2002 年 5 月 22 日
株式会社インターネットイニシアティブ IR 室
Tel. 03-5259-6500 Fax. 03-5259-6311
Email: ir@iij.ad.jp
本資料は日本の方々の便宜性のために作成した簡易版です。7 ページ目より正式決算発表資料（英文）が続きますので、そちらもあわせてご参照いただけますよう、お願い申し上げます。

2001 年度第 4 四半期（1-3
四半期（月）および 2001 年度通期の決算発表（抄訳）
第 4 四半期は、見込みを上回る売上高を達成。
2001 年度は、対前年度比 25.2%の売上成長および営業利益の黒字化を実現
本決算発表に伴うカンファレンス・コールの模様を 2002 年 5 月 22 日 22:00 よりインターネット上（URL: www.vcall.com）で公開しております。
）で公開しております。
2001 年度第 4 四半期 (1-3 月) および 2001 年度通期の決算発表 要約z2001 年度第 4 四半期の売上高は、 121 億円（前年同期比 31.6%増、前期比 21.9%増）を達成。トータル・
ネットワーク・ソリューション戦略の着実な遂行により、システム・インテグレーション事業が売上の伸びを牽引。結果として、第 3 四半期決算発表時点での見込み（105-110 億円）を上回った。

z

営業損益は 186 百万円の営業利益となり、増益を継続（前年同期は 394 百万円の営業損失、前期は 151
百万円の営業利益）。営業利益率は、前期と同じく 1.5%（前年同期は-4.3%）。EBITDA は引き続き改善
し、968 百万円（前年同期比 228%増、前期比 7%増）へ。

z2001 年度通期の売上高は、前年比 25.2%増の 399 億円を達成。営業損益は 54 百万円の営業利益となり、通期ベースの黒字化を実現。

z2002 年度第 1 四半期の売上高は、90– 95 億円となる見込み。システム・インテグレーション事業の季節変動(*)が主な要因で、前年同期比で 8.0%- 14.0%の成長となる。減収および年度初の人件費増等の要因により、第 1 四半期の営業損益は一時的に損失となるが、第 2 四半期にて黒字に戻る見込み。EBITDA は引
き続き黒字を維持。

z2002 年度上期の売上高は、2001 年度上期と比較して 15%超の成長となる見込み。

(*)

システム・インテグレーション事業は、日本企業の会計サイクルにより上期末（第 2 四半期末）および下期末（第 4 四半期末）に売上計上が集中する傾向にある。

2001 年度の決算概況
日本経済の低迷にもかかわらず、2001年度は通期ベースで売上高の成長と営業損益の黒字化を実現。2001
年度においては計30種類以上の新サービスを市場投入するなど、急速な拡大を続けるブロードバンドおよびネットワーク・ソリューション市場に対し迅速な開発・マーケティング活動を実現したことが奏効した。システム・インテ
グレーション事業の伸長（特に第４四半期は前年同期比70.6%および前期比57.2%増）が増収に貢献している。
一方、コストにおいては、単価削減により、2001年度通期で国際バックボーンコストが前年度と比較して半分以下となった。

2002 年度の展望
引き続きエンタープライズ・ネットワーク市場に注力し、企業の新しい情報戦略を支援していく。これに向け、(1)クロスウェイブコミュニケーションズの新世代型ネットワークサービスの IIJ ソリューション展開、 (2)システム・インテグ
レーション事業におけるエンタープライズ・ソリューションの強化 、(3)運用管理事業の強化を実施し、トータル・ネ
ットワーク・ソリューション提供の市場競争力の更なる強化を図る。 更に、放送と通信の融合を睨み、CDN（Content Distribution Network）事業によるブロードバンド接続事業の展開や、ブロードバンドコンテンツ配
信支援を行うことにより、接続、システムインテグレーション、インターネットデータセンター等の売上の更なる成長を実現していく。

（ご参考）統計値について
表 1. 契約数
4Q01

IP サービス

64kbps – 128kbps
192kbps – 768kbps
1Mbps – 2Mbps
3Mbps – 1.2Gbps

3Q01

4Q00

142
42
270
156
73
2
667

176
46
269
131
25
0
681

295
80
240
111
n/a
n/a
575

1,352

1,328

1,301

64kbps – 128kbps
1.5Mbps（最大）

921
1,237

1,060
750

1,295
n/a

専用線接続サービス 合計(*1)
IIJ FiberAccess/F は 2001 年 8 月サービス開始(*2)
IIJ Ethernet Standard は、2001 年 12 月サービス開始(*3)
IIJ DSL/F は、2001 年 5 月サービス開始

3,510

3,138

2,596

IIJ4U (個人向けダイアルアップ接続サービス)
その他 ダイアルアップ接続サービス

89,213
171,363

91,924
114,676

95,273
66,857

ダイアルアップ接続サービス 合計

260,576

206,600

162,130

138

127

113

4Q01
3,061

3Q01
2,990

(百万円)
4Q00
3,020

325

348

333

IIJ FiberAccess/F(*1)
IIJ Ethernet Standard(*2)
IIJ T1 スタンダード 1.5Mbps
IP Service 合計

IIJ エコノミー
IIJ DSL/F(*2)

インターネットデータセンターサービス契約数
表 2. 専用線サービス内訳
IP サービス(IP サービス、
サービス、IIJ T1 スタンダード、
スタンダード、IIJ FiberAccess/F)
IIJ エコノミー + IIJ DSL/F
表 3. 契約帯域数の総和
専用線接続サービス
インターネットデータセンター接続サービス

9.4
2.0

7.7
0.7

(単位: Gbps)
4Q00
3.5
n/a

契約帯域合計

11.4

8.4

3.5

3Q01
536
772

(百万円)
4Q00
1,409
714

4Q01

3Q01

表 4. バックボーンコスト
4Q01
国際バックボーンコスト
国内バックボーンコスト

443
836

表 5. その他
EBITDA
設備投資（capitalized leases を含む）
設備投資（
減価償却費

4Q01
968
913
812

3Q01
904
804
783

(百万円)
4Q00
295
1,115
714

注意事項：この資料には、1995 年米国民事証券訴訟改革法（Private Securities Litigation Reform Act of 1995）の「セーフハーバー」規定に定義する「将来性の見通しに関する記述（forward-looking statements）」に該当する情報が記載されています。このプレゼンテーション資料の記載のうち、過去または現在の事実に関するのも以外は、将来の見通しに関する記述に該当します。将来の見通しに関する記述は、現在入手可能な情報に基づ
く IIJ 経営陣の仮定および判断に基づくものであり、これには既知または未知のリスクおよび不確定性が内在しています。IIJ の実際の活動または業績は、今後、将来の見通しに関する記述に示されたところと大きく異なる可能性があります。投資家の皆様におかれましては、1934 年米国証券取引法（Securities Exchange Act of 1934）に基づく今後の報告書等において IIJ が行う開示をご参照ください。

