Summary Report on Financial Results for the First Quarter of the Year Ending March 2014
（Japan GAAP）
July 31st, 2013
Listing: TSE-JASDAQ
Company name:
Fukuda Denshi Co., Ltd.
Code No.:
6960 (http://www.fukuda.co.jp)
Representative:
Daijiro Shirai, President & COO
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:
August 8th, 2013
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 2014 (April 1st, 2013 throughJune 30th, 2013)(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
First quarter of the year
22,395
11.5
2,509
67.2
2,701
72.1
1,877
122.6
ending March 2014
First quarter of the year
20,093
(0.4)
1,501
(5.9)
1,569
(8.1)
843
40.8
ended March 2013
(Note) Comprehensive income
First quarter of the year ending March 2014:1,847 million yen / 266.7 %First quarter of the year ended March 2013: 503 million yen / (32.1) %Net income
per share
Yen

Fully diluted net
income per shareYen

121.36

―

53.22

―

First quarter of the year
ending March 2014
First quarter of the year
ended March 2013
(2) Consolidated financial situation

million yen

million yen

Shareholders'equity ratio％

First quarter of the year
ending March 2014

112,665

82,61573.3

5,340.78

Year ended March 2013

114,646

82,082

71.6

5,306.30(Reference) Shareholders' equity:
First quarter of the year ending March 2014:
Year ended March 2013:

82,615 million yen
82,082 million yen

Total assets

Net assets-1-

Net Assets per
Share
Yen

2. Dividends
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 2013
Year ending―
March 2014
Year ending
March 2014
40.00
(forecast)(Note) Revisions to recent dividend forecast: None

Annual
yen

―

85.00

125.00―85.00

125.00The detail of year-end dividend of Year ended March 2013; ordinary dividend 40.00 yen, extra dividend 45.00
yen
The detail of year-end dividend of Year ending March 2014 (Forecast); ordinary dividend 40.00 yen, extra
dividend 45.00 yen
3. Forecast of consolidated financial results for the year ending March 2014 (April 1st, 2013 through March
31st, 2014)（% represents increase or decrease from the previous year）

Net sales

Full-year

millionyen%

98,5002.3

Operatingincomemillion%yen

Ordinary
incomemillion%yen

million
yen

%

yen

10,30010,300

6,200

(4.1)

400.810.6(1.3)

Net income
per share

Net income(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: None(ii) Changes other than (i) above: None(iii) Changes in accounting projections: None(iv) Restatement: None
(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 2014: 19,588,000 sharesYear ended March 2013: 19,588,000 shares(ii) Number of shares of treasury stock at the end of the period:First quarter of the year ending March 2014: 4,119,168 sharesYear ended March 2013: 4,119,095 shares-2-

(iii) Average number of shares during the period (accumulated consolidated quarter)
First quarter of the year ending March 2014: 15,468,848 sharesFirst quarter of the year ended March 2013: 15,844,600 shares* Status of Auditing Processes
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.
* 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) Qualitative
Information 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) Qualitative Information about operating results---------------------------------------------------------

5(2) Qualitative Information about financial situation------------------------------------------------------

5(3) Qualitative Information about consolidated earnings forecast
2. Summary information----------------------------------------

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

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

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

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

9

3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets

Consolidated 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(Notes regarding the premise for going concern)

