February 10, 2011
Name of listed company:
Company Code:
Representative:
Title
Enquiries:
Title

ISEKI & CO., LTD.
6310
(URL http://www.iseki.co.jp)

Stock Exchange Listing: Tokyo
Head Office:
Tokyo

Name
Seiichiro Gamo
Hiroshi Yunoki
Name
Telephone: +81 3 5604 7671
Date of Submission of Quarterly ReportFebruary 10, 2011
Scheduled Date to Commence Dividend Payment
Preparation of supplementary information for quarterly financial informatioYes
Holding of quarterly financial results briefing
Yes (For institutional investors, analysts)
President
General Manager of Finance

Summary Announcement of Consolidated Financial Results
for the Nine Months Ended December 31, 2010
I. Financial Results for the Nine Months Ended December 31, 2010 (April 1, 2010  December 31, 2010)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Nine Months Ended
December 31, 2010
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

112,140
2,916
2,177
625

%

Nine Months Ended
December 31, 2009

3.9
(33.7)(43.7)(76.6)

107,894
4,400
3,870
2,667

2.72-(5.8)
76.2
107.7
178.7

11.73
11.61

B. Financial Position(Rounded down to millions of yen)

December 31, 2010
Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio
Net Assets per Share (yen)March 31, 2010

177,088
56,03930.8%
237.27

171,044
55,60431.6%
235.46(Ref) Shareholders’ equity:
Third Quarter of FY Mar. 2011 ¥54,521 mil. FY ended Mar. 2010 ¥54,109mil.
II. Dividends

Dividend per share (Yen)(Recorded date)
FY ended March 2010
FY ending March 2011

End of 1Q-

End of 2Q-

FY ending March 2011 (forecast)End of 3Q-Year-end
0.00

Annual
0.00

1.00

1.00

(Note) Revision of dividend forecast during the third quarter of FY ending March 2011: Yes

1%

III. Forecast for the Fiscal Year Ending March 31, 2011 (April 1, 2010  March 31, 2011)(Rounded down to millions of yen, % represents comparison with previous year for the full year performance)

AnnualNet sales%

Operatingincome%Ordinary
Income%Net
income%Net income pershare (yen)147,500(1.2)

2,700(40.2)

1,700(53.5)

200(91.5)

0.87(Note) Revision of performance forecast during the third quarter of FY ending March 2011: Yes
IV. Others (Please refer to page 5 of the attached document [2. Other Information] for detail)A. Change in important subsidiaries during the period: None.
(Note) Existence or nonexistence of change in specified subsidiaries which accompanies a change in the range ofconsolidation.
B. Adoption of simplified accounting method and unique accounting method: Yes(Note) Existence or nonexistence of adoption of simplified accounting method and unique accounting method forquarterly financial statements.
C. Change in principle, procedure and method of statement of accounting procedures
1) Change which accompanies revision of accounting standards: Yes
2) Change other than No.1.
: None(Note) Existence or nonexistence of change in principle, procedure and method of statement of accounting
procedures for preparation of quarterly financial statements as stated in “Changes in Basic Important
Matters for Preparing Quarterly Financial Statements”.
D. Outstanding shares (Common shares)
1) Outstanding shares as of the end of the period (Including treasury shares)
Third quarter of FY ending March 31, 2011229,849,936 shares
FY ended March 31, 2010
229,849,936 shares
2) Outstanding treasury shares as of the end of the period
Third quarter of FY ending March 31, 2011
65,920 shares
FY ended March 31, 2010
44,223 shares
3) Average number of shares during the period (Quarterly consolidated cumulative period)
Third quarter of FY ending March 31, 2011229,796,183 shares
Third quarter of FY ended March 31, 2010
227,454,091 shares* Statement regarding state of implementation of quarterly review procedure
While these quarterly financial results are exempted from the requirement of quarterly review procedure under
the Financial Instruments and Exchange Act, we have completed the review procedure of the quarterly financialstatements.
* Statement regarding proper use of financial performance forecasts and other notes.
The forecast for operating results stated in this document has been produced based on information presently
available and certain assumptions deemed reasonable. It is possible that in future actual results may differ fromthe anticipated figures for a variety of reasons. For assumed conditions of the business performance forecast
and adequate use of the forecast, please refer to page 5 of the attached document, [Qualitative Information
regarding quarterly consolidated financial results, etc], [3. Qualitative information regarding performanceforecast].

