Summary(Translation)
Fields Corporation
Summary of Financial Information and Business Results (Consolidated)
for the First Quarter of the Year Ending March 31, 2015 (Japan GAAP)
July 31, 2014
Listed on: TSE [JASDAQ]
Company Name:
Stock code:
Representative Director:
Inquiries:
Tel:Fields Corporation(URL: http://www.fields.biz/)
2767
Takashi Oya
President & COO
Hideaki Hatanaka
Executive Officer and General Manager, Corporate Communications Office+81-3-5784-2111

Planned date for submission of the quarterly report:
Planned date for start of dividend payment:
Quarterly earnings supplementary explanatory materials:
Quarterly earnings presentation:

August 8, 2014―
Yes
Yes (For institutional investors and security analysts)(Rounded down to the nearest million)

1. Consolidated business results for the first quarter of the year ending March 31, 2015 (April 1, 2014 to June 30, 2014)(1) Operating results (cumulative total)(Percentage figures denote year-over-year changes)
Net salesFirst quarter, year
ending March 31, 2015
First quarter, year
ended March 31, 2014
(Note) Comprehensive income

Operating income

Ordinary income

Net income

Million yen%

Million yen%

Million yen%

Million yen

%

7,459

29.8

(2,509)―(2,254)―(1,502)―

5,748(72.8)(3,829)―(3,759)―(2,290)―First quarter of the year ending March 31, 2015: ¥(1,744) million (―%)
First quarter of the year ended March 31, 2014: ¥(1,961) million (―%)
Net income per shareFirst quarter, year
ending March 31, 2015
First quarter, year
ended March 31, 2014

Diluted net income per share
Yen

Yen

(45.29)―(69.02)―(2) Financial position
Total assets

Net assets

Shareholders’ equity ratio

Million yen

Million yen%

First quarter, year
ending March 31, 2015

73,481

56,29776.0

Year ended March 31, 2014

104,869

58,753

55.6(Reference) Shareholders’ equity

First quarter of the year ending March 31, 2015:
Year ended March 31, 2014: ¥58,279 million¥55,846 million

2. Dividends

Year ended March 31, 2014

Firstquarter-end
Yen―

Secondquarter-end
Yen
25.00

Year ending March 31, 2015―
Year ending March 31, 2015
25.00
(Forecast)(Note) Revision of the most recently released dividend forecasts: No

Annual dividends
Thirdquarter-end
Yen――

Year-end

Annual

Yen
25.00

Yen
50.00

25.00

50.00

3. Forecast of consolidated earnings for fiscal the year ending March 31, 2015 (April 1, 2014 to March 31, 2015)(Percentage figures denote year-over-year changes)

Net sales
Million yen%

Operating income

Ordinary income

Million yen

Million yen%%

Net income
Million yen%

Net income
per share
Yen

Full-year
100,000 (13.0)
5,000 (48.9)
5,000 (48.8)
2,500 (53.4)
75.34(Note) Revision of the most recently released performance forecasts: No
Fields Corporation discloses a full-year business forecast, as it manages its business performance on an annual basis.

*Notes(1) Transfer of important subsidiaries during the year under review (Transfer of specific subsidiaries that results in a change in thescope of consolidation): No(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) Changes in accounting principles, accounting procedures, presentation method and other factors
1) Changes due to the revision to the accounting standards, etc.: Yes
2) Changes due to any reason other than those in 1) above: No
3) Changes in accounting estimates: No4) Revisions/restatements: No(4) Number of shares issued (common stock)1) Number of shares issued at end of year (including treasury stock)
First quarter of the year ending March 31, 2015
34,700,000 sharesYear ended March 31, 2014
34,700,000 shares
2) Number of shares of treasury stock at end of year
First quarter of the year ending March 31, 2015
Year ended March 31, 2014

