Summary of Consolidated Business Results for the Third Quarter of FY 2010
(January 1 to September 30, 2010)
Date: November 2, 2010
Company

Funai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

8929
Masazumi Hasumi President
Koichiro Kasahara
Contact
deputy general manager, Administrative DivisionTEL
03-6439-5800
Planned release date of quarterly financial report: November 2, 2010
Supplemental Explanatory Material Prepared: None
Results Briefing Held: None

URL http://www.funai-zc.co.jp/Stock code
Representative

1. Consolidated Business Results for the Third Quarter of FY 2010 (January 1 to September 30, 2010)(1) Consolidated Results of operations(Note: Rounded down to million yen)
(The percentages shown for Revenue, Operating Income etc. represent changes from the same period in the previous
fiscal year.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％¥ Million
Q3 2010
2,691-39.0
119―
88―
14―
Q3 2009
4,411-61.9-2,546―-3,087―-3,723―
Net income Per share¥135.66-35,222.67

Q3 2010
Q3 2009

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets

Net assets¥ Million
Q35,2302010
FY6,4422009(Reference) Shareholders' Equity

Equity capital ratio

Net assets pershare¥ Million％

¥

1,077

20.6

10,190.16

1,18718.4

11,232.80

Q2 2010: ¥1,200 million

Full Year 2009: ¥1,187 million

2. Dividend Results
Date of issue

End of Q1¥Dividend per Share
End of Interim
End of Q3¥¥
750.00―0.00―

Fiscal Year End¥
0.00

Annual
¥750.00750.00750.00FY ended Dec.2009―
FY ended Dec.2010―
FY ending Dec.2010(projected)
Note: Revision of the dividend forecast in the second quarter of FY2010: None

3. Forecast of Consolidated Financial Performance for FY Ending December 2010
(January 1 to December 31, 2010)(Percentage figures represent the change from the previous fiscal year.)
Net income
Revenue
Operating income
Ordinary income
Net income
per share％％％％¥ Million¥ Million¥ Million¥ Million¥―――
Full year
5,508
1.8497471
427
4,039.54
Note: Revision of the consolidated results forecast in the second quarter of FY2010: None4. Other(1) Changes in major subsidiaries during the period: None(Note) Indicates whether there was any change in a specific subsidiary related to a change in the scope ofconsolidation during the subject accounting period.
(2) Adoption of simplified accounting procedures or accounting procedures specific to the preparation of quarterly
financial statements: None(Note) Indicates whether simplified accounting procedures or special accounting procedures in the preparationof the consolidated quarterly financial statements were applied.
(3) Changes in accounting principles, procedures or reporting methods used in preparation of these quarterlyfinancial statements
i. Changes in accounting principles applied: None
ii. Other changes: None(Note) Indicates whether there were any changes in accounting principles and procedures or reporting methods,
related to the preparation of the consolidated financial statements, noted in “Significant Changes
Fundamental to the Preparation of Financial Statements.”(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)Q3 2010: 105,705
Full Year 2009: 110,584
ii. Treasury stock issued at end of period
Q3 2010: NoneFull Year 2009: 4,879
iii. Average number of outstanding shares during the period
Q3 2010: 105,705
Q3 2009: 105,705*Indication regarding the status of quarterly review procedures
The quarterly review procedures under the Financial Instruments and Exchange Act of these financial statements
were being conducted at the time of disclosure.

*Appropriate use of these results forecasts and other items
The above forecasts are based on judgments made in accordance with information available at the time thesematerials were prepared, and contain numerous uncertainties. Changing conditions and other factors may cause
actual results to differ from the results in these forecasts.

5. Quarterly Consolidated financial statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
Current 3rd quarter ended
September 30, 2010

Previous consolidated
financial year Summary ofconsolidated balance sheet(December 31, 2009)

AssetsCurrent assets
Cash and deposits

252,453

951,396

Accounts receivable

517,711403,186

Real estate for sale

1,502,341

1,604,399

244,094

275,282

Other current assets

56,889195,523

Allowance for doubtful accounts
Total current assets-10,084-8,8072,563,406

3,420,980

187,154

210,839

Goodwill

491,061

613,990

OthersTotal intangible fixed assets

40,61748,535

531,678

662,526

Bonds bought

Fixed assets
Tangible fixed assets
Intangible fixed assets

Investments and other assets
Investment Securities

1,756,953

1,931,392

Stocks of affiliated companies

51,393

67,973

Other assets
Total Investment and other assets

140,189

149,210

1,948,536

2,148,576

2,667,369

3,021,941

5,230,776

6,442,921

Total fixed assets
Total assets

（Thousands of yen）
Current 3rd quarter ended
September 30, 2010

Previous consolidated
financial year Summary of
consolidated balance sheet(December 31, 2009)

Liabilities
Current liabilities
Accounts payable

57,562

Short-term debt

62,2741,225,000

850,000

Bonds redeemable within one year

730,000

1,370,000

Accrued corporate tax, etc.

