regarding the appropriate uses of our earnings projections
1) All projections provided within this document are based on the most accurate information available at the timeof this writing. However our actual results may differ from our projections due to various unforeseen reasons.
2) From the current fiscal year we have applied the “accounting standards for quarterly financial statements”(Corporate Accounting Standard Number 12) and “application policies for the accounting standards relating toquarterly financial statements” (Corporate Accounting Standard Application Policy Number 14). Furthermore
we have created our quarterly consolidated financial statements in accordance with the “quarterly consolidated
financial statements regulations.”
Information Regarding Our Financial Statements
1. Information Regarding Our Consolidated Earnings
During the third quarter of the fiscal year under review (Aggregated figures from the first to third quarters offiscal year March 2009.), we noted a pronounced slowing in the Japanese economy due to the growing turmoil in
the global financial markets brought about by the subprime loan problem. Furthermore this situation wascomplicated by declines in corporate earnings resulting from higher crude oil and other materials prices and fromthe strengthening of the yen, in addition to the severe employment environment and weaker consumer spending.
Against this backdrop, our continued efforts to strengthen alliances with universities and vocational schools in
our core dormitory business contributed to increases in tenant contracts for student dormitories. We also notedstrong demand for employee housing in our corporate dormitory business. In our hotel business we recorded
continued high levels of occupancy rates in our Dormy Inn (business hotels) operations and strong improvements
in our resort hotels operations. Therefore we were able to record sales growth of 9.9% or 5,595 million yen yearover-year to 62,090 million yen, along with 16.9% and 11.1% year-over-year growth in our operating andordinary incomes to 4,117 and 3,510 million yen respectively during term under review, extending the growth inboth sales and profits recorded during the second quarter. However valuation losses on shares resulting from thepronounced declines in share prices, implementation of “application policies for the accounting standards relating
to quarterly financial statements” during the first quarter, and year-over-year increases in corporate taxes led to a
7.9% year-over-year decline in net income to 1,513 million yen.
We discuss our business performance in each of our business segments below.
(1) Dormitory BusinessIn our dormitory business, we saw strong demand from students, and from employees on the back of changing
housing strategies of Japanese corporations. Therefore we were able to open 19 new facilities during the current
term, and we saw a 1,921 rise in the number of residents from the same period in the previous year to 26,678
residents contracted at the end of the third quarter. Consequently we were able to record 5.1% year-over-yearincrease in sales to 28,400 million yen. The liquidation of an SPC at the end of the previous fiscal year led us tosee a slight 2.8% year-over-year decline in operating income to 4,284 million yen. However our operating cash
flow remains on a growth trend.

