DigestMay 16, 2003

Brief consolidated Financial Report for the Year ended March 31, 2003

(April 1, 2002 – March 31, 2003)
Listed company name: Asgent, Inc.
Code #: 4288
Head office: 19-7 Nihonbashi Koami-cho, Chuo-ku, Tokyo Japan
President & CEO: Takahiro (Shuji) SugimotoContact: Shinji Suzuki, Director of Corporate Development & PlanningPhone #: +81-3-5643-2581
Date of Board of Directors Meeting: May 16, 2003
Adoption of US GAAP: NO
No FY2001 Data and No comparison due to the first consolidation this year.
1. Results for the year ended March 31, 2003 (April 1, 2002 - March 31,2003)(1) Consolidated Business Results(Millions of yen)
FY2002(Full Year)Net Sales
3,718
Operating Income
247
Income Before Income Taxes
246
Net Income
128
Per Share Data:
Average Number of Shares Outstanding
39,286
During the Term
Net Income per share (Yen)¥ 3,282.11
Note 1. Investment profit and loss arising from equity method: None
2. Changes to accounting policies: None
3. Company’s fiscal year is April 1-March 31(FY2002=Apr 1, 2002 - Mar 31, 2003)(2) Consolidated Financial Position (as of March 31, 2003)(Millions of yen)
As of March 31,2003
Total Assets
3,130
Stockholders’ Equity
1,928
Equity Ratio
61.6 %Per Share Data:
Outstanding Number of Shares at the term end
39,330Stockholders’ Equity (Yen)¥49,028.99(3) Consolidated Cash Flows (April 1, 2002 - March 31, 2003)(Millions of yen)

Cash Flows from Operating Activities
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Cash and Cash Equivalents at the term end

FY2002(Full Year)
(139)
(188)
495
1,160

2.Forecast of consolidated business results for the year ending March 31, 2004
(April 1, 2003 - March 31, 2004)

Net Sales
Net Income
Expected Net Income per share (Yen)(Millions of yen)

FY2003(Full Year)
4,180
104
¥2,644.29

3. Consolidated Financial Statements
3-1 Consolidated Balance Sheets(In thousand yen, rounded down)
As of March 31,
2003
AmountRatio<ASSETS>
Current Assets
1.Cash and Deposits
2.Accounts Receivable-trade
3.Marketable Securities
4.Inventories
5.Defferred 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

41,51940,839469
82,8282.6

178,078
109,837
53,875
341,791

10.9

96,04038,3707,144
79,26041,990262,805
687,424

8.4
21.9

2,833
2,833
3,130,869

0.1
100.0

(In thousand yen, rounded down)As of March 31,2003
AmountRatio<LIABILITIES>Current Liabilities:
1.Accounts Payable-trade
2.Accounts payable
3.Accrued Income Taxes
4.Reserve for Bonus Payment
5.Deferred hedge profit
6.Others
Total Current Liabilities
Fixed Liabilities:
1.Bond
2.Reserve for Provision Allowance
Total Fixed Liabilities
Total Liabilities

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

19.4

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

16.3
35.7

<Minority Equity>
Minority Equity

85,7442.7

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

<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

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

3,718,783
2,500,766
1,218,016

100.0
67.3
32.7

970,98626.1

247,0296.6

2,7971,050
382
4,231

0.1

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

0.1

Ordinary Profit

246,690

6.6

Income Before Income Taxes

246.690

6.6

Income Taxes & tax adjustments

136,243

3.6

Minority Shareholder Loss

18,495

0.5

Net Income

128,9423.5

Gross Profit
Ⅲ Selling, General and
Administrative Expenses
Operating Income
Ⅳ Non-Operating Profit
1.Interest Received
2.Exchange Gain
3.Others
Ⅴ Non-Operating Expenses
1.Interest Paid
2.Bond Issue Expense
3.Stock Issue Expense
4.Investments Operating Loss
5.Others

<Business Segment Information>(In thousand yen, Rounded down)
FY2002(From Apr 1, 2002
to Mar 31, 2003)
Security
Packaged
SoftwareHi-availability & Data Solution
Sub-Total

Service (Consultation & MSP)
Grand Total

3,112,915
316,837
3,429,752
289,030
3,718,783

3-3 Consolidated Statements of Cash Flows(In thousand yen, Rounded down)
FY2002(From Apr 1, 2002
to Mar 31, 2003)
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 PaymentAccrual 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
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
Revenue by Stock IssueOthers
Net Cash Provided by Financing Activities
ⅣⅤⅥ
Ⅶ

Effect of Exchange rate Changes on Cash and Cash
Equivalents
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at the Beginning of the Fiscal Year
Cash and Cash Equivalents at the End of the Fiscal Year

246,690
42,506
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)(67,514)(113,925)(6,953)(188,394)
495,750
1,300(1,120)495,930(44,049)
123,546
1,037,356
1,160,902

3-4 Consolidated Surplus Statements(In thousand yen, Rounded down)
FY2002(From Apr 1, 2002
to Mar 31, 2003)
Ⅰ<Capital Surplus>
Capital Surplus at the Beginning of the Fiscal Year704,300

Ⅱ

Capital Surplus at the End of the Fiscal Year704,300<Earned Surplus>
Ⅰ

Earned Surplus at the Beginning of the Fiscal Year

Ⅱ

Increase in Earned Surplus

Ⅲ356,745

1.Net Income

128,942

Earned Surplus at the End of the Fiscal Year

485,687