Summary Report on Financial Results for the First Quarter of the Year Ending March 2012
（Japan GAAP）
July 29th, 2011
Listing: Osaka Securities Exchange
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Kotaro Fukuda, President & CEO
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:
August 5th, 2011
Scheduled date for commencement of dividend payment:―
Supplementary material development:
None
Financial results meeting:
None(Note) The original disclosure in Japanese was released on July 29th, 2011 at 12:00（GMT+9）(Amounts less than one million yen are discarded)
1. Consolidated financial results for the first quarter of the year ending March 2012 (April 1st, 2011 throughJune 30th, 2011)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Operating
Net sales
Ordinary income
Net income
incomemillionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
First quarter of the year
20,183
2.6
1,594
16.3
1,706
12.6
598
(38.2)
ending March 2012
First quarter of the year
19,680
1.1
1,371
61.4
1,516
61.2
969
783.4
ended March 2011
(Note) Comprehensive income
First quarter of the year ending March 2012: 741 million yen / 64.2 %First quarter of the year ended March 2011: 451million yen / - %Net income
per shareyen

Fully diluted net
income per share
yen

34.83

―

52.47

―

First quarter of the year
ending March 2012
First quarter of the year
ended March 2011
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio％

First quarter of the year
ending March 2012

100,763

75,676

75.1

Year ended March 2011

103,056

75,623

73.4(Reference) Shareholders' equity:
First quarter of the year ending March 2012:
Year ended March 2011:

75,676 million yen
75,623 million yen

Total assets

Net assets-1-2. Dividends
Record date

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

Year ended―
40.00
March 2011
Year ending―
March 2012
Year ending
March 2012
40.00
(estimate)(Note) Revisions to recent dividend forecast: None

Annual
yen

―

40.00

80.00

―

40.00

80.00

3. Forecast of consolidated financial results for the year ending March 2012 (April 1st, 2011 through March
31st, 2012)（% represents increase or decrease from the previous corresponding period）

Net sales

Operatingincomemillion%yen

Ordinary
incomemillion%yen

Net income
per share

million
yen

%

yen

Net income

millionyen%

Second quarter(total)42,000

(3.1)

3,300

(19.5)

3,400(17.7)

1,600(34.6)

93.04

Full-year

88,800

(1.5)

7,000

(12.7)

7,000(12.9)

3,500(14.9)

203.53(Note) Revisions to recent business forecast: Yes
4. Others(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 estimates and restatement(i) Changes in accounting policies associated with revision of accounting standards: None(ii) Changes arising from other factors: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of outstanding issues (common stock)(i) Number of outstanding shares at the end of the period (including treasury stock)
First quarter of the year ending March 2012: 19,588,000 sharesYear ended March 2011: 19,588,000 shares(ii) Number of shares of treasury stock at the end of the period:First quarter of the year ending March 2012: 2,391,375 sharesYear ended March 2011: 2,391,355 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
First quarter of the year ending March 2012: 17,196,630 sharesFirst quarter of the year ended March 2011: 18,468,068 shares* Implementation status of quarterly review procedures
At the time of disclosure of this report, review procedures for the quarterly financial statements pursuant to-2-the Financial Instruments and Exchange Law had not been completed.
* Explanation about 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 earnings forecast” under the “1. Qualitative Information about consolidated earnings
results for the quarter under review" section on page 6.

-3-

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 -----------------------------------------

6

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 estimates, and restatement ------------------------------

6

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

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

7(2) Consolidated quarterly statements of income/ Consolidated quarterly statements ofcomprehensive income - Consolidated quarterly statements of comprehensive income
First quarter of the consolidated term -------------------------------------------------------------------

9

Consolidated quarterly statement of comprehensive income
First 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