7(2) Hotel BusinessIn our hotel business, the nine hotels opened in the previous fiscal year combined with five new Dormy Inn(Business hotels: Kumamoto, Hirosaki, Takamatsu, Tomakomai, Kurashiki) and one resort hotel (Hakodate)
opened during the current quarter to boost sales by 27.4% year-over-year to 19,381 million yen. And while we
experienced increased costs due to the opening of these new facilities, efforts to develop new sales channels andcontrol costs allowed us to see improvements in our profitability per facility and we recorded operating income of
345 million yen, which represents a 470 million yen improvement from the loss we recorded during the same
period of the previous fiscal year.
(3) Contracted Services BusinessSuccessful efforts to promote synergies from our office and residential building management services and strict
cost controls allowed us to see growth in both sales and operating income of 3.8% and 22.3% year-over-year to8,603 and 391 million yen respectively.
(4) Food Service Business
While the operating environment in our food service business remained severe due to a slowing of personal
consumption and the stagnation of the economy, we maintained our efforts to control and reduce our variable
costs, restructured our earnings structure, and we converted two restaurants to new formats. Consequently wesaw a 0.8% year-over-year decline in sales to 3,614 million yen and an operating loss of 46 million yen.
(5) Construction Business
The operating environment in our construction business deteriorated rapidly during the term under review on theback of declines in real estate prices accompanying the slowing in the overall economy. Against this backdrop,
we focused upon the development of dormitories and hotels. As a result of this economic backdrop we saw a
5.3% year-over-year decline in sales to 6,157 million yen while we recorded a 192 million yen operating profit.
(6) Other Business
Our other business is comprised of the wellness life (management of senior citizen housing), life service (catalog
and rental sales, insurance agency business), advertising agency, rental property brokerage and management,
comprehensive human resources, and financing services. In this segment we saw sales and operating income
growth of 5.1% and 5.5% year-over-year to 3,364 and 138 million yen respectively.
2. Information Regarding Our Consolidated Financial Position
At the end of the third quarter of the current fiscal year our total consolidated assets rose by 5,660 million yen
from the end of the previous fiscal year to 121,399 million yen. The main reason for this increase included thesourcing of cash to be used for future capital investments and the subsequent increase in cash and equivalents
account, along with the acquisition of tangible fixed assets.
Liabilities at the end of the third quarter also rose by 4,829 million yen from the end of the previous fiscal year to
93,029 million yen. We attribute this increase to the rise in long term debt which was sourced in advance offurther turmoil in the financial markets.
Net assets as of the end of the third quarter of the current fiscal year grew by 831 million yen from the end of thelast fiscal year to 28,370 million yen. An increase in retained earnings was the main factor contributing to therise in net assets.
Consequently our equity ratio declined by 0.4% points from the end of the previous year to 23.2% as of the endof the third quarter.

8

(Cash Flow Conditions)
During the third quarter of the current fiscal year our cash and equivalents rose by 3,644 million yen from the endof the previous fiscal year to 11,705 million yen.
In our operating activities we saw a net cash inflow of 148 million yen, an improvement of 3,749 million yen
from the cash outflow recorded during the same period of the last fiscal year. We attribute this improvement to a
net inflow to declines in inventories in our construction business.
In our investing activities we recorded a net outflow of 7,712 million yen, a decrease of 4,501 million yen fromthe net outflow seen during the same period of the previous year. We attribute this outflow primarily to theacquisition tangible fixed assets in our dormitory and hotel businesses.

In our financing activities we saw a net inflow of 11,208 million yen, an increase of 103 million yen from the net
inflow in the same period of the previous fiscal year. The main factor behind this inflow was the increase in debt
and issuance of bonds in conjunction with the capital investments needed to expand our business.

3. Information Regarding Our Consolidated Earnings Projections
With regards to our consolidated earnings projections for the fiscal year to March 2009, we maintain ouroutstanding projections which were originally announced on May 16, 2008.

4. Others(1) Changes in material subsidiaries during the period (Changes in consolidation scope resulting from changes in
consolidated subsidiaries)
Not applicable.
(2) Application of simplified accounting methodologies and/or quarterly financial reporting standards in the
preparation of quarterly financial statements:(1) Simplified Accounting Methodologies
1) Inventories valuation methodology
A partial physical inventory, comprised of material items and sampling, was utilized for the valuation of
inventories at the current quarter end. We have reduced the valuations for inventories where we haveclear evidence that carrying value exceeds estimated net realizable value.
2) Deferred tax asset and liability calculation
Deferred tax asset recoverability assessment in the current quarter is based on the prior fiscal year’sbusiness outlook, tax planning strategies and other factors if it is determined there has been no significant
changes to the overall business environment since the end of the prior fiscal year.
(2) Quarterly financial reporting standards in the preparation of quarterly financial statements
Provision for taxes
The provision for taxes is based upon applying the estimated effective tax rate for the current fiscal year,
including the current quarter, to income before income taxes. Adjustments to income taxes areincluded in the provision for taxes.
(3) Changes in the preparation of quarterly financial statements
1) Commencing at the beginning of the current fiscal year, our financial statements have been prepared inaccordance with Accounting Standards Board of Japan (ASBJ) Statement No. 12, “Accounting Standard