1,516,200 shares
1,516,200 shares

3) Average number of shares outstanding (quarterly consolidated cumulative period)First quarter of the year ending March 31, 2015
33,183,800 sharesFirst quarter of the year ended March 31, 2014
33,183,800 shares* Indication of status of quarterly review procedure
This quarterly earnings report is not subject to review procedures based upon the Financial Instruments and Exchange Act. Thus, atthe time of disclosure of the financial results, the quarterly financial statement review procedures based upon the Financial
Instruments and Exchange Act have not been completed.
* Explanation of the appropriate usage of forecast earnings and other specific matters# The above forecast relies on judgments and assumptions based on information available as of the date of announcement of thismaterial, and is subject to changes in risks, uncertainties, and economy, and other factors that could cause actual results to bematerially different from expectations. Please refer to“(3) Review of consolidated earnings forecasts and other forecasts” under“1. Qualitative information on quarterly financial results” on page 3 of the attached documents for the assumptions on which theforecast relies.
# The Company is planning to hold a results briefing for analysts and institutional investors on Friday, August 1, 2014.
Materials distributed at that briefing will be posted on the Company’s website after the briefing as soon as possible.

 Table of Contents of Attached Document
1. Qualitative information on quarterly financial results.............................................................................................. 2(1) Analysis of operating results.............................................................................................................................. 2(2) Analysis of financial position ............................................................................................................................ 3(3) Review of consolidated earnings forecasts and other forecasts ......................................................................... 3
2. Summary information (notes) .................................................................................................................................. 4(1) Transfer of important subsidiaries during the quarterly consolidated period under review ............................... 4(2) Application of the accounting method specific to quarterly consolidated financial statements ......................... 4(3) Changes in accounting principles and accounting estimates, and revisions/restatements .................................. 4
3. Quarterly consolidated financial statements............................................................................................................. 5(1) Quarterly consolidated balance sheets ............................................................................................................... 5(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income ............. 7(3) Quarterly consolidated statements of cash flows ............................................................................................... 9(4) Note regarding the quarterly consolidated financial statements....................................................................... 10(Note regarding the operation of the company as a going concern) ................................................................. 10(Note regarding occurrence of significant change in amount of shareholders’ equity) .................................... 101

1.

Qualitative information on quarterly financial results(1) Analysis of operating results[1] Overview of operations for the 3 months ended June 30, 2014 (April 1, 2014 to June 30, 2014)
The Company posted net sales of ¥7,459 million (up 29.8% year-over-year), operating loss of ¥2,509 million (versus
operating loss of ¥3,829 million for the same period of the previous fiscal year), ordinary loss of ¥2,254 million (versus
ordinary loss of ¥3,759 million for the same period of the previous fiscal year), and net loss for the period totaling ¥1,502
million (versus net loss of ¥2,290 million for the same period of the previous fiscal year).
The main factors behind the earnings fluctuation were as follows.
The total number of pachinko/pachislot machines sold increased over the same period of the previous fiscal year, with thenumber of pachinko machines sold increasing to approximately 38,000 (up about 26,000 year-over-year) and the number ofpachislot machines sold totaling about 5,000 (the same as in the same period of the previous year). Only one pachinko title,“Pachinko Onimusha: Dawn of Dreams”, was posted in the first quarter under review, as in the first quarter of the previous
fiscal year, but sales of this title were solid. Earnings trends were generally in line with forecasts, including other businesses.
The main initiatives for cultivating and commercialization of Intellectual Property (IP) in the first quarter under review wereas follows.
As its medium-to-long-term growth strategy, the Group is aiming at sustainable growth by emphasizing IP such as charactersand maximizing the value of the IP that we acquired, owned and created. Fields utilizes to the full its wide-ranging
knowledge, expertise and creativity in IP development, as well as its networks with business partners, and cultivates andcommercializes IP based on partnerships.
We focus on comics in creating the characters and stories that represent the starting point for the Group’s IP cross-media
expansion. In the first quarter under review, “HERO’S Monthly” ran 5 new works, including “Sailor Zombie”, andpublished 9 comic books.
In cross-media development of the IP we have created, projects focused on bringing IP to the screen are given a particularpriority. Plans for animation and movie versions of 5 of the works produced from “HERO’S Monthly,” including“ULTRAMAN”, are currently underway, and we are picking up the pace of these endeavors. Script development isunderway for “SOUL ReVIVER”, an original work by Tohru Fujisawa, acclaimed for comic book “GTO,” and original
picture by Manabu Akishige jointly with Hollywood in the US movie production company Bedford Falls Company, with aview to overseas expansion.
At the same time, we are steadily expanding with TV shows, movies and other footage as our starting point. We aredeveloping the “Ultraman” series in cross-media formats, in conjunction with various kinds of IP held by Tsuburaya
Productions Co., Ltd. The new TV series launched in the previous fiscal year continues to be aired, and broadcasting of“Ultraman Ginga S” started in July 2014.
Currently, in the merchandising field, which aims to generate revenue from IP, we tightened the number of social games
titles released in this fiscal year to improve revenue.“AKB48MusicGame”released in May 2014, is off to a good start,
with 1 million downloads in 2 months. We aim to quickly generate revenue from goods development, and acquired
merchandising rights for the character “Uglydoll”, which is particularly popular in the US, and are working to develop avaried product line-up in collaboration with top-tier companies. Regarding pachinko/pachislot machines sales, we launched“Pachislot Sengoku BASARA 3,” in July 2014 which is performing well. We plan to continue releasing IP-centerd
products.
(Note) The product names included in this report are the trademarks or registered trademarks of the respective companies.

