YEAR ENDED MARCH 31, 2012

ICOM INCORPORATED

Financial Highlights
ICOM INCORPORATED AND SUBSIDIARIES
Years ended March 31, 2012, 2011 and 2010
Thousands of
U.S. dollars

Millions of yen

2012
23,583
1,307
1,510
1,096

Net sales
Operating income
Income before income taxes
Net income¥

Total assets¥

Amounts per share:
Net assets
Net income – basic
Net income – diluted
Cash dividends¥ 3,128.22
73.94
–
20.00

51,213¥¥

2011
22,540
731
782
436

¥

49,807¥

2010
23,640
431
711
230

2012
$ 286,967
15,904
18,374
13,33749,350$ 623,181

Yen

U.S. dollars¥ 3,081.33
29.44
–
20.00

¥ 3,094.79
15.55
–
20.00

Notes:
1. All dollar amounts herein refer to U.S. dollars translated from Japanese yen at ¥82.18 = U.S.$1.00, the exchange rate prevailing on March 31, 2012.
2. Amounts shown in millions of yen and thousands of dollars are rounded off to the nearest million or thousand.

Net Sales

Operating Income(Millions of yen)

(Millions of yen)

2,000

35,00030,00023,64025,00022,54023,58320,000

1,307

1,500
731

1,000

15,000431

10,000

500

5,000
0

2010

2011

2012

0

2010

Net Income

Total Assets(Millions of yen)

(Millions of yen)

1,500

2011

2012

53,000
1,096

1,000

51,21352,00051,00050,00049,35049,807436
500

49,000230

48,000047,000
2010

2011

2012

2010

2011

2012

$

38.07
0.90
–
0.24

Operating Highlights
GEOGRAPHICAL SEGMENT INFORMATION
Years ended March 31, 2012 and 2011
Millions of yen

Japan
North America
EuropeAsia & Oceania
Eliminations
Consolidated total

Net sales
2012
2011¥ 20,626¥ 19,827
7,618
6,918
875
1,062
1,585
1,541
(7,121)(6,808)¥ 23,583¥ 22,540

Thousands of U.S. dollars

Operating income (loss)
2012
2011
¥
848
¥ 536
263
79
(16)
31
164
147
48
(62)
¥ 1,307¥ 731

Net sales
2012$ 250,985
92,69910,647
19,287(86,651)$ 286,967

Notes:
1. All dollar amounts herein refer to U.S. dollars translated from Japanese yen at ¥82.18= U.S.$1.00, the exchange rate prevailing on March 31, 2012.
2. Amounts shown in millions of yen and thousands of dollars are rounded off to the nearest million or thousand.

Net Sales(Millions of yen)Japan

25,00020,626

19,827

North America
Europe20,000Asia & Oceania

15,000
7,618

6,918

10,0005,000

875 1,585

1,062 1,541

0

2011

2012

Operating Income (Loss)(Millions of yen)
1,000

Japan

848

North America
Europe800536

Asia & Oceania

600
263

400
200

164

147

79
31

䂦 16
0
(200)

2011

2012

Operating income
2012$ 10,319
3,200
(195)
1,996
584
$ 15,904

Operating Highlights
OVERSEAS SALES
Years ended March 31, 2012 and 2011
Millions of yen

North America
EuropeAsia
OtherOverseas total
Domestic total
Consolidated total

2012 (Unaudited)¥ 7,054
29.9%
3,364
14.3
5,439
23.1
785
3.3
16,642
70.6
6,941
29.4
¥ 23,583
100.0%

Thousands of U.S. dollars

2011¥ 6,648
29.5%
3,789
16.8
4,180
18.5
2,132
9.5
16,749
74.3
5,791
25.7
¥ 22,540
100.0%

2012 (Unaudited)$ 85,836
40,93566,184
9,551
202,506
84,461$ 286,967

Notes:
1. All dollar amounts herein refer to U.S. dollars translated from Japanese yen at ¥82.18 = U.S.$1.00, the exchange rate prevailing on March 31, 2012.
2. Amounts shown in millions of yen and thousands of dollars are rounded off to the nearest million or thousand.

Net Sales 2011

North
America
29.5%

Overseas
Sales

Europe
16.8%

Asia
18.5%

Domestic
Sales
25.7%

Other
9.5%

Net Sales 2012

North
America
29.9%

Overseas
Sales

Domestic
Sales
29.4%

Europe
14.3%

Asia
23.1%
Other
3.3%

ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets
March 31, 2012 and 2011

Thousands of
U.S. dollars(Note 1)Millions of yen

2012

2011

2012

Total current assets¥ 27,543
199
4,805
(18)
4,787
5,370
456
1,055
39,410¥ 28,198
214
3,778
(14)
3,764
4,908
257
966
38,307$ 335,155
2,421
58,469(219)
58,25065,344
5,549
12,838479,557

Property, plant and equipment:
Land
Buildings and structures
Machinery and equipment
Vehicles and otherConstruction in progress
Property, plant and equipment, at costLess accumulated depreciation
Property, plant and equipment, net (Note17)

3,831
5,988
11,428201
1321,461(14,436)
7,025

3,834
5,977
11,324211
18
21,364(14,224)
7,140

46,61772,864139,061
2,446
158
261,146(175,663)
85,483

Investments and other assets:
Investments in securities (Notes 5 and 6)
Other investments
Deferred income taxes (Note 9)
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total assets (Note 17)

1,381
2,748
500
202
(53)
4,778
¥ 51,213

1,019
2,603
499
283
(44)
4,360
¥ 49,807

16,80533,439
6,084
2,458
(645)
58,141$ 623,181

AssetsCurrent assets:
Cash and deposits (Notes 3 and 5)
Marketable securities (Notes 3, 5 and 6)
Notes and accounts receivable (Notes 4 and 5)
Allowance for doubtful accounts
Inventories (Note 7)
Deferred income taxes (Note 9)
Other current assets

See accompanying notes to consolidated financial statements.

ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets
March 31, 2012 and 2011

Thousands of
U.S. dollars(Note 1)Millions of yen

Liabilities and net assets
Current liabilities:
Accounts payable – trade (Note 5)
Accounts payable – other (Note 15)
Accrued income taxes (Note 9)
Accrued expenses
Warranty reserves
Other current liabilities
Total current liabilities

2012

2011

2012

¥ 1,386
584
411
952
42
120
3,495

¥ 1,280
396
226
918
42
106
2,968

$ 16,866
7,107
5,001
11,584511
1,460
42,529Long-term liabilities:
Accrued retirement benefits for employees (Note 8)
Deferred income taxes (Note 9)
Other long-term liabilities
Total long-term liabilities

740
20
602
1,362

563
13
602
1,178

9,005
243
7,325
16,573

7,081
10,44929,7097,081
10,44928,91086,165
127,148
361,511(102)
47,137(102)
46,338(1,241)
573,583

(21)
(760)
(781)
46,356¥ 51,213

12
(689)
(677)
45,661¥ 49,807(256)(9,248)(9,504)564,079$ 623,181

Contingent liabilities (Note 11)

Net assets:
Shareholders’ equity (Note 10):
Common stock:
Authorized – 34,000,000 shares;
14,850,000 shares in 2012 and 2011
Issued –Capital surplus
Retained earnings (Note 19)
Less treasury stock, at cost:
31,470 shares in 2012 and 31,307 shares in 2011
Total shareholders’ equity
Accumulated other comprehensive (loss) income(Note 14):
Unrealized holding (loss) gain on securities (Note 6)
Translation adjustments
Total accumulated other comprehensive loss
Total net assets
Total liabilities and net assets
See accompanying notes to consolidated financial statements.

ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income
Years ended March 31, 2012 and 2011
Thousands of
U.S. dollars(Note 1)Millions of yen

Net sales (Note 17)
Cost of sales
Gross profit
Selling, general and administrative expenses(Notes 13 and 15)
Operating income (Note 17)
Other income (expenses):
Interest and dividend income
Gain (loss) on sales of securities, net (Note 6)
Foreign exchange gain (loss), net
Gain on sales of property, plant and equipment
Sales discounts
Other, net
Income before income taxes
Income taxes (Note 9):
Current
Deferred
Net income
See accompanying notes to consolidated financial statements.

2012¥ 23,583
14,3839,200

2011¥ 22,540
13,9068,634

2012$ 286,967
175,018
111,949

7,893
1,307

7,903
731

96,045
15,904

232
0
39
1
(147)
78
203
1,510

215
(2)
(119)
1
(146)
102
51
782

2,823
0
474
–
(1,789)962
2,470
18,374

589
(175)
414
¥ 1,096

228
118
346
436

7,167
(2,130)5,037$ 13,337¥

ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Comprehensive
IncomeYears ended March 31, 2012 and 2011
Thousands of
U.S. dollars(Note 1)Millions of yen

Net income
Other comprehensive loss (Note 14):
Unrealized holding loss on securities
Translation adjustments
Total other comprehensive loss
Comprehensive income
Total comprehensive income attributable to:Shareholders of ICOM INCORPORATED
See accompanying notes to consolidated financial statements.

2012¥ 1,096

2011
¥ 436

2012
$ 13,337

(33)
(71)
(104)
¥ 992

(13)
(326)
(339)
¥ 97

(402)
(864)
(1,266)$12,071

¥ 992

¥ 97

$ 12,071

ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Statements of
Changes in Net Assets
Years ended March 31, 2012 and 2011
Millions of yen

Balance at April 1, 2010
Net income for the year
Cash dividends
Purchases of treasury stock
Other changes
Balance at April 1, 2011
Net income for the year
Cash dividends
Purchases of treasury stock
Sales of treasury stock
Other changes
Balance at March 31, 2012

Number ofshares in issue

Commonstock

CapitalsurplusRetainedearnings

Treasurystock, at cost

Unrealized
holding (loss)
gain onsecurities

14,850,000––––
14,850,000
–
–
–
–
–
14,850,000¥ 7,081––––¥ 7,081–––––¥ 7,081¥ 10,449––––¥ 10,449–––––¥ 10,449¥ 28,770
436
(296)
–
–
¥ 28,910
1,096
(297)
–
–
–
¥ 29,709¥ (102)––(0)–¥ (102)––(0)0–¥ (102)

¥ 25
–
–
–
(13)
¥ 12
–
–
–
–
(33)
¥ (21)

Translation
adjustments

Total net
assets¥ (362)–––(327)¥ (689)
–
–
–
–
(71)
¥ (760)¥ 45,861
436
(296)
(0)
(340)
¥ 45,661
1,096
(297)
(0)
0
(104)
¥ 46,356

Translation
adjustments

Total net
assets$ (8,384)
–
–
–
–
(864)
$ (9,248)$ 555,623
13,337(3,615)(0)0(1,266)$ 564,079

Thousands of U.S. dollars (Note 1)

Balance at April 1, 2011
Net income for the year
Cash dividends
Purchases of treasury stock
Sales of treasury stock
Other changes
Balance at March 31, 2012
See accompanying notes to consolidated financial statements.

Commonstock

CapitalsurplusRetainedearnings

Treasurystock, at cost

Unrealized
holding (loss)
gain onsecurities$ 86,165–––––$ 86,165$ 127,148–––––$ 127,148$ 351,789
13,337(3,615)–––$ 361,511$ (1,241)
–
–
(0)
0
–
$ (1,241)

$ 146
–
–
–
–
(402)
$ (256)ICOM INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows
Years ended March 31, 2012 and 2011
Thousands of
U.S. dollars(Note 1)Millions of yen

2011

2012
Operating activities:
Income before income taxes
Adjustments for:
Depreciation and amortization
Interest and dividend income
Foreign exchange gain, net(Increase) decrease in notes and accounts receivable
Increase in inventories
Increase in accounts payable – trade
Other, net
Subtotal
Income taxes (paid) refunded
Net cash provided by operating activities
Investing activities:
Increase in time deposits with original
maturities in excess of three months
Proceeds from sales of marketable securities
Purchases of property, plant and equipment
Purchases of other assets
Purchases of investments in securities
Proceeds from sales of investments in securities
Interest and dividend income received
Other, net
Net cash used in investing activities
Financing activities:
Purchases of treasury stock
Sales of treasury stock
Cash dividends paid
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year (Note 3)
See accompanying notes to consolidated financial statements.

782$ 18,374

1,025
(232)
(118)
(1,091)
(483)
127
343
1,081
(404)
677

976
(215)
(80)
260
(630)
260
455
1,808
225
2,033

12,473(2,823)(1,436)(13,276)(5,877)
1,545
4,174
13,154(4,916)
8,238

(203)
214
(760)
(51)
(817)
214
227
(127)
(1,303)

(344)
200
(417)
(130)
(46)
476
214
1
(46)

(2,470)2,604(9,248)(621)(9,942)
2,604
2,762(1,544)(15,855)

(0)
0
(297)
(297)

(0)
(296)
(296)

(0)
0
(3,615)(3,615)69(854)
26,546¥ 25,692

(129)
1,562
24,984¥ 26,546

840(10,392)
323,023$ 312,631¥ 1,510¥2012

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
March 31, 2012

1. Basis of Preparation
The accompanying consolidated financial statements of ICOM INCORPORATED (the “Company”) and its subsidiaries areprepared on the basis of accounting principles generally accepted in Japan, which are different in certain respects as to the applicationand disclosure requirements of International Financial Reporting Standards, and have been compiled from the consolidated financial
statements prepared by the Company as required by the Financial Instruments and Exchange Act of Japan.
In addition, the notes to the consolidated financial statements include certain information which is not required under accounting
principles generally accepted in Japan but is presented herein as additional information.
The translation of yen amounts into U.S. dollar amounts is included solely for the convenience of readers outside Japan, as amatter of arithmetic computation only, and has been made at ¥82.18 = U.S.$1.00, the approximate rate of exchange in effect on
March 31, 2012. This translation should not be construed as a representation that yen have been, could have been, or could in the
future be, converted into U.S. dollars at the above or any other rate.

