Summary Report on Financial Results for the First Quarter of the Year Ending March 2016
（Japan GAAP）
July 31st, 2015
Listing: TSE-JASDAQ
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
Inquiries:
Haruhiko Honbu, Senior Manager of Accounting & Finance DepartmentTel:+81-3-5684-1558
Scheduled date for filing the quarterly report:
August 7th, 2015
Scheduled date for commencement of dividend payment:
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are rounded down)(The number with parenthesis shows negative figure)1. Consolidated financial results for the First quarter of the year ending March 2016 (April 1st, 2015 throughJune 30th, 2015)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Ordinary
Profit attributable to
Net sales
Operating income
incomeowners of parent
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
First quarter of the year
23,587
11.0
1,782
7.2
1,937
2.9
1,189
18.2
ending March 2016
First quarter of the year
21,242(5.1)
1,662 (33.8)
1,882 (30.4)
1,005(46.4)
ended March 2015
(Note) Comprehensive income
First quarter of the year ending March 2016:1,827 million yen / 37.4 %First quarter of the year ended March 2015: 1,329 million yen / (28.1) %Earnings
per share
Yen

Diluted earnings
per share
Yen

85.53

―

72.35

―

First quarter of the year
ending March 2016
First quarter of the year
ended March 2015
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio％

First quarter of the year
ending March 2016

122,301

89,42773.1

6,432.47

Year ended March 2015

124,582

88,99171.4

6,401.07(Reference) Shareholders' equity:
First quarter of the year ending March 2016:
Year ended March 2015:

89,427 million yen
88,991 million yen

Total assets

Net assets-1-

Net Assets per
Share
Yen

2. Dividends
End of thefirst quarteryenYearly Dividends per share
End of the
End of the
End of the term
second quarter
third quarter
yen
yen
yen

Annualyen
Year ended
―
50.00
―
100.00150.00March 2015
Year ending―
March 2016
Year ending
March 2016
60.00
―
90.00
150.00(forecast)(Note) Revisions to recent dividend forecast: None
The detail of second quarter dividend of Year ended March 2015; ordinary dividend 40.00 yen, extra dividend
5.00 yen, commemorative dividend 5.00 yen
The detail of year-end dividend of Year ended March 2015; ordinary dividend 40.00 yen, extra dividend 60.00
yen
The detail of second quarter dividend of Year ending March 2016 (Forecast); ordinary dividend 40.00 yen,
extra dividend 20.00 yen
The detail of year-end dividend of Year ending March 2016 (Forecast); ordinary dividend 40.00 yen, extra
dividend 50.00 yen
3. Forecast of consolidated financial results for the year ending March 2016 (April 1st, 2015 through March
31st, 2016)（% represents increase or decrease from the previous year）

Net sales

Full-year

millionyen%

109,000

0.7

Operatingincomemillion%yen

Ordinary
incomemillion%yen

12,00012,00016.5

5.5

Profit attributable toowners of parent
million
%
yen
7,380

3.7

Earnings
per shareyen
530.84(Note) Revisions to recent business forecast: None
Since the Group's operating results tend to take a peak at the fourth quarter and it is difficult to give a forecast
every six months based on rational calculation, the consolidated forecast at the second quarter is not disclosed.
*Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries involving changes
in the scope of consolidation): None
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements: None
(3) Changes in accounting policies, accounting projections and restatement(i) Changes in accounting policies associated with revision of accounting standards: Yes(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None
(Note)For details, please refer to “(3) Change in accounting policies, accounting projections, and restatement”
under the section “2. Summary information” on page 6.

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(4) Number of outstanding shares (common stock)(i) Number of outstanding shares at the end of the period (including treasury stock)
First quarter of the year ending March 2016: 19,588,000 sharesYear ended March 2015: 19,588,000 shares(ii) Number of shares of treasury stock at the end of the period:First quarter of the year ending March 2016: 5,685,506 sharesYear ended March 2015: 5,685,418 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
First quarter of the year ending March 2016: 13,902,526 sharesFirst quarter of the year ended March 2015: 13,902,718 shares* Statement concerning the Status of Quarterly Financial Review Procedures
These Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2016 are
not subject to quarterly financial review under the Financial Instruments and Exchange Act. At the time of
disclosing these Consolidated Financial Statements, financial review procedures specified in the Financial
Instruments and Exchange Act have not been completed with respect to the quarterly consolidated financial
statements.
* Explanation about the appropriate use of the forecasts of financial results, and other noteworthy matters
1. The forecasted financial results described above are based on information available at the time ofannouncement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.
2. With respect to the preconditions for the forecast of financial results, please refer to “(3) Explanation about
consolidated earnings forecast” under the “1. Qualitative information about consolidated earnings results
for the quarter under review" section on page 5.