株式会社 インターネットイニシアティブ
四半期連結損益計算書（米国会計基準）

Appendix 1

年3月期、月期、2001年
年3月期、月期、2001年
年12月期
月期
2002年
月期、
月期、
千円単位、USD/千米ドル単位
千米ドル単位 (1)JPY/千円単位、千円単位、前年同四半期比較
2002年3月期
USD (1)
営業収益：
インターネット接続及び付加価値サービス収入：
専用線接続サービス
ダイヤルアップ接続サービス
付加価値サービス：
データセンタサービス
その他付加価値サービス
付加価値サービス合計
その他
インターネット接続及び付加価値サービス収入合計

JPY

対営業収益
%

JPY

2001年3月期
対営業収益%

対前年同四半期%

JPY

前四半期比較
2001年12月期
対営業収益 対前四半期%%

25,513
6,362

3,385,542
844,279

28.0%
7.0

3,353,198
1,033,029

36.5%
11.2

1.0%
(18.3)

3,338,370
883,698

33.6%
8.9

1.4%
(4.5)

4,721
3,423
8,144
4,018
44,037

626,436454,300
1,080,736
533,191
5,843,748

5.2
3.7
8.9
4.4
48.3

431,640
267,749
699,389
260,885
5,346,501

4.7
2.9
7.6
2.8
58.1

45.1
69.7
54.5
104.4
9.3

586,816
426,895
1,013,711
379,1885,614,967

5.9
4.3
10.2
3.8
56.5

6.8
6.4
6.6
40.6
4.1

40,181
7,039
91,2575,331,986
934,040
12,109,774

44.0
7.7
100.0

3,124,909
728,165
9,199,575

34.0
7.9
100.0

70.6
28.3
31.6

3,391,122
927,545
9,933,634

34.2
9.3
100.0

57.2
0.7
21.9

38,51035,677
6,521
80,7085,110,291
4,734,363
865,354
10,710,008

42.2
39.1
7.1
88.4

5,073,952
2,609,855
714,916
8,398,723

55.1
28.4
7.8
91.3

0.7
81.4
21.0
27.5

4,774,788
2,865,601
832,972
8,473,361

48.1
28.8
8.4
85.3

7.0
65.2
3.9
26.4

5,013
3,620
513
89,854665,204
480,376
68,09011,923,678

5.5
4.0
0.6
98.5

759,660
369,039
66,2059,593,627

8.3
4.0
0.7
104.3

(12.4)
30.2
2.8
24.3

734,623
493,327
80,946
9,782,257

7.4
5.0
0.8
98.5

(9.4)
(2.6)
(15.9)
21.9

営業利益（損失）

1,403

186,096

1.5(394,052)(4.3)(147.2)

151,3771.5

22.9

その他の収益（費用）(2,545)(337,694)(2.8)

126,6771.4(366.6)(113,705)

(1.1)

197.0

税引前当期利益（損失）(1,142)(151,598)(1.3)(267,375)(2.9)(43.3)

37,6720.4(502.4)

法人税等、住民税及び事業税
少数株主損益持分法による投資損失(1,058)(67)(12,409)(140,381)(8,849)(1,646,603)

(1.2)
(0.1)
(13.6)(96,070)(2,550)(1,179,050)

(1.0)
0.0
(12.8)

46.1
247.0
39.7

(154,239)(3,985)(1,217,755)(1.5)(12.3)

(9.0)
122.1
35.2

当期損失

(12,560)(1,666,669)(13.8%)(1,352,905)(14.7%)

23.2%(1,029,829)(10.4%)

61.8%

システムインテグレーション
機器販売
営業収益合計営業費用：
インターネット接続及び付加価値サービス原価システムインテグレーション原価
機器販売原価
売上原価合計
販売費
一般管理費
研究開発費
営業費用合計

1株あたり当期損失
米国預託証券１単位あたり当期損失
期中平均発行済株式総数
期中平均発行済米国預託証券総数(74,140)(37.07)22,48044,960,000(60,183)(30.09)22,48044,960,000

注記(1): 2002年3月期につきましては、米ドル換算レート132.70円=1米ドル(2002/3/29)にて参考表示しております。

(45,811)(22.91)
22,48044,960,000

株式会社 インターネットイニシアティブ
連結損益計算書（米国会計基準）

Appendix 2

年3月期通期、月期通期、2001年
年3月期通期
月期通期
2002年
月期通期、
千円単位、USD/千米ドル単位
JPY/千円単位、
千円単位、
千米ドル単位 (1)
前年比較

2002年3月期通期
USD (1)
営業収益：
インターネット接続及び付加価値サービス収入：
専用線接続サービス
ダイヤルアップ接続サービス
付加価値サービス：
データセンタサービス
その他付加価値サービス
付加価値サービス合計
その他
インターネット接続及び付加価値サービス収入合計

JPY

2001年3月期通期

対営業収益
%

JPY

対営業収益
%

対前年通期
%

102,049
27,461

13,541,980
3,644,091

33.9%
9.1

12,779,284
4,422,884

40.1%
13.9

6.0%
(17.6)

16,65012,44729,097
12,570171,177

2,209,412
1,651,741
3,861,153
1,667,986
22,715,210

5.5
4.2
9.7
4.2
56.9

1,236,524
898,996
2,135,520
591,819
19,929,507

3.9
2.8
6.7
1.8
62.5

78.7
83.7
80.8
181.8
14.0

108,179
21,357300,713

14,355,325
2,834,078
39,904,613

36.0
7.1
100.0

10,555,675
1,390,407
31,875,589

33.1
4.4
100.0

36.0
103.8
25.2

149,204
92,797
19,142
261,143

19,799,402
12,314,158
2,540,089
34,653,649

49.6
30.9
6.4
86.9

18,983,305
9,117,410
1,288,530
29,389,245

59.6
28.6
4.0
92.2

4.3
35.1
97.1
17.9

22,897
13,862
2,407
300,309

3,038,412
1,839,525
319,370
39,850,956

7.6
4.6
0.8
99.9

3,251,900
1,617,984
286,850
34,545,979

10.2
5.1
0.9
108.4

(6.6)
13.7
11.3
15.4

404

53,6570.1(2,670,390)(8.4)(102.0)