2. Summary of Significant Accounting Policies(a) Principles of consolidation
The accompanying consolidated financial statements include the accounts of the Company and the companies which it
controls directly or indirectly. A company over which the Company exercises significant influence in terms of their operating
and financial policies has been included in the accompanying consolidated financial statements on an equity basis.
All significant intercompany balances and transactions have been eliminated in consolidation. All material unrealizedintercompany gains and losses among the Company and the subsidiaries have been entirely eliminated.

(b) Cash and cash equivalents
For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash on hand, deposits withbanks withdrawable on demand, and short-term investments which are readily convertible to cash subject to an insignificant riskof any changes in their value and which were purchased with an original maturity of three months or less.

(c) Foreign currency translation
The balance sheet accounts of the overseas subsidiaries are translated into yen at the rates of exchange in effect at the balance
sheet date except that the components of net assets are translated at their historical exchange rates. Adjustments resulting fromtranslating accounts denominated in foreign currencies are not included in the determination of net income in the accompanying
consolidated financial statements, but are reported as “Translation adjustments,” a component of net assets.
Revenue and expense accounts are translated at the average rates of exchange in effect during the year.
All monetary assets and liabilities denominated in foreign currencies are translated into yen at the rates of exchange in effectat the balance sheet date, except that receivables and payables hedged by qualified forward foreign exchange contracts aretranslated at the corresponding contract rates. Gain or loss on each translation is credited or charged to income.

(d) Marketable securities and investments in securities
In general, securities are classified into three categories: trading securities, held-to-maturity debt securities or other securities.
Trading securities, consisting of debt and marketable equity securities, are stated at fair value. Gain or loss, both realized andunrealized, are credited or charged to income. Held-to-maturity debt securities are stated at their amortized cost. Marketablesecurities classified as other securities are carried at fair value with any changes in unrealized holding gain or loss, net of theapplicable income taxes, reported as a separate component of net assets. Non-marketable securities classified as othersecurities are carried at cost determined by the moving average method.
Securities held by the Company and its subsidiaries including equity investments in an affiliate are all classified as “othersecurities” and have been accounted for as outlined above.

(e) Inventories
Inventories are mainly stated at the lower of cost or net selling value, cost being determined by the moving average method,
except for goods held by certain overseas subsidiaries which are valued at the lower of cost or market, cost being determined by
the moving average method.

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
2. Summary of Significant Accounting Policies (continued)(f) Property, plant and equipment (except for leased assets)
Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is computed principally by the
declining-balance method over the estimated useful lives of the respective assets as prescribed in the Corporation Tax Law ofJapan, except that the straight-line method is applied to buildings (other than structures attached to the buildings) acquired on
April 1, 1998 and thereafter. Small assets owned by the Company and its domestic subsidiaries, which are valued at ¥100
thousand or more and less than ¥200 thousand, are depreciated by the straight-line method over a three-year period.

(g) Software development costs (except for leased assets)
Expenditures relating to the development of computer software intended for internal use are charged to income when incurred,
except if it is anticipated that this software will contribute to the generation of income or to future cost savings. Suchexpenditures are capitalized as assets and amortized by the straight-line method over an estimated useful life of 3 years or 5
years. Small assets owned by the Company and its domestic subsidiaries, which are valued at ¥100 thousand or more and lessthan ¥200 thousand, are amortized by the straight-line method over a three-year period.

(h) Leased assets
Leased assets are depreciated by the straight-line method over respective lease periods with no residual value.
The Company and its certain subsidiaries continue to account for finance lease transactions not involving the transfer ofownership that were contracted prior to April 1, 2008 in a manner similar to the accounting treatment for ordinary operatinglease transactions.

(i) Allowance for doubtful accounts
The allowance for doubtful accounts is computed based on the historical ratio of bad debts and an estimate of certain
uncollectible amounts determined after an analysis of specific individual receivables.

(j) Warranty reserves
Warranty reserves for certain overseas subsidiaries are calculated based on the historical ratio of the cost of repairs of the
products against net sales.

(k) Accrued retirement benefits
Accrued retirement benefits for employees are provided mainly at an amount calculated based on the retirement benefit
obligation and the fair value of the pension plan assets as adjusted for unrecognized actuarial gain or loss and unrecognized priorservice cost. The retirement benefit obligation is attributed to each period by the straight-line method over the estimatedremaining years of service of the eligible employees.
Actuarial gain or loss and prior service cost are amortized over a period of ten years commencing the year following the year
in which the gain or loss is recognized by the straight-line method. The amortization period is shorter than the average
estimated remaining years of service of the eligible employees.
The net retirement benefit obligation at transition of ¥592 million is being amortized principally over a period of fifteen years.
Prior service cost is being amortized by the straight-line method over ten years within the average remaining years of service
at the time of occurrence.
Actuarial gain or loss is being amortized in the year following the year in which the gain or loss is recognized by thestraight-line method over ten years, which is within the average remaining years of service of employees.

(l) Hedge accounting
Under the accounting standard for financial instruments, gain or loss on derivatives designated as hedging instruments isdeferred until the loss or gain on the underlying hedged items is recognized. Derivatives such as forward foreign exchange
contracts are utilized to manage foreign currency risk. Forward foreign exchange contracts which meet certain conditions areaccounted for by a method under which foreign currency receivables or payables are translated at their corresponding forward
foreign exchange contract rates.

(m) Distribution of retained earnings
Under the Corporation Law of Japan and the Company’s Articles of Incorporation, the distribution of retained earnings withrespect to a given fiscal year end is made by resolution of the shareholders at a general meeting held subsequent to the close of
the financial period. The distribution of retained earnings with respect to interim financial periods is made by resolution of theBoard of Directors. (See Note 19.)

