February 12, 2010
Stock Exchange Listing Tokyo, Osaka
Name of listed company: ISEKI & CO., LTD.
6310
Company Code:(URL http://www.iseki.co.jp) Head Office:Tokyo
Representative: Title President
Name Seiichiro Gamo
Enquiries:
Title Director & General Manager of FinanceName Yasunori Maki
Telephone: +81 3 5604 7671
Date of Submission of Quarterly ReportFebruary 12, 2010
Scheduled Date to Commence Dividend Payment-

Summary Announcement of Consolidated Financial Results
for the Nine Months Ended December 31, 2009
I. Financial Results for the Nine Months Ended December 31, 2009 (April 1, 2009  December 31, 2009)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Nine Months Ended
December 31, 2009
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted%

107,894
4,400
3,870
2,667
11.73

Nine Months Ended
December 31, 2008

(5.8)
76.2
107.7
178.7

%

114,581
2,496
1,863
957
4.24

11.61

-

4.16

B. Financial Position(Rounded down to millions of yen)

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio
Net Assets per Share

December 31, 2009

December 31, 2008

184,167
55,66329.4%¥235.61

171,00251,69429.4%¥222.44

Notes: Shareholders’ equity:
Third Quarter of FY Mar. 2010 ¥54,148 mil. Year ended March 31, 2009 ¥50,214mil.
II. Dividends

Dividend per share (Yen)(Recorded date)
FY ended March 2009
FY ending March 2010

End of 1Q-

End of 2Q-

FY ending March 2010 (forecast)End of 3Q-

Year-end
0.00

Annual
0.00

0.00

0.00

(Note) Revision of dividend forecast during the third quarter of FY ending March 2010: None1III. Forecast for the Fiscal Year Ending March 31, 2010 (April 1, 2009  March 31, 2010)(% represents comparison with previous year for the full year performance)
Net sales
Million yen
148,000

AnnualOperating income
%

(1.1)

Million yen
3,300

Ordinary income%

Million yen
2,100

109.2

Net income pershare

Net income%

Million yen

172.1

1,100

%
-

Yen
4.79

(Note) Revision of performance forecast during the third quarter of FY ending March 2010: Yes
IV. Others
A. Change in important subsidiaries during the period (change in specified subsidiaries which accompanies achange in the range of consolidation): None.
B. Adoption of simplified method in accounting method and unique accounting method for quarterly financial
statements: Yes(Note) For details, please refer to p4 [Qualitative Information. ▪ Financial Statements, etc] 4. Others.
C. Change in principle, procedure and method of statement of accounting procedures in preparation of
consolidated quarterly financial statements (as stated in “Changes in essential matters which provide a basis for
preparation of “Consolidated Quarterly Financial Statements”)
1) Change which accompanies revision of accounting standards: Yes
2) Change other than No.1.
: None(Note) For details, please refer to p4 [Qualitative Information ▪ Financial Statements, etc] 4. Others.
D. Outstanding shares (Common shares)
1) Outstanding shares (Including treasury shares)
As of December 31, 2009 229,849,936 shares As of March 31, 2009
226,536,329 shares
2) Outstanding treasury shares
As of December 31, 2009
28,781 shares As of March 31, 2009
790,839 shares
3) Average number of shares during the period (Quarterly consolidated cumulative period)
As of December 31, 2009 227,454,091 shares As of December 31, 2008
225,793,394 shares* Statement regarding proper use of financial performance forecasts and other notes.
The forecast for operating results has been produced based on information presently available. It is possible thatin the future actual results may differ from the anticipated figures for a variety of reasons. Please refer to page
4[Qualitative Information Financial Statements, etc], [3. Qualitative information regarding performance forecast]．

[Qualitative Information ▪ Financial Statements, etc]

1. Qualitative information concerning the status of consolidated financial results
During the third quarter consolidated cumulative period under review, there were signs of a bottoming out of
the Japanese economic recession caused by worldwide financial turmoil; mainly due to the effects of economic
measures taken by the government. However, a severe situation of the environment surrounding corporations
remained due to concerns over the effect of the exchange rate, which hovered with a strong yen, and inactive
consumer spending caused by uncertainties for the future, such as employment insecurity.