その他の収益（費用）(7,107)(943,142)(2.3)

899,3202.8(204.9)

税引前当期損失(6,703)(889,485)(2.2)(1,771,070)(5.6)(49.8)

法人税等、住民税及び事業税
少数株主損益持分法による投資損失

8,282
184
(41,312)

1,099,035
24,467(5,482,082)

2.8
0.1(13.8)(925,678)
159,850(4,014,680)

(2.9)
0.5
(12.6)(218.7)(84.7)
36.6

当期損失(56,113)(7,446,135)(18.7%)(4,700,222)(14.8%)

58.4%

システムインテグレーション
機器販売
営業収益合計営業費用：
インターネット接続及び付加価値サービス原価システムインテグレーション原価
機器販売原価
売上原価合計
販売費
一般管理費
研究開発費
営業費用合計営業利益（損失）

1株あたり当期損失
米国預託証券１単位あたり当期損失
期中平均発行済株式総数
期中平均発行済米国預託証券総数(331,234)(165.62)
22,48044,960,000

注記(1): 2002年3月期につきましては、米ドル換算レート132.70円=1米ドル(2002/3/29)にて参考表示しております。

(209,085)(104.54)
22,48044,960,000

株式会社 インターネットイニシアティブ
四半期連結貸借対照表（米国会計基準）

Appendix 3

2002年
年3月期、
月期、2001年
年3月期、月期、2001年
年12月期
月期
月期、
月期、
JPY/千円単位、
千円単位、USD/千米ドル単位
千米ドル単位 (1)千円単位、USD (1)

2002年3月期
JPY

2001年3月期
JPY%%

2001年12月期
JPY
%

資産の部
流動資産：
現金及び現金同等物
短期投資
売掛金
棚卸資産
前払費用
その他流動資産83,240067,686
4,675
3,142
1,084

11,045,919
0
8,981,912
620,409416,945
143,798

24.4%
0.0
19.9
1.4
0.9
0.3

13,570,707
05,417,456
245,520
253,648347,600

26.8%
0.0
10.7
0.5
0.5
0.7

11,166,077
0
5,830,688
228,063806,515425,411

25.9%
0.0
13.5
0.5
1.9
1.0

流動資産合計159,827

21,208,983

46.9

19,834,931

39.2

18,456,754

42.8

関連会社投資等
その他投資
有形固定資産等
敷金保証金
その他資産

66,722
40,73958,4439,541
5,819

8,854,028
5,406,065
7,755,426
1,266,055
772,226

19.6
11.9
17.1
2.8
1.7

13,895,654
8,455,840
6,927,575
837,115
689,687

27.4
16.7
13.7
1.6
1.4

10,386,964
4,814,114
7,609,238
1,263,819
638,652

24.1
11.1
17.6
2.9
1.5

資産合計

341,091

45,262,783

100.0%

50,640,802

100.0%

43,169,541

100.0%

28,78953,395
1,866
3,819
10,55014,8743,820,232
7,085,579
247,606
506,797
1,400,000
1,973,769

8.4%
15.7
0.5
1.1
3.1
4.4

5,620,000
4,313,811
211,302455,2120
1,644,354

11.1%
8.5
0.4
0.9
0.0
3.3

3,700,214
3,428,098
292,996696,682
1,200,000
1,928,505

8.6%
7.9
0.7
1.6
2.8
4.5

113,293

15,033,983

33.2

12,244,679

24.2

11,246,495

26.1

長期借入金
転換社債
長期リース債務退職給付引当金
その他固定負債

25,622
113,037
21,564760
816

3,400,000
15,000,000
2,861,556
100,841
108,376

7.5
33.2
6.3
0.2
0.2

2,800,000
15,000,000
2,679,224
124,640
188,413

5.5
29.6
5.3
0.2
0.4

3,600,000
15,000,000
2,969,253
126,085
34,238

8.3
34.7
6.9
0.3
0.1

負債合計

275,092

36,504,756

80.6

33,036,956

65.2

32,976,071

76.4

少数株主持分

7,783

1,032,746

2.3

676,096

1.3

1,023,897

2.4

53,371
128,623(137,215)
13,437

7,082,336
17,068,353(18,208,469)
1,783,061

15.7
37.7
(40.2)
3.9

7,082,336
17,068,353(10,762,334)
3,539,395

14.0
33.7
(21.2)
7.0

7,082,336
17,068,353(16,541,800)
1,560,684

16.4
39.5
(38.3)
3.6

資本合計

58,216

7,725,281

17.1

16,927,750

33.5

9,169,573

21.2

負債、少数株主持分及び資本合計

341,091

45,262,783

100.0%

50,640,802

100.0%

43,169,541

100.0%

負債及び資本の部
流動負債：
短期借入金
買掛金及び未払金
未払費用
その他流動負債
1年以内に期限到来の長期借入金
短期リース債務
流動負債合計

資本：
資本金
資本準備金
欠損金
その他有価証券評価差額金等

注記(1): 2002年3月期につきましては、米ドル換算レート132.70円=1米ドル(2002/3/29)にて参考表示しております。

株式会社 インターネットイニシアティブ
四半期連結キャッシュフロー計算書（米国会計基準）

Appendix 4

2002年
年3月期、
月期、2001年
年3月期、月期、2001年
年12月期
月期
月期、
月期、
JPY/千円単位、
千円単位、USD/千米ドル単位
千米ドル単位 (1)千円単位、

2002年3月期
USD (1)
JPY
営業活動によるキャッシュフロー：当期損失
減価償却費等持分法による投資損失
少数株主損益
為替差損（差益）
投資有価証券評価損
売掛金の減少（増加）額
買掛金及び未払金の増加（減少）額
棚卸資産の減少（増加）額
法人税等調整額
その他
営業活動によるキャッシュフロー

2001年3月期
JPY

2001年12月期
JPY(12,560)
6,116
12,4096730
789(23,993)
27,855(3,006)(1,097)
1,619
8,229

(1,666,669)
811,652
1,646,603
8,849
3,990
104,700(3,183,806)
3,696,329(398,876)(145,560)
214,793
1,092,005(1,352,905)
714,130
1,179,050
2,550(411,981)
398,226(1,449,025)(2,027,616)(75,756)(113,444)
291,165(2,845,606)(1,029,829)
783,194
1,217,755
3,985(379,315)
299,428
175,291(1,103,244)
784,340(159,611)(8,113)583,881(3,780)(182)(2,638)(501,667)(24,123)(350,000)(162,852)(17,497)
-

