Summary Report on Financial Results for the Second Quarter of the Year Ending March 2012
（Japan GAAP）
October 31st, 2011
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:
November 8th, 2011
Scheduled date for commencement of dividend payment:
December 5th, 2011
Supplementary material development:
Yes
Financial results meeting:Yes (for analysts)(Note) The original disclosure in Japanese was released on October 31st, 2011 at 12:00（GMT+9）(Amounts less than one million yen are discarded)
1. Consolidated financial results for the Second quarter of the year ending March 2012 (April 1st, 2011 throughSeptember 30th, 2011)(1) Consolidated operating results (cumulative)(% represents increases or decreases from the previous year)
Operating
Net sales
Ordinary income
Net income
incomemillionmillionmillionmillion
%
%
%
%
yen
yen
yen
yen
Second quarter of the42,634
(1.7)
4,167
1.6
4,391
6.3
2,613
6.9
year ending March 2012
Second quarter of the
43,356
4.3
4,101
46.3
4,132
42.4
2,445
119.5
year ended March 2011
(Note) Comprehensive income
Second quarter of the year ending March 2012: 2,662 million yen / 67.0 %Second quarter of the year ended March 2011: 1,594 million yen / - %Net income
per shareyen

Fully diluted net
income per shareyen

151.99―132.41―

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

million yen

million yen

Shareholders'equity ratio％

Second quarter of theyear ending March 2012

101,938

77,592

76.1

Year ended March 2011

103,056

75,623

73.4

Total assets(Reference) Shareholders' equity:
Second quarter of the year ending March 2012:
Year ended March 2011:

Net assets

77,592 million yen
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)
Second 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:
Second 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)
Second quarter of the year ending March 2012: 17,196,622 shares
Second quarter of the year ended March 2011: 18,468,102 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

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 estimates, and restatement ------------------------------

6

3. Consolidated quarterly financial statements ----------------------------------------------------------------

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

7(2) Consolidated quarterly statements of income/ Consolidated quarterly statements ofcomprehensive income
Consolidated quarterly statements of income
Second quarter of the consolidated term ----------------------------------------------------------------

9

Consolidated quarterly statement of comprehensive income
Second 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
There are still concerns about the Japanese economy in the second quarter cumulative period due to thecontinuing impact of the Great East Japan Earthquake, but efforts toward restoration have been progressing
gradually, and signs of recovery in production activity, etc. have been seen. However, against thebackground of economic stagnation in the United States, the financial problems in Europe and other issues,
the yen is continuing to rise and stock prices are continuing to fall; therefore, the future of the economy isstill uncertain.
In the medical environment industry, the remuneration for medical services was positively changed forthe first time in ten years in April 2010, so an improvement of the business environment is expected, butwhile providing high-quality products and services, management efficiency and rationalization are stillrequired to go forward.
As a result, the Group posted consolidated net sales of 42,634 million yen (down 1.7% on a year-to-yearbasis), operating income of 4,167 million yen (up 1.6% on a year-to-year basis), ordinary income of 4,391
million yen (up 6.3% on a year-to-year basis), and a net income of 2,613 million yen (up 6.9 % on a
year-to-year basis) in the second 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 11,679 million yen (down 2.1% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales continued to increase.
As a result, consolidated net sales were 3,695 million yen (up 8.6% on a year-to-year basis).
C. Medical treatment equipment segment
The business of renting medical equipment for home treatment continued to increase.
But the sales of ventilators, pacemakers and catheters decreased.
As a result, consolidated net sales were 17,799 million yen (down 2.3% 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 9,459 million yen (down 3.4% on a year-to-year basis).
(2) Qualitative information about consolidated financial situation
Total assets were 101,938 million yen at the end of the second quarter under review, down 1,117 million
yen from the end of the previous fiscal year.
The main factors are a decrease of 2,314 million yen in “cash and deposits” and a decrease of 2,801
million yen in “trade notes and account receivable” despite an increase of 926 million yen in “merchandiseand products” and an increase of 2,711 million yen in “investments and other assets.
Liabilities amounted to 24,346 million yen, down 3,086 million yen from the end of the previous fiscal
year.
This is primarily because of a decrease of 536 million yen in “trades notes and account payable”, adecrease of 976 million yen in “income tax payable etc.”, and a decrease of 315 million yen in “allowancefor bonuses to employees”.
Net assets were 77,592 million yen, up 1,968 million yen from the end of the previous fiscal year.
The increase is primarily because of an increase of 1,920 million yen in “retained earnings”.
(3) Qualitative information about consolidated earnings forecast
Regarding the economic environment, the undershoot trend in the economy is becoming increasingly
apparent, including the impact of the Great East Japan Earthquake and economic uncertainties in the UnitedStates and Europe; therefore, an uncertain situation is forecast to continue. In the environment surrounding
the Group, there are concerns about the impact of the economic recession, but we will continue to closely
monitor market trends and offer high value-added products based on the customer-first principle.

-5-Because the result of the second quarter exceeded our forecast, we have amended the forecasts for thesecond quarter cumulative period of the year ending March 2012 and full business year ending March 2012.
Please refer to the “Notice of an Amendment to the Forecast of the Financial Results” released separately
on October 24th for details.
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.
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 September 30th, 2011)

26,912
22,572
1,199
5,897
40
1,386
3,619
(54)
61,574

24,597
19,770
799
6,823
161
1,825
4,048
(56)
57,971

19,687
1,746

19,757
1,451

20,386(21)(318)

23,095(18)(318)

20,04722,75941,481103,056

43,967
101,938

12,7601,400
2,383

12,223
1,410
1,406

2,185

1,870

386
303
3,017
22,437

350
68
2,193
19,523

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

620
3,055
165
981
4,823
24,346

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 September 30th, 2011)

4,621
9,982
66,303(5,047)75,8594,621
9,982
68,224(5,048)77,779

(57)

(136)

(179)

(51)

(236)

(187)

75,623103,056

77,592
101,938(2) Consolidated quarterly statements of income/ Consolidated quarterly statements of comprehensive income
Consolidated quarterly statements of income(Second 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

Second quarter of theprevious consolidated term(from April 1st, 2010
to September 30th, 2010)
43,35622,92920,427(Million yen)
Second quarter of theconsolidated term(from April 1st, 2011
to September 30th, 2011)
42,634
21,91820,716

16,325

16,548

4,101

4,167

12
85
31
89
219

34
81
66
88
270

10
23

10
10

48

-

88
18
188
4,132

22
2
46
4,391

0
63

2
-

156

-

187
13
421

2

0
7
0

0
38

62

59

-

52

21

-

2
94
4,458

151
4,242

2,138

1,595

(125)
2,013

33
1,628

2,445

2,613

2,445

2,613

-9-

Consolidated quarterly statement of comprehensive income(Second 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

Second quarter of theprevious consolidated term(from April 1st, 2010
to September 30th, 2010)
2,445(Million yen)
Second quarter of theconsolidated term(from April 1st, 2011
to September 30th, 2011)
2,613

(825)

(79)

(25)

127

(851)

48

1,594

2,662

1,594

2,662

－

－

(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 -