DigestMay 21, 2004

Brief consolidated Financial Report for the Year ended March 31, 2004

(April 1, 2003 – March 31, 2004)
Listed company name: Asgent, Inc.
Code #: 4288
Head office: 19-7 Nihonbashi- Koamicho Chuo-ku, Tokyo Japan
President & C.E.O.: Takahiro (Shuji) SugimotoContact: Shinji Suzuki, Director of Corporate Development & PlanningPhone #: +81-3-5643-2581
Date of Board of Directors Meeting: May 21, 2004
Adoption of US GAAP: NO
1. Results for the year ended March 31, 2004
(1) Consolidated Business Results (April 1, 2003 - March 31,2004)Net Sales
Operating Income
Income Before Income Taxes
Net Income
Per Share Data:
Average Number of Shares Outstanding During
the Term
Net Income per share (Yen)

FY2002(Full Year)3,718247246
128(Millions of yen)
FY2003
year to year
(Full Year)
comparison(7.2)%
3,452(76.1)%
5870(71.3)%(88.6)%
1439,286

39,330―¥ 3,282.11¥ 373.14―

Note 1. Investment profit and loss arising from equity method: None
2. Changes to accounting policies: Evaluation Method for Foreign Currency Future Contract.
No Profit/Loss impact as of Mar 31, 2004 since there is no contract balance.
3. Company’s fiscal year is April 1-March 31(FY2002=Apr 1, 2002 - Mar 31, 2003. FY2003=Apr 1, 2003
- Mar 31, 2004)(2) Consolidated Financial Position (as of March 31, 2004)(Millions of yen)

As of March 31, 2003

As of March 31, 2004

3,130
1,928
61.6 %

3,385
1,902
56.2 %

39,330¥49,028.99

39,330¥48,368.95

Total Assets
Stockholders’ Equity
Equity Ratio
Per Share Data:
Outstanding Number of Shares at the term end
Stockholders’ Equity (Yen)(3) Consolidated Cash Flows (April 1, 2003 - March 31, 2004)(Millions of yen)
FY2002(Full Year)
Cash Flows from Operating Activities
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Cash and Cash Equivalents at the term end

FY2003(Full Year)
(139)
(188)
495
1,160332
(168)
244
1,539

2.Forecast of consolidated business results for the year ending March 31, 2005
(April 1, 2004 - March 31, 2005)
1st Halh
Net Sales
Net Income
Expected Net Income per share (Yen)

1,500(300)(¥7,627.77)(Millions of yen)
FY2004(Full Year)
3,600(400)(¥10,170.35)

3. Consolidated Financial Statements
3-1 Consolidated Balance Sheets(In thousand yen, rounded down)
As of March 31, 2003
AmountRatio

As of March 31, 2004
AmountChangeRatio<ASSETS>
Current Assets:
1.Cash and Deposits
2.Accounts Receivable-trade
3.Marketable Securities
4.Inventories
5.Deferred Tax
6.Others
Total Current Assets
Fixed Assets:
Property, Equipment less Depreciation
1.Building
2.Tools, Furniture and Fixtures
3.LandSub-total
Intangibles Fixed Assets:
1.Software
2.Consolidated Adjustment Account
3.Others
Sub-total
Investment and Other Asset:
1.Investment Securities
2.Deposits
3.Deferred Taxes
4.Future Foreign Exchange Contracts
5.Others
Sub-total
Total Fixed Assets
Deferred Assets:
1.Bond Issue Costs
Total Deferred Assets
Total Assets

1,140,540
947,210
20,362
248,212
12,58371,7012,440,609

78.0

1,519,315
777,256
20,365
293,425
26,22952,042
2,688,635

79.4

248,025

2.6

55,84832,086469
88,404

2.6

5,575

10.9

145,798
104,154
141,765
391,717

11.6

49,92596,04038,3707,144
79,26041,990262,805
687,424

8.4
21.9

91,50055,873
9,117
55,386211,876
691,999

6.3
20.5(50,929)
4,572

2,833
2,833
3,130,869

0.1
100.0

4,549
4,549
3,385,184

0.1
100.0

1,716
1,716
254,315

41,51940,839469
82,828178,078
109,837
53,875
341,791

(In thousand yen, rounded down)
As of March 31, 2003
Amount<LIABILITIES>Current Liabilities:
1.Accounts Payable-trade
2.Current Portion of Bond
3.Accounts payable
4.Accrued Income Taxes
5.Reserve for Bonus Payment
6.Deferred Hedge Profit
7.Others
Total Current Liabilities
Fixed Liabilities:
1.Bond
2.Reserve for Provision Allowance
Total Fixed Liabilities
Total Liabilities<Minority Equity>
Minority Equity<Stockholders’ Equity>
Ⅰ Capital Stock
Ⅱ Capital Surplus
Ⅲ Earned Surplus
Ⅳ Appraisal Loss on Investment Securities
Ⅴ Exchange Conversion Adjustment AccountTotal Stockholders’ Equity
Total Liabilities, Minority Equity and Shareholders’ Equity

337,456
85,2752,878
33,98782,35465,802607,755

Ratio

As of March 31, 2004
AmountChangeRatio

19.4

468,836
60,00059,57461,05936,40445,833
731,708

21.6

123,952

500,000
9,059
509,059
1,116,814

16.3
35.7

710,000
14,108724,108
1,455,816

21.4
43.0

215,049
339,00285,744

2.7

27,016

0.8(58,727)