2(2) Analysis of financial position(Assets)
Current assets amounted to ¥35,920 million, down ¥31,000 million since the end of the previous fiscal year. The principal
factor behind this was mainly attributable to a decrease in notes and accounts receivable—trade.
Tangible fixed assets amounted to ¥12,376 million, up ¥271 million since the end of the previous fiscal year. This was
mainly due to purchase of land for building new branch offices.
Intangible fixed assets amounted to ¥4,368 million, up ¥2 million since the end of the previous fiscal year.
Investments and other assets amounted to ¥20,815 million, down ¥661 million since the end of the previous fiscal year.
The principal factor behind this was mainly attributable to a decrease in investment securities.
As a result of the above, total assets amounted to ¥73,481 million, down ¥31,387 million since the end of the previous
fiscal year.
(Liabilities)
Current liabilities amounted to ¥13,022 million, down ¥28,707 million since the end of the previous fiscal year. The
principal factor behind this was a decrease in notes and accounts payable—trade and a decrease in accrued income taxes.
Fixed liabilities amounted to ¥4,161 million, down ¥224 million since the end of the previous fiscal year. This was mainly
due to a decrease in net defined benefit liability.
As a result of the above, total liabilities amounted to ¥17,184 million, down ¥28,931 million since the end of the previous
fiscal year.
(Net assets)
Net assets amounted to ¥56,297 million, down ¥2,455 million since the end of the previous fiscal year. This primarilyreflected a decrease in retained earnings.
(Analysis of cash flows)
Cash and cash equivalents (hereinafter referred to as “cash”) decreased by ¥10,650 million since the end of the previous
fiscal year, amounting to ¥18,933 million during the first quarter under review.
(Cash flows from operating activities)
Net cash used in financing activities amounted to ¥8,932 million (¥9,351 million of expenditure for the same period of theprevious year). This was mainly due to loss before income taxes and minority interests of ¥2,264 million, a decrease of¥25,925 million in notes and accounts payable—trade, a decrease of ¥23,511 million in notes and accounts receivable—
trade, income taxes paid of ¥1,922 million, etc.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥544 million (¥1,093 million of expenditure for the same period of theprevious fiscal year). This was mainly attributable to expenditure for purchases of intangible fixed assets totaling ¥462
million, expenditure for purchases of tangible fixed assets totaling ¥253 million, proceeds from repayment of loans
totaling ¥557 million, etc.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥1,172 million (¥1,245 million of expenditure for the same period of theprevious fiscal year). This was primarily attributable to dividends paid totaling ¥798 million and repayment of short-termborrowings totaling ¥329 million, etc.
(3) Review of consolidated earnings forecasts and other forecasts(Unit: Million yen)
Forecast for the year ending
March 31, 2015
Net sales

