February 12, 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
Title General Manager of FinanceName Hiroshi Yunoki
Enquiries:
Telephone: +81 3 5604 7671
Date of Submission of Quarterly ReportFebruary 12, 2009

Summary Announcement of Consolidated Financial Results
for the Nine Months Ended December 31, 2008
I. Financial Results for the Nine Months Ended December 31, 2008 (April 1, 2008－December 31, 2008)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Nine Months
Ended
December 31,
2008
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

Nine Months
Ended
December 31,
2007%

114,581
2,496
1,863
957
4.24

-

106,107130(65)(1,391)(6.16)

4.16

%
(6.4)
(96.6)--

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

December 31, 2008

December 31, 2008

172,795
52,90229.7%¥227.71

173,198
52,55629.4%¥225.76

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

Third Quarter of FY Mar. 2009 ¥51,407 mil. Year ended March 31, 2008 ¥50,981mil.
II. Dividends

Dividend per share (Yen)(Recorded date)
FY ended March 2008
FY ending March 2009
FY ending March 2009 (forecast)End of 1Q-

End of 2Q－

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 2009: None1III. Forecast for the Fiscal Year Ending March 31, 2009 (April 1, 2008－March 31, 2009)(% represents comparison with previous year for the full year performance)

Net Sales

Millions of yen

Annual

%150,000 3.7

Operating

OrdinaryNet

Net Income

IncomeIncomeIncomeper share

Millions of yen

1,500

%

103.9

Millions of yen %200

Millions of yen

%

Yen

(600)

－

(2.66)

477.8(Note) Revision of performance forecast during the first quarter of FY ending March 2009: 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 p3 [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 p3 [Qualitative Information・Financial Statements, etc] 4. Others.
D. Outstanding shares (Common shares)
1) Outstanding shares (Including treasury shares)
As of December 31, 2008 226,536,329 shares As of March 31, 2008
226,536,329 shares
2) Outstanding treasury shares
As of December 31, 2008
780,478 shares As of March 31, 2008
711,509 shares
3) Average number of shares during the period (Quarterly consolidated cumulative period)
As of December 31, 2008 225,793,394 shares As of December 31, 2008 225,838,500 shares* Statement regarding proper use of financial performance forecasts and other notes.
(1) 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 2[Qualitative Information・Financial Statements, etc], [3. Qualitative information regarding performance forecast]/(2) From the current fiscal year, the company adopts the “Accounting Standards for Quarterly Financial Reporting”(ASBJ Statement No.12 issued on March 14, 2007) and its Implementation Guidance No.14 issued on March 14,
2007. We have prepared consolidated quarterly financial statements in accordance with the “Accounting Standard
for Quarterly Financial Reporting”

2[Qualitative Information・Financial Statements, etc]

1. Qualitative information concerning the status of consolidated financial results
During the third quarter consolidated cumulative period under review, the Japanese economy aggravated the
downturn rapidly with a drastically changed environment surrounding corporations, such as declining stock prices
and continuing appreciation of the Japanese yen due to the financial unrest triggered by the U.S. sub-prime woes. In
the domestic agricultural machinery market, while there is a sign of recovery in the demand for agricultural
machinery reflecting growing expectations for agriculture (as exemplified by the announced work schedule toenhance the food self-sufficiency ratio towards 50% in 10 years, coupled with price of the main product, rice which
remained stable), the situation does not allow premature optimism in light of the aforementioned economic
recession. With respect to exports, sales continued to decline due to the impact of appreciated Japanese yen.
In the third quarter consolidated cumulative period, sales increased ¥8.473 billion from the same period of theprevious year, to ¥114.581 billion (up 8.0%). Domestic sales increased ¥5.577 billion to ¥97.458 billion (up 6.1%)
reflecting a move towards recovery in agricultural machinery sales. Overseas sales increased ¥2.896 billion to¥17.123 billion (up 20.4%) mainly supported by increased revenue in the Chinese market, in spite of slowing
orders received from our OEM partner in North America. Operating income increased ¥2.365 billion from the same
period of the previous year, to ¥2.496 billion, by increased gross income from increased revenue. Ordinary income
increased ¥1.928 billion to ¥1.863 billion. Quarterly net income became ¥0.957 billion.

2. Qualitative information concerning the shifts in consolidated financial position
As of the end of the third quarter consolidated cumulative period, total assets decreased ¥0.402 billion fromthe previous period to ¥172.795 billion. In terms of assets, current assets increased ¥2.83 billion from the previous
period. The main items were ¥4.132 billion increases in cash and cash equivalents, ¥1.27 billion decrease ininventory assets such as commodities and products. Fixed assets decreased ¥3.232 billion from the previous period.
Investments and other assets decreased ¥2.015 billion mainly due to an decrease in valuation of investment
securities. Total liabilities decreased ¥0.748 billion from the previous period mainly due to an increase in notes andaccounts payable and decrease in interest-bearing liabilities. Net assets increased ¥0.346 billion from the previous
period to ¥52.902 billion. As a result, equity ratio was 29.7%.

