Summary Report on Financial Results for the Second Quarter of the Year Ending March 2013
（Japan GAAP）
October 31st, 2012
Listing: OSE-JASDAQ
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
Inquiries:
Shuichi Fukuda, Executive Director/ Senior Manager of Accounting & Finance Department– Senior Manager of Information Technology DepartmentTel:+81-3-3815-2121
Scheduled date for filing the quarterly report:
November 8th, 2012
Scheduled date for commencement of dividend payment:
December 10 th, 2012
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the second quarter of the year ending March 2013 (April 1st, 2012 throughSeptember 30th, 2012)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Net sales
Operating income
Ordinary income
Net income
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
Second quarter of the
44,695
4.8
4,456
6.9
4,462
1.6
2,688
2.9
year ending March 2013
Second quarter of the42,634
(1.7)
4,167
1.6
4,391
6.3
2,613
6.9
year ended March 2012
(Note) Comprehensive income
Second quarter of the year ending March 2013: 1,980 million yen / (25.6) %Second quarter of the year ended March 2012: 2,662 million yen / 67.0 %Net income
per share
Yen

Fully diluted net
income per shareyen

171.79―151.99―Second quarter of theyear ending March 2013
Second quarter of theyear ended March 2012
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio％

Second quarter of theyear ending March 2013

104,855

77,50773.9

5,036.56

Year ended March 2012

107,025

77,84672.7

4,866.46

Total assets(Reference) Shareholders' equity:
Second quarter of the year ending March 2013:
Year ended March 2012:

Net assets

77,507 million yen
77,846 million yen-1-

Net Assets per
Share
Yen

2. Dividends
End of the firstquarteryenYearly Dividends per share
End of the
End of the third
End of the term
second quarter
quarter
yen
yen
yen

Annualyen
Year ended
―
40.00
―
55.00
95.00
March 2012
Year ending―
40.00
March 2013
Year ending
March 2013
―
55.00
95.00
(forecast)(Note) Revisions to recent dividend forecast: None
The detail of year-end dividend of Year ended March 2012; ordinary dividend 40.00 yen, extra dividend 15.00
yen
The detail of year-end dividend of Year ending March 2013 (Forecast); ordinary dividend 40.00 yen, extra
dividend 15.00 yen
3. Forecast of consolidated financial results for the year ending March 2013 (April 1st, 2012 through March
31st, 2013)（% represents increase or decrease from the previous year）

Net sales

Full-year

millionyen%

94,0001.6

Operatingincomemillion%yen

Ordinary
incomemillion%yen

million
yen

%

yen

9,400

9,400

5,100

(3.2)

328.422.3(0.3)

Net income
per share

Net income(Note) Revisions to recent business forecast: None
*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries involving changes
in the scope of consolidation): None
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements: None
(3) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: Yes(ii) Changes other than (i) above: None(iii) Changes in accounting projections: Yes(iv) Restatement: None
(Note) For details, please refer to “(3) Change in accounting policies, accounting projections andrestatement” under the “2. Summary information” section on page 6.
(4) Number of outstanding shares (common stock)(i) Number of outstanding shares at the end of the period (including treasury stock)
Second quarter of the year ending March 2013: 19,588,000 sharesYear ended March 2012: 19,588,000 shares(ii) Number of shares of treasury stock at the end of the period:
Second quarter of the year ending March 2013: 4,199,095 sharesYear ended March 2012: 3,591,515 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
Second quarter of the year ending March 2013: 15,649,305 shares-2-Second quarter of the year ended March 2012: 17,196,622 shares* Status of Auditing Processes
At the time of disclosure of this report, review procedures for the quarterly financial statements pursuant to
the Financial Instruments and Exchange Law had not been completed.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters
1. The forecasted financial results described above are based on information available at the time ofannouncement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.
2. With respect to the preconditions for the forecast of financial results, please refer to “(3) Qualitative
information about consolidated earnings forecast” under the “1. Qualitative Information about consolidated
earnings results for the quarter under review" section on page 5.

