LASERTEC CORPORATION 
By Consolidated Financial Results for the Third Quarter Ended March 31, 2014 (Japanese GAAP)
April 30, 2014
Company name: Lasertec Corporation Stock exchange listing: Tokyo Stock Exchange Code: 6920
URL: http://www.lasertec.co.jp/ Representative: Osamu Okabayashi
Representative Director and President
Contact for inquiries: Shu Uchiyama
Managing Director and Chief Administrative Officer
Phone: +81-45-478-7111
Date of filing the securities report: May 13, 2014
Preparation of supplementary materials
for financial results: Yes
Financial results briefing: No
(Figures less than a million yen are rounded down.)
1. Consolidated financial results for the nine months ended March 31, 2014
(1) Consolidated operating results
(The percentage figures indicate changes from the previous fiscal year.)
Net sales | Operating income(loss) | Ordinary income(loss) | Net income(loss) | ||
Nine months ended March 31, 2014 March 31, 2013 | Million yen 6,901 8,948 | % (22.9) 14.2 | Million yen 606 2,421 | % (75.0) 70.6 | Million yen 638 2,708 |
(Note) Comprehensive income: Nine months ended March 31, 2014: 504 million yen [-72.0%]
Nine months ended March 31, 2013: 1,802 million yen [129.9%]
Net income (loss) per share | Net income per share, fully diluted | |
Nine months ended March 31, 2014 March 31, 2013 | Yen 16.04 75.06 | Yen 16.02 74.95 |
(Note) Effective July 1, 2013, the company split its common stock 2 for 1 in accordance with the resolution of the Board of Directors dated May 27, 2013. The figures of "net income per share" and "net income per share, fully diluted" are calculated as if the stock split took place at the beginning of the previous fiscal year.
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
March 31, 2014 June 30, 2013 | Million yen 21,380 19,911 | Million yen 15,783 15,819 | % 73.7 79.3 | Yen 698.69 700.31 |
(Reference) Equity: March 31, 2014: 15,749 million yen June 30, 2013: 15,785 million yen
(Note) Effective July 1, 2013, the company split its common stock 2 for 1 in accordance with the resolution of the Board of Directors dated May 27, 2013. The figures of "net assets per share" are calculated as if the stock split took place at the beginning of the previous fiscal year.
2. Dividends
Dividends per share | |||||
End of 1Q | End of 2Q | End of 3Q | Year-end | Total | |
Fiscal year ended June 30, 2013 Fiscal year ending June 30, 2014 | Yen -- -- | Yen 0.00 0.00 | Yen -- | Yen 48.00 | Yen 48.00 |
Fiscal year ended June 30, 2013 Fiscal year ending June 30, 2014 | Yen -- -- | Yen 0.00 0.00 | |||
Fiscal year ending June 30, 2014 (Forecast) | -- | 20.00 | 20.00 |
(Note) Revision to forecast of dividends since the last announcement: None
Effective July 1, 2013, the company split its common stock 2 for 1 in accordance with the resolution of the Board of Directors dated May 27, 2013. Since the effective date of the stock split was July 1, 2013, the company paid dividends of June 30, 2013, based on the number of shares outstanding prior to the stock split.
3. Forecast of consolidated financial results for the year ending June 30, 2014
(The percentage figures indicate changes from the same period of the previous fiscal year.)
Net sales | Operating income | Ordinary income | Net income | Net income per share | |||||
Annual | Million yen 13,400 | % 17.6 | Million yen 2,250 | % 4.7 | Million yen 2,250 | % (11.3) | Million yen 1,450 | % (9.9) | Yen 64.33 |
(Note) Revision to forecast of financial results since the last announcement: None
※ Notes
(1) Significant changes of subsidiaries during the period (changes of specified subsidiaries accompanying changes in the scope of consolidation): None
Number of subsidiaries added to consolidation: None (Company names: --), Number of subsidiaries excluded from consolidation: None (Company names: --)
(2) Application of a special accounting procedure for compiling quarterly financial statements: None
(3) Changes in accounting policy, changes or restatement of accounting estimates (a) Changes in accounting policy due to revision of accounting standards: None (b) Changes in accounting policy other than (a): None
(c) Changes in accounting estimates: None
(d) Restatement due to revision: None
(4) Number of issued shares (common stock):
(a) Number of issued shares at the end of the period (including treasury stock)
(b) Number of treasury stock at the end of the period
(c) Average number of shares during
the period ended
(Shares)
(Note) Effective July 1, 2013, the company split its common stock 2 for 1 in accordance with the resolution of the Board of Directors dated May 27, 2013. The number of issued shares at the end of the period (including treasury stock), the number of treasury stock at the end of the period, and the average number of shares during the period are calculated as if the stock split took place at the beginning of the previous fiscal year.