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
2. Summary of Significant Accounting Policies (continued)(Additional information)
Effective the year ended March 31, 2012, the Company and its domestic subsidiaries have adopted “Accounting Standard for
Accounting Changes and Error Corrections” (Accounting Standards Board of Japan (“ASBJ”) Statement No.24 issued on
December 4, 2009) and “Guidance on Accounting Standard for Accounting Changes and Error Corrections” (ASBJ Guidance
No.24 issued on December 4, 2009).

3. Cash and Cash Equivalents
In the preparation of the consolidated statements of cash flows, the relationship between the items included in cash and cash
equivalents and the corresponding amounts reflected in the consolidated balance sheets at March 31, 2012 and 2011 is summarized asfollows:
Thousands of
U.S. dollars

Millions of yen

Cash and deposits
Marketable securities
SubtotalTime deposits with original maturities in excess of threemonthsMarketable securities with original maturities in excess of
three months
Cash and cash equivalents¥

2012
27,543
199
27,742¥(199)
25,692$(1,652)(1,851)¥

2011
28,198214
28,412¥(214)
26,546

2012
335,155
2,421
337,576(22,524)$(2,421)
312,631

4. Notes Receivable
The balance sheet date for the year ended March 31, 2012 fell on a bank holiday. Consequently, notes receivable, trade of ¥4
million ($49 thousand) with due dates on March 31, 2012 were included in the balance and settled on the next business day.

5. Financial Instruments(1) General informationi) Policy for financial instruments
In consideration of plans for capital investment, which is mainly centered on radio manufacturing and sales, the Company
and its subsidiaries (collectively, the “Group”) obtain necessary financing through their own funds. The Group manages
surplus funds through financial assets that have high levels of liquidity. The Group uses derivatives for the purpose of
reducing risk and does not enter into derivatives for speculative or trading purposes.

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
5. Financial Instruments (continued)(1) General information (continued)ii) Types of financial instruments and related risk
Notes and accounts receivable are exposed to credit risk in relation to customers. In addition, the Group is exposed toforeign currency exchange rate fluctuation risk arising from receivables denominated in foreign currencies.
Marketable securities and investments in securities are exposed to market risk. Those securities are composed of mainly
corporate bonds in other securities and the shares of common stock of other companies with which it has business
relationships. Fair values of those securities are periodically reviewed and reported to board of directors meetings.
Trade accounts payable have payment due dates within two months. The Group is exposed to foreign currency exchange
rate fluctuation risk arising from those denominated in foreign currencies.
Regarding derivatives, the Group enters into forward foreign exchange contracts to reduce the foreign currency exchange
rate fluctuation risk arising from cash and deposits denominated in foreign currencies. Further information regarding themethod of hedge accounting, hedging instruments and hedged items, hedging policy, and the assessment of the effectivenessof hedging activities can be found in Note 12.
iii) Risk management for financial instruments(a) Monitoring of credit risk (the risk that customers or counterparties may default)
In accordance with the internal policies for managing credit risk of the Group arising from receivables, the credit
department monitors credit worthiness of main customers periodically, and monitors due dates and outstanding balancesby customer. In addition, the Group is making efforts to identify and mitigate risks of bad debt from customers who havefinancial difficulties.
In accordance with the internal policies for security management, the Group only acquires corporate bonds or othersecurities with high credit ratings. Accordingly, the Group believes that the credit risk deriving from such debt securities
is insignificant.
The Group also believes that the credit risk of derivatives is insignificant as the Group enters into derivativetransactions only with financial institutions with high credit ratings.
(b) Monitoring of market risks (the risks arising from fluctuations in foreign exchange rates, interest rates and others)
For cash and deposits denominated in foreign currencies arising from trade receivables denominated in foreign
currencies, the Group identifies the foreign currency exchange risk by each currency and enters into forward foreignexchange contracts to hedge such risk.
For marketable securities and investments in securities, the Group periodically reviews the fair values of such financial
instruments and the financial position of the issuers. In addition, the Group continuously evaluates whether securities
should be maintained taking into account their fair values and the relationships with the issuers.
For derivative transactions, the accounting department of the Company enters into and manages transactions, and a
representative director, in advance, approves them within the limits reported at the Board of Directors meeting. Resultsof derivative transactions are reported at the monthly Board of Directors meetings. Subsidiaries do not enter into
derivative transactions.
(c) Monitoring of liquidity risk (the risk that the Group may not be able to meet its obligations on the scheduled due dates)
Based on reports from each division, the accounting department of the Company prepares and updates its cash flowplans on a timely basis and maintains liquidity of assets for payment to manage liquidity risk. Subsidiaries monitor
liquidity risk in the same manner.
iv) Supplementary explanation of the estimated fair value of financial instruments
The fair value of financial instruments is based on their quoted market price, if available. When there is no quoted market
price available, fair value is reasonably estimated. Since various assumptions and factors are reflected in estimating the fairvalue, different assumptions and factors could result in different fair values. In addition, the notional amounts of derivatives
in Note 12 are not necessarily indicative of the actual market risk involved in derivative transactions.

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
5. Financial Instruments (continued)(2) Estimated fair value of financial instruments
The carrying value, fair value and unrealized gains (losses) of the financial instruments on the consolidated balance sheets as ofMarch 31, 2012 and 2011 are shown in the following table. The following table does not include financial instruments for which
it is extremely difficult to determine the fair value. (Please refer to Noteδ below).
Millions of yen

2011

2012
Carrying
value

Fair value

Unrealized
gain (loss)¥¥

Carrying
value

Fair value

Unrealized
gain (loss)¥¥

Assets(1) Cash and deposits(2) Notes and accounts
receivable(3) Marketable securities andinvestments in securities
Total assets

¥

1,506
33,854¥

1,506
33,854

¥

–
–

¥

1,166
33,142¥

1,166
33,142¥––

Liabilities(1) Accounts payable - trade
Total liabilities
Derivative transactions (*)

¥
¥
¥

1,386
1,386
–

¥
¥
¥

1,386
1,386
–

¥
¥
¥

–
–
–

¥
¥
¥

1,280
1,280
(0)

¥
¥
¥

1,280
1,280
(0)

¥
¥
¥

–
–
–

¥

27,543
4,805

27,543
4,805

–

¥

3,778

–

Thousands of U.S. dollars

2012
Carrying
value

Fair value

Unrealized
gain (loss)

335,155$ 335,155$

58,46958,469Assets(1) Cash and deposits(2) Notes and accounts
receivable(3) Marketable securities andinvestments in securities
Total assets$

18,326
411,950$

18,326
411,950$––

Liabilities(1) Accounts payable - trade
Total liabilities
Derivative transactions (*)$$$

16,866
16,866–$$$

16,866
16,866
–

$
$
$

–
–
–

$

28,198––(*) The value of assets and liabilities arising from derivatives is shown at net value.