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Contents of the Attached Materials
1. Qualitative information about consolidated earnings results for the quarter under review -----------

5(1) Qualitative information about consolidated operating results -----------------------------------------

5(2) Qualitative information about consolidated financial situation--------------------------------------

5(3) Qualitative information about consolidated earnings forecast -----------------------------------------

5

2. Summary information ------------------------------------------------------------------------------------------

6(1) Change in significant subsidiaries during the period ---------------------------------------------------

6(2) Application of special accounting methods for the preparation of the consolidated quarterly
financial statements -------------------------------------------------------------------------------------------

6(3) Change in accounting policies, accounting projections, and restatement ----------------------------

6

3. Consolidated quarterly financial statements ----------------------------------------------------------------

7(1) Consolidated quarterly balance sheets --------------------------------------------------------------------

7(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income
statements

9Consolidated quarterly income statements
Second quarter of the consolidated term ----------------------------------------------------------------

9

Consolidated quarterly comprehensive income statements
Second quarter of the consolidated term ---------------------------------------------------------------(3) Note concerning premise of going concern

10-------------------------------------------------------------

10(4) Note when there is a significant fluctuation in the amount of shareholders’ equity ----------------

10

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1. Qualitative Information about consolidated earnings results for the quarter under review(1) Qualitative Information about consolidated operating results
In the second quarter cumulative period, signs of recovery have been seen in the Japanese economy as aresult of the demand for restoration from the Great East Japan Earthquake. On the other hand, the future of
the economy remains uncertain due to the financial problems in Europe, concern of economic recession in
emerging economies, and the ongoing deflation and appreciation of the yen.
In the medical environment industry, the remuneration for medical treatments has increased slightly from
April, but an effective and efficient reformed management is still required to go forward.
As a result, the Group posted a consolidated net sales of 44,695 million yen (up 4.8% on a year-to-yearbasis), operating income of 4,456 million yen (up 6.9% on a year-to-year basis), ordinary income of 4,462
million yen (up 1.6% on a year-to-year basis), and a net income of 2,688 million yen (up 2.9 % on a
year-to-year basis) in the second quarter.
A. Physiological diagnostic equipment segment
While the sales of ultrasound diagnostic systems and vascular screening systems continued toincrease, sales of blood-cell counters decreased.
As a result, consolidated net sales were 11,745 million yen (up 0.6% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales continued to increase both domestically and abroad in the second quarter. It was enough torecover the decrease in the first quarter.
As a result, consolidated net sales were 3,709 million yen (up 0.4% on a year-to-year basis).
C. Medical treatment equipment segment
The business of renting medical equipment for home treatment and sales of Automated External
Defibrillators (AEDs) continued to increase. In spite of the reduction of the official reimbursement
prices, the sales of pacemakers and catheters increased due to the increase of sales quantity.
As a result, consolidated net sales were 18,915 million yen (up 6.3% on a year-to-year basis).
D. Consumables and other products segment
In this segment, we mainly handle recording paper, disposable electrodes, and consumables used for
devices handled in the above segments, as well as maintenance and repair services.
Consolidated net sales for this segment were 10,326 million yen (up 9.2% on a year-to-year basis).
(2) Qualitative information about consolidated financial situation
Total assets were 104,855 million yen at the end of the second quarter under review, down 2,170 million
yen from the end of the previous fiscal year.
The main factors are a decrease of 4,871 million yen in “Notes and accounts receivable-trade” despite anincrease of 1,699 million yen in “Property, plant and equipment” and an increase of 986 million yen in“Cash and deposits”.
Liabilities amounted to 27,348 million yen, down 1,830 million yen from the end of the previous fiscal
year.
This is primarily because of a decrease of 1,482 million yen in “Notes and accounts payable-trade”.
Net assets were 77,507 million yen, down 339 million yen from the end of the previous fiscal year.
The decrease is primarily because of an increase of 1,438 million yen in “Treasury stock” and a decreaseof 708 million yen in “Valuation difference on available-for-sale securities” despite an increase of 1,807
million yen in “Retained ernings”.
(3) Qualitative information about consolidated earnings forecast
Due to the steady sales achievement until the second quarter, there is no change at this moment in theforecast of the financial results for the full fiscal year which we announced on May 15th, 2012.
The forecasted financial results described in this material are based on information available at the timeof announcement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.