2

Content of the attached document

1. Qualitative Information regarding quarterly consolidated financial results, etc. ······················· 4(1) Qualitative information concerning the status of consolidated financial results ················ 4(2) Qualitative information concerning the shifts in consolidated financial position ·············· 5(3) Qualitative information regarding performance forecast··················································· 52. Other Information ···················································································································· 5(1) Changes in important subsidiaries ·················································································· 5(2) Simplified accounting method and unique accounting method ······································· 5(3) Change in principle, procedure and method of statement of accounting procedures ········· 63. Consolidated Quarterly Financial Statements··········································································· 6(1) Consolidated Quarterly Balance Sheet ············································································· 6(2) Consolidated Quarterly Statement of Income ··································································· 8(3) Consolidated Quarterly Statement of Cash Flows····························································· 9(4) Notes on Going Concern Premises ················································································· 10(5) Segment Information······································································································ 10(6) Notes in case there is a substantial change in the amount of shareholders’ equity··········· 1031. Qualitative Information regarding quarterly consolidated financial results, etc.

(1) Qualitative information concerning the status of consolidated financial results
During the third quarter consolidated cumulative period under review, while Japanese economy showed signs ofan increase in export and production that reflected the gradual recovery of demand, a difficult situation continued toprevail. This was due to stagnant improvement in personal income and employment environment coupled withuncertainties in securing corporate profits due to the basic tone of the strong yen of the foreign exchange.
Under these circumstances, ISEKI Group engaged in aggressive sales activities with a lineup of new products tocope with the diversifying customer needs, under the unified slogan “Cheering Squad Supporting Dream ofAgriculture ! ISEKI”.
In the third quarter consolidated cumulative period, sales increased ¥4.246 billion from the same period of theprevious year, to ¥112.140 billion (up 3.9%). Domestic sales increased ¥2.103 billion to ¥98.386 billion (up 2.2%).
Overseas sales increased ¥2.142 billion from the same period of the previous year to ¥13.753 billion (up 18.5%).
Operating income decreased ¥1.483 billion to ¥2.916 billion (down 33.7%), due to deteriorated forex environment
and increased SG&A expenses, while gross income increased due to increased sales. Ordinary income decreased¥1.693 billion to ¥2.177 billion (down 43.7%). Quarterly net income decreased ¥2.042 billion to ¥0.625 billion(down 76.6%).