9

for Quarterly Financial Reporting,” and its implementation guidance – ASJB Guidance No. 14, “Guidanceon Accounting Standard for Quarterly Financial Reporting.”
2) Material changes in Asset Valuation Standards and Methodologies
Inventories
We adopted ASBJ Statement No. 9, “Accounting Standard for Measurement of Inventories,” issued on
July 5, 2006, at the beginning of the current fiscal year which requires inventory to be valued at the lowerof cost or market. Previously, inventories were valued at cost. The impact of this change was to reduce
ordinary income by 7 million yen and income before taxes by 31 million yen. The adoption of this change
did not have an impact on segment reporting.
3) Accounting for Lease Transactions
The Accounting Standards Board of Japan (ASBJ) has released the Accounting Standard for Lease
Transactions (Statement No.13) and the accompanying Implementation Guidance on Accounting Standard
for Lease Transactions (Guidance No.16) on March 30, 2007. Prior to the release of Statement No. 13, our
accounting treatment for finance lease transactions that do not transfer ownership was similar to ordinary
rental transactions. Statement No. 13 requires such transactions to be accounted for in a similar manner withordinary sale and purchase transactions and is effective for quarterly periods beginning on or after April 1,
2009. We have opted to for the earlier application of this Standard, which is permitted to quarterly
consolidated financial statements for periods beginning on or after April 1, 2008, commencing with the firstquarter of the current fiscal year (“early application date”). Depreciation expense arising from leased assets
in finance lease transactions that do not transfer ownership is calculated, on the straight line method, basedon the assumption that the useful life equals to the lease term and the residual value is zero. For finance leasetransactions that do not transfer ownership, entered into prior to the early application date, we are continuing
to account for them similar to ordinary rental transactions. There is no impact on income from theapplication of this new standard.

105. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Units: Million Yen)
End 3Q FY3/09(December 31, 2008)

End FY3/08(March 31, 2008)

AssetsCurrent assets
Cash and deposits

12,838

9,193

Notes, accounts receivable

2,571

2,973

498

1,768

Real estate for sale inventories
Uncompleted construction payment

1,321

978

Other

4,125

5,100

-35

-46

21,32019,96728,41425,218Land

25,25722,563

Others

16,633

19,030Total tangible fixed assets

70,30566,812

2,954

2,910

Investment securities

6,577

6,879

Guaranteed deposits

7,347

6,974

Security deposits

6,852

6,453

Others

6,093

5,808

Doubtful accounts reserves

-104

-110

26,76626,005100,026
52
121,399

95,728
41
115,738

Doubtful account reserves
Total current assets
Fixed assets
Tangible fixed assets
Buildings, structures

Intangible fixed assets
Investment, other assets

Total investments, other assets
Total fixed assets
Deferred assets
Total assets

11

(Units: Million Yen)
End 3Q FY3/09(December 31, 2008)

End FY3/08(March 31, 2008)

Liabilities
Current liabilities
Notes, accounts payable

2,112

3,093

Short term debt

18,781

20,235

Unpaid taxes

300

1,035

8,358

11,972

Bonus reserves

643

1,072

Director bonus reserves

155

167

Completed construction guarantee reserves

17

24

Others

6,887

6,517

Total current liabilities

37,257

44,119Bonds

14,97014,731Long term debt

33,437

20,773Retirement benefit reserves

1,158

1,058

Director retirement reserves

369

403

Others

5,836

7,113

Total fixed liabilities

55,77144,07993,02988,199

Capital

5,136

5,136

Capital reserves

5,943

5,943

Retained earnings

19,376

18,422

Treasury stock-1,468-1,466

Total shareholders’ equity

28,98728,036

Other marketable security valuation gains

-848

-770

Total valuation, translation gains

-848

-770

Minority holdings

230

272

Total net assets

28,37027,538

Total liabilities, net assets

121,399

115,738

Deposits

Fixed liabilities

Total liabilities
Net assets
Shareholders’ equity

Valuation, translation gains

12(2) Quarterly Consolidated Income Statement(Third Quarter Consolidated Income Statement)(Units: Million Yen)
3rd Quarter FY3/09(From April 1, 2008 to
December 31, 2008)

