Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2013
February 6, 2013
1st Section of the Tokyo Stock Exchange

Listed Company Name

: JMS Co., Ltd.

Stock Code: 7702

(URL http://www.jms.cc/)

Representative: Hiroaki Okukubo, President and Representative Director

Contact: Masaki Endo, Executive Officer, Head of Business Administrative OfficeTEL: +81-82-243-5844

Filling date of quarterly reporting: February 8, 2013

Supplemental material on quarterly reporting: NonePresentation on quarterly results: NonePayment date of cash dividends:－(Note: Amounts below are rounded down to the nearest million yen)
1. Consolidated Financial Highlights for the Interim Period Ended December 2012

(From April 1, 2012 to December 31, 2012)(1) Consolidated Financial Results(%: change from the same previous period)
Net sales

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Nine months ended December 31, 2012

36,733

5.9

1,649

79.3

1,937

58.3

1,394

74.8

Nine months ended December 31, 2011

34,7012.0(Note)

919 (36.9)

797 (18.4)

1,224 (21.0)

Comprehensive income : Nine months ended December 31, 2012 : 1,904 million yen 〔－%〕, Nine months ended December 31, 2011 : 90 million yen 〔(55.1)%〕.
Net income per share,
fully diluted

Net income per share
Yen
32.31

Yen

Nine months ended December 31, 2012
Nine months ended December 31, 2011

18.48－－(2) Consolidated Financial Position
Total assets

Equity ratio

Net assets

Millions of yen

Millions of yen%

As at December 31, 2012

48,841

26,75054.6

As at March 31, 2012

45,43025,18455.3(Note)

Shareholders' equity : December 31, 2012 : 26,674 million yen, March 31, 2012 : 25,127 million yen.

2. Dividends
Dividends per share
1st quarter
Yen
Year ended March 31, 2012－

2nd quarter
Yen
4.00

Year ending March 31, 2013

－

4.00

3rd quarterYen－

4th quarter
Yen
4.00

Yen
8.00

－

Year ending March 31, 2013 (forecast)(Note)

Total

4.00

8.00

Revisions to the forecast of dividends since the last announcement. : None

3. Consolidated Forecast for the Year Ending March 2013 (From April 1, 2012 to March 31, 2013)

Net sales
Millions of yen
Year ending March 31, 2013
(Note)

48,000Operating income%
2.5

Millions of yen
2,000

Ordinary income%
90.1

Millions of yen
2,200%
59.1(%: change from the same previous period)
Net income
Net income
per share
Millions of yen
Yen%
1,400

Revisions to the forecast of consolidated results since the last announcement. : Yes

The aforementioned projections are based on the information currently available, and may contain some uncertainties.
The final results might be significantly different from the aforementioned projections due to changes in business conditions.

Page 1 of 5

48.5

32.44

4. Overview of financial results for the third quarter(1) Overview of consolidated financial results
In regard to the business environment surrounding the JMS Group, competition is intensifying in overseas markets
led by both domestic and foreign manufacturers amidst the expansion of the healthcare market, particularly inemerging countries. In Japan, the simultaneous revision of the reimbursement price for medical service fee andcare-service fee in April 2012 has made business conditions even tougher with the drastic reduction in thereimbursement price for medical devices and materials. Yet, new markets are also emerging amidst calls for
medical devices and diverse services to cater to the aging society.
In the given environment, JMS is striving to deliver goods and services for 'medical safety', 'medical efficiency' and'regenerative medicine' under the corporate philosophy of 'Patient Comes First'. Product development, production
and sales are promoted to boost revenue in products, which are categorized into four system groups. 'Infusion andTransfusion' and 'General Medical Supplies' mainly handle infusion and enteral nutrition for contributing to 'medicalsafety', while 'Dialysis' mainly offers products for both hemodialysis and peritoneal dialysis for contributing to'medical efficiency', and 'Cardiovascular' mainly promotes value-added products such as membrane oxygenators andcardiopulmonary blood tubing sets.
As a result of the abovementioned operations, JMS recorded consolidated net sales of 36,733 million yen in thisquarter, up 5.9% / 2,032 million yen (year-over-year).
The operating income totaled 1,649 million yen, up 79.3%, due to the increase of revenues offsetting fixed expenses
such as labor costs. As we recorded equity in earnings of affiliates, the ordinary income was 1,937 million yen, up
58.3%. The deduction of income taxes resulted net income of 1,394 million yen in this quarter, up 74.8%.
Business performance by geographical segment(i) Japan
Continued growth in the sales of Infusion and Transfusion products and hemodialysis blood tubing sets brought net
sales to 30,268 million yen, up 4.9%. Increased revenues generated a profit of 1,328 million yen, up 161.4%, forthis geographical segment.
(ii) Southeast Asia
Positive sales of hemodialysis blood tubing sets for Japan and apheresis kits for the OEM customer boosted net sales
to 10,517 million yen, up 18.5%. Increased revenues led to a profit of 267 million yen, up 133.5%, for thisgeographical segment.
(iii) China
Continued solid sales of AV fistula needles for the domestic market raised net sales to 2,380 million yen, up 9.8%.
The rise of material costs and labor costs contracted the profit of this geographical segment to 56 million yen, down
59.9%.
(iv) Germany
Stagnant sales of AV fistula needles and dialysis therapy chairs for EU market reduced net sales to 1,869 million yen,down 13.9%. The depreciation of the Euro and resulting rise in procurement costs, and also decreased revenues
resulted in a profit of 97 million yen, down 46.1%, for this geographical segment.
(v) United States
Despite the stagnant sales of AV fistula needles for North America, the sales boost of safety scalp vein sets edged up
net sales to 1,627 million yen, up 1.2%. The effect of downward pressure on market pricing led to a profit of 95
million yen, down 47.6%, for this geographical segment.
(vi) Others
The remaining geographical segments recorded net sales of 884 million yen, up 7.2%, and a profit of 108 million yen,up 42.4%.
The abovementioned figures do not include consumption tax, etc.