56,645

Allowance for bonus payable

57,88425,559－Other reserves
Other current liabilities

15,390110,525

358,692

528,397

Total current liabilities

2,501,175

2,946,756

Bonds

595,000

1,195,000

Long-term deposits payable
Allowance for employee retirement benefits

221,344

264,479

41,867

34,772

118,719

107,052

675,518

707,496

1,652,450

2,308,801

4,153,625

5,255,558

1,030,817

1,030,817

Capital surplus

605,035

1,104,154

Retained earnings-269,091－-283,431-499,119

1,366,760

1,352,420-289,609-165,057-289,609-165,057

1,077,151

1,187,363

5,230,776

6,442,921

Fixed liabilities

Addition to reserve for compensation toretired directors
Long-term security deposits payable
Total fixed liabilities
Total liabilities
Net Assets
Shareholders’ equity
Common stock

Treasury stock
Total shareholders’ equity
Evaluation and conversion difference
Unrealized gains on securities
Totalevaluation
andconversion
difference
Total net assets
Total liabilities and net assets

(2) Quarterly Consolidated income statements (3rd Quarter YTD)
（Thousands of yen）
Previous 3rd quarter
ended September 30, 2009

Current 3rd quarter
ended September 30, 2010

Revenue
Consulting Revenue

2,178,633

2,441,946

Sales of real estate
Revenue

2,232,732
4,411,366

249,647
2,691,593

Operating cost1,287,173

1,259,950

Cost of sales of real estate
Operating cost

4,082,135

196,325

5,369,309

1,456,275

Operating cost

Gross operating profit(loss)-957,943

1,235,317

SG&A

1,588,688

1,115,652

Operating income(loss)-2,546,631

119,664

Non-operating income
Interest received

6,062

355

Dividends received

1,224

Gain on investment of anonymous association

14,928

11,079－Insurance premium refunded cancellation

15,549－Other non-operating income
Non-operating income

4,341
42,106

1,575
13,009Interest paid

62,721

27,657

Investment loss on equity method

497,151

5,874

Other non-operating expenses
Non-operating expenses

22,858582,731

10,82644,358-3,087,256

88,316

177,426
137,697704－－

38,151

13,773－

Settlement received－

45,000Extraordinary profit

328,896

83,855－

10,706158

Non-operating expenses

Ordinary income(loss)
Extraordinary profit
Gain on sale of investment securities
Gain on sales of stocks of affiliates
Gain on sale of affiliated companies’ securities
Gain on change in equity

Extraordinary loss
Loss on sales of fixed assets
Loss on retirement of fixed assets
Loss on sales of investment securities

33,531

388－

Loss on valuation of investment securities
Early extra retirement payments

781
43,124

22,841－

Office transfer expenses

93,507－Extraordinary loss

171,103

33,936

Current net income before profit(loss) distribution toanonymous association (pre-tax)-2,929,463

138,234

Dividends distribution from anonymous association

50,772-5,327（Thousands of yen）
Previous 3rd quarter
ended September 30, 2009
Current net income(loss) before taxes

Current 3rd quarter
ended September 30, 2010

-2,980,236

143,562
52,856

Income taxes-correction

40,103－81,566

Deferred income(loss) taxes
Current income(loss) taxes

702,872
742,975-5,200129,222-3,723,211

14,339Current income taxes

Net income(loss)

(2) Quarterly Consolidated income statements (3rd Quarter Results of FY2010)（Thousands of yen）
Previous 3rd quarter ended
September 30, 2009

Current 3rd quarter ended
September 30, 2010

Consulting Revenue

798,398

633,615

Sales of real estate
Revenue

1,351,221
2,149,619

40,485674,100

Revenue

Operating cost
Operating cost
Cost of sales of real estate
Operating costGross operating profit(loss)
SG&A
Operating loss