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

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

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

10

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 aggressive economy and monetary policy by the government
and the Bank of Japan. Expectations for economic recovery have been building up since positive signs wereobserved in companies’ earnings and consumer spending.
In the medical environment industry, the remuneration for medical treatments has increased slightly from
April 2012, but an effective and efficient reformed management is still required to go forward.
As a result, the Group posted a consolidated net sales of 22,395 million yen (up 11.5% on a year-to-yearbasis), operating income of 2,509 million yen (up 67.2% on a year-to-year basis), ordinary income of 2,701
million yen (up 72.1% on a year-to-year basis), and a net income of 1,877 million yen (up 122.6 % on a
year-to-year basis) in the first quarter.
A. Physiological diagnostic equipment segment
The sales of electrocardiographs and ultrasound diagnostic systems increased both domestically andabroad.
As a result, consolidated net sales were 5,741 million yen (up 23.5% on a year-to-year basis).
B. Patient monitoring equipment segment
Sales increased both domestically and abroad.
As a result, consolidated net sales were 1,551 million yen (up27.5% on a year-to-year basis).
C. Medical treatment equipment segment
While the business of renting medical equipment for home treatment and sales of Automated External
Defibrillators (AEDs) continued to increase, sales of ventilators and pacemakers decreased.
As a result, consolidated net sales were 9,698 million yen (up 4.4% 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 5,403 million yen (up 9.4% on a year-to-year basis).
(2) Explanation about consolidated financial situation
Total assets were 112,665 million yen at the end of the first quarter under review, down 1,981 million yen
from the end of the previous fiscal year.
The main factors are a decrease of 4,006 million yen in “Notes and accounts receivable-trade” despite anincrease of 1,137 million yen in “Cash and deposits” and an increase of 685 million yen in “Merchandiseand finished goods”.
Liabilities amounted to 30,050 million yen, down 2,514 million yen from the end of the previous fiscal
year.
This is primarily because of a decrease of 1,467 million yen in “Income taxes payable” and decrease of
1,304 million yen in “Notes and accounts payable-trade”.
Net assets were 82,615 million yen, up 532 million yen from the end of the previous fiscal year.
The main factors are an increase of 562 million yen in “Retained earnings”.
(3) Explanation about consolidated earnings forecast
Remuneration for medical services and consumption tax increase are scheduled in April 2014, the Groupwill continue to make every effort to meet the needs of medical institutions which support regional medical
services.
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, 2013.
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
Not applicable.

-6-3. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets
Previous fiscal year
(as of March 31st, 2013)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
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 otherassetsTotal 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
Long-term loans payable
Provision for retirement benefits
Other provision
Other
Total noncurrent liabilities
Total liabilities-7-(Million yen)
End of the first quarter
under review(as of June 30th, 2013)24,201
26,963
6,916
165
1,981
4,085
(49)
64,26525,33822,957
7,601
179
2,135
3,861
(46)
62,02822,1602,408

21,966
2,830

12,103
13,719(10)

12,061
13,787(9)25,812

25,83950,381
114,646

50,637
112,665

16,198
1,850
2,594
2,254
411
134
3,835
27,27914,894
1,850
1,126
975
415
47
5,572
24,882

1,038
2,858
217
1,170
5,285
32,564

1,038
2,799
154
1,175
5,167
30,050Previous fiscal year
(as of March 31st, 2013)
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
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets-8-

End of the first quarter
under review(as of June 30th, 2013)

4,621
10,04775,152(8,847)80,973

4,621
10,04775,714(8,847)
81,536

1,145

1,126

(36)

(47)

1,108

1,079

82,082
114,646

82,615
112,665

(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
Dividends income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Surrender value of insurance
Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent assets
Impairment loss
Total extraordinary losses
Income before income taxes and minority
interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Net income

First quarter of theprevious consolidated term(from April 1st, 2012
to June 30th, 2012)
20,093
10,2009,892(Million yen)First quarter of theconsolidated term(from April 1st, 2013
to June 30th, 2013)
22,395
11,442
10,953

8,391

8,443

1,501

2,509

24
80
33
23
162

23
78
210
33
345

5
83
4
94
1,569

5
145
2
153
2,701

0
45
46

6
51
73
131

0
0
0

0
1
2

1,615

2,831

807
(35)
772
843
843

1,014
(60)
954
1,877
1,877

-9-

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

Income before minority interests
Other comprehensive income
Valuation difference on
available-for-sale securities
Foreign currency translation
adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of the parent

First quarter of theprevious consolidated term(from April 1st, 2012
to June 30th, 2012)
843(Million yen)First quarter of theconsolidated term(from April 1st, 2013
to June 30th, 2013)
1,877

(347)

(19)

7

(10)

(339)
503

(29)
1,847

503

1,847

(3) Notes to Consolidated Financial Statement(Notes regarding the premise for going concern)
Not applicable.
(Note 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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