28,1983,778––

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
5. Financial Instruments (continued)(2) Estimated fair value of financial instruments (continued)
Notes:i) Methods to determine the fair value of financial instruments and other matters related to marketable securities
and derivative transactions are as follows:
Assets(1) Cash and deposits, and (2) Notes and accounts receivable
Since these items are settled in a short period of time, their carrying value approximate the fair value.
(3) Marketable securities and investments in securities
The fair value of equity securities is based on quoted market prices. The fair value of debt securities is based on either
quoted market prices or the prices provided by the financial institutions making markets for these securities. For
information on securities classified by holding purpose, please refer to Note 6.
Liabilities(1) Accounts payable - trade
Since this item is settled in a short period of time, its carrying value approximates the fair value.
Derivative Transactions
Please refer to Note 12.

ii) Financial instruments for which it is extremely difficult to determine the fair value are as follows:
Thousands of
U.S. dollars

Millions of yen

Unlisted stocks

¥

2012
74

¥

2011
67

$

2012
900

Since there is no market price for unlisted stocks and it is difficult to determine the fair value, they are not included inabove (3) marketable securities and investments in securities in the preceding table in “(2) Estimated fair value of financial
instruments.”

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
5. Financial Instruments (continued)
The redemption schedule
The redemption schedule for financial instruments receivable and marketable securities and investments in securities withmaturity dates is summarized as follows:
Millions of yen

Due within
one year
Cash and deposits
Notes and accounts
receivable
Marketablesecurities andinvestments insecurities:
Other securities
with maturity
dates
Corporate bonds
Total

¥

27,5432012
Due after
Due after
one yearfive years
throughthrough ten
five years
years
¥
–
¥
–

4,805

¥

200
32,548

–

¥

100
100

700
700

335,1552012
Due after
five years
through ten
years
$
–

58,469––Due within
one year
Cash and deposits
Notes and accounts
receivable
Marketablesecurities andinvestments insecurities:
Other securities
with maturity
dates
Corporate bonds
Total

$

$

2,433
396,057

$

1,217
1,217

$

8,518
8,518

3,778

–

–

Due within
one year

¥

¥

–
–

¥

200
200

Thousands of U.S. dollars

Due after
one yearthroughfive years
$
–

2011
Due after
five years
through ten
years
¥
–

Due after ten
years

–

¥

28,198Due after
one yearthroughfive years¥–

Due after ten
years
$

–
–

$

2,434
2,434

¥

215
32,191

¥

200
200

¥

200
200

Due after ten
years
¥

–
–

¥

200
200

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
6. Marketable Securities and Investments in Securities
Marketable securities classified as other securities at March 31, 2012 and 2011 are summarized as follows:
Millions of yen

Carrying
value
Securities whose carrying value
exceeds their acquisition cost:
Equity securities
Corporate bonds
Subtotal
Securities whose carrying value
does not exceed their acquisition cost:
Equity securities
Corporate bonds
Subtotal
Total

¥

¥

214
401
615

99
792
891
1,506

2012
Acquisition
cost

Unrealized
gain (loss)

¥

¥

194
400
594

137
803
940
¥ 1,534¥

Carrying
value

20
1
21

¥

357
615
972

(38)
(11)
(49)
(28)

1
193
194
¥ 1,166

2011
Acquisition
cost

Unrealized
gain (loss)

¥

¥

¥

330
610
940

1
200
201
1,141

Thousands of U.S. dollars

Carrying
value
Securities whose carrying value
exceeds their acquisition cost:
Equity securities$ 2,604
Corporate bonds
4,880
Subtotal
7,484
Securities whose carrying value
does not exceed their acquisition cost:
Equity securities
1,205
Corporate bonds
9,637
Subtotal
10,842
Total$ 18,326

2012
Acquisition
cost

Unrealized
gain (loss)

$

$

2,361
4,867
7,228

1,667
9,771
11,438$ 18,666

$

243
13
256

(462)
(134)
(596)
(340)

Sales of other securities for the years ended March 31, 2012 and 2011 are summarized as follows:
Thousands of
U.S. dollars

Millions of yen

Sales
Aggregate gain
Aggregate loss

¥

2012
14
0
–

¥

2011
176
10
(12)

$

2012
170
0
–

¥

27
5
32

(0)
(7)
(7)
25

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
7. Inventories
Inventories at March 31, 2012 and 2011 consisted of the following:Thousands of
U.S. dollars

Millions of yen

Merchandise and finished products
Work in process
Raw materials and supplies
Total

¥

¥

2012
3,004
62
2,304
5,370

2011
2,666
74
2,168
4,908

¥

¥

$

$

2012
36,554754
28,036
65,3448. Accrued Retirement Benefits for Employees
The Company and its domestic subsidiaries have employees’ defined benefit pension plans, i.e., corporate pension plans andlump-sum payment plans.
The Company and its domestic subsidiaries pay additional retirement benefits to employees under certain circumstances.
The funded and accrued status of the employees’ defined benefit pension plans of the Company and its domestic subsidiaries andthe amounts recognized in the accompanying consolidated balance sheets at March 31, 2012 and 2011 are summarized as follows:
Thousands of
U.S. dollars

Millions of yen

Retirement benefit obligation at end of year
Plan assets at fair value at end of year
Unfunded retirement benefit obligation
Unrecognized net retirement benefit obligation attransition
Unrecognized actuarial loss
Unrecognized prior service costAccrued retirement benefits for employees

¥

¥

2012
(3,691)
2,478(1,213)
59
420
(6)
(740)

¥

¥

2011
(3,562)
2,291(1,271)
79
638
(9)
(563)

$

$

2012
(44,914)
30,153(14,761)
718
5,111
(73)
(9,005)Certain domestic subsidiaries have applied simplified methods for calculating their retirement benefit obligation, which arepermitted under the accounting standard for employees’ retirement benefits.

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
8. Accrued Retirement Benefits for Employees (continued)
The components of retirement benefit expenses for the years ended March 31, 2012 and 2011 are outlined as follows:
Thousands of
U.S. dollars

Millions of yen

Service cost
Interest cost
Expected return on plan assets
Amortization of prior service cost
Amortization of net retirement benefit obligation attransition
Amortization of actuarial loss
Retirement benefit expenses, net

¥

¥

2012
194
68
(46)
(2)
20
146
380

¥

¥

2011
204
69
(44)
(2)
23
167
417

$

$

2012
2,361
827
(560)
(24)
243
1,777
4,624

Retirement benefit expenses of certain domestic subsidiaries, which have been calculated by simplified methods, are included inservice cost in the above table.
The assumptions used in accounting for the above plans were a discount rate of 2.0% and an expected rate of return on plan assetsof 2.0% for the years ended March 31, 2012 and 2011.