Net sales

62,090CGS

50,308Gross income

11,781

SG&A

7,664

Operating income

4,117

Non-operating income
Interest income

72

Dividend income

32

Deposit redemption income

133

Others70

Total non-operating income309

Non-operating expense
Interest payment

728

Other

187

Total non-operating expense

915

Ordinary income
Extraordinary income
Insurance policy refund

3,510
43

Other

34

Total extraordinary income

77

Extraordinary loss
Marketable securities valuation loss
Other
Total extraordinary loss
Net income before taxes
Corporate and other taxes
Minority shareholding loss
Net income

330
209
540
3,048
1,528
6
1,513

13

(3) Quarterly Consolidated Cash Flow Statement(Units: Million Yen)rd

3 Quarter FY3/09(From April 1, 2008 to
December 31, 2008)
Cash flows from operating activities
Net income before taxes other adjustments
Depreciation, amortization
Amortization of long term prepayments

3,048
2,732
179

Change in bonus reserves-428

Change in director bonus reserves-12Interest, dividends received-105

Interest payment
Valuation gains in marketable securities
Change in receivables
Change in accounts due
Change in inventories
Change in payables
Change in unpaid accounts
Change in prepayments received
Security deposits
Change in prepayments
OthersSubtotal

728

Interest, dividends received
Interest payments
Corporate, tax returns
Corporate tax
Cash flows from operating activities

330
402
456
992
-1,044-3,637
-731
-225
-108
483
3,061
93
-677
5
-2,334
148

Cash flows from investing activities-371

Acquisition of marketable securities
Liquidation of marketable securities
Acquisition of tangible fixed assets
Long term prepayments acquisition
Loans extended

222-6,436-236-782

Repayments of loans extended
Deposits, security deposits payments-1,024

OthersCash flows from investing activities863
52-7,712

14

(Units: Million Yen)rd

3 Quarter FY3/09(From April 1, 2008 to
December31, 2008)
Cash flows from financing activities
Increase in short term debt
Increase in long term debt

-5,88023,000

Repayment of long term debt

-5,909

Repayment of leases
Bond issuance-1,0842,980

Bond redemption-1,340

Dividend payment-535

Dividend payment to minority shareholders
Adjustment of dividend payment to minority
shareholders
OthersCash flows from financing activities-24

Translation gains for cash and equivalents
Net change in cash and equivalents-16
18
11,208－3,644

Cash and equivalents at term start

8,061

Cash and equivalents at term end

11,70515

Commencing at the beginning of the current fiscal year, our financial statements have been prepared inaccordance with Accounting Standards Board of Japan (ASBJ) Statement No. 12, “Accounting Standard for
Quarterly Financial Reporting,” and its Implementation Guidance - ASBJ Guidance No. 14, “Guidance on
Accounting Standard for Quarterly Financial Reporting.”(4) Assumptions Regarding Going Concern
Not applicable(5) Segment Information(Information Regarding Our Various Business Segments)
Third Quarter of Fiscal Year March 2009 (From April 1, 2008 to December 31, 2008)
Dormitories

HotelsContracted
Services

Food
Construction Other
Service(1) External sales

28,32019,250

6,114

1,780

4,343

(2) Internal sales

80

131

2,489

1,834

Total

28,40019,381

8,603

Operating income

4,284

345

391

(Units: Million yen)
Total

Company
Wide

Consolidated

2,281

62,090－62,090

1,814

1,083

7,432

(7,432)

－

3,614

6,157

3,364

69,522(7,432)62,090

-46

192

138

5,306

(1,188)

4,117

Sales

(Regional Sales Information)
During the third quarter of the current fiscal year (From April 1, 2008 to December 31, 2008) we did not have any
overseas subsidiaries or offices and therefore we do not report any regional sales information.
(Overseas Sales)
During the third quarter of the current fiscal year (From April 1, 2008 to December 31, 2008) we did not have any
overseas sales.
(6) Significant Changes in Our Shareholders Equity
We do not note any significant changes.