Results for the year ended
March 31, 2014

Year-over-year

100,000

114,904-13.0%

Operating income

5,000

9,791

-48.9%

Ordinary income

5,000

9,765

-48.8%Net income

2,500

5,370

-53.4%

The consolidated earnings forecasts for the year ending March 31, 2015 remain unchanged from those stated in the“Notification of Forecast of Earnings” announced on May 7, 2014.

3

2.

Summary information (notes)(1) Transfer of important subsidiaries during the quarterly consolidated period under review
None(2) Application of the accounting method specific to quarterly consolidated financial statements
Assessment of tax expenses
The Company applies the method that reasonably estimates an effective tax rate to be assessed on income before income
taxes for the year ending March 31, 2015, including this 3 months ended June 30, 2014, after accounting for the tax effects,
and multiplies income before income taxes during the 3 months ended June 30, 2014 by such estimated effective tax rate.
(3) Changes in accounting principles and accounting estimates, and revisions/restatements(Changes in accounting policies)
The Company adopted the stipulations in Article 35 of the Accounting Standard for Retirement Benefits (AccountingStandards Board of Japan [ASBJ] Statement No. 26 of May 17, 2012; hereafter, “Accounting Standard for Retirement
Benefits”) and Article 67 of Guidance on Accounting Standard for Retirement Benefits (ASBJ Guidance No. 25 of May 17,
2012; hereafter, “Guidance”) as of the first quarter of the consolidated fiscal year under review. Accordingly, the Company
revised its method for calculating retirement benefit obligations and service costs, and changed its method of attributing
expected retirement benefits to periods from the straight-line basis to a benefit formula basis. The method for determining
the discounting rate has been changed to a method using a single weighted average discount rate reflecting the estimatedpayment period and the amount for each estimated payment period of the retirement benefit.
With respect to the adoption of the Accounting Standard for Retirement Benefits and other, in accordance with thetransitional accounting as stipulated in Article 37 of the Accounting Standard, the impact of the changes in calculation
methods for retirement benefit obligations and service costs has been reflected in retained earnings at the beginning of thefirst quarter of the consolidated fiscal year under review.
As a result, net defined benefit liabilitiy decreased 220 million yen and retained earnings increased 142 million yen at the
beginning of the first quarter of the consolidated fiscal year under review. Operating income, ordinary income and income
before income taxes and minority interests each increased 3 million yen in the first quarter of the consolidated fiscal year
under review.

43. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Unit: Million yen)
Fiscal year ended
March 31, 2014
(March 31, 2014)
AssetsCurrent assets
Cash and cash equivalents
Notes and accounts receivable—trade
Merchandise and products
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Land
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Goodwill
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term borrowings
Current portion of long-term borrowings
Accrued income taxes
Accrued bonuses
Accrued bonuses to directors and auditors
Reserve for returned goods unsold
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term borrowings
Net defined benefit liability
Other fixed liabilities
Total fixed liabilities
Total Liabilities

5

3 months ended
June 30, 2014
(June 30, 2014)

29,58329,155
742
2,351
40
5,081
(34)
66,921

18,933
6,228
703
2,803
82
7,200
(31)
35,9207,875
4,229
12,104

8,007
4,369
12,376

1,905
2,460
4,365

1,827
2,540
4,368

15,607
6,943(1,074)
21,47737,948104,869

15,0976,790(1,072)
20,81537,561
73,481

33,105
634
58
1,959
350
230
23
5,367
41,730

7,058
304
53
33
59
70
23
5,419
13,022

50
675
3,659
4,386
46,116

37
466
3,658
4,161
17,184

(Unit: Million yen)
Fiscal year ended
March 31, 2014
(March 31, 2014)
Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interest
Total net assets
Total liabilities and net assets