-

-

(15)
168
(6,447)(2,007)22,299(855,498)(501,808)(478,500)
3,136,244(10,145)(107,347)
2,038,444(373,471)(7,718)(561,538)

財務活動によるキャッシュフロー：長期借入金による収入
長期借入金の返済による支出
リース債務の元本返済による支出
短期借入金の純増減額
財務活動によるキャッシュフロー(4,038)904(3,134)(535,906)
120,018(415,888)

400,000(90,000)(500,144)(489,436)(679,580)(530,423)(70,231)(600,654)

現金及び現金同等物に係る換算差額

447

59,223454,633

332,421

現金及び現金同等物の減少額(905)(120,158)(1,032,109)(245,890)

現金及び現金同等物の期首残高

84,145

11,166,077

14,602,816

11,411,967

現金及び現金同等物の期末残高

83,24011,045,919

13,570,707

11,166,077

投資活動によるキャッシュフロー：有形固定資産等の取得による支出
関連会社への投資および貸付
その他投資の取得による支出
短期投資の売却による収入
敷金保証金の（返還）支出
その他
投資活動によるキャッシュフロー

注記(1): 2002年3月期につきましては、米ドル換算レート132.70円=1米ドル(2002/3/29)にて参考表示しております。

-

For Immediate Release

CONTACT IN JAPANCONTACT IN THE UNITED STATESInternet Initiative Japan Inc.
Junko Higasa
Investor Relations/Media Relations
ir@iij.ad.jp
81-3-5259-6500

Thomson Financial
Mami Ogawa
Investor Relations
mami.ogawa@tfn.com
212-701-1824

IIJ Achieves 25.2% Revenue Growth and Positive Operating Income for
the Fiscal Year Ended March 31, 2002-- Fourth quarter results beat revenue target -Tokyo and New York, May 21, 2002 – Internet Initiative Japan Inc. (Nasdaq: IIJI) (“IIJ”), one of Japan’s
leading Internet access and comprehensive network solutions providers, today announced its financial results
for the 4th quarter ended March 31, 2002. On May 22 at 9:00am (EDT), the Company will host a conference call,which will be simultaneously webcasted at www.vcall.com. Replay will also be available at the same URL.

The 4th Quarter of FY2001 Results Summaryz

Total revenues were JPY12.1 billion, an increase of 31.6% from 4Q00 and an increase of 21.9%
from 3Q01, which was above the expected range of JPY10.5 billion to JPY11.0 billion. This strong
growth was primarily due to the successful execution of IIJ’s total network solutions strategy
targeting the Japanese corporate market.

z

The Company improved its operating income to JPY186 million, versus a loss of JPY394 million
in 4Q00 and a profit of JPY151 million in 3Q01. Operating margin was 1.5%, compared withnegative 4.3% in 4Q00 and 1.5% in 3Q01. EBITDA(*) also continued to improve to JPY968 million
by 228% from 4Q00 and by 7% from 3Q01. Operating income and EBITDA results were within
the ranges of the Company’s targets for the 4th quarter.

z

For the full fiscal 2001year, total revenues increased to JPY39.9 billion, a 25.2% increase from thefull fiscal 2000 year. As expected, operating income turned to positive on a full year fiscal basis to
JPY54 million.

z

For the first quarter of fiscal year 2002, IIJ expects total revenues to be between JPY9.0 billion and
JPY9.5 billion, which is below that of the fourth quarter due to anticipated seasonality(**) in the
Systems Integration (SI) business. Also, IIJ expects an operating loss in the first quarter, whichreflects the anticipated lower revenues, as well as the typical higher costs in human resources
primarily associated with annual recruiting activity. The anticipated operating loss is expected to
be temporary, and is expected to return to a positive level in the second quarter.

z

For the first half of fiscal 2002, IIJ expects total revenues to grow by more than 15% from the firsthalf of fiscal 2001.

(*)

EBITDA represents operating income (loss) before deducting depreciation and amortization.
The SI business is seasonally stronger in 2Q and 4Q, as companies in Japan typically make large investments in or around September
and March before they close their semiannual and annual budgetary cycles.
(**)

Overview and Business Outlook
Overview of the 4Q results and full fiscal 2001 year
“The strong results of the full fiscal 2001 year mark a milestone for IIJ, proving our commitment tostrong growth and positive operating income,” said Koichi Suzuki, President and CEO of IIJ. “Thisfiscal year, as part of our total network solutions strategy, we introduced more than 30 new services,most of which relate to broadband connectivity, managed security systems and various outsourcing
services at Internet data centers. IIJ’s solid performance reflects our market initiatives against achanging and growing environment. In turn, we have been able to successfully capitalize on the
demand for broadband and new network systems in the Japanese corporate marketplace, despite theweakness of the overall economy.”“The robust revenue growth in the fourth quarter was mainly driven by strong performance in the SI
business, where SI revenues increased by 70.6% from 4Q00 and by 57.2% from 3Q01,” said Yasuhiro
Nishi, CFO of IIJ. “On the cost side, international backbone costs further declined, resulting in asignificant reduction for the full 2001 fiscal year of more than half that of the previous fiscal year. As
a result of IIJ’s solid revenue growth and cost containment initiatives, we realized both positive
operating income and EBITDA for the fourth quarter and full fiscal 2001 year.”Business Outlook for fiscal 2002 --- Industry LandscapeThe network infrastructure industry in Japan continues to be driven by the broadband boom.
According to the Ministry of Public Management, Home Affairs, Posts and Telecommunications(MPHPT), the number of ADSL subscribers reached 2.7 million at the end of April 2002, a significant
increase from 0.1 million subscribers in April 2001. CATV Internet users reached 1.5 million in
March 2002 from 0.8 million in March 2001. The FTTH access market is also becoming increasinglycompetitive, benefiting end users in Japan by enabling them to utilize faster last mile access than
ADSL lines. As of March 2002, the number of FTTH subscribers was 26,400. Currently thisbroadband user ratio is approximately 10% of total Internet users in Japan, but the ratio is expected toincrease to more than 20% in Japan at the end of March 2003.
In the corporate market within Japan, demand for network restructuring remains strong. In addition to
upgrading corporate networks to higher bandwidth, companies have started establishing new digital
information platforms that connect offices, stores and customers throughout the country with costeffective access lines, such as ADSL. According to a survey of IDG Japan, Japanese companies
continue to indicate that they are likely to increase their IT investments, including network systems(WAN and LAN), security systems, storage systems, and outsourcing services for operation andmaintenance.
Business Outlook for fiscal 2002 --- IIJ Strategy
For fiscal 2002, IIJ’s main focus is on the enterprise network market, targeting high-end corporate
customers with new information strategies. In order to effectively compete within this market, IIJ
continues to enhance its total network solutions strategy, specifically by: 1) further integrating new
generation network services of its 37.9% affiliate, Crosswave Communications (“Crosswave”,
Nasdaq: CWCI), 2) strengthening its SI services lineup for enterprise solutions, and 3) enhancing its
network support business, which include 24-7 operation management and monitoring services. Suchmanagement services can be coordinated between IIJ and the customer by installing IIJ’s managed
router “SEIL” at customer premises, while employing IIJ’s Internet data center facilities as a hub ofvarious network services.
As a central part of its broadband strategy, IIJ launched its CDN (Content Delivery Network) business
in April 2002, which IIJ expects to eventually bring the industry's structural change by leveraging thescalability of the IIJ group's network infrastructure and operational expertise in large-scale networking.
Although the CDN platform is not yet available for end-use consumers, IIJ has already acquired large