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2. Summary information(1) Change in significant subsidiaries during the period
Not applicable.
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements
Not applicable.
(3) Change in accounting policies, accounting projections, and restatement(Change in accounting policies that are difficult to separate from changes in accounting projections)
According to the revision of the Corporation Tax Act, the Company and its consolidated subsidiaries inJapan changed the method of depreciation to the one based on the revised Corporation Tax Act for“Property, plant and equipment” acquired after April 1st, 2012, effective from the first quarter underreview.
The effect of this change on the operating income, ordinary income and quarterly net income before
taxes for the second quarter under review is minimal.

-6-3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2012)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and otherassetsTotal noncurrent assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Income taxes payable
Provision for bonuses
Provision for product warranties
Other provision
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision for retirement benefits
Other provision
Other
Total noncurrent liabilities
Total liabilities-7-(Million yen)
End of the second quarter
under review(as of September 30th, 2012)

24,267
26,297
1,482
6,624
142
1,455
3,328
(36)
63,562

25,253
21,425
1,080
6,816
203
1,715
3,491
(35)
59,95020,117
1,378

21,8162,048

22,009(24)(18)

21,068(10)(18)

21,967

21,03943,463
107,025

44,904
104,855

14,925
1,700
1,347
2,171
484
139
3,502
24,27013,443
1,900
1,404
1,911
521
69
3,141
22,391

742
2,917
185
1,064
4,909
29,179

777
2,891
198
1,090
4,956
27,348

Previous fiscal year
(as of March 31st, 2012)
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets-8-

End of the second quarter
under review(as of September 30th, 2012)

4,621
10,02770,189(7,580)77,257

4,621
10,027
71,996(9,019)77,626

640

(68)

(51)

(51)

588

(119)

77,846
107,025

77,507
104,855

(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income statements
Consolidated quarterly income statements(Second quarter of the consolidated term)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating income
Non-operating income
Interest income
Dividends income
Compensation income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Equity in losses of affiliates
Loss on investments in partnership
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
State subsidy
Surrender value of insurance
Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent assets
Impairment loss
Loss on valuation of investment
securities
Loss on disaster
Total extraordinary losses
Income before income taxes and minority
interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

Second quarter of theprevious consolidated term(from April 1st, 2011
to September 30th, 2011)
42,634
21,91820,716(Million yen)
Second quarter of theconsolidated term(from April 1st, 2012
to September 30th, 2012)
44,69523,371
21,324

16,54816,867

4,167

4,456

34
81
66
88
270

28
93
88
210

10
10
22
2
46
4,391

11
33
145
5
8
204
4,462

2
2

1
102
64
168

0
38

0
0

59

4

52
151

5

4,242

4,626

1,595
33
1,628
2,613
2,613

1,624
313
1,937
2,688
2,688

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Consolidated quarterly comprehensive income statements(Second quarter of the consolidated term)

Income before minority interests
Other comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of the parent

Second quarter of theprevious consolidated term(from April 1st, 2011
to September 30th, 2011)
2,613(Million yen)
Second quarter of theconsolidated term(from April 1st, 2012
to September 30th, 2012)
2,688

(79)

(708)

127

0

48
2,662

(707)
1,980

2,662

1,980

(3) Note concerning premise of going concern
Not applicable.
(4) Note when there is a significant fluctuation in the amount of shareholders’ equity
The Board of Directors approved on the acquisition of Fukuda Denshi’s own shares under the Article
156 of the Companies Act of Japan applied as mutatis mutandis stipulated under the Article 165(3) of thesame Law during its meeting held on May 31st, 2012, and as of June 1st, 2012, 607,500 common shares
have been acquired through a fixed price trading at J-NET Market of Osaka Securities Exchange whichamounted to 1,437 million yen.
As a result, the value of the treasury stock was 9,019 million yen at the end of the second quarter underreview.

*This English translation is for reference purposes only. The original Japanese version will prevail as theofficial authoritative version.

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