Financial results by segment are as follows:
From the first quarter consolidated cumulative accounting period under review, by adoption of “Accounting
standard for disclosures about segments of an enterprise and related information” (ASBJ Statement No.17, March 27,2009) and “Guidance on accounting standard for disclosures about segments of an enterprise and related information(ASBJ Guidance No.20, March 21, 2008), we provided the segment information as “Agriculture related business”
and “Other business”.
Comparison with the same quarter of the previous year is stated by having classified the figures in the thirdquarter consolidated cumulative period according to the new segments.
1) Agriculture related business
Our sales in the domestic market increased due to increased sales in Jan.- Mar. related to the urgent machinery
leasing support program which was implemented the previous year. Overseas sales increased as well mainly due tothe recovery of orders received by the progress in an inventory adjustment of our OEM partner in North America, inspite of the effect of strong yen.
The trend of sales by product is as follows.
(Domestic)
Sales of machinery for soil preparation (tractors, tillers, etc.) were ¥20.809 billion (down 3.1% from the same
period of the previous year), and sales of cultivating machinery (rice transplanters, vegetable transplanters) were
¥9.769 billion (up 3.9%). Sales of harvesting and processing machines (combine harvesters, etc.) were ¥18.379
billion (up 7.0%). Sales of spare parts and farming implements were ¥24.323 billion (up 5.6%). The other agriculture
related sales (facility construction, etc.) were ¥24.998 billion (down 0.3%).
(Overseas)
Sales of machinery for soil preparation (tractors, etc.) were ¥9.037 billion (up 34.7% from the same period of theprevious year), and sales of cultivating machinery (rice transplanters, etc.) were ¥2.039 billion (up 15.4%). Sales of4harvesting and processing machines (combine harvesters, etc.) were ¥1.281 billion (down 27.9%). Sales of spareparts and farming implements were ¥0.768 billion (up 3.6%). The other agriculture related sales were ¥0.626 billion(up 2.0%).
As a result, the segment sales stood at ¥112.033 billion.
2) Other businessAs other business, we engage in development/sales/operation of computer software. The segment sales stood at¥0.106 billion.

(2) Qualitative information concerning the shifts in consolidated financial position
As of the end of the third quarter consolidated cumulative period, total assets increased ¥6.044 billion from theprevious fiscal year end to ¥177.088 billion. The main change in assets was from a ¥6,357 billion increase in cash
and cash deposits. Total liabilities increased ¥5.609 billion from the previous fiscal year end to ¥121.049 billion,
mainly due to a ¥8.247 billion increase in interest-bearing liabilities and a ¥1.742 billion decrease in notes andaccounts payable-trade. Net assets increased ¥0.434 billion from the previous fiscal year end to ¥56.039 billion. As aresult, the equity ratio was 30.8%.
Cash and cash deposits, at the end of the third quarter consolidated cumulative period, increased ¥6.103 billion
from the previous fiscal year end, to ¥12.718 billion.
(Cash flow from operating activities)
Cash flow from operating activities in the third quarter under review resulted in a net revenue of ¥1.935 billion(net revenue increased ¥5.786 billion from the same period last year), mainly due to a ¥4.178 billion of depreciation
and amortization and a ¥1.742 billion decrease in notes and accounts payable-trade.
(Cash flow from investment activities)
Cash flow from investment activities in the third quarter under review resulted in a net expenditure of ¥4.314billion (net expenditure increased ¥1.105 billion from the same period last year) mainly due to capital investment
expenditure of ¥4.221 billion.
(Cash flow from financial activities)
Cash flow from financial activities in the third quarter under review resulted in a net revenue of ¥8.422 billion(decreased revenue of ¥3.448 billion from the same period last year), mainly due to increase and decrease ofinterest-bearing liabilities.

(3) Qualitative information regarding performance forecast
In view of the development in the business performance during the third quarter consolidated cumulative period
under review, we have revised the business performance forecasts which were announced on November 11, 2010.
For details, please refer to the “Notice on revision on the business performance forecasts and the dividend forecast
for the fiscal year ending March 31, 2011” announced on February 10, 2011.

2. Other Information(1) Changes in important subsidiaries
There is no corresponding item.
(2) Simplified accounting method and unique accounting method
1) Calculation method of income taxes, deferred tax assets and deferred tax liabilities