2

In the domestic agricultural machinery market, while the implementation of urgent machinery-leasing support
program by agricultural policy failed to compensate for sluggish sales in the first half of the year, a decline inshipping remained negligible. In the overseas market, in contrast to the Chinese market which remained solid, adifficult situation for sales expansion continued in North America, Europe and Australia due to the effects of the
global recession. Under these circumstances, the ISEKI Group has made efforts to prepare a line-up of new
products to meet the diversifying needs of customers, aggressively promoting sales activities.
In the third quarter consolidated cumulative period, sales decreased ¥6.687 billion from the same period of theprevious year, to ¥107.894 billion (down 5.8 %). Domestic sales decreased ¥1.175 billion to ¥96.282 billion (down
1.2 %). Among the sales, revenue from the construction of facilities increased ¥3.762 billion to ¥6.468 billion (up139 %) with orders received/completion centering on large-size drying and fruit-sorting facilities.
Overseas sales decreased ¥5.511 billion to ¥11.611billion (down 32.2%). Operating income increased ¥1.903
billion from the same period of the previous year, to ¥4.4 billion, compensating for reduced gross income by reduced
revenue with a raise in retail prices implemented in August, 2008, improved profitability by stabilized raw material
prices, and cost-reduction efforts. Ordinary income increased ¥2.006 billion to ¥3.870 billion. Quarterly net income
increased ¥1.710 billion to ¥2.667 billion.

2. Qualitative information concerning the shifts in consolidated financial position
As of the end of the third quarter consolidated cumulative period, total assets increased ¥13.164 billion fromthe previous fiscal year end to ¥184.167 billion. The main items of assets were a ¥5.086 billion increase in cash andcash equivalents and a ¥6.753 billion increase in notes and accounts receivable.
Total liabilities increased ¥9.195 billion from the previous fiscal year end, mainly due to an increase ininterest- bearing liabilities of ¥10.196 billion. Net assets increased ¥3.969 billion from the previous fiscal year
end to ¥55.663billion. As a result, the equity ratio was 29.4 %.

Cash and cash equivalents, ended the third quarter consolidated cumulative period, increased ¥4.855 billion
from the end of the previous fiscal year, to ¥10.465 billion.
(Cash flow from operating activities)
Cash flow from operating activities in the third quarter under review resulted in a net expenditure of ¥3.851
billion (net expenditure increased ¥10.165 billon from the same period last year), mainly due to net income before
income taxes and minority interest of ¥3.743 billion, and an increase in notes and accounts receivable of ¥6.753
billion.
(Cash flow from investment activities)
Cash flow from investment activities in the third quarter under review resulted in a net expenditure of ¥3.209
billion (net expenditure increased ¥1.581 billion from the same period last year) mainly due to capital investment
expenditure of ¥3.245billion.
(Cash flow from financial activities)
Cash flow from financial activities in the third quarter under review resulted in a net revenue of ¥11.870
billion (increased revenue of ¥12.723 billion from the same period last year), mainly due to increase and decrease ofinterest-bearing liabilities.

33. Qualitative information regarding performance forecast
With respect to the consolidated business performance forecast for the current fiscal year under review, theforecast for the net sales has been revised from ¥150.0 billion to ¥148.0 billion (down 1.1% from the previous
period) due to delayed recovery in domestic sales. With respect to the forecast for each income, we have not maderevisions to the previous forecast, with operating income of ¥3.3 billion (up 109.2% from the previous period),
ordinary income of ¥2.1 billion (up 172.1%) and net income of ¥1.1 billion, continuing our efforts in reducing costs.
Company forex rate for the fourth quarter as premises of the business performance is 1US$=¥90 and
1Euro=¥130.
Revised forecasts of the consolidated cumulative business performance for the fiscal year ending March 31, 2010
（Millions of yen）

(April 1, 2009 – March 31, 2010)

Net Income
Operating

Ordinary

Net

IncomeIncomeIncome150,000

3,300

2,100

1,100

4.79

Latest Forecast（B）

148,000

3,300

2,100

1,100

4.79

Difference (B-A)(2,000)

-

-

-

(1.3)

-

-

-

149,601

1,577

771

2

Net Sales

Previous Forecast (A)(Announced on November 12, 2009)

Rate of Change (%)(Reference)Results for FY09/Mar.

per Share
(yen)

0.01

(Reference) Forecasts of the non-consolidated cumulative business performance.
With respect to the forecast of the non-consolidated business performance, there has been no change made to theforecast announced on November 12, 2009.
（Millions of yen）

Net Sales

Operating

Ordinary

Net

IncomeIncomeIncomeNet Income
per Share(yen)

Annual Forecast

91,000

700

700

600

2.61

(Reference)Results for FY09/Mar.