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
9. Income Taxes
Income taxes applicable to the Company and its domestic subsidiaries comprise corporation, enterprise and inhabitants’ taxes which,in the aggregate, resulted in a statutory tax rate of approximately 40.6% for the years ended March 31, 2012 and 2011. The
overseas subsidiaries are subject to income taxes of the respective countries in which they operate.
Reconciliations of the statutory tax rate and effective tax rates for the years ended March 31, 2012 and 2011 as a percentage ofincome before income taxes are as follows:
2011
40.6%
1.8
2.7
–
3.0
(4.0)
–
0.1
44.2%

2012
40.6%
0.8
1.4
(5.0)
(13.2)
(2.4)
5.4
(0.1)
27.5%

Statutory tax rate
Permanently non-deductible expenses
Per capita portion of inhabitant’s taxes
Tax credit for research and development expenses
Unrealized (loss) gain on inventories
Differences in tax rates applicable to overseas subsidiaries
Effect of changes in corporate tax rates
Other
Effective tax rates

The significant components of deferred tax assets and liabilities at March 31, 2012 and 2011 are summarized as follows:
Thousands of
U.S. dollars

Millions of yen

2011

2012
Deferred tax assets:
Accrued retirement benefits for employees
Unrealized gain on inventories
Long-term accounts payable-otherAccrued bonuses
Accrued enterprise tax
Deferred revenue
Allowance for doubtful accounts
Accrued legal welfare expense on bonuses
Net operating loss carryforward
Other
Total deferred tax assets
Deferred tax liabilities:
Depreciation
Accrued interest
Reserve for special depreciation
Other
Total deferred tax liabilities
Net deferred tax assets

¥

¥

262
202
182
148
38
32
24
21
–
123
1,032

(37)
(12)
(11)
(36)
(96)
936

¥

¥

227
24
207
149
23
35
21
21
38
76
821

(47)
(8)
(15)
(8)
(78)
743

2012
$

$

3,188
2,458
2,215
1,801
462
389
292
256
–
1,497
12,558

(450)
(146)
(134)
(438)
(1,168)
11,390ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
9. Income Taxes (continued)
Following the promulgation on December 2, 2011, of the “Act for Partial Revision of the Income Tax Act, etc., for the Purpose of
Creating a Taxation System Responding to Changes in Economic and Social Structures” (Act No.114 of 2011) and the “Act on
Special Measures for Securing Financial Resources Necessary to Implement Measures for Reconstruction following the Great East
Japan Earthquake” (Act No.117 of 2011), effective from fiscal years beginning on and after April 1, 2012, corporate tax rates will be
reduced and a special temporary corporate income tax for restoration will be imposed. In line with these revisions, the effective
statutory tax rate used to measure deferred tax assets and liabilities in the fiscal year under review has been changed from 40.6% usedin the previous fiscal year to 38.0% for items expected to be eliminated from fiscal years beginning in the period from April 1, 2012,
to March 31, 2015, and to 35.6% for items expected to be eliminated in fiscal years beginning on or after April 1, 2015.
As a result of this change, the net amount of deferred tax assets decreased by ¥82 million ($998 thousand), income taxes-deferredincreased by ¥80 million ($973 thousand), and unrealized holding loss on securities increased by ¥1 million ($12 thousand) as of andfor the year ended March 31, 2012.

10. Shareholders’ Equity
The Corporation Law of Japan (the “Law”) provides that an amount equal to 10% of the amount to be disbursed as distributions ofcapital surplus (other than the capital reserve) and retained earnings (other than the legal reserve) be transferred to the capital reserveand the legal reserve, respectively, until the sum of the capital reserve and the legal reserve equals 25% of the capital stock account.
Such distributions can be made at any time by resolution of the shareholders, or by the Board of Directors if certain conditions aremet.
The Company’s legal reserve included in retained earnings at March 31, 2012 and 2011 amounted to ¥293 million ($3,565
thousand).
In addition, upon the issuance and sale of new shares of capital stock, the entire amount of the proceeds is required to be accounted
for as capital stock, although a company may, by resolution of the Board of Directors, account for an amount not exceeding one-halfof the proceeds of the sale of new shares as additional paid-in capital included in capital surplus.
Movements in treasury stock for the years ended March 31, 2012 and 2011 are summarized as follows:

Treasury stock

Treasury stock

April 1, 2011
31,307

Number of shares
2012
Increase
Decrease
213
50

March 31, 2012
31,470April 1, 2010
31,119Number of shares
2011
Increase
Decrease
188–

March 31, 2011
31,307

11. Contingent Liabilities
At March 31, 2012 and 2011, the Company and its subsidiaries were contingently liable as follows:

Notes discounted with a bank¥Millions of yen
2012
–
¥

Thousands of
U.S. dollars

2011
12

$

2012
–

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
12. Derivatives and Hedging Activities
The estimated fair value of the derivatives positions outstanding which qualify for deferral hedge accounting at March 31, 2011 issummarized as follows:
Currency-related transactions
Millions of yen
2011

Method ofhedge
accounting
Allocation
methodforforwardforeignexchange
contracts

Transaction
Forward foreignexchange
contracts
Selling:
USD

Major
hedged item

Deposits
denominatedin foreign
currencies

Total

Contract
value(notional
principal
amount)Contract
value(notional
principal
amount)over oneyear

Estimated
fair value

¥ 831
¥ 831

¥–
¥–

¥ (0)
¥ (0)

The fair values of forward foreign exchange contracts are calculated using the prices offered by the transacting financial institutions
and others.
There were no derivatives positions outstanding which qualify for deferral hedge accounting at March 31, 2012.

13. Research and Development Costs
Research and development costs included in selling, general and administrative expenses for the years ended March 31, 2012 and2011 were as follows:
Thousands of
U.S. dollars

Millions of yen

Research and development costs

¥

2012
2,667

¥

2011
2,547

$

2012
32,453

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
14. Other Comprehensive Loss
Reclassification adjustments and tax effects of other comprehensive loss for the year ended March 31, 2012 were as follows:

Unrealized holding loss on securities:
Loss arising during the year
Reclassification adjustments
Before tax effects
Tax effects
Unrealized holding loss on securities
Translation adjustments:
Amount arising during the year
Other comprehensive loss

Millions of yen

Thousands of
U.S. dollars

2012

2012

¥

(52)
(0)
(52)
(19)
(33)

$

(71)
(104)

¥

(633)
(0)
(633)
(231)
(402)
(864)
(1,266)$

15. Related Party Transactions
Principal transactions between the Company and a related party for the year ended March 31, 2011 were summarized as follows:[Corporate Auditor]
Millions of yen

Name

Description

Equityownership
percentage

Katsunori
Sugimoto

The Company’s corporate
auditor and a patent attorney

0.01%

Nature oftransaction
Payment ofpatentattorney’s fee

2011

¥

13

Payments of patent attorney’s fees were determined based on the same terms as third-party transactions and recorded as acomponent of selling, general and administrative expenses.
The balance due to a related party at March 31, 2011 was as follows:
Millions of yen

Due to Katsunori Sugimoto

Account nameAccounts payable-other

2011
2

¥

There were no related party transactions to be disclosed for the year ended March 31, 2012.