-4-

1. Qualitative Information about consolidated earnings results for the quarter under review(1) Qualitative Information about consolidated operating results
The Japanese economy during the first quarter has been at huge stake due to the Great East Japan
Earthquake which occurred on March 11th 2011, but symptoms of recovery from the rapid restoration of
the supply chains have been seen. However, there are still concerns about the impact of power limitations
and the nuclear power plants problem, the future of the economy is still uncertain.
In the medical environment industry, the remuneration for medical services was positively changed forthe first time in ten years in April 2010, so an improvement of the business environment is expected, but
management efficiency and rationalization are still required to go forward.
Against the background of these economic conditions, the Group faced obstructions to its production andshipping caused by the Great East Japan Earthquake, including the suspension of operations at the Fukuda
Denshi Tagajo Laboratory (located in Tagajo, Miyagi Prefecture), which caused inconvenience to ourcustomers.
Furthermore, it is still possible that, as our electronic components suppliers were harmed by the disaster,and supplies maybe delayed for some of the medical equipment the company manufactures. So in the firstquarter under review, we endeavored to maintain the production and supply structure giving priority tocustomer’s requests.
As a result, the Group posted consolidated net sales of 20,183 million yen (up 2.6% on a year-to-yearbasis) in the first quarter.
Regarding the cost of sales, although the ratio of sales accounted for the goods purchased increasedslightly, the cost-to-sales ratio only rose 0.2% year-on-year basis.
Furthermore, some of the selling, general and administrative expenses planned for the first quarter underreview were deferred to the second quarter or later due to the impact of the earthquake disaster.
As a result, the Group posted an operating income of 1,594 million yen (up 16.3% on a year-to-yearbasis), ordinary income of 1,706 million yen (up 12.6% on a year-to-year basis), and a net income of 598
million yen (down 38.2 % on a year-to-year basis) in the first quarter.
A. Physiological diagnostic equipment segment
Sales of electrocardiographs continued to increase both domestically and abroad.
As a result, consolidated net sales were 4,975 million yen (up 4.6% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales continued to increase.
As a result, consolidated net sales were 1,823 million yen (up 38.6% on a year-to-year basis).
C. Medical treatment equipment segment
The business of renting medical equipment for home treatment continued to increase.
Sales of Automated External Defibrillators (AEDs) showed a slight recovery. But the sales ofventilators, pacemakers and catheters decreased.
As a result, consolidated net sales were 8,705 million yen (down 1.8% 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 by the above segments, as well as maintenance and repair services.
Consolidated net sales for this segment were 4,679 million yen (down 1.4% on a year-to-year basis).
(2) Qualitative information about consolidated financial situation
Total assets were 100,763 million yen at the end of the first quarter under review, down 2,292 million
yen from the end of the previous fiscal year.
The main factors are a decrease of 1,053 million yen in “cash and deposits” and a decrease of 2,314
million yen in “trade notes and account receivable” despite an increase of 1,330 million yen in“merchandise and products”.
Liabilities amounted to 25,087 million yen, down 2,346 million yen from the end of the previous fiscal
year.
This is primarily because of a decrease of 1,673 million yen in “income tax payable etc.” and a decreaseof 1,212 million yen in “allowance for bonuses to employees”.

-5-Net assets were 75,676 million yen, up 53 million yen from the end of the previous fiscal year.
The increase is primarily because of an increase of 122 million yen in “foreign currency translation
adjustment account” despite a decrease of 88 million yen in “retained earnings”.
(3) Qualitative information about consolidated earnings forecast
Outlook for the fiscal year was uncertain as our suppliers were harmed and supply chains were damagedby the Great East Japan Earthquake. But they recovered rapidly and the results of the consolidated firstquarter exceed the earlier forecast.
Under such circumstances, we have amended the forecast for the second quarter cumulative period of theyear ending March 2012. Please refer to the “Notice of an Amendment to the Forecast of the Financial
Results” released separately on July 29th for details.
As for the present, we have been able to meet demands for nearly all the products we handle. But thedamage to companies that supply us with certain electrical components, could still cause delivery delays or
supply disruptions for some products for a period of time.
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.
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 estimates, and restatement
Not applicable.