contracts from corporate customers who intend to utilize the CDN platform as their strategic
information platform for full-scale broadband content transmission. The CDN business is expected todrive revenue growth for the Company in many areas, such as connectivity services for OEMs,
Internet data center and systems integration services for broadband content transmission.
IIJ expects to open two large-scale Internet data centers at Yokohama and Saitama in 2003, allowing
the Company to execute its total solutions strategy in a more scalable and price-competitive manner.
Forecasted financial performance for the first quarter and the first half of fiscal 2002
For the first quarter of fiscal 2002, IIJ expects total revenues to be between JPY9.0 billion and JPY9.5
billion. While reflecting the typical seasonality of the SI business in the first quarter, revenues are still
expected to increase from 1Q01 by 8.0% to 14.0%. IIJ also expects to report a slightly negative
operating loss for the quarter as a result of the characteristically weaker revenue stream, and higher
human resources costs primarily associated with annual recruiting activity. The anticipated operating
loss is expected to be temporary, and is expected to return to a positive level in the second quarter.
EBITDA is expected to remain positive.
For the first half of fiscal 2002, IIJ expects total revenues to grow by more than 15% from the first halfof fiscal 2001.
Status of Overview and Business Outlook
This Overview and Business Outlook contains forward-looking statements and projections that are subject to known
and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or
implied by these statements. These risks and uncertainties include, but are not limited to the factors noted at the endof this release and to the risk factors and other information contained in IIJ’s filings on Form 20-F or Form 6-K as
well as other filings and documents furnished to the Securities and Exchange Commission. IIJ plans to keep thispress release publicly available on its Web site (www.iij.ad.jp) but may discontinue this practice at any time. IIJ
intends to publish its next Overview and Business Outlook in its 1Q02 earnings release, presently scheduled forAugust 13, 2002. In conjunction with the 4Q01 earnings announcement, IIJ will hold a webcasted conference madeavailable to the public for listening over the Company’s website.

The 4th Quarter of FY2001 Operating Highlights
Ten New Service Developments under the Total Network Solutions Approach
In 4Q01, as part of its total network solutions, IIJ and its group companies launched 8 new services forthe corporate market, namely two connectivity services, three security services, two hosting services,and the network management solution “Omnibus.” For the individual market, IIJ launched two
network services under the IIJmio brand.
Network Infrastructure and Internet Data Center Development
In 4Q01, IIJ upgraded four domestic backbone networks, one of which being a new link to JPNAP, theInternet eXchange point operated by IIJ’s 26.0% affiliate Internet Multifeed. Also in this quarter, IIJ
upgraded its Japan-US backbone network from 1.8Gbps to 2.25Gbps.
IIJ America, IIJ’s 90.3% subsidiary, strengthened its U.S. backbone, enhancing its network stability
for customers of IIJ America and other IIJ Group customers. The upgrade included establishing a new
POP in Ashburn, Virginia, a focal point for Internet traffic in the U.S., and new links between the new
POP in Ashburn and IXs (Internet eXchange points), such as Equinix GigE Exchange and MAEEAST ATM.

The 4th Quarter of FY2001 Financial Results
Revenues
Revenues in 4Q01 totaled JPY12,110 million, up 31.6% compared with 4Q00, and up 21.9%
compared with 3Q01.
Connectivity services and value-added services revenues increased 9.3% from 4Q00 to JPY5,844
million in 4Q01, and grew by 4.1% from 3Q01.
Dedicated access services increased 1.0% from 4Q00 to JPY3,386 million in 4Q01, and were up 1.4%
from 3Q01. The modest growth of dedicated access services was mainly a result of a customer shift todata center connectivity services. IIJ DSL/F service increased rapidly, which offset a decline in the IIJ
Economy service.
Dial-up access service decreased 18.3% from 4Q00 to JPY844 million in 4Q01, and declined 4.5%
from 3Q01. These declines were primarily due to the decrease in conventional dial-up services
revenues and IIJ4U revenues. The decrease in IIJ4U revenues was due not only to the decrease in thenumber of subscribers, but also to a shift towards the lower-end IIJ4U fixed price service by users ofNTT’s Flet’s service.
Value-added services increased 54.5% from 4Q00 to JPY1,081 million in 4Q01, and by 6.6% from
3Q01. The year-over-year increase was mainly due to steady revenue growth of Data center services.
Systems integration services revenues increased 70.6% from 4Q00 to JPY5,332 million in 4Q01, andby 57.2% from 3Q00.
Table 1. Number of Contracts
Internet Access Services
IP Service

64kbps – 128kbps
192kbps – 768kbps
1Mbps – 2Mbps
3Mbps – 1.2Gbps
IIJ FiberAcess/F(1)IIJ Ethernet Standard(2)IIJ T1 Standard 1.5Mbps
Total IP Service
IIJ Economy
64kbps – 128kbps(3)
IIJ DSL/F
Maximum 1.5Mbps
Total Dedicated Access Services Contracts

4Q01
142
42
270
156
73
2
667
1,352
921
1,237
3,510

3Q01
176
46
269
131
25
0
681
1,328
1,060
750
3,138

4Q00
295
80
240
111
n/a
n/a
575
1,301
1,295
n/a
2,596

89,213
171,363
260,576

91,924
114,676
206,600

95,273
66,857
162,130

138

127

113

(1)

IIJ FiberAccess/F is a new service launched in August 2001.
IIJ Ethernet Standard is a new service launched in December 2001.
(3)
IIJ DSL/F is a new service launched in May 2001.
(2)

