August 13, 2009
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 General Manager of FinanceName Hiroshi Yunoki
Telephone: +81 3 5604 7671
Date of Submission of Quarterly ReportAugust 13, 2009
Scheduled Date to Commence Dividend Payment―

Summary Announcement of Consolidated Financial Results
for the Three Months Ended June 30, 2009
I. Financial Results for the Three Months Ended June 30, 2009 (April 1, 2009－June 30, 2009)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Three Months
Ended
June 30, 2009
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

Three Months
Ended
June 30, 2008%

29,461
374
388
397
1.76

(8.9)
-

%

32,328
(526)
(432)
(520)
(2.31)

1.73--

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

June 30, 2009

March 31, 2009

174,581
52,39929.2%¥225.57

171,00251,69429.4%¥222.44

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio
Net Assets per Share
Notes: Shareholders’ equity:

First Quarter of FY Mar. 2010 ¥50,920 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-

End of 3Q-

Year-end
0.00

Annual
0.00

-

-

0.00

0.00

FY ending March 2010 (forecast)(Note) Revision of dividend forecast during the first 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 and y-o-y comparison for the cumulative 2Q)

Net Sales

Operating

OrdinaryNet

Net Income

IncomeIncomeIncomeper Share

2Q(Cumulative)

Millions of Yen

69,500 (9.7)

1,600Annual

154,000

3,800 140.9%

2.9

Millions of Yen

%

31.8

15.4

800

15.8

Yen
3.54

2,800 262.8

1,600

-

7.09

Millions of Yen

1,300

%

Millions of Yen%(Note) Revision of performance forecast during the first quarter of FY ending March 2010: Yes

IV. Others
A. Change in important subsidiaries during the period (change in specified subsidiaries which accompanies a change
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
financial statements (as stated in “Changes in essential matters which provide a basis for preparation ofConsolidated 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 June 30, 2009 226,536,329 shares As of March 31, 2009
226,536,329 shares
2) Outstanding treasury shares
As of June 30, 2009
794,826 shares As of March 31, 2009
790,839 shares
3) Average number of shares during the period (Quarterly consolidated cumulative period)
As of June 30, 2009 225,743,497 shares As of June 30, 2009
225,823,058 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 3[Qualitative Information・Financial Statements, etc], [3. Qualitative information regarding performance forecast]for matters concerning financial performance forecasts.

[Qualitative Information・Financial Statements, etc]

1. Qualitative information concerning the status of consolidated financial results
During the first quarter under review, the Japanese economy aggravated sharply, mainly due to financial
turmoil uncertainties caused by the worldwide recession and economic slowdown. While we witness a partial signof softening decline in consumer spending and economic recovery, led by the export-related sector, it is hard to see
signs of improvement in the future economic situation yet, due to a substantial decline in corporate profits andfacility capital investment, and an uncertain employment environment.
In the domestic agricultural machinery market, while there were some signs of recovery, it was not enough to2

see enhanced buying appetites from farmers. In the overseas market, the difficult situation of expanding sales
continues, due to effects of the global recession. Under these circumstances, the ISEKI Group made efforts tobroaden its assortment of new products to meet the diversifying needs of customers, aggressively promoting sales
activities.
In the first quarter , sales decreased ¥2.866 billion from the same period of the previous year, to ¥29.461
billion (down 8.9%). Domestic sales decreased ¥1.084 billion to ¥25.955 billion (down 4.0%). Overseas sales
decreased ¥1.782 billion to ¥3.505 billion (down 33.7%), due to a decline in orders received, because of the effectof the worldwide recession; while sales in China grew, reflecting increased subsidies. Operating income increased¥0.901 billion from the same period of the previous year, to ¥0.374 billion, by an improved gross margin ratio,
reduced evaluation loss of inventories, and cost reduction of fixed costs, etc. Ordinary income increased ¥0.821
billion to ¥0.388 billion. Quarterly net income increased ¥0.918 billion to ¥0.397 billion.

2. Qualitative information concerning the shifts in consolidated financial position
As of the end of the first quarter , total assets increased ¥3.578 billion from the previous period to ¥174.581
billion. The main items of assets were a ¥1.498 billion increase in notes and accounts receivable, a ¥2.210 billion
increase in inventory assets, and others.
. Total liabilities increased ¥2.873 billion from the previous period, mainly due to an increase in notes andaccounts payable and an increase in interest-bearing liabilities. Net assets increased ¥0.705 billion from theprevious period to ¥52.399 billion. As a result, the equity ratio was 29.2%.

Cash and cash equivalents, as of the end of the first quarter consolidated cumulative period, increased ¥0.305
billion from the end of the previous fiscal year, to ¥5.915 billion.
(Cash flow from operating activities)
Cash flow from operating activities during the first quarter under review resulted in a net expenditure of¥7.958 billion (net expenditure increased ¥0.024 billon from the same period last year), mainly due to an increase of¥1.498 billion in accounts receivable, an increase in inventory assets of ¥2.210 billion, and a decrease in accounts
payable of ¥5.035 billion.
(Cash flow from investment activities)
Cash flow from investment activities during the first quarter under review resulted in a net expenditure of¥1.229 billion (net expenditure increased ¥0.229 billion from the same period last year) mainly due to capital
investment expenditure of ¥1.142 billion.
(Cash flow from financial activities)
Cash flow from financial activities during the first quarter under review resulted in a net revenue of ¥9.454
billion (decreased revenue of ¥1.7 billion from the same period last year), mainly due to decrease and increase ofinterest-bearing liabilities.

