Summary Report on Financial Results for the Third Quarter of the Year Ending March 2012
（Japan GAAP）
January 31st, 2012
Listing: Osaka Securities Exchange
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Kotaro Fukuda, President & CEO
Inquiries:
Shuichi Fukuda, Executive Director/ Senior Manager of Accounting & Finance Department– Senior Manager of Information Technology DepartmentTel:+81-3-3815-2121
Scheduled date for filing the quarterly report:
February 7th, 2012
Scheduled date for commencement of dividend payment:
Supplementary material development:
None
Financial results meeting:None(Amounts less than one million yen are discarded)
1. Consolidated financial results for the Third quarter of the year ending March 2012 (April 1st, 2011 throughDecember 31th, 2011)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Net sales
Operating income
Ordinary income
Net income
millionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
Third quarter of the year
63,376
(1.1)
6,235
5.8
6,456
8.2
3,537
(0.8)
ending March 2012
Third quarter of the year
64,070
5.0
5,892
46.2
5,969
41.4
3,565
69.3
ended March 2011
(Note) Comprehensive income
Third quarter of the year ending March 2012: 3,933 million yen / 25.7 %Third quarter of the year ended March 2011: 3,129 million yen / - %Net income
per share
Yen

Fully diluted net
income per shareyen

205.69―195.74―

Third quarter of theyear ending March 2012
Third quarter of theyear ended March 2011
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio％

Third quarter of theyear ending March 2012

101,328

78,176

77.2

Year ended March 2011

103,056

75,623

73.4

Total assets

Net assets(Reference) Shareholders' equity:
Third quarter of the year ending March 2012: 78,176 million yen
Year ended March 2011:
75,623 million yen-1-2. Dividends
Record date

End of the firstquarteryenYearly Dividends per share
End of the
End of the third
End of the term
second quarter
quarter
yen
yen
yen

Year ended―
40.00
March 2011
Year ending―
40.00
March 2012
Year ending
March 2012
(estimate)(Note) Revisions to recent dividend forecast: None―

Annual
yen

40.00

80.00

40.00

80.00

―

3. Forecast of consolidated financial results for the year ending March 2012 (April 1st, 2011 through March
31st, 2012)（% represents increase or decrease from the previous year）

Net sales

Full-year

millionyen%

90,000(0.2)

Operatingincomemillion%yen

Ordinary
incomemillion%yen

million
yen

%

yen

8,100

8,100

4,200

2.2

244.231.0

0.8

Net income
per share

Net income(Note) Revisions to recent business forecast: None
4. Others(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 estimates and restatement(i) Changes in accounting policies associated with revision of accounting standards: None(ii) Changes arising from other factors: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of outstanding issues (common stock)(i) Number of outstanding shares at the end of the period (including treasury stock)
Third quarter of the year ending March 2012: 19,588,000 sharesYear ended March 2011: 19,588,000 shares(ii) Number of shares of treasury stock at the end of the period:
Third quarter of the year ending March 2012: 2,391,395 sharesYear ended March 2011: 2,391,355 shares(iii) Average number of shares during the period (accumulated consolidated quarter)
Third quarter of the year ending March 2012: 17,196,617 shares
Third quarter of the year ended March 2011: 18,213,826 shares* Implementation status of quarterly review procedures
At the time of disclosure of this report, review procedures for the quarterly financial statements pursuant to
the Financial Instruments and Exchange Law had not been completed.

-2-

* Explanation about 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) Qualitative
information about consolidated earnings forecast” under the “1. Qualitative Information about consolidated
earnings results for the quarter under review" section on page 5.

-3-

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

5(1) Qualitative information about consolidated operating results-----------------------------------------

5(2) Qualitative information about consolidated financial situation--------------------------------------

5(3) Qualitative information about consolidated earnings forecast-----------------------------------------

5------------------------------------------------------------------------------------------

6

2. Summary information(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 estimates, and restatement------------------------------

6----------------------------------------------------------------

7--------------------------------------------------------------------

7

3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets(2) Consolidated quarterly statements of income/ Consolidated quarterly statements ofcomprehensive income
Consolidated quarterly statements of income
Third quarter of the consolidated term----------------------------------------------------------------

9

Consolidated quarterly statement of comprehensive income
Third quarter of the consolidated term----------------------------------------------------------------(3) Note concerning premise of going concern

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

10(4) Note when there is a significant fluctuation in the amount of shareholders’ equity ----------------