IIJ4U (dialup services for individuals)
OthersTotal Dial-up Access Services Contracts
Total Data Center Services Contracts

Table 2. Revenue Breakdown in Dedicated Access Services
4Q01
Total IP Service
3,061(IP Service, IIJ T1 Standard, and IIJ FiberAccess/F)
IIJ Economy + IIJ DSL/F
325(JPY in millions)
3Q01
4Q00
2,990
3,020
348

333

Table 3. Contracted Bandwidth
4Q01
Dedicated Access Services
Internet Data Center Connectivity Service
Total Contracted Bandwidth

9.4
2.0
11.4

(Unit: Gbps)
3Q01
4Q00
7.7
3.5
0.7
n/a
8.4
3.5

Cost and expenses
Cost of total revenues increased 24.3% from 4Q00 to JPY11,924 million in 4Q01, and by 21.9%
from 3Q01.
International backbone costs decreased 68.6% from 4Q00 to JPY443 million in 4Q01, and by 17.4%
from 3Q01. These decreases reflect IIJ’s continuous efforts to reduce costs of Japan-US backbone
lines. The monthly unit backbone cost declined by approximately 81% year-over-year, and by
approximately 35% quarter-over-quarter.
Domestic backbone costs increased 17.1% from 4Q00 to JPY836 million in 4Q01, and increased 8.2%
from 3Q01. These increases were mainly due to rising domestic backbone capacity, along with a usage
increase in IIJ Internet data center connectivity services.
Table 4. Backbone Costs
International Backbone Costs
Domestic Backbone Costs

4Q01
443
836

(JPY in millions)
3Q01
4Q00
536
1,409
772
714

Sales and marketing expenses decreased 12.4% from 4Q00 to JPY 665 million in 4Q01, and were
down 9.4% from 3Q01. This decrease in sequential comparison was due to declining advertising costs
and bad debt expense.
General and administrative expenses increased 30.2% from 4Q00 to JPY 480 million in 4Q01, andwere down 2.6% from 3Q01. This decrease in sequential comparison was a result of declining
recruiting costs.
As a result of the strong revenue growth in the systems integration business and the continuous
reduction in international backbone costs, operating income increased to JPY186 million in 4Q01,
compared to a loss of JPY394 million in 4Q00, and to income of JPY151 million in 3Q01. The
operating income ratio against revenues for 4Q01 was 1.5%, compared to (-)4.3% in 4Q00, and to
1.5% in 3Q01.
Other income (expenses)
Other expenses for 4Q01 were JPY338 million, compared to other income of JPY127 million in 4Q00,
and to other expenses of JPY114 million in 3Q01. IIJ recorded a foreign exchange gain of JPY31
million in 4Q01, compared to a gain of JPY 412 million in 4Q00, and to a gain of JPY 379 million in
3Q01. In 4Q01, IIJ incurred a JPY105 million impairment loss on non-marketable securities, and net
interest expense of JPY123 million.
Income tax benefit
Income tax benefit for 4Q01 was JPY140 million as a result of a decrease in the valuation allowancefor deferred tax assets attributable primarily to the income tax effect of unrealized gains in the quarteron certain available-for-sale securities. This compared to JPY96 million in 4Q00 and JPY154 million
in 3Q01.

Equity in net loss of affiliated companies
Equity in the net loss of affiliated companies increased to JPY1,647 million in 4Q01, compared to
JPY1,179 million in 4Q00, and JPY1,218 million in 3Q01, mainly resulting from the equity loss in
Crosswave.
Net loss
Net loss was JPY1,667 million in 4Q01, compared to JPY 1,353 million in 4Q00 and JPY 1,030
million in 3Q01. Basic net loss per ADS equivalent was (-) 37.07 in 4Q01, compared to (-) JPY30.09
in 4Q00 and (-) JPY22.91 in 3Q01.
Table 5. Other Financial Statistics
4Q01
968
913
812

EBITDACAPEX, including capitalized leases
Depreciation and amortization(4)(4)(JPY in millions)
3Q01
4Q00
904
295
804
1,115
783
714

Depreciation and amortization includes amortization of issuance cost of convertible notes.

Company Information
Internet Initiative Japan Inc. is one of Japan’s leading Internet-access and comprehensive Internet solution providers
primarily targeting high-end corporate customers. Founded in 1992, IIJ has built one of the largest Internet backbone
networks in Japan and between Japan and the United States. IIJ and its group of companies provide total solutions
ranging from new generation network services over optical-fiber infrastructure optimized for data communications
to construction of Asia-wide IP backbone networks, high-quality Internet access, security system services,hosting/housing, content design and systems integration.
Statements made in this press release that state IIJ’s or management’s intentions, beliefs, expectations, orpredictions for the future are forward-looking statements that are based on IIJ’s and managements’ current
expectations, assumptions, estimates and projections about its business and the industry. These forward-looking
statements are subject to various risks, uncertainties and other factors that could cause IIJ’s actual results to differ
materially from those contained in any forward-looking statement. These risks, uncertainties and other factors
include: IIJ’s ability to continue to increase subscribers to its connectivity services, particularly at higher
bandwidths; IIJ’s ability to generate significant revenues from its other services such as systems integration; thesuccess of IIJ’s investments in Crosswave; the ability to compete in a rapidly evolving and competitive marketplace;the impact of technological changes in its industry; and other risks referred from time to time in IIJ’s filings with theUnited States Securities and Exchange Commission.

Tables to follow

INTERNET INITIATIVE JAPAN INC.
CONSOLIDATED STATEMENTS OF OPERATIONSAppendix 1

For the Three Months Ended Mar 31, 2002, Mar 31, 2001 and Dec 31, 2001
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD) Except for Per Share and ADS Data) (1)Year-over-year Comparison
Mar 31, 2002

USD (1)
Revenues:
Connectivity and value-added services:
Dedicated access services
Dial-up access services
Value-added services:
Internet datacenter services
Other value-added services
Total value-added services
Other
Total connectivity and value-added services

JPY

% of
Total
RevenuesJPY

Mar 31, 2001
% of
Total
Revenues

YOY
Chg %

Sequential Comparison
Dec 31, 2001
% of
Total
QOQ
JPY
Revenues
Chg %25,513
6,362

3,385,542
844,279

28.0%
7.0

3,353,198
1,033,029

36.5%
11.2

1.0%
(18.3)

3,338,370
883,698

33.6%
8.9

1.4%
(4.5)