16. Amounts per Share
Amounts per share at March 31, 2012 and 2011 and for the years then ended were as follows:Yen

Net assets
Net income:
Basic
DilutedCash dividends¥

2012
3,128.22
73.94
–
20.00

¥

U.S. dollars

2011
3,081.33
29.44
–
20.00

$

2012
38.07
0.90
–
0.24

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
16. Amounts per Share (continued)
Net assets per share is computed based on the number of shares of common stock outstanding at the year end.
Basic net income per share is computed based on the weighted-average number of shares of common stock outstanding during eachyear. Diluted net income per share is computed based on the weighted-average number of shares of common stock outstanding during
each year after giving effect to the dilutive potential of the shares of common stock to be issued upon the exercise of stockacquisition rights.
Cash dividends per share represent the cash dividends declared as applicable to the respective fiscal years.
Diluted net income per share for the years ended March 31, 2012 and 2011 was not presented since no outstanding dilutive
securities existed at March 31, 2012 and 2011.

17. Segment Informationi) Outline of segment information
The Company’s reporting segments are divisions of the Company for which separate financial information is available, andwhose operating results are reviewed regularly by the board of directors meeting of the Company (the highest management
decision making body) in order to allocate management resources and assess performance of operations.
The Company and its subsidiaries are primarily engaged in the manufacture and sale of telecommunications equipment.
The subsidiaries are independent business units and formulate comprehensive strategies for products and operate businessregionally.
Therefore, the group consists of four segments based on sales by region. The four segments are "Japan," "North America,"
which primarily includes the United States and Canada; "Europe," which primarily includes Germany and Spain; and “Asiaand Oceania,” which primarily includes Australia and Taiwan.
ii) Calculation methods used for sales, income or loss, assets and other items on each reporting segment
The accounting policies of the segments are substantially the same as those described in the significant accounting policies
in Note 2. Segment performance is evaluated based on operating income or loss. Intersegment sales are recorded at thesame prices applied in transactions with third parties.
iii) Information as to sales, income or loss, assets and other items on each reporting segment
Information by reporting segment for the year ended March 31, 2012 and 2011 are as follow:
Millions of yen

Japan
I. Net sales and operating income
Sales to third parties
Intersegment sales
Net sales
Operating expenses
Operating income (loss)
II. Total assets
III. Other items
Depreciation and amortization
Investments in affiliatedcompany
Increase in tangible / intangible
fixed assets¥ 13,791
6,835
20,626
19,778¥848¥ 45,136
¥

970

North
America
¥

¥

7,613
5
7,618
7,355
263

¥

5,043

¥

43

2012
Asia &
Oceania

Europe¥¥Subtotal

Eliminations

Consolidated¥ 23,583
7,121
30,70429,445¥ 1,259

¥

¥

¥

874
1
875
891
(16)

¥

1,305
280
1,585
1,421
164

¥

730

¥

2,741

¥ 53,650

¥

3

¥

9

¥ 1,025¥–(7,121)(7,121)(7,169)48¥

23,583–
23,583
22,2761,307¥(2,437)¥51,213

¥

–

¥

1,025

64

–

–

–

64

–

64

808

34

5

12

859

–

859

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
17. Segment Information (continued)iii) Information as to sales, profit or loss, assets and other items on each reporting segment (continued)
Millions of yen

North
AmericaJapan
I. Net sales and operating (loss)
incomeSales to third parties
Intersegment sales
Net sales
Operating expenses
Operating income
II. Total assets
III. Other Items
Depreciation and amortization
Investments in affiliatedcompany
Increase in tangible / intangible
fixed assets¥¥

13,306
6,521
19,827
19,291
536

¥
¥

¥

¥

6,904
14
6,918
6,839
79

44,207

¥

912

¥

2011
Asia &
Oceania

Europe

¥

¥

1,061
1
1,062
1,031
31

4,859

¥

52

¥

¥

Subtotal¥

Eliminations

Consolidated

¥

¥

¥

–
(6,808)(6,808)(6,746)(62)¥

22,540–22,54021,809
731

¥

1,269
272
1,541
1,394
147

¥

22,5406,808
29,34828,555
793

816

¥

2,499

¥

52,381¥(2,574)¥49,807

2

¥

10

¥

976

¥

–

¥

976

57

–

–

–

57

–

57

555

39

1

2

597

–

597

Eliminations

Consolidated$$

Thousands of U.S. dollars

I. Net sales and operating income
Sales to third parties
Intersegment sales
Net sales
Operating expenses
Operating income (loss)
II. Total assets
III. Other items
Depreciation and amortization
Investments in affiliatedcompany
Increase in tangible / intangible
fixed assets

Japan

North
America$ 167,814
83,171
250,985
240,666$ 10,319$ 92,638
61
92,69989,499$ 3,200$$ 549,233$ 61,365$ 11,803$

523

Europe2012
Asia &
Oceania$$

10,635
12
10,647
10,842(195)$

15,8803,407
19,287
17,291
1,996

$

8,883

$

33,354

$

37

$

110

Subtotal$$

286,967
86,651
373,618
358,298
15,320$–(86,651)(86,651)(87,235)
584$

286,967–
286,967
271,063
15,904$

652,835$(29,654)$623,181$

12,473$–$

12,473

779

–

–

–

779

–

779

9,832

414

61

146

10,453–

10,453

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
17. Segment Information (continued)iv) Regional information(a) Sales
Sales categorized by country and region based on locations of customers within the Group for the year ended March 31,
2012 and 2011 were summarized as follows:
Millions of yen

Japan
USA
North America
EuropeAsia & Oceania
Other
Total

¥

¥

2012
6,941
6,017
1,037
3,364
5,439
785
23,583Thousands of U.S. dollars

2011
5,791
5,810
838
3,789
4,180
2,132
22,540

¥

¥

$

$

2012
84,461
73,217
12,61940,93566,1849,551
286,967(b) Property, plant and equipment
Property, plant and equipment categorized by country and region for the year ended March 31, 2012 and 2011 weresummarized as follows:
Millions of yen

Japan
North America
EuropeAsia & Oceania
Total

¥

¥

2012
6,506
312
9
198
7,025

Thousands of U.S. dollars

2011
6,608
327
7
198
7,140

¥

¥

$

$

2012
79,167
3,797
110
2,409
85,48318. Significant Subsidiaries and Affiliate
The Company’s subsidiaries and a significant affiliate are presented as follows:

Name
Icom America, Inc.
Icom (Europe) GmbHICOM CANADA HOLDINGS INC.