3. Qualitative information regarding performance forecast
In view of the business performance in the first quarter under review as well as future prospects, the latest
business performance forecasts for the second quarter consolidated cumulative period, announced on May 14, 2009,
have been revised.

3

Due to decline in domestic sales and inactive overseas demand, forecasts for the net sales have been revised
to ¥69.5 billion (down 9.7% from the same period last year). With respect to forecast for each income, due tocost-reduction including fixed expenses which outpaced the plan, revisions have been made to operating income, to¥1.6 billion (up 31.8% from the same period last year), ordinary income to ¥1.3 billion (up 15.4%), and quarterly net
income, to ¥0.8 billion (up 15.8%).
With respect to the consolidated business performance forecasts for the consolidated fiscal year ending
March 31, 2010, forecasts have not been revised, because of uncertainties about the economic situation and foreignexchange market, both in Japan and overseas, coupled with an expected recovery in sales in Japan after September,supported by agricultural policy.
Please refer to “Notice of Revision on Business Performance Forecast” for details concerning the forecast.

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 a method to use business performance
forecast or tax planning used in the previous consolidated fiscal year in case no 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.

45. Consolidated Quarterly Financial Statements(1)

Consolidated Quarterly Balance Sheets(millions of yen)
FY2010(as at June 30, 2009)

FY2009(as at Mar. 31, 2009)

6,223

5,708

30,23328,734240

280

Merchandise and products

39,62037,944Work in progress

3,087

2,696

Raw materials and stocks

1,479

1,336

Others

2,999

3,991

Allowance for doubtful accounts

(97)

(79)

83,78780,611

Buildings and structures(net)15,416

15,638Land

50,47650,463

Others(net)

14,133

13,88780,026

79,988843

842

Investment securities

5,177

4,647

Others

5,222

5,385

Allowance for doubtful accounts

(475)

(473)

9,924

9,559

90,79490,390174,581

171,002

AssetsCurrent Assets
Cash and time deposits
Notes and accounts receivable
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 June 30, 2009)

FY2009(as at Mar. 31, 2009)

Notes and accounts payable

38,76643,801

Short-term borrowings

32,55920,980Bonds(due within one year)

2,485

1,485

Long-term debt(due within one year)

10,354

10,395

Accrued income taxes

120

715

Allowance for bonus

1,179

429

Others

5,702

7,685

91,16785,49340

1,060

Long-term debt

14,44916,748Deferred tax liability from land revaluation

7,595

7,595

4,870

4,829

391

380

3,667

3,201

31,01333,814

122,181

119,308

Common stock

22,78422,784

Capital surplus

12,815

12,815Retained earnings

4,469

4,072

Treasury stock

(187)

(185)

39,882

39,486498

212

10,527

10,52712(11)

11,038

10,728

1,478

1,479

Total Net Assets

52,39951,694

Total Liabilities and Net Assets

174,581

171,002

Liabilities
Current Liabilities

Total 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(First Quarter Consolidated Cumulative Period)(millions of yen)
FY2009FY2010(Apr.1,2008-Jun.30,(Apr.1,2009-Jun.30,

2008)

2009)

Net sales

32,32829,461

Cost of sales

22,222

18,833

10,105

10,627

10,632

10,252(526)

374

Interest received

49

41

Dividend received

80

70

Foreign exchange gains

184

144

Others

218

151

533

408

Interest expenses

313

268

Others125

125

Total non-operating expenses

439

393

Ordinary Income

(432)

388

Gain on sale and disposal of property, plant and equipment

11

20

Gain on sale of investment securities

13

-

25

20

Loss on sale and disposal of property, plant and equipment

32

32

Reversal of past year allowance for directors’ retirement benefit

144-

Others140Total Extraordinary Losses

191

33

Income before income taxes and minority interests

(598)

376

Income taxes

239

84

Reversal of past year corporate and other taxes

(309)

(98)

Total Income taxes, deferred tax

(70)

(14)

Minority interests in consolidated subsidiaries

(6)

(6)

(520)

397

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

Net Gain or Loss7

(3) Consolidated Quarterly Statements of Cash Flows(millions of yen)

Cash Flows from Operating Activities
Income before income taxes and minority interests
Depreciation and amortization
Increase in reserve for retirement benefits
Loss (gain) on sales of investment securities
Interest and dividend income
Interest expenses
Effect of foreign exchange rate changes
Loss 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
OthersSubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash Flows from Investing Activities
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
Net decrease (increase) in time deposits
OthersNet cash used in (provided by)investing activities
Cash Flows from Financing Activities
Net increase in short-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Redemption of bonds
Proceeds from sell and leaseback transactions
Repayments of lease obligations
Payments for purchases of treasury stock
Net cash used in financing activities
Effect of Exchange rate Changes on Cash and Cash Equivalents
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of year
Cash and Cash Equivalents at end of year

8

FY2009FY2010(Apr.1,2008-Jun.30,(Apr.1,2009-Jun.30,

2008)

2009)

(598)
1,081
15
(13)
(129)
313
(12)
20
(6,996)360(2,005)606(7,360)
128
(341)
(361)
(7,933)

376
1,192
41
(112)
268
(4)
12
(1,498)(2,210)(5,035)(186)(7,157)
112
(280)
(633)
(7,958)(1,025)
106
(0)
18
(209)
112
(999)

(1,142)
103
(0)
(209)
19
(1,229)13,0851,080(2,928)(80)(1)

11,551700(3,039)
(20)
374
(109)
(1)

11,155
(30)
2,191
5,687
7,878

9,454
38
305
5,609
5,915

(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
There is no corresponding item.

9