4,721
3,423
8,144
4,018
44,037

626,436454,300
1,080,736
533,191
5,843,748

5.2
3.7
8.9
4.4
48.3

431,640
267,749
699,389
260,885
5,346,501

4.7
2.9
7.6
2.8
58.1

45.1
69.7
54.5
104.4
9.3

586,816
426,895
1,013,711
379,1885,614,967

5.9
4.3
10.2
3.8
56.5

6.8
6.4
6.6
40.6
4.1

40,181
7,039
91,2575,331,986
934,040
12,109,774

44.0
7.7
100.0

3,124,909
728,165
9,199,575

34.0
7.9
100.0

70.6
28.3
31.6

3,391,122
927,545
9,933,634

34.2
9.3
100.0

57.2
0.7
21.9

Costs and expenses:
Cost of connectivity and value-added services
Cost of systems integration revenues
Cost of equipment sales
Total costs

38,51035,677
6,521
80,7085,110,291
4,734,363
865,354
10,710,008

42.2
39.1
7.1
88.4

5,073,952
2,609,855
714,916
8,398,723

55.1
28.4
7.8
91.3

0.7
81.4
21.0
27.5

4,774,788
2,865,601
832,972
8,473,361

48.1
28.8
8.4
85.3

7.0
65.2
3.9
26.4

Sales and marketing
General and administrative
Research and development
Total costs and expenses

5,013
3,620
513
89,854665,204
480,376
68,09011,923,678

5.5
4.0
0.6
98.5

759,660
369,039
66,2059,593,627

8.3
4.0
0.7
104.3

(12.4)
30.2
2.8
24.3

734,623
493,327
80,946
9,782,257

7.4
5.0
0.8
98.5

(9.4)
(2.6)
(15.9)
21.9

Operating income (loss)

1,403

186,096

1.5(394,052)(4.3)(147.2)

151,377

1.5

22.9

Other income (expenses)(2,545)(337,694)(2.8)

126,6771.4(366.6)(113,705)

(1.1)

197.0

Income (Loss) before income tax benefit(1,142)(151,598)(1.3)(267,375)(2.9)(43.3)

37,6720.4(502.4)

Income tax benefit
Minority interests in consolidated subsidiaries
Equity in net loss of affiliated companies(1,058)(67)(12,409)(140,381)(8,849)(1,646,603)

(1.2)
(0.1)
(13.6)(96,070)(2,550)(1,179,050)

(1.0)
0.0
(12.8)

46.1
247.0
39.7

(154,239)(3,985)(1,217,755)

(1.5)
0.0
(12.3)

(9.0)
122.1
35.2

Net loss(12,560)(1,666,669)(13.8%)(1,352,905)(14.7%)

23.2%(1,029,829)(10.4%)

61.8%

Systems integration revenues
Equipment sales
Total revenues

Basic Net Loss Per Share
Basic Net Loss Per ADS Equivalent
Weighted Average Number of Shares
Weighted Average Number of ADS Equivalents(74,140)(37.07)22,48044,960,000(60,183)(30.09)22,48044,960,000(45,811)(22.91)
22,48044,960,000

Note (1):The translations of Japanese yen amounts into US dollar amounts with respect to the three months ended Mar 31, 2002 are included solely for the convenience of readers outside Japanand have been made at the rate of JPY 132.70 =$1, the approximate rate of exchange on Mar 29, 2002.

Appendix 2

INTERNET INITIATIVE JAPAN INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended Mar 31, 2002 and Mar 31, 2001
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD) Except for Per Share and ADS Data) (1)Year-over-year Comparison
Mar 31, 2002

Mar 31, 2001
% of

% of
USD (1)
Revenues:
Connectivity and value-added services:
Dedicated access services
Dial-up access services
Value-added services:
Internet datacenter services
Other value-added services
Total value-added services
Other
Total connectivity and value-added services

JPY

Total
Revenues

JPY

Total
Revenues

YoY
Chg %

102,049
27,461

13,541,980
3,644,091

33.9%
9.1

12,779,284
4,422,884

40.1%
13.9

6.0%
(17.6)

16,65012,44729,097
12,570171,177

2,209,412
1,651,741
3,861,153
1,667,986
22,715,210

5.5
4.2
9.7
4.2
56.9

1,236,524
898,996
2,135,520
591,819
19,929,507

3.9
2.8
6.7
1.8
62.5

78.7
83.7
80.8
181.8
14.0

108,179
21,357300,713

14,355,325
2,834,078
39,904,613

36.0
7.1
100.0

10,555,675
1,390,407
31,875,589

33.1
4.4
100.0

36.0
103.8
25.2

Costs and expenses:
Cost of connectivity and value-added services
Cost of systems integration revenues
Cost of other equipment sales
Total costs

149,204
92,797
19,142
261,143

19,799,402
12,314,158
2,540,089
34,653,649

49.6
30.9
6.4
86.9

18,983,305
9,117,410
1,288,530
29,389,245

59.6
28.6
4.0
92.2

4.3
35.1
97.1
17.9

Sales and marketing
General and administrative
Research and development
Total costs and expenses

22,897
13,862
2,407
300,309

3,038,412
1,839,525
319,370
39,850,956

7.6
4.6
0.8
99.9

3,251,900
1,617,984
286,850
34,545,979

10.2
5.1
0.9
108.4

(6.6)
13.7
11.3
15.4

Operating income (loss)

404

53,6570.1(2,670,390)(8.4)(102.0)

Other income (expenses)(7,107)(943,142)(2.3)

899,3202.8(204.9)Loss before income tax expense (benefit)(6,703)(889,485)(2.2)(1,771,070)(5.6)(49.8)

Income tax expense (benefit)
Minority interests in consolidated subsidiaries
Equity in net loss of affiliated companies

8,282
184
(41,312)

1,099,035
24,467(5,482,082)

2.8
0.1(13.8)(925,678)
159,850(4,014,680)

(2.9)
0.5
(12.6)(218.7)(84.7)
36.6

Net loss(56,113)(7,446,135)(18.7%)(4,700,222)(14.8%)

58.4%

Systems integration revenues
Equipment sales
Total revenues

Basic Net Loss Per Share
Basic Net Loss Per ADS Equivalent
Weighted Average Number of Shares
Weighted Average Number of ADS Equivalents(331,234)(165.62)
22,48044,960,000(209,085)(104.54)
22,48044,960,000

Note (1):The translations of Japanese yen amounts into US dollar amounts with respect to the year ended Mar 31, 2002 are included solely for the convenience of readers outside Japanand have been made at the rate of JPY 132.70 =$1, the approximate rate of exchange on Mar 29, 2002.