16

(Reference Information)
Financial Information from the Interim Period of the Previous Fiscal Year(1) Interim Consolidated Income Statement
Previous 3rd Quarter(From April 1, 2007 to
December 31, 2007)
Items

Value (million yen)

I Net sales

56,495

II CGS

45,733Gross income
III SG&A
Operating income

10,7627,240
3,521

IV Non-operating income
1.

Interest received

119

2.

Dividend received

54

3.

Marketable securities sales

57

4.

Returns of contract deposits

107

5.

Profits from minority holdings

33

6.

Others68

Non-operating income

441

V Non-operating expense
1.

Interest payments

589

2.

Others214

Non-operating expense

803

Ordinary income

3,159

VI Extraordinary income

174

VII Extraordinary expense

69

Net income before taxes

3,264

Corporate, resident, other taxes

1,554

Minority shareholding income
Net income

66
1,643

17

(2) Third Quarter Consolidated Cash Flow Statement
3rd Quarter FY3/08
From April 1, 2007
to December 31, 2007
Items

Million Yen

I Cash flow from operating activities
Net income before taxes and other adjustments

3,264

Depreciation, amortization

2,138

Change in bonus reserves-249Interest, dividends received-173

Interest payments

589

Change in receivables

659

Change in accounts due-212

Change in inventories-973

Change in accounts payable-577

Change in prepayments received-3,720Change in deposits-661

Change in lease deposits-199

Others361

Subtotal

246

Interest, dividends received

187

Interest payment-636

Corporate tax refunds
Corporate, other tax payment
Cash flows from operating activities

25-3,424-3,60118

3rd Quarter FY3/08
From April 1, 2007
to December 31, 2007
Items

Million Yen

II Cash flows from investing activities
Change in time deposits
Acquisition of marketable securities
Marketable securities liquidation income-500-4,326647

Acquisition of tangible fixed assets-7,274

Acquisition of intangible fixed assets-168

Acquisition of long term prepayments-124

Loans extended-463

Loans recovered

425

Lease deposits-1,354Returns of lease deposits

1,074

Acquisition of subsidiary shares due to change in consolidation-23

Others-124

Cash flows from investing activities-12,213

III Cash flows from financing activities
Change in short term debt

17,240Change in long term debt

2,062

Repayment of long term debt

-5,167

Redemption of bond

-1,340Acquisition of treasury stock-1,118Dividend payment-511

Dividend payment to minority shareholders-24

Others-35

Cash flows from financing activities
IV Translation gains from cash and equivalents

11,105－

V Net change in cash and equivalents-4,709VI Cash and equivalents at term start

13,721

VII Cash and equivalents at term end

9,011

19

(3) Segment Informationa. Information Regarding Our Business Segments
Third Quarter of the Previous Fiscal Year (April 1, 2007 to December 31, 2007)
Dormitories

HotelsContracted
Services

Food
Construction Other
Services(1) External sales

26,995

15,072

6,152

1,953

4,260

2,060

59,495－56,495(2) Internal sales

35

139

2,135

1,690

2,240

1,140

7,381

(7,381)－

Total

27,031

15,211

8,288

3,643

6,501

3,200

63,876(7,381)

56,495

Operating income

4,406

-125

319

45

-58

130

4,718

(1,196)

3,521

Total

Company
Consolidated
Wide

Sales

20