Cash and cash equivalents as of the end of the third quarter consolidated cumulative period increased ¥3.931
billion from the end of the previous fiscal year to ¥9.619 billion.
(Cash flows from operating activities)
Cash flow from operating activities during the third quarter under review resulted in a net revenue of ¥6.314
billion (an increase of ¥12.964 billon from the same period last year) mainly due to a quarterly net income before taxof ¥1.806 billion, an increase of ¥2.022 billion in accounts payable, and a decrease in inventory assets of ¥0.902
billion.
(Cash flows from investment activities)
Cash flow from investment activities during the third quarter under review resulted in a net expenditure of¥1.627 billion (net expenditure increased ¥1.452 billion) mainly due to capital investment expenditure of ¥3.075
billion.
(Cash flows from financial activities)3

Cash flow from financial activities during the third quarter under review resulted in a net expenditure of¥0.853 billion (an increase of ¥9.167 billion from the same period last year), mainly due to decreased
interest-bearing liabilities.

3. Qualitative information regarding performance forecast
Regarding the business performance forecast of the fiscal year ending March 31, 2009: we expect thebusiness performance to be lower than the most recent business performance forecast (announced on November 13,2008) due to reduced overseas sales as a result of sharply appreciated Japanese yen as well as uncertainty for future
development in the midst of deteriorating domestic economy.
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 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 Quarterly Financial Statements
Starting from the current consolidated fiscal year, we have applied the “Accounting Standard for Quarterly Financial
Reporting” (ASBJ Statement No.12, issued on March 14, 2007) and “Implementation Guidance of AccountingStandard for Quarterly Financial Reporting”(ASBJ Implementation Guidance of Corporate Accounting Standards
No.14, issued on March 14, 2007). We have prepared consolidated quarterly financial statements in accordance withthe “Accounting Standard for Quarterly Financial Reporting”.
2) Change in evaluation standards and evaluation method of inventory assets
In appropriation of inventory assets held for sale, we formerly used mostly lower of cost method by total averagemethod. However, starting from the first quarter consolidated accounting period under review, in response to
application of “Accounting Standard for Evaluation of Inventory Assets” (ASBJ Corporate Accounting Standards
No.9, issued on July 5, 2006”, inventory assets have been calculated mainly by cost method (A method to reducebook value on balance sheet to reflect a declined profitability) of total average method.
As a consequence, operating income, ordinary income and before tax net income have been decreased by ¥127
billion respectively.
3) Adoption of "Practical Solution of Accounting Policies Applied to Foreign Subsidiaries for the Consolidated
Financial Statements“Starting from the current first quarter consolidated accounting period, we have applied the "Practical Solution of
Accounting Policies Applied to Foreign Subsidiaries for the Consolidated Financial Statements”(ASBJ Practical
Issues Task Forces Report No.18, issued on May 17, 2006).

4

Impact of the application on the profit and loss was negligible.
5．Consolidated Quarterly Financial Statements(1)

Consolidated Quarterly Balance Sheets(millions of yen)
FY2009(as at Dec.31, 2008)

FY2008(as at Mar. 31, 2008)

9,950

5,817

28,97828,840286

53

Merchandise and products

36,64038,363Work in progress

3,387

3,011

Raw materials and stocks

1,344

1,267

Others

3,065

3,430

Allowance for doubtful accounts

(130)

(93)

83,52280,691

Buildings and structures(net)15,562

16,293

Land

50,42450,729Others(net)12,681

12,79778,66879,820770

835Investment securities

4,892

6,324

Others

5,539

6,180

Allowance for doubtful accounts

(596)

(655)

9,835

11,85089,27392,506

172,795

173,198

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)
FY2009(as at Dec.31, 2008)

FY2008(as at Mar. 31, 2008)

Notes and accounts payable

42,37240,788

Short-term borrowings

25,94625,092

Bonds(due within one year)

1,435

100

Long-term debt(due within one year)

9,852

9,469

Accrued income taxes

844

511

Allowance for bonus

944

462

4,778

6,641

86,17383,066

Bonds

1,110

2,545

Long-term debt

18,312

20,726

Deferred tax liability from land revaluation

7,595

7,595

4,538

4,164

368

318

1,794

2,225

33,71937,575

119,893

120,641

Common stock

22,78422,784

Capital surplus

12,815

12,815Retained earnings

5,027

4,081

Treasury stock

(183)

(167)

40,44439,514413

907

10,527

10,52722

31

10,963

11,466

1,495

1,575

Total Net Assets

52,90252,556

Total Liabilities and Net Assets

172,795

173,198

Liabilities
Current Liabilities

OthersTotal current liabilities
Long - term Liabilities

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)
FY2009(Apr.1,2008-Dec.31, 2008)
Net sales