INTERNET INITIATIVE JAPAN INC.
CONSOLIDATED BALANCE SHEETSAppendix 3

As of Mar 31, 2002, Mar 31, 2001 and Dec 31, 2001
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD)) (1)USD (1)ASSETS
Current Assets:
Cash
Short-term investments
Accounts receivable, net
Inventories
Prepaid expenses
Other current assets

Mar 31, 2002
JPY%

Mar 31, 2001
JPY%

Dec 31, 2001
JPY%

83,240067,686
4,675
3,142
1,084

11,045,919
0
8,981,912
620,409416,945
143,798

24.4%
0.0
19.9
1.4
0.9
0.3

13,570,707
05,417,456
245,520
253,648347,600

26.8%
0.0
10.7
0.5
0.5
0.7

11,166,077
0
5,830,688
228,063806,515425,411

25.9%
0.0
13.5
0.5
1.9
1.0

159,827

21,208,983

46.9

19,834,931

39.2

18,456,754

42.8

66,722
40,73958,4439,541
5,819

8,854,028
5,406,065
7,755,426
1,266,055
772,226

19.6
11.9
17.1
2.8
1.7

13,895,654
8,455,840
6,927,575
837,115
689,687

27.4
16.7
13.7
1.6
1.4

10,386,964
4,814,114
7,609,238
1,263,819
638,652

24.1
11.1
17.6
2.9
1.5

341,091

45,262,783

100.0%

50,640,802

100.0%

43,169,541

100.0%

Short-term borrowings
Accounts payable
Accrued expenses
Other current liabilities
Long-term borrowings-current portion
Capital lease obligations-current portion

28,78953,395
1,866
3,819
10,55014,8743,820,232
7,085,579
247,606
506,797
1,400,000
1,973,769

8.4%
15.7
0.5
1.1
3.1
4.4

5,620,000
4,313,811
211,302455,2120
1,644,354

11.1%
8.5
0.4
0.9
0.0
3.3

3,700,214
3,428,098
292,996696,682
1,200,000
1,928,505

8.6%
7.9
0.7
1.6
2.8
4.5

Total current liabilities

113,293

15,033,983

33.2

12,244,679

24.2

11,246,495

26.1

Long-term Borrowings
Convertible Notes
Capital Lease Obligations-Noncurrent
Accrued Retirement and Pension Costs
Other Noncurrent Liabilities

25,622
113,037
21,564760
816

3,400,000
15,000,000
2,861,556
100,841
108,376

7.5
33.2
6.3
0.2
0.2

2,800,000
15,000,000
2,679,224
124,640
188,413

5.5
29.6
5.3
0.2
0.4

3,600,000
15,000,000
2,969,253
126,085
34,238

8.3
34.7
6.9
0.3
0.1

275,092

36,504,756

80.6

33,036,956

65.2

32,976,071

76.4

7,783

1,032,746

2.3

676,096

1.3

1,023,897

2.4

Shareholders' Equity:
Common stock
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income

53,371
128,623(137,215)
13,437

7,082,336
17,068,353(18,208,469)
1,783,061

15.7
37.7
(40.2)
3.9

7,082,336
17,068,353(10,762,334)
3,539,395

14.0
33.7
(21.2)
7.0

7,082,336
17,068,353(16,541,800)
1,560,684

16.4
39.5
(38.3)
3.6

Total shareholders' equity

58,216

7,725,281

17.1

16,927,750

33.5

9,169,573

21.2

Total liabilities and shareholders' equity

341,091

45,262,783

100.0%

50,640,802

100.0%

43,169,541

100.0%

Total current assets
Investments in and Advances to Affiliated Companies
Other Investments
Property and Equipment, net
Guarantee Deposits
Other Assets
Total assets
LIABILITIES ANDSHAREHOLDERS' EQUITYCurrent Liabilities:

Total liabilities
Minority Interest

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to Mar 31, 2002 are included solely for the convenience of readers outside Japanand have been made at the rate of JPY132.70 =$1, the approximate rate of exchange on Mar 29, 2002.

INTERNET INITIATIVE JAPAN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSAppendix 4

For the Three Months Ended Mar 31, 2002, Mar 31, 2001 and Dec 31, 2001
(Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD)) (1)Mar 31, 2002
USD (1)JPY
Operating Activities:
Net loss
Depreciation and amortization
Equity in net loss of affiliated companies
Minority interests in consolidated subsidiaries
Foreign exchange losses (gains)
Write down of other investment
Decrease (increase) in accounts receivable
Increase (decrease) in accounts payable
Decrease (increase) in inventories
Deferred income tax
Other
Net cash provided by (used in) operating activities
Investing Activities:
Purchase of property and equipment
Investments in and advances to affiliated companies
Purchase of other investments
Proceeds from redemption of short-term investments(Payment) refund of guarantee deposits-net
Other
Net cash provided by (used in) investing activities

Mar 31, 2001
JPY

Dec 31, 2001
JPY

(12,560)
6,116
12,4096730
789(23,993)
27,855(3,006)(1,097)
1,619
8,229

(1,666,669)
811,652
1,646,603
8,849
3,990
104,700(3,183,806)
3,696,329(398,876)(145,560)
214,793
1,092,005(1,352,905)
714,130
1,179,050
2,550(411,981)
398,226(1,449,025)(2,027,616)(75,756)(113,444)
291,165(2,845,606)(1,029,829)
783,194
1,217,755
3,985(379,315)
299,428
175,291(1,103,244)
784,340(159,611)(8,113)583,881(3,780)(182)(2,638)(501,667)(24,123)(350,000)(162,852)(17,497)(373,471)(7,718)(561,538)

-

-

(15)
168
(6,447)(2,007)22,299(855,498)(501,808)(478,500)
3,136,244(10,145)(107,347)
2,038,444(4,038)904(3,134)(535,906)
120,018(415,888)

400,000(90,000)(500,144)(489,436)(679,580)(530,423)(70,231)(600,654)

Effect of Exchange Rate Changes on Cash

447

59,223454,633

332,421

Net Decrease in Cash

(905)

(120,158)(1,032,109)(245,890)

Cash, Beginning of Period

84,145

11,166,077

14,602,816

11,411,967

Cash, End of Period

83,24011,045,919

13,570,707

11,166,077

Financing Activities:
Proceeds from long-term borrowings
Repayments of long-term borrowings
Principal payments under capital leases
Net increase (decrease) in short-term borrowings
Net cash used in financing activities-

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to the three months ended Mar 31, 2002 are included solely for the convenienceof readers outside Japan and have been made at the rate of JPY132.70 =$1, the approximate rate of exchange on Mar 29, 2002.