October 29, 2014
Itoham Foods Inc.
President: Mamoru Horio (Securities Code: 2284) Inquiries: Takashi Ishii
Director and Managing Executive Officer,
Genera1 Manager, Corporate Administration Division
Te1: +81-798-66-1231

Notice Regarding Revision of Earnings Forecasts

In light of its recent business performance, Itoham Foods Inc. has revised its first half earnings forecasts for year ending March, 2015, previously announced on May 9, 2014.
Details
● Revision of Consolidated Earnings Forecasts
Revision of Consolidated First Half Earnings Forecasts for year ending March, 2015 (April l to September 30, 2014)

Net Sales

Operating

Income

Ordinary

Income

Net Income

Net Income per

Share

Previous forecast (A)

Million yen

223,000

Million yen

1,100

Million yen

1,200

Million yen

700

　Yen

3.27

Revised forecast (B)

230,000

1,270

2,790

2,070

9.67

Change (B-A)

7,000

170

1,590

1,370

Percentage change (%)

3.1

15.5

132.5

195.7

(Refrence) First half results in previous year (year ending March 2014)

221,020

1,544

1,743

1,493

6.91

Reasons for revision
Looking at business performance in the first half of year ending March 2015, net sales are projected to be above the initial forecast. Decrease in sales in the Processed Foods Division due to reduction in sales volume is offset by strong increase in the Fresh Meats Division due to higher market prices. On the earnings front, operating income is projected to be above the initial forecast. Higher raw material costs and decrease in sales have reduced profit in the Processed Foods Division. This is again offset by increase if profit in the Fresh Meats Division. Ordinary income and net income are projected to improve dramatically compared to the initial forecast as well as previous year results as equity-method capital return is projected to be above initial forecasts.
Looking at full year consolidated earnings for the year ending March 2015, the Company has not changed the initial forecast of May 9, 2014 as the market environment and consumer actions remain unpredictable. The Company will announce any revisions to the initial forecast, without delay, should it become necessary.
Note: The above forecasts are based on judgments made in light of the information available and certain assumptions deemed to be rational at the time of announcement. Actual results could differ materially from forecasts due to number of factors.

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