※ Disclosure regarding the status of auditing of this report
This summary of financial results and its related materials are not subject to auditing under the Financial Instruments and Exchange Act of Japan. As of the date of this report, auditing of the consolidated financial statements based on the Financial Instruments and Exchange Act has not been completed.
※ Cautionary statement for proper use of forecast of financial results and other special notes
The forecast of financial results provided in this summary and its related materials is based on information available to the management at the time of announcement and on assumptions it has judged to be reasonable. Lasertec makes no guarantees about achieving the forecast provided herein. Actual results may differ materially from the forecast due to various factors.
Contents of Supplementary Material
Lasertec Corporation (6920)
1. Qualitative information concerning this quarterly report-------------------------------------------------------- 2 (1) Qualitative information concerning consolidated results-------------------------------------------------- 2 (2) Qualitative information concerning consolidated financial position ------------------------------------ 2 (3) Qualitative information concerning forecast of consolidated financial results --------------------- 3
2. Statement concerning "Notes on the summary" ----------------------------------------------------------------- 3 (1) Significant changes of subsidiaries during the cumulative quarter------------------------------------- 3 (2) Application of special accounting procedures to the preparation of consolidated
financial statements------------------------------------------------------------------------------------------------- 3 (3) Changes in accounting policy and changes or restatement of accounting estimates------------- 3
3. Consolidated financial statements ----------------------------------------------------------------------------------- 4 (1) Consolidated balance sheet ------------------------------------------------------------------------------------- 4 (2) Consolidated statement of income and consolidated statement of comprehensive income ---- 6
Consolidated statement of income (First nine months of the fiscal year)----------------------- 6
Consolidated statement of comprehensive income (First nine months of the fiscal
year) -------------------------------------------------------------------------------------------------------------- 7
(3) Consolidated statement of cash flows------------------------------------------------------------------------- 8 (4) Notes on consolidated financial statements ----------------------------------------------------------------- 9 (Note on going concern) ------------------------------------------------------------------------------------------- 9 (Note on significant changes in the amount of shareholders' equity) ---------------------------------- 9
4. Supplementary information ------------------------------------------------------------------------------------------- 10 (1) Production by category ------------------------------------------------------------------------------------------- 10 (2) Orders by category ------------------------------------------------------------------------------------------------ 10
(3) Sales by category-------------------------------------------------------------------------------------------------- 10
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1. Qualitative information concerning this quarterly report
(1) Qualitative information concerning consolidated results
Lasertec Corporation (6920)
During the nine-month period ended March 31, 2014, the prospect of the global economy remained uncertain overall. On the one hand, the US economy was expanding despite some drags caused by severe wintry storms. The European economy was showing signs of turnaround from the aftershock of debt crisis. On the other hand, however, China began to have a slower economic growth while its excessive credit issues loomed. Concerns were rising about emerging economies' currency crisis and stagnation as a negative side effect of recent changes in US monetary policy by the US Federal Reserve. With the unfolding of political and social unrests in Eastern Europe and other areas, geopolitical risks increased.
As for the Japanese economy, growth became more evident in the short term thanks to robust consumer spending and increasing corporate profits. Last minute spending sprees before consumption tax hike also contributed to the current growth. Looking ahead, however, there were causes for concerns about its prospect including rising material cost and backlash after the tax hike. Whether the economy continues to grow or not will be tested in the coming months.
Look more closely at industries related to our business. In the semiconductor industry, which constitutes our main business segment, the market for smartphones and tablets continued to grow, but the memory sales was losing steam because it turned out that fewer numbers of memory chips were used on these high-demand products. As a result, the largest portion of capital expenditures in the industry came from major foundries, which expanded production lines for advanced logic devices.
The business environment of other industries related to the remainder of our business is summarized as follows: in the FPD industry, amid prolonged TV market recessions, we saw resumption of capital expenditures in China while the demand for small and medium-sized panels grew; in the photovoltaic cell industry, the level of capital expenditures for new product lines remained low due to falling prices even though the number of solar cell installations was increasing worldwide, and; the market of lithium ion batteries was steadily growing.
Under the circumstances, our consolidated net sales in the nine-month period ended March 31, 2014, was 6,901 million yen, down 22.9% from the same period of the previous year.