6

3 months ended
June 30, 2014
(June 30, 2014)

7,948
7,994
44,548(1,821)
58,6707,948
7,994
42,357(1,821)
56,479

(262)
(1)
(126)
(390)
473
58,753
104,869

(511)
(1)
(119)
(633)
450
56,29773,481

(2) Quarterly consolidated statements of income and consolidated statements of comprehensive income
Quarterly consolidated statements of income
First quarter of the year ending March 31, 2015
(Unit: Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Discounts on purchase
OthersTotal non-operating income
Non-operating expenses
Interest expense
Equity method investment loss
Loss on management of investment securities
Amortization of equity investment
OthersTotal non-operating expenses
Ordinary income (loss)
Extraordinary losses
Loss on disposal of fixed assets
Loss on litigation charges
OthersTotal extraordinary losses
Income (loss) before income taxes and minority interests
Current income taxes
Income (loss) before minority interests
Minority interests (loss)
Net income (loss)

7

3 months ended
June 30, 2013
(April 1, 2013–June 30, 2013)
5,748
3,721
2,027
5,856
(3,829)3 months ended
June 30, 2014
(April 1, 2014–June 30, 2014)
7,459
4,668
2,790
5,300
(2,509)

6
85
84
58
234

9
85
222
156
474

3
72
81
8
165
(3,759)

2
142
12
42
20
220
(2,254)0
2
2(3,762)(1,428)(2,334)(43)(2,290)

62
1
9(2,264)(763)(1,501)1(1,502)

Quarterly consolidated statements of comprehensive income
First quarter of the year ending March 31, 2015
(Unit: Million yen)

Income (loss) before minority interests
Other comprehensive income
Unrealized holding gain on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

8

3 months ended
June 30, 2013
(April 1, 2013–June 30, 2013)(2,334)3 months ended
June 30, 2014
(April 1, 2014–June 30, 2014)(1,501)

373
(0)
372
(1,961)

(249)
(0)
7
(243)
(1,744)(1,917)(44)(1,745)1

(3) Quarterly consolidated statements of cash flows(Unit: Million yen)

Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued bonuses
Increase (decrease) in accrued bonuses to directors and auditors
Increase (decrease) in retirement benefit provisions
Increase (decrease) in net defined benefit liability
Interest and dividend income
Equity method investment loss (gain)
Interest expense
Decrease (increase) in notes and accounts receivable—trade
Decrease (increase) in inventories
Decrease (increase) in merchandising rights advances
Increase (decrease) in notes and accounts payable—trade
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of tangible fixed assets
Purchases of intangible fixed assets
Expenditure for loans
Proceeds from repayment of loans
Expenditure for acquiring shares in affiliates
OthersNet cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayment of long-term borrowings
Redemption of corporate bonds
Dividends paid
OthersNet cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

3 months ended
June 30, 2013
(April 1, 2013–June 30, 2013)

3 months ended
June 30, 2014
(April 1, 2014–June 30, 2014)(3,762)
439
80
(7)
(212)
(170)
21
(92)
72
3
30,710(1,280)95(31,349)(128)(5,580)108(3)(3,875)(9,351)(2,264)
447
87
(5)
(291)
(159)
22
(95)
142
2
23,511(454)(529)(25,925)(1,599)(7,110)101(2)(1,922)(8,932)

(729)
(346)
(130)
2
(6)
117
(1,093)

(253)
(462)
(0)
557
(10)
(375)
(544)

(76)
(34)
(300)
(779)
(53)
(1,245)(0)(11,690)
23,30911,618

(329)
(18)
(798)
(26)
(1,172)(10,650)
29,58318,933

(4) Note regarding the quarterly consolidated financial statements(Note regarding the operation of the company as a going concern)
No relevant items(Note regarding occurrence of significant change in amount of shareholders’ equity)
3 months ended June 30, 2014 (April 1, 2014 to June 30, 2014)
No relevant items

10