90,331

(327)

1,579

1,110

4.92

4. Others(1) Changes in important subsidiaries during the period (change in specified subsidiaries which accompanies achange in the range of consolidation): None.
(2) Adoption of simplified method in accounting method and unique accounting method for quarterly financial
statements
1) Calculation method of income taxes, deferred tax assets and deferred tax liabilities
Concerning calculation of payable tax of income taxes, we employ a method to limit add-subtract items and tax
exemption items to important ones. With respect to evaluation of collectability of deferred tax assets, we rely on amethod to use business performance forecast or tax planning used in the previous consolidated fiscal year in case no4

significant change is recognized in the managerial environment or situation to generate differences.
(3) Changes in principle, procedure and method of statement of accounting procedures in preparation of consolidated
quarterly financial statements.
1) Adoption of Accounting Standard for Construction Contracts
Starting from the current consolidated quarterly accounting period, we have applied the “Accounting Standard forConstruction Contracts” (ASBJ Statement No.15, issued on December 27, 2007) and “Implementation Guidance of
Accounting Standard for Construction Contracts”(ASBJ Implementation Guidance of Corporate AccountingStandards No.18, issued on December 27, 2007).
There is no impact of the application on the profit and loss.
5. Consolidated Quarterly Financial Statements(1)

Consolidated Quarterly Balance Sheets(millions of yen)
FY2010(as at Dec. 31, 2009)

FY2009(as at Mar. 31, 2009)

Cash and time deposits

10,794

5,708

Notes and accounts receivable

35,48728,73421

280

Merchandise and products

39,92737,944Work in progress

3,800

2,696

Raw materials and stocks

1,415

1,336

Others

2,676

3,991

Allowance for doubtful accounts

(114)

(79)

94,00980,611

Buildings and structures(net)15,00915,638Land

50,47650,463

Others(net)14,556

13,88780,042

79,988856

842

Investment securities

4,723

4,647

Others

5,022

5,385

Allowance for doubtful accounts

(487)

(473)

9,259

9,559

90,15790,390184,167

171,002

AssetsCurrent Assets

Marketable securities

Total current assets
Fixed Assets
Tangible fixed assets

Total tangible fixed assets
Intangible fixed assets
Investments and other assets

Total investment and other assets
Total fixed assets
Total Assets

5

(millions of yen)
FY2010(as at Dec.31, 2009)

FY2009(as at Mar. 31, 2009)

Notes and accounts payable

44,06743,801

Short-term borrowings

28,221

20,980Bonds(due within one year)

1,090

1,485

Long-term debt(due within one year)

13,49910,395

Accrued income taxes

619

715

Allowance for bonus

975

429

5,266

7,685

93,73885,49320

1,060

Long-term debt

18,034

16,748Deferred tax liability from land revaluation

7,595

7,595

4,957

4,829

149

380

4,007

3,201

34,76433,814

128,503

119,308

Common stock

23,34422,784

Capital surplus

13,454

12,815Retained earnings

6,739

4,072

Treasury stock

(8)

(185)

43,53039,486104

212

10,527

10,527(13)(11)

10,618

10,728

1,514

1,479

Total Net Assets

55,663

51,694

Total Liabilities and Net Assets

184,167

171,002

Liabilities
Current Liabilities

OthersTotal current liabilities
Long - term Liabilities
Bonds

gain
Accrued retirement benefits for employees
Accrued directors' retirement benefits
OthersTotal long-term liabilities
Total liabilities
Net Assets
Shareholders' equity

Total shareholders’ equity
Difference of appreciation and conversion
Net unrealized holding gain on securities
Land revaluation reserve
Foreign currency translation adjustments
Total difference of appreciation andconversion
Minority interests in Consolidated Subsidiaries

6(2) Consolidated Quarterly Statements of Income(Third Quarter Consolidated Cumulative Period)(millions of yen)
FY2009FY2010(Apr.1,2008-Dec.31,(Apr.1,2009-Dec.31,