768,000
704,300
485,687(3,520)(26,156)
1,928,310
3,130,869

24.5
22.5
15.5
(0.1)
(0.8)
61.6
100.0

768,000
704,300
480,697(3,603)(47,043)
1,902,350
3,385,184

22.7
20.8
14.2
(0.1)
(1.4)
56.2
100.0

00
(4,989)(83)(20,886)(25,959)
254,315

3-2 Consolidated Statements of Income(In thousand yen, Rounded down)
FY2002(From Apr 1, 2002
to Mar 31, 2003)
AmountRatio

FY2003(From Apr 1, 2003 toMar 31, 2004)
AmountRatio

ChangeⅠ Net Sales

3,718,783

100.0

3,452,122

100.0(266,660)

Ⅱ Cost of Sales

2,500,766

67.3

2,281,301

66.1(219,465)

Gross Profit
Ⅲ Selling, General and
Administrative Expenses
Operating Income
Ⅳ Non-Operating Profit
1.Interest Received
2.Exchange Gain
3.Others

1,218,016

32.7

1,170,821

33.9(47,195)

970,986

26.1

1,111,824

32.2

140,837

247,029

6.6

58,996

1.7(188,033)

0.1

837
3,797
3,743
8,377

0.2

4,146

410
1,416
1,120
1,530
92
4,570

0.1

8,194
2,983
1,394
10,1501,111
23,8320.6

19,262

246,690

6.6

43,541

1.3(203,149)

Ⅴ Non-Operating Expenses
1.Interest Paid
2.Bond Issue Expense
3.Stock Issue Expense
4.Investments Operating Loss
5.Goods Revaluation Loss
6.Others
Ordinary Profit
Ⅵ Extraordinary Gain
1.Cancellation of Future Exchange Contract

2,797
1,050
382
4,231

-

27,180--27,1800.7

27,180

Income Before Income Taxes

246,690

6.6

70,7212.0(175,969)

Income Taxes & Tax Adjustments

136,243

3.6

106,798

3.1(29,444)

Minority Shareholder Loss

18,4950.5

50,752

1.5

32,257Net Income

128,942

3.5

14,6750.4(114,267)

<Business Segment Information>(In thousand yen, Rounded down)
FY2002

Security

Packaged
SoftwareHi-availability & Data Solution
Sub-Total

Service (Consultation & MSP)
Grand Total

FY2003

year-to-yearcomparison(From Apr 1, 2002 to Mar
31, 2003)(From Apr 1, 2003 to Mar
31, 2004)

3,112,915

3,013,964(3.2)

316,837

236,566(25.3)

3,429,752

3,250,530(5.2)

289,030

201,591(30.3)

3,718,783

3,452,122(7.2)

3-3 Consolidated Statements of Cash Flows(In thousand yen, Rounded down)

Ⅰ Cash Flow from Operating Activities
Income Before Income Tax
Adjustments to Reconcile Net Income to Net Cash used
in Operating Activities:
Depreciation and Amortization
Amortization of Consolidated Adjustment AccountDecrease in Reserve for Bad Debts
Increase in Reserve for Bonus Payment
Accrual for Pension and Severance Costs, less Payments
Interest and Dividends Received
Interest Paid
Exchange Loss and Gain
Decrease in Notes and Accounts Receivable
Decrease in Inventories
Decrease in Notes and Accounts Payable
OthersSub-totalInterest and Dividends Received
Interest Paid
Income Taxes Paid
Net Cash Provided Used in Operating Activities
Ⅱ Cash Flows from Investing Activities
Payments for Purchases of Tangible Fixed Assets
Payments for Purchase of Intangible Fixed Assets
OthersNet Cash Used in Investing Activities
Ⅲ Cash Flows from Financing Activities
Revenue by Bond Issue
Payments for Bond redemption
Revenue by Stock Issue
Payments for Dividends
OthersNet Cash Provided by Financing Activities
Ⅳ Effect of Exchange rate Changes on Cash and Cash Equivalents
Ⅴ Net Increase in Cash and Cash Equivalents
Ⅵ Cash and Cash Equivalents at the Beginning of the Fiscal Year
Ⅶ Cash and Cash Equivalents at the End of the Fiscal YearFY2002(From Apr 1,2002 to Mar
31, 2003)

FY2003(From Apr 1,2003 to Mar
31, 2004)

246,690

70,72142,506
3,830(1,731)
1,276
989(2,248)410
7,959
140,816
25,341(285,058)
2,028
182,8132,248(325,002)(139,940)

74,784
5,683
(274)
2,231
4,713
(1,187)
8,194
3,954
170,228(55,576)
131,379(10,938)
403,914
1,187(8,205)(64,179)
332,716(67,514)(113,925)(6,953)(188,394)(43,959)(104,515)(20,459)(168,934)

19,459495,750
1,300(1,120)495,930(44,049)
123,546
1,037,356

293,190(30,000)(19,168)
244,021(29,025)
378,778
1,160,902(251,908)
15,024
255,231
123,546

1,160,902

1,539,681

378,778

Change221,100

472,656

3-4 Consolidated Surplus Statements(In thousand yen, Rounded down)
FY2002(From Apr 1, 2002
to Mar 31, 2003)

FY2003(From Apr 1, 2003
to Mar 31, 2004)

Change<Capital Surplus>
Ⅰ

Capital Surplus at the Beginning of the Fiscal Year704,300

704,300

0Ⅱ

Capital Surplus at the End of the Fiscal Year704,300

704,300

0356,745

485,687

128,942128,942

14,675(114,267)-

19,665

19,665

485,687

480,697(4,989)<Earned Surplus>
Ⅰ

Earned Surplus at the Beginning of the Fiscal Year

Ⅱ

Increase in Earned Surplus
1.Net Income

Ⅲ

Decrease in Earned Surplus
1.Dividends

Ⅳ

Earned Surplus at the End of the Fiscal Year