5Concerning calculation of payable tax of income taxes, we employ a method to limit add-subtract items and tax
exemption items to important ones. With respect to evaluation of collectability of deferred tax assets, we rely on amethod to use business performance forecast or tax planning used in the previous consolidated fiscal year in case no
significant change is recognized in the managerial environment or situation to generate differences after the previous
consolidated fiscal year end.
(3) Changes in principle, procedure and method of statement of accounting procedures
1) Application of the accounting standard for asset retirement obligations
From the first quarter consolidated cumulative period under review, we adopted the “Accounting Standards for
Asset Retirement Obligations” (ASBJ Statement No.18, March 31, 2008) and the “Guidance on AccountingStandards for Asset Retirement Obligations” (ASBJ Guidance No.21, March 31, 2008).
Due to this application, during the third quarter cumulative period, both operating income and ordinary income
were reduced by ¥7 million, and the quarterly net income before income taxes was reduced by ¥226 million.
3. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets(millions of yen)
FY2011(as at Dec. 31, 2010)
AssetsCurrent Assets:
Cash and deposits
Notes and accounts receivable-trade
Short-term investment securities
Merchandise and finished goods
Work in progress
Raw materials and supplies
OtherAllowance for doubtful accounts
Total Current Assets
Noncurrent Assets:
Property, plant and equipment
Buildings and structures, net
Land
Others, net
Total property, plant and equipment
Intangible fixed assets
Investments and other assetsInvestment securities
Other
Allowance for doubtful accounts
Total investment and other assets
Total Noncurrent Assets
Total Assets

6FY2010(as at Mar. 31, 2010)

13,06330,17519
36,474
2,907
1,188
3,166
(102)
86,893

6,705
29,32019
37,136
3,219
1,114
3,319
(74)
80,761

14,83250,21315,15980,205901

14,83550,19014,672
79,697
883

4,712
4,818
(443)
9,088
90,195177,0885,272
4,884(455)
9,702
90,283
171,044(millions of yen)
FY2011(as at Dec.31, 2010)

FY2010(as at Mar. 31, 2010)

Notes and accounts payable-trade

40,03041,773

Short-term loans payable

26,386

15,846

Current portion of bonds

-

1,060

12,206

13,376606

753

Provision for bonuses

1,019

416

Other

6,409

8,543

86,65881,770100-Long-term loans payable

15,797

15,958Deferred tax liabilities for land revaluation

7,595

7,595

Provision for retirement benefits

5,142

5,084

Provision for directors' retirement benefits

128

155

Asset retirement obligations

293

-

5,332

4,875

34,39033,669121,049

115,439

Capital stock

23,344

23,344

Capital surplus13,454

13,454Retained earnings

6,701

6,076

Treasury stock

(17)

(13)

43,482

42,862

Liabilities
Current Liabilities:

Current portion of long-term loans payable
Accrued consumption taxes

Total Current Liabilities
Noncurrent Liabilities:
Bonds payable

Other
Total Noncurrent liabilities
Total Liabilities
Net Assets
Shareholders' equity

Total Shareholders’ Equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Revaluation reserve for land

222

385

10,86910,869Foreign currency translation adjustments

(53)

(7)

11,038

11,247

1,517

1,494

Total Net Assets

56,03955,604

Total Liabilities and Net Assets

177,088

171,044

Total Valuation
Adjustment
Minority interestsandTranslation

7

(2) Consolidated Quarterly Statements of Income(Third Quarter Consolidated Cumulative Period)(millions of yen)
FY2010(Apr.1,2009-Dec.31, 2009)

FY2011(Apr.1,2010-Dec.31, 2010)

Net sales

107,894

112,140

Cost of sales

72,163

77,12835,73035,011

31,33032,094

4,400

2,916

Interest received

133

133

Dividend received

94

93

Other502

560

729

787

Interest expenses

790

677

Foreign exchange losses

55463

Other

413

386

Total non-operating expenses

1,259

1,526

Ordinary income

3,870

2,177

Gain on sales of noncurrent assets

4347

Gain on sales of investment securities

2-

Total extraordinary income

4547

Loss on sales of retirement of noncurrent assets

96139

Loss on valuation of investment securities
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Cost of measures for product recall

18316

-

218

46

11

Other

116

Total extraordinary losses

173

691

Income before income taxes

3,743

1,532Income taxes-current

882

1,030

Income taxes-deferred170(141)