2008)

2009)

Net sales

114,581

107,894

Cost of sales

79,23872,16335,34235,73032,84531,330

2,496

4,400

Interest received

167

133

Dividend received

109

94

Others

766

502

1,042

729

Interest expenses

903

790

Others771

469

Total non-operating expenses

1,675

1,259

Ordinary Income

1,863

3,870

Gain on sale and disposal of property, plant and equipment

55

43

Gain on sale of investment securities

144

2

Gain on sale of stocks of subsidiaries

351-

Others

39

-

590

45

Loss on sale and disposal of property, plant and equipment

149

96

Reversal of past year allowance for directors’ retirement benefit

144-

Cost of measures for product recall

225

46

Others

128

29

648

173

1,806

3,743

Income taxes

990

882

Reversal of past year corporate and other taxes

(155)

(170)

Total Income taxes, deferred tax

835

1,053

Minority interests in consolidated subsidiaries

13

22

957

2,667

Gross Profit
Selling, general and administrative expenses
Operating Income
Non-operating Income

Total non-operating income
Non-operating Expenses

Extraordinary Gains

Total Extraordinary Gains
Extraordinary Losses

Total Extraordinary Losses
Income before income taxes and minority interests

Net Gain or Loss7

(3) Consolidated Quarterly Statements of Cash Flows

Cash Flows from Operating Activities
Income before income taxes and minority interests
Depreciation and amortization
Increase (decrease) in reserve for retirement benefits
Loss (gain) on sales of investment securities
Loss (gain) on sales of stocks of subsidiaries
Interest and dividend income
Interest expenses
Effect of foreign exchange rate changes
Loss (gain) on sales of tangible and intangible fixed assets
Decrease(increase) in notes and accounts receivable
Decrease(increase) in inventories
Increase(decrease) in notes and accounts payable
Others
Sub totalInterest and dividends received
Interest paid
Income taxes paid
Refunded income taxes
Net cash provided by (used in) operating activities
Cash Flows from Investing Activities
Payment for purchase of investment securities
Proceeds from sale of investment securities
Payments for purchase of tangible and intangible fixed assets
Proceeds from sale of tangible and intangible fixed assets
Payments for purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sales of stocks of subsidiaries which a company
change in range of consolidation
Net decrease (increase) in time deposits
OthersNet cash used in (provided by)investing activities
Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Redemption of bonds
Proceeds from sale and lease backRepayments of lease obligations
Payments for purchases of treasury stock
OthersNet cash used in financing activities
Effect of Exchange rate Changes on Cash and Cash Equivalents
Net Increase (decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of fiscal year
Cash and Cash Equivalents at end of quarter

8

FY2009FY2010(Apr.1,2008-Dec.31,(Apr.1,2009-Dec.31,

2008)

2009)

1,806
3,310
441
(138)
(319)
(276)
903
(119)
94
(597)
902
2,022
(549)
7,479
260
(932)
(609)
116

3,743
3,744
128
3
(227)
790
(48)
53
(6,753)(3,167)265(1,317)(2,785)
232
(759)
(962)
424

6,314

(3,851)(122)
51(3,075)
331
(27)
530

(19)
239
(3,245)
266
(238)
30

694
(235)
224
(1,627)(230)(10)(3,209)890
7,130(8,747)
(100)
(16)
(9)

7,243
12,940(8,549)
(40)
727
(422)
(19)
(9)

(853)
97
3,931
5,687
9,619

11,870
45
4,855
5,609
10,465

(4) Note on going concern premises
There is no corresponding item.
(5) Note in case there is a substantial change in the amount of shareholders’ equity
Third quarter consolidated cumulative period under review (April 1, 2009 – December 31, 2009)

Commonstock
Balance at the end of
previous fiscal year
Changes in items during theperiodNew share issuance
Quarterly net income
Purchase of treasury stock
Sale of treasury stock
Total changes in items
during the period
Balance at the end of theperiodCapitalsurplusRetainedearnings

22,784

12,815

559

559

4,072

Treasury
stock
(185)

39,486

(19)
196

1,119
2,667
(19)
275

2,667
78

(million of yen)
Totalshareholders’equity

559

638

2,667

177

4,043

23,344

13,4546,739(8)43,530The changes are due to exercise of stock acquisition rights for convertible bonds.

9