485,996

389,8892,984,371

20,3023,470,368

410,192-1,320,748

263,908

419,497

357,012-1,740,246-93,103

2,841
－

127

Non-operating income
Interest received
Dividends received
Gain on investment of anonymous association

630－

Investment profit on equity method

1,124
－

5,766

Other non-operating income
Non-operating income

813
4,779

171
6,695

Interest paid

18,601

Investment loss on equity method

132,895

10,586－

Other non-operating expenses
Non-operating expenses

6,448
157,946

2,742
13,329-1,893,412-99,737－704

137,697－

Settlement received－

45,000Extraordinary profit

137,697

45,704

Loss on sales of fixed assets－

10,706

Loss on retirement of fixed assets－307

Loss on sales of investment securities
Early extra retirement payments－
43,124

20,460－

Office transfer expenses

93,507－Extraordinary loss

136,631

31,475Current net income before profit(loss) distribution toanonymous association (pre-tax)-1,892,347-85,509

Dividends distribution from anonymous association

54,228-1,096

Non-operating expenses

Ordinary loss
Extraordinary profit
Gain on sale of investment securities
Gain on sales of stocks of affiliates

Extraordinary loss

Current net income(loss) before taxes-1,946,576-84,413

Current income taxes

12,74925,430

Deferred income(loss) taxes
Current income(loss) taxes-1,286
11,462-4,374
21,055-1,958,038-105,468

Net income(loss)

(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 3rd quarter ended
September 30, 2009

Current 3rd quarter ended
September 30, 2010

-2,980,236

143,562

Cash flow from operating activities
Income(loss) before income taxes and minority
interests
Depreciation

41,42830,908

Amortization of goodwill

123,062

122,929

1,962

1,276

-11,380

7,094-108,891

11,66774,010-95,135

Income from interest and dividends-7,286-11,434

Interest paid

62,721

27,657497,151

5,874

781

22,841-143,894-704-137,697－－-38,151－

10,706158

388-15,430-114,525

3,569,081

102,058

297,189

31,187-48,518-4,712-86,711-31,977-218,186-14,810-29,011880,301-118,087
88,613

Change in provisions for doubtful accounts(negative indicates decrease)
Change in reserve for retirement benefits(negative indicates decrease)
Change in reserve for directors' retirement benefits(negative indicates decrease)
Change in other reserves(negative indicates decrease)

Equity in losses of affiliates(negative indicate increase)
Loss on revaluation of investments in securities(negative indicate increase)
Gain on sales of investment securities(negative indicate increase)
Gain on sales of stocks of affiliates(negative indicate increase)
Gain on liquidation of affiliates(negative indicate increase)
Loss on sales of fixed assets(negative indicate increase)
Loss on retirement of fixed assets
Increase in accounts receivable(negative indicate increase)
Decrease in real estate for sale(negative indicates increase)
Decrease in other current assets(negative indicate increase)
Decrease in accounts payable(negative indicates decrease)
Decrease in lease and guarantee deposits received(negative indicates decrease)
Decrease in long-term deposits received(negative indicates decrease)
OthersSubtotalInterest and dividends received

19,886

11,434

Interest paid

-34,142Litigation settlement-74,112－

Income tax (paid) refund
Cash flow from operating activities-158,674
667,401

4,010
114,915

45,000（Thousand of yen）
Previous 3rd quarter ended
September 30, 2009

Current 3rd quarter ended
September 30, 2010

Payments for putting of time deposits-114,000－

Proceeds from repayment of time deposits
Payment for purchase of intangible fixed assets

1,207,874

4,000-13,627-3,393

Payment for purchase of tangible fixed assets-314-3,015

Proceeds from sale of tangible fixed assets
Proceeds from sale of investment securities11,448

3,588

372,642

26,469Proceeds from sales of stocks of affiliates

555,000

Collection of loans receivable

Cash flow from investing activities

100,000

48,856－Others
Cash flow from investing activities-18,8312,100,193

1,704
78,210Cash flow from financing activities
Decrease in short-term loans payable(negative indicates decrease)-76,667

375,000-3,500,000－

Payment for redemption of corporate bonds-970,000

Dividends paid
Others-158,557-19,403-1,240,073－

Repayment of long-term debt

-22,996

Cash flow from financing activities-4,724,627-888,070

Decrease in cash and cash equivalents-1,957,032-694,943

Cash and cash equivalents at beginning of term

3,424,778

947,396

Cash and cash equivalents at end of term

1,467,746

252,453(negative indicates decrease)