-6-3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2011)
AssetsCurrent assets
Cash and deposits
Trade notes and account receivable
Securities
Merchandise and products
Work in progress
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments and other assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and otherassetsTotal fixed assets
Total assets
Liabilities
Current liabilities
Trade notes and account payable
Short-term borrowings
Income tax payable, etc.
Allowanceforbonusestoemployees
Allowance for product warranty
Other allowances
Other
Total current liabilities
Long-term liabilities
Long-term borrowings
Allowance for retirement benefits
Other allowances
Other
Total long-term liabilities
Total liabilities-7-(Million yen)
Fiscal year under review(as of June 30th , 2011)

26,912
22,572
1,199
5,897
40
1,386
3,619
(54)
61,57425,85920,258
799
7,227
133
1,973
3,908
(60)
60,10019,687
1,746

19,432
1,541

20,386(21)(318)

20,023(17)(318)

20,047

19,68841,481103,056

40,663
100,763

12,7601,400
2,383

12,433
1,400
709

2,185

973

386
303
3,017
22,437

376
34
4,296
20,224

620
3,158
184
1,032
4,995
27,433

620
3,107
155
979
4,862
25,087

Previous fiscal year
(as of March 31st, 2011)
Net assets
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Other accumulated comprehensive
incomeEvaluation difference on othersecurities
Foreigncurrencytranslation
adjustment account
Total
of
other
accumulatedcomprehensive income
Total net assets
Total liabilities and net assets-8-

Fiscal year under review(as of June 30th, 2011)

4,621
9,982
66,303(5,047)75,8594,621
9,982
66,214(5,048)75,770

(57)

(36)

(179)

(56)

(236)

(93)

75,623103,056

75,676
100,763(2) Consolidated quarterly statements of income/ Consolidated quarterly statements of comprehensive income- Consolidated quarterly statements of comprehensive income(First quarter of the consolidated term)(Million yen)First quarter of theFirst quarter of theprevious consolidated term
consolidated term(from April 1st, 2010
(from April 1st, 2011
to June 30th, 2010)
to June 30th, 2011)
Net sales
19,68020,183
Cost of sales
10,04910,348Gross profit
9,631
9,834
Selling, general and administrative
8,260
8,240
expenses
Operating income
1,371
1,594
Non-operating income
Interest income
610Dividend income
8176
Foreign exchange profit
56
－
Other
54
34
Total non-operating income
199
121
Non-operating expenses
Interest expenses
54Foreign exchange losses－
3
Provision of allowance for investment
46
－
loss
Other
2
1
Total non-operating expenses
54
9
Ordinary income
1,516
1,706
Extraordinary gains
Gains on sale of fixed assets
01
Gains on sale of investment securities
63－
Gains on reversal of allowance for116－
doubtful accounts
Gains on insurance surrender
7－
Total extraordinary gains
187
1
Extraordinary losses
Losses on sale of fixed assets
00
Losses on disposal of fixed assets
3－
Impairment losses
017
Loss on valuation of investment
753
securities
Losses on application of accounting
standards related to asset retirement
21－
obligations
Loss from disaster－
36
Total extraordinary losses
32
108
Quarterly net income before taxes
1,670
1,599
Corporate, inhabitants' and enterprise
920
740
taxes
Corporate tax adjustments
(219)
259
Total income taxes
701
1,000
Quarterly net income before minority
interests in earnings of consolidated
969
598
subsidiaries
Net income
969
598

-9-

Consolidated quarterly statement of comprehensive income(First quarter of the consolidated term)

Income before minority interests
Other comprehensive income
Valuationdifferenceonavailable-for-sale securities
Foreigncurrencytranslation
adjustments
Total of other total comprehensive
incomeQuarterly comprehensive income(Breakdown)Comprehensive income attributable tothe parent company
Comprehensive income attributable tominority shareholders

First quarter of theprevious consolidated term(from April 1st, 2010
to June 30th, 2010)
969(Million yen)First quarter of theconsolidated term(from April 1st, 2011
to June 30th, 2011)
598

(514)

20

(3)

122

(517)

142

451

741

451

741

－

－

(3) Note concerning premise of going concern
Not applicable.
(4) Note when there is a significant fluctuation in the amount of shareholders’ equity
Not applicable.

- 10 -