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Contents of the Attached Materials
1. Qualitative information about consolidated earnings results for the quarter under review -----------

5(1) Explanation about consolidated operating results -------------------------------------------------------

5(2) Explanation about consolidated financial situation -----------------------------------------------------

5(3) Explanation about consolidated earnings forecast -------------------------------------------------------

5

2. Summary information ------------------------------------------------------------------------------------------

6(1) Change in significant subsidiaries during the period ---------------------------------------------------

6(2) Application of special accounting methods for the preparation of the consolidated quarterly
financial statements -------------------------------------------------------------------------------------------

6(3) Change in accounting policies, accounting projections, and restatement ----------------------------

6

3. Material events related to going concern assumptions ----------------------------------------------------

6

4. Consolidated quarterly financial statements ----------------------------------------------------------------

7(1) Consolidated quarterly balance sheets --------------------------------------------------------------------

7(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income
statements

9Consolidated quarterly income statements
First quarter of the consolidated term -------------------------------------------------------------------

9

Consolidated quarterly comprehensive income statements
First quarter of the consolidated term ------------------------------------------------------------------(3) Notes to consolidated quarterly financial statement

10-----------------------------------------------------

10(Notes regarding the premise for going concern) ----------------------------------------------------------

10(Notes when there is a significant fluctuation in the amount of shareholders’ equity)

10

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----------------

1. Qualitative information about consolidated earnings results for the quarter under review(1) Explanation about consolidated operating results
In the first quarter cumulative period, an increase in stock prices and weakening of the yen wereobserved in the Japanese economy due to the economy and monetary policy by the government and the
Bank of Japan. Improvements were seen in corporate earnings and indicators reflecting the employment
conditions, the Japanese economy remained a moderate recovery. In the medical equipment industry, theremuneration for medical treatment in FY2014 seeks to establish a framework to provide healthcare
services that meet the needs of Japan’s aging society by focusing on challenges such as the differentiationand strengthening of medical institutions’ functions, encouraging teamwork throughout Japan’s medical
network, and expanding home treatment. Medical institutions face ever greater demands for efficient,high-quality healthcare.
As a result, the Group posted a consolidated net sales of 23,587 million yen (up 11.0% on a year-to-yearbasis), operating income of 1,782 million yen (up 7.2% on a year-to-year basis), ordinary income of 1,937
million yen (up 2.9% on a year-to-year basis), and profit attributable to owners of parent of 1,189 million
yen (up 18.2% on a year-to-year basis) in the first quarter.
A. Physiological diagnostic equipment segment
The sales of electrocardiographs, vascular screening systems and blood cell counters increased.
Consolidated “Net sales” were 6,049 million yen (up 31.2% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales of patient monitoring equipment decreased.
Consolidated “Net sales” were 1,122 million yen (down 12.4% on a year-to-year basis).
C. Medical treatment equipment segment
While the business of renting medical equipment for home treatment and sales of pacemakers
increased.
Consolidated “Net sales” were 10,533 million yen (up 4.8% on a year-to-year basis).
D. Consumables and other products segment
In this segment, we mainly handle recording paper, disposable electrodes, and consumables used for
devices handled in the above segments, as well as maintenance and repair services.
Consolidated “Net sales” for this segment were 5,882 million yen (up 10.9% on a year-to-year basis).
(2) Explanation about consolidated financial situation
Total assets were 122,301 million yen at the end of the first quarter under review, down 2,280 million
yen from the end of the previous fiscal year.
The main factors are the decrease of 7,281 million yen in “Notes and accounts receivable-trade” despite
the increase of 2,084 million yen in “Merchandise and finished goods” and 520 million yen in “Investment
securities”.
Liabilities amounted to 32,874 million yen, down 2,716 million yen from the end of the previous fiscal
year.
The main factors are the decrease of 2,400 million yen in “Notes and accounts payable-trade” and 963
million yen in “Provision for bonuses”.
Net assets were 89,427 million yen, up 435 million yen from the end of the previous fiscal year.
The main factors are the increase of 679 million yen in “Valuation difference on available-for-salesecurities” despite the decrease of 201 million yen in “Retained earnings”.
(3) Explanation about consolidated earnings forecast
Due to the steady sales achievement until the first quarter, there is no change at this moment in theforecast of the financial results for the full fiscal year which we announced on May 15th, 2015.
The forecasted financial results described in this material are based on information available at the timeof announcement. Actual results may differ from the results projected and presented hereby for a variety ofreasons.