114,581

Cost of sales

79,238Gross Profit

35,342

Selling, general and administrative expenses
Operating Income

32,8452,496

Non-operating Income
Interest received

167

Dividend received

109

Others766

Total non-operating income

1,042

Non-operating Expenses
Interest expenses

903

Others771

Total non-operating expenses

1,675

Ordinary Income

1,863

Extraordinary Gains
Gain on sale and disposal of property, plant and equipment

55

Gain on sale of investment securities

144

Gain on sales of stocks of subsidiaries

351

Others39

Total Extraordinary Gains

590

Extraordinary Losses
Loss on sale and disposal of property, plant and equipment

149

Cost for measures of product recall

225

Reversal of past year allowance for directors’ retirement benefit

144

Others128

Total Extraordinary Losses

648

Income before income taxes and minority interests

1,806

Income taxes

990

Reversal of past year corporate and other taxes(155)

Total Income taxes, deferred tax

835

Minority interests in consolidated subsidiaries

13957

Net Loss7

(3) Consolidated Quarterly Statements of Cash Flows(millions of yen)
FY2009(Apr.1,2008-Dec.31, 2008)
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
Loss (gain) on sales of stocks of subsidiaries
Interest and dividend income
Interest expenses
Effect of foreign exchange rate changes
Loss on sales of tangible and intangible fixed assets
Decrease 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
Refunded income taxes
Net cash provided by (used in) operating activities
Cash Flows from Investing Activities
Payments for purchase of securities
Proceeds from sale of 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 accompany
change in range of consolidation
Net decrease (increase) in time deposits
OthersNet cash used in (provided by)investing activities

1,806
3,310
441
(138)
(319)
(276)
903
(119)
94
(597)
902
2,022
(549)
(7,479)
260
(932)
(609)
116
6,314
(122)
51
(3,075)
331
(27)
530
694
(235)
224
(1,627)

Cash Flows from Financing Activities
Net increase in short-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Redemption of bonds
Payments for purchases of treasury stock

890
7,130
(8,747)(100)(16)

OthersNet 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

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

8

Starting from the current consolidated fiscal year, we have applied the “Accounting Standard for Quarterly

Financial Reporting” (ASBJ Statement No.12, issued on March 14, 2007) and “Implementation Guidance of
Accounting Standard for Quarterly Financial Reporting”(ASBJ Implementation Guidance of Corporate AccountingStandards No.14, issued on March 14, 2007). We have prepared consolidated quarterly financial statements inaccordance with the “Accounting Standard for Quarterly Financial Reporting”.
(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

[Reference material]
Financial statements etc. disclosed in the” Quarterly Management Performance・Financial Statements, etc” of theprevious period are as follows.
(Summary） Consolidated Quarterly Statements of Income
Third quarter consolidated cumulative period of the previous year (April 1, 2007 – December 31, 2007)(millions of yen)rd

3 Quarter
FY2008(Apr.1,2007-Dec.31,2007)

Account

AmountI

Net sales

106,107

II

Cost of sales

73,442Gross Profit
III

IV

V

VI

32,665

Selling, General and Administrative Expenses
Operating Income

130

Non-operating Income

1,080Interest and dividend received

234

Others846

Non-operating Expenses

1,276Interest expenses

972

Others304

Ordinary Income(65)

Extraordinary Gains

1,416

Gain on sale and disposal of property, plant and equipment
Gain on sale of investment securities

40
1,346

Reversal of allowance for directors’ retirement benefitVII32,53428
1,662

Extraordinary Losses
Loss on sale and disposal of property, plant and equipment

147

Loss from bad debts

385

Special retirement benefits

920

Cost for measures of product recall

140

Others69

Income before income taxes and minority interests
Income taxes

(311)
1,048

Minority interests in consolidated subsidiaries
Net Income

31(1,391)* Notes: “Income taxes” includes “corporate income tax, residents tax” and “Income taxes adjustment”.

10(Summary) Consolidated Quarterly Statements of Cash Flows
Third quarter consolidated cumulative period of the previous year (April 1, 2007 – December 31, 2007)(millions of yen)
3rdQuarter
FY2008(Apr.1,2007 –Dec.31, 2007)
AmountDescription
I

Cash Flows from Operating Activities
Income before income taxes and minority interests(311)

Depreciation and amortization

3,216

Interest and dividend income(234)Interest expenses

865

Special retirement benefits

920

Increase in notes and accounts receivable
Increase in inventories

698

Decrease in notes and accounts payable(2,262)Others(5,213)
Subtotal(4,611)

Interest and dividends received

239

Interest paid

(894)

Special retirement benefits paid

(920)

Income taxes paid

(521)

Refunded income taxes

59

Net cash provided by (used in) operating activities
II

III

IV

(2,289)(6,649)Cash Flows from Investing Activities
Sales (purchase) of investment securities

2,498

Sales (purchase) of fixed assets(3,061)

Net decrease (increase) in time deposits(45)

Others433

Net cash used in (provided by)investing activities(175)

Cash Flows from Financing Activities
Net increase (decrease) in short-term borrowings

13,870Net process from issuance and redemption of bonds(5,540)

Payments for purchases of treasury stock(3)

Others(13)

Net cash used in financing activities

8,313

Effect of Exchange Rate Changes on Cash and Cash82

Equivalents
V

Net Decrease in Cash and Cash Equivalents

1,571

VI

Cash and Cash Equivalents at beginning of the Period

4,985

VII

Cash and Cash Equivalents at end of the Period

6,55611