Page 2 of 5

(2) Overview of consolidated business results(i) Analysis of the status of assets, liabilities and net assets
Gross assets as of the end of Q3 totaled 48,841 million yen, up 3,411 million yen from the end of the previous
consolidated fiscal year. The details of assets, liabilities and net assets are as shown below:(Assets)
Current assets grew to 30,344 million yen, up 1,779 million yen from the end of the previous consolidated fiscal year,mainly due to the increase of merchandise and finished goods.
Noncurrent assets grew to 18,497 million yen, up 1,631 million yen from the end of the previous consolidated fiscalyear, mainly due to the acquisition of tangible noncurrent assets.
(Liabilities)
Current liabilities increased to 17,895 million yen, up 1,429 million yen from the end of the previous consolidated
fiscal year, mainly due to the increase of short-term loans payable.
Noncurrent liabilities increased to 4,195 million yen, up 415 million yen from the end of the previous consolidated
fiscal year, mainly due to the increase of long-term loans payable.
(Net assets)
Net assets stand at 26,750 million yen, up 1,566 million yen from the end of the previous consolidated fiscal year,
mainly due to the accounting of net income.
Note that the equity ratio dropped 0.7 percentage points to 54.6%.

(3) Overview of consolidated business forecast
Consolidated business forecast for the fiscal year ending March 31, 2013 released on May 10, 2012 has been revised
as shown below, due to the influence of exchange rate fluctuation on overseas affiliates’ profit as well as the increaseof manufacturing costs caused by political wage raise in emerging countries.
(Unit: million yen)Previous forecast
Net sales
Operating income
Ordinary income
Net income

48,000
2,300
2,500
1,550

New forecast
48,000
2,000
2,200
1,400

Page 3 of 5

Amount changed―(300)
(300)
(150)

Results forprevious FY
ended March2012
46,836
1,052
1,382942

5. Consolidated Financial Statements
Consolidated Balance SheetJMS CO., LTD. and Consolidated Subsidiaries(Millions of yen)
As at March 31,
2012
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
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
Investments and other assets, grossAllowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for product warranties
Provision for bonuses
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision for retirement benefits
Provision for directors' retirement benefits
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stockTotal shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets
Page 4 of 5

As at December 31,
2012

3,474
14,991
4,800
1,750
2,673
881
(7)
28,5644,207
15,000
5,234
1,877
3,210
819
(6)
30,344

13,076708

14,657
720

3,086
(5)
3,080
16,86545,430

3,124
(5)
3,118
18,497
48,841

7,271
3,306
1,235
329
699221
3,303
16,466

7,783
4,093
1,400
291
5
531
21
3,768
17,895

2,610
226
30
165
746
3,779
20,245

2,946
275
30
146
796
4,195
22,0906,522
9,473
11,755(270)
27,481

6,522
9,473
12,804(271)
28,52931(2,385)(2,353)56
25,18445,43090(1,945)(1,854)76
26,75048,841

Consolidated Statements of Income
JMS CO., LTD. and Consolidated Subsidiaries(Millions of yen)
Nine months ended
December 31, 2011
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission fee
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent assets
Loss on abandonment of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

Nine months ended
December 31, 2012

34,701
25,105
9,595
8,676
919

36,733
26,231
10,501
8,852
1,649

27
22
174
94
85
403

5
22
156
112
99
396

66
17
14
98
1,224

57
32
17
107
1,937

4―
4

2
2
4

1
59
14
10
85
1,143
280
56
336
807
9797

1
29―
50
81
1,861
459
(3)
456
1,405
101,394

Consolidated Statements of comprehensive income
JMS CO., LTD. and Consolidated Subsidiaries(Millions of yen)
Nine months ended
December 31, 2012

Nine months ended
December 31, 2011
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 to owners of the parent
Comprehensive income attributable to minority interests

Page 5 of 5807

1,405

(79)
(636)
(716)
90

59
439
499
1,904

87
3

1,884
19