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2. Summary information(1) Change in significant subsidiaries during the period
Not applicable.
(2) Application of special accounting methods for the preparation of the consolidated quarterly financial
statements
Not applicable.
(3) Change in accounting policies, accounting projections, and restatement(Application of Accounting Standard for Business Combinations, etc.)
Fukuda Denshi has applied the Accounting Standard for Business Combinations (ASBJ Statement No.21
issued on September 13th, 2013, hereinafter, the “Business Combinations Accounting Standard”), the
Accounting Standard for Consolidated Financial Statements (ASBJ Statement No.22 issued on September
13th, 2013, hereinafter, the “Consolidated Accounting Standard”) and the Accounting Standard forBusiness Divestitures (ASBJ Statement No.7 issued on September 13th, 2013, hereinafter, the “Business
Divestitures Accounting Standard”), etc. from the first quarter of the current consolidated fiscal year, will
post the difference due to changes in the Company’s equity in a subsidiary when the Company continues
to control the subsidiary as capital surplus and change to the method of posting the acquisition-related
expenses as expenses in the consolidated fiscal year in which they were incurred. Furthermore, forbusiness combinations implemented from the beginning of the first quarter of the current consolidated
fiscal year onwards the Company has changed to the method of reflecting the revision of the allocatedamount of the acquisition cost due to the finalization of the provisional accounting treatment in thequarterly consolidated financial statements for the consolidated fiscal quarter in which the businesscombination date occurs. In addition, the Company has changed the presentation of quarterly net income,etc. and has changed the term “minority interests” to “non-controlling interests.” The Company has
adjusted the quarterly consolidated financial statements and consolidated financial statements for the firstquarter of the previous consolidated cumulative fiscal year and the previous consolidated fiscal year inorder to reflect these changes in the presentation.
Regarding the application of the Business Combinations Accounting Standard, etc., the Company iscomplying with the transitional measures prescribed under the Business Combinations AccountingStandard, Clause 58-2 (4), the Consolidated Accounting Standard, Clause 44-5 (4) and the Business
Divestitures Accounting Standard, Clause 57-4 (4), and will apply the new accounting standards from the
beginning of the first quarter of the current consolidated fiscal year into the future.
The impact on profit and loss is minor.
3. Material events related to going concern assumptions
Not applicable.

-6-4. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2015)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Income taxes payable
Provision for bonuses
Provision for product warranties
Other provision
Other
Total current liabilities
Noncurrent liabilities
Other provision
Net defined benefit liability
Other
Total noncurrent liabilities
Total liabilities-7-(Million yen)
End of the first quarter
under review(as of June 30th, 2015)

25,72632,698
192
8,616
112
2,128
3,781
(24)
73,232

26,21725,416
195
10,700
168
2,611
5,012
(22)
70,30024,096
2,551

24,343
2,493

11,362
13,350(12)24,701
51,349124,582

11,883
13,292(11)
25,16352,001
122,301

22,620
1,850
1,832
2,034
370
173
4,610
33,493

20,219
1,850
940
1,071
354
49
6,271
30,757

192
548
1,356
2,097
35,590

173
560
1,382
2,116
32,874

Previous fiscal year
(as of March 31st, 2015)
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets-8-(Million yen)
End of the first quarter
under review(as of June 30th, 2015)

4,621
10,05586,369(14,731)
86,315

4,621
10,055
86,167(14,732)
86,112

2,164

2,843

(152)

(159)

664

630

2,676

3,314

88,991
124,582

89,427
122,301

(2) Consolidated quarterly income statements and consolidated quarterly comprehensive income statements
Consolidated quarterly income statements(First quarter of the consolidated term)

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Surrender value of insurance
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Impairment loss
Total extraordinary losses
Income before income taxes and minority
interests
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit attributable to owners of parent

First quarter of theprevious consolidated term(from April 1st, 2014
to June 30th, 2014)
21,242
10,58910,652(Million yen)First quarter of theconsolidated term(from April 1st, 2015
to June 30th, 2015)
23,587
12,233
11,353

8,990

9,571

1,662

1,782

18
91
73
45
228

16
80
19
48
164

5
2
8
1,882

7
2
9
1,937

1
0
84
86

1
－
122
124

－
3
3

0
0
0

1,965

2,061

815
144
959
1,005
1,005

1,218
(346)
872
1,189
1,189

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Consolidated quarterly comprehensive income statements(First quarter of the consolidated term)

ProfitOther comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent

First quarter of theprevious consolidated term(from April 1st, 2014
to June 30th, 2014)
1,005(Million yen)First quarter of theconsolidated term(from April 1st, 2015
to June 30th, 2015)
1,189

331

679

(6)

(7)

(0)

(33)

324
1,329

638
1,827

1,329

1,827

(3) Notes to consolidated quarterly financial statement(Notes regarding the premise for going concern)
Not applicable.
(Notes when there is a significant fluctuation in the amount of shareholders’ equity)
Not applicable.

* This English translation is for reference purposes only. The original Japanese version will prevail as theofficial authoritative version.

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