10

-4-

1. Qualitative Information about consolidated earnings results for the quarter under review(1) Qualitative Information about consolidated operating results
In the third quarter cumulative period, as efforts toward restoration from the Great East Japan Earthquake
have been progressing gradually, signs of recovery have been seen in the Japanese economy. On the other
hand, due to the economic stagnation in the United States, financial problems in Europe and other issues,
and also the historical value of the yen continuing to rise; the future of the economy remains uncertain.
In the medical environment industry, the remuneration for medical treatments will increase slightly from
April, but an effective and efficient reformed management is still required to go forward.
As a result, the Group posted consolidated net sales of 63,376 million yen (down 1.1% on a year-to-yearbasis), operating income of 6,235 million yen (up 5.8% on a year-to-year basis), ordinary income of 6,456
million yen (up 8.2% on a year-to-year basis), and a net income of 3,537 million yen (down 0.8 % on a
year-to-year basis) in the third quarter.
A. Physiological diagnostic equipment segment
Sales of blood-cell counters and vascular screening systems increased.
But the sales of electrocardiographs decreased.
As a result, consolidated net sales were 16,672 million yen (down 3.0% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales continued to increase domestically. On the other hand, sales overseas decreased.
As a result, consolidated net sales were 5,286 million yen (up 4.2% on a year-to-year basis).
C. Medical treatment equipment segment
The business of renting medical equipment for home treatment and sales of Automated External
Defibrillators (AEDs) continued to increase.
But the sales of catheters decreased.
As a result, consolidated net sales were 27,061 million yen (down 1.2% 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 by the above segments, as well as maintenance and repair services.
Consolidated net sales for this segment were 14,356 million yen (down 0.5% on a year-to-year basis).
(2) Qualitative information about consolidated financial situation
Total assets were 101,328 million yen at the end of the third quarter under review, down 1,727 million
yen from the end of the previous fiscal year.
The main factors are a decrease of 3,838 million yen in “cash and deposits” and a decrease of 3,031
million yen in “trade notes and account receivable” despite an increase of 1,885 million yen in“merchandise and products” and an increase of 2,473 million yen in “investments and other assets”.
Liabilities amounted to 23,152 million yen, down 4,280 million yen from the end of the previous fiscal
year.
This is primarily because of a decrease of 397 million yen in “trades notes and account payable”, adecrease of 1,796 million yen in “income tax payable etc.”, and a decrease of 1,197 million yen in“allowance for bonuses to employees”.
Net assets were 78,176 million yen, up 2,553 million yen from the end of the previous fiscal year.
The increase is primarily because of an increase of 2,156 million yen in “retained earnings”.
(3) Qualitative information about consolidated earnings forecast
Due to the steady sales achievement until the third quarter, there is no change at this moment in theforecast of the financial results for the full fiscal year which we announced on October 24th, 2011.
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.

-5-

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 estimates, and restatement
Not applicable.

-6-3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2011)
AssetsCurrent assets
Cash and deposits
Trade notes and account receivable
Securities
Merchandise and products
Work in progress
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments and other assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and otherassetsTotal fixed assets
Total assets
Liabilities
Current liabilities
Trade notes and account payable
Short-term borrowings
Income tax payable, etc.
Allowanceforbonusestoemployees
Allowance for product warranty
Other allowances
Other
Total current liabilities
Long-term liabilities
Long-term borrowings
Allowance for retirement benefits
Other allowances
Other
Total long-term liabilities
Total liabilities-7-(Million yen)
Fiscal year under review(as of December 31st, 2011)

26,912
22,572
1,199
5,897
40
1,386
3,619
(54)
61,57423,074
19,541
1,498
7,782
242
1,975
3,908
(62)
57,961

19,687
1,746

19,552
1,292

20,386(21)(318)

22,557(18)(18)

20,04722,521

41,481103,056

43,366
101,328

12,7601,400
2,383

12,362
1,400
586

2,185

988

386
303
3,017
22,437

317
102
2,547
18,305

620
3,158
184
1,032
4,995
27,433

718
2,984
174
968
4,846
23,152

Previous fiscal year
(as of March 31st, 2011)
Net assets
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Other accumulated comprehensive
incomeEvaluation difference on othersecurities
Foreigncurrencytranslation
adjustment account
Total
of
other
accumulatedcomprehensive income
Total net assets
Total liabilities and net assets-8-

Fiscal year under review(as of December 31st, 2011)

4,621
9,982
66,303(5,047)75,8594,621
9,982
68,459(5,048)78,015

(57)

216

(179)

(56)

(236)

160

75,623103,056

78,176
101,328

(2) Consolidated quarterly statements of income/ Consolidated quarterly statements of comprehensive income
Consolidated quarterly statements of income(Third 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
Compensation received
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Provision of allowance for investment
loss
Loss on investment in partnership
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gains on sale of fixed assets
Gains on sale of investment securities
Gains on reversal of allowance for
doubtful accounts
Gains on insurance surrender
Other
Total extraordinary gains
Extraordinary losses
Losses on sale of fixed assets
Losses on disposal of fixed assets
Impairment losses
Loss on valuation of investment
securities
Loss from disaster
Losses on application of accounting
standards related to asset retirement
obligations
Other
Total extraordinary losses
Quarterly net income before taxes
Corporate, inhabitants' and enterprisetaxes
Corporate tax adjustments
Total income taxes
Quarterly net income before minority
interests in earnings of consolidated
subsidiaries
Net income

Third quarter of theprevious consolidated term(from April 1st, 2010
to December 31st, 2010)
64,07033,70730,362(Million yen)
Third quarter of theconsolidated term(from April 1st, 2011
to December 31st, 2011)
63,37632,40330,97324,47024,737

5,892

6,235

29
121
160
311

50
118
66
107
343

15
58

15
50

48

-

88
23
234
5,969

22
33
122
6,456

1
63

3
4

155

-

195
13
429

55
63

6
10
2

0
38

8

69

-

56

21

-

2
52
6,347

2
167
6,352

2,866

2,322

(84)
2,781

493
2,815

3,565

3,537

3,565

3,537

-9-

Consolidated quarterly statement of comprehensive income(Third quarter of the consolidated term)

Income before minority interests
Other comprehensive income
Valuationdifferenceonavailable-for-sale securities
Foreigncurrencytranslation
adjustments
Total of other total comprehensive
incomeQuarterly comprehensive income(Breakdown)Comprehensive income attributable tothe parent company
Comprehensive income attributable tominority shareholders

Third quarter of theprevious consolidated term(from April 1st, 2010
to December 31st, 2010)
3,565(Million yen)
Third quarter of theconsolidated term(from April 1st, 2011
to December 31st, 2011)
3,537

(403)

274

(32)

122

(435)

396

3,129

3,933

3,129

3,933

－

－

(3) Note concerning premise of going concern
Not applicable.
(4) Note when there is a significant fluctuation in the amount of shareholders’ equity
Not applicable.

- 10 -