Ownership
Interest
100.0%
100.0%
100.0%Country of Incorporation
United States of America
Germany
CanadaIcom (Australia) Pty., Ltd.
Icom Spain, S.L.
Asia Icom Inc.
Wakayama Icom Inc.
Icom Information Products Inc.

100.0%
100.0%
100.0%
100.0%
100.0%

Australia
Spain
TaiwanJapan
Japan

Icom America License Holding LLC

100.0%

United States of America

Comforce Inc.

49.0%

Japan

Subsidiaries/Affiliate
Consolidated subsidiary
Consolidated subsidiary
Consolidated
sub-subsidiary
Consolidated subsidiary
Consolidated subsidiary
Consolidated subsidiary
Consolidated subsidiary
Consolidated subsidiary
Consolidated
sub-subsidiary
Affiliate accounted forby the equity method

ICOM INCORPORATED AND SUBSIDIARIES

Notes to Consolidated Financial Statements
19. Subsequent Event
The following distribution of retained earnings of the Company, which has not been reflected in the accompanying consolidated
financial statements for the year ended March 31, 2012, was approved at the Company’s general shareholders’ meeting held on June27, 2012:
Thousands of
U.S. dollars

Millions of yen

Cash dividends (¥10 = U.S.$0.12 per share)

¥

2012
148

$

2012
1,801

BOARD OF DIRECTORSAND AUDITORSTokuzo Inoue
Chairman and Representative Director

Tsutomu Fukui
President and Representative Director

Nobuo Ogawa
Executive Managing Director

Kiyoshi Sakurai
Director

Taichiro Itoyama
Outside Director

Toshihiro Wada
AuditorHiroshi Umemoto
Outside Auditor

Katsunori Sugimoto
Outside Auditor

EXECUTIVE OFFICERS
Masataka Harima
Hiroshi Shimizu
Hiroshi Nakaoka
Takayuki Watanabe
Takashi Tsujiuchi

DIRECTORY
Head Office:1-1-32, Kamiminami, Hirano-ku,
Osaka, 547-0003, JAPAN
Phone: 81-6-6793-5301
Fax: 81-6-6793-5305
URL http://www.icom.co.jp/

Subsidiaries:
Icom America, Inc.
2380 116th Avenue N.E., Bellevue,
WA 98004, U.S.A.
Phone: 1-425-454-8155
Fax: 1-425-454-1509
URL http://www.icomamerica.com/
Icom Canada, Inc.
#150-6165
Hwy, 17
Delta,BC V4K 5B8Phone: 1-604-952-4266
Fax: 1-604-952-0090
URL http://www.icomcanada.com/
Icom (Europe) GmbHAuf der Krautweide 24, 65812
Bad Soden am Taunus, GERMANY
Phone: 49-6196-76685-0
Fax: 49-6196-76685-50
URL http://www.icomeurope.com/
Icom (Australia) Pty., Ltd.
A.B.N. 88 006 092 575
Unit 1/103 Garden Road,
Clayton Victoria 3168, AUSTRALIA
Phone: 61-3-9549-7500
Fax: 61-3-9549-7505
URL http://www.icom.net.au/
Icom Spain, S.L.
“Edificio Can Castanyer” Ctra. Gracia
a Manresa km. 14, 750 08190
Sant Cugat Del Valles
Barcelona, SPAIN
Phone: 34-93-590-2670
Fax: 34-93-589-0446
URL http://www.icomspain.com/
Asia Icom Inc.
6F, No.68, Section 1, Cheng-Teh,
Road Taipei, TAIWAN R.O.C.
Phone: 886-2-2559-1899
Fax: 886-2-2559-1874
Wakayama Icom Inc.
1866-1, Oaza Tokuda, Aritagawa-chou
Arita-gun, Wakayama, 643-0801
JAPAN
Phone: 81-737-52-6600
Fax: 81-737-52-6603

Major shareholders
State Street Bank and Trust Company
Tokuzo Inoue
Gigapalace Inc.
The Icom Foundation
JPMorgan Chase & Co.
Japan Trustee Service Bank, Ltd.
JVC KENWOOD Corporation
The Master Trust Bank of Japan, Ltd.
Meiji Yasuda Life Insurance Company
Bank of Tokyo-Mitsubishi UFJ, Ltd.

Icom Information Products Inc.
3-8-15, Nipponbashi, Naniwa-ku,
Osaka, 556-0005, JAPAN
Phone: 81-6-6635-5701
Fax: 81-6-6635-5707
URL http://www.icom-jk.co.jp/
Icom America License Holding LLC
2380 116th Avenue N.E., Bellevue,
WA 98004, U.S.A.
Phone: 1-425-454-8155
Fax: 1-425-454-1509

Affiliates:
Comforce Inc.
8F, 3-42-3, Nihonbashi Hamacho,
Chuo-ku, Tokyo, 103-0007, JAPAN
Phone: 81-3-3662-1167
Fax: 81-3-3662-1168
URL http://www.comforce.co.jp/

TRANSFER AGENT
Mitsubishi UFJ Trust and Banking
Corporation
Tokyo Office:4-5, Marunouchi 1-chome,
Chiyoda-ku, Tokyo 100-8212, JAPAN
Osaka Office:6-3, Fushimimachi 3-chome
Chuo-ku, Osaka, 541-0044, JAPANINVESTOR RELATIONS
Mr. Kenji Oono
Chief of Managing and Planning
Section, Icom Inc.
1-1-32, Kamiminami, Hirano-ku,
Osaka, 547-0003, JAPAN
Phone: 81-6-6793-5301
Fax: 81-6-6793-5305

CORPORATE FACTS(As of March 31, 2012)
Established: July 1964
Employees: 610
Paid-in capital: ¥7,081 million
Authorized shares: 34,000,000
Issued and outstanding shares:
14,850,000
Shareholders: 4,548
Stock listing: Tokyo Stock Exchange
and Osaka Securities Exchange(As of March 31, 2012)
Thousands of shares
2,412
1,868
1,472
1,000
822
513
445
337
326
243