1,053

888

Income before minority interests-643

Minority interests in income

2218Net income

2,667

625

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income

Total non-operating income
Non-operating expenses

Extraordinary income

Extraordinary losses

Total income taxes8(3) Consolidated Quarterly Statements of Cash FlowsNet Cash Provided by (Used in) Operating Activities:
Income before income taxes
Depreciation and amortization
Increase (decrease) in provision for retirement benefitsLoss (gain) on sales of investment securities
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of property, plant and equipment andintangible assets
Decrease(increase) in notes and accounts receivable-trade
Decrease(increase) in inventories
Increase(decrease) in notes and accounts payable-trade
Loss on adjustment for changes of accounting standard for
asset retirement obligations
OtherSubtotal
Interest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net Cash Provided by (Used in) Investment Activities:
Purchase of short-term investment securities
Proceeds from sales of short-term investment securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Other
Net cash provided by (used in) investment activities
Net Cash provided by (Used in) Financing Activities:
Increase (decrease) in short-term loans payable, net
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sale and leaseback transactions
Repayments of lease obligations
Purchases of treasury stock
Other
Net cash provided by (used in) financing activities
Effect of Exchange Rate Changes on Cash and CashEquivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of period
Cash and Cash Equivalents at end of period

9FY2010(Apr.1,2009-Dec.31, 2009)

FY2011(Apr.1,2010-Dec.31, 2010)3,743
3,744
128
3(227)
790
(48)

1,532
4,178
57
0
(226)
677
(117)

5392

(6,753)(3,167)
265

(855)
899
(1,742)-218(1,317)(2,785)
232(759)(962)
424(3,851)(1,357)
3,359
226
(670)
(1,099)
118
1,935

(19)
239

(19)
19

(3,245)(4,221)

266

164

(238)
30
(230)
(10)
(3,209)

(1)
0
(254)
(2)
(4,314)

7,243
12,940(8,549)
(40)
727
(422)
(19)
(9)
11,87010,561
9,165(10,496)100(1,060)
1,050
(883)
(4)
(9)
8,422

4561

4,855
5,609
10,465

6,103
6,614
12,718

(4) Note on going concern premises
There is no corresponding item.
(5) Segment information(Additional information)
From the first quarter consolidated cumulative accounting period under review, we adopted the “Accounting
standard for disclosures about segments of an enterprise and related information” (ASBJ Statement No.17, March 27,2009) and the “Guidance on accounting standard for disclosures about segments of an enterprise and relatedinformation” (ASBJ Guidance No.20, March 21, 2008).

1. Outline of reportable segments“Reportable segments of our Company” refers to constitutional units of its business for which separated financial
information is made available, which are subject to periodic review by the board of directors in order to determine
allocation of the managerial resources as well as evaluation of the business performance.
Our business by products/services consists of two reportable segments, namely “Agriculture related business”
which is the core of our business, and “Other business” which attends rest of the business.
“Agriculture related business” dedicates to manufacturing and sales of agricultural machinery, as well as business
related to agriculture/agricultural products including construction/sales of agriculture related facilities and revenue
from the use of rice polishing machines. “Other business” is the information processing service business which
attends development/sales/operation of computer software.

2. Information related to the amount of sales, income or loss by reportable segments
Third quarter consolidated cumulative period under review (April 1, 2010 – December 31, 2010)

Agriculture
relatedNet sales
Net sales to externalcustomers
Internal sales ortransfer amongsegments
TotalSegment income (loss)

Other(million of yen)
Quarterly
consolidated
incomestatement
posted amount

Adjustment
amountTotal

112,033

106

112,140-

112,140

0

99

99

(99)

-

112,033
629

205
(4)

112,239
625

(99)
-

112,140625(Note)
1. Adjustment amount corresponds to elimination of inter-segments transactions.
2. Segment income (loss) has been adjusted with the quarterly net income in the quarterly consolidated income
statement.
(6) Note in case there is a substantial change in the amount of shareholders’ equity
There is no corresponding item.

10