Looking at the consolidated net sales by product segment, semiconductor-related systems accounted for
4,892 million yen (down 32.2%), other products for 672 million yen (up 13.4%), and services for 1,336 million yen (up 16.9%). Please note that we have combined the category of FPD-related systems and that of laser microscopes into the "other products" category. We have started providing our sales figures using this new category since the beginning of the current fiscal year.
As for consolidated income for the nine-month period of this quarterly report, we recorded an operating profit of 606 million yen (down 75.0% from the same period of the previous year), an ordinary profit of 638 million yen (down 76.4% from the same period of the previous year), and a net profit of 361 million yen (down 78.6% from the same period of the previous year).
(2) Qualitative information concerning consolidated financial position
① Financial position
Total assets at the end of the quarter amounted to 21,380 million yen, up 1,468 million yen from the end of the previous fiscal year. This is mainly due to a 1,383 million yen increase in work in process, a 960 million yen increase in cash and deposits and a 429 million yen increase in other current assets whereas notes and accounts receivable-trade decreased by 1,397 million yen.
Liabilities at the end of the quarter amounted to 5,597 million yen, up 1,505 million yen from the end of the previous fiscal year. This is mainly due to a 1,983 million yen increase in advances received and a 586 million yen increase in notes and accounts payable-trade whereas long-term loans payable decreased by
473 million yen and income taxes payable decreased by 398 million yen.
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Lasertec Corporation (6920)
Net assets, which consist of shareholders' equity, accumulated other comprehensive income, and subscription right to shares, amounted to 15,783 million yen with capital-asset ratio of 73.7%.
② Cash flows
Cash and cash equivalents at the end of the quarter amounted to 4,920 million yen, up 952 million yen from the end of the previous fiscal year. Following is the status of cash flows and their contributing factors during the nine-month period.
For operating activities, 2,026 million yen was generated (whereas 758 million yen was used in the same period of the previous year). This is mainly because the sum of cash receipt such as a 1,981 million yen increase in advances received and a 1,410 million yen decrease in notes and accounts receivable-trade exceeded the sum of cash payment such as a 1,456 million yen increase in inventories.
For investment activities, 57 million yen was used (down 58.2% from the same period of the previous year). This is mainly due to 45 million yen used for purchase of property, plant and equipment.
For financing activities, 1,070 million yen was used (down 5.0% from the same period of the previous year). This is mainly due to 540 million yen used for cash dividends paid and 529 million yen used for payment of long-term loans payable.
(3) Qualitative information concerning forecast of consolidated financial results
We make no revision to our forecast of operating results for the full year ending June 30, 2014, which we announced on August 12, 2013.
2. Statement concerning "Notes" on the summary
(1) Significant changes of subsidiaries during the cumulative quarter
None
(2) Application of special accounting procedures to the preparation of consolidated financial statements
None
(3) Changes in accounting policy and changes or restatement of accounting estimates
None
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3. Consolidated Financial Statements
(1) Consolidated balance sheet
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(As of
Current
(As of
June 30, 2013) March 31, 2014)
Assets
Current assets
Cash and deposits 4,027,941 4.987,989
Notes and accounts receivable-trade 2,517,020 1,119,582
Work in process 3,692,425 5,075,655
Raw materials and supplies 494,111 577,356
Deferred tax assets 990,321 1,015,613
Other 797,075 1,226,850
Allowance for doubtful accounts (49,161) (26,213) Total current assets 12,469,734 13,976,833
Noncurrent assets
Property, plant and equipment
Buildings and structures, net 2,130,618 2,046,241
Machinery, equipment and vehicles, net 16,340 13,114
Tools, furniture and fixtures, net 167,234 232,926
Land 4,254,773 4,254,773
Construction in progress -- 7,967
Total property, plant and equipment 6,568,967 6,555,023
Intangible assets 577 588
Investments and other assets
Investment securities 359,901 453,911
Long-term accounts receivable-other 293,336 220,002
Deferred tax assets 137,816 92,633
Other 81,335 81,457
Allowance for doubtful accounts (286) (228) Total investments and other assets 872,103 847,775
Total noncurrent assets 7,441,648 7,403,387
Total assets 19,911,383 21,380,220
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Lasertec Corporation (6920)
(In thousands of yen)
Previous
Current
(As of June 30, 2013) (As of March 31, 2014)
Liabilities
Current liabilities
Notes and accounts payable - trade 774,642 1,361,581
Current portion of long-term loans payable 706,000 649,500
Income taxes payable 430,767 32,053
Advances received 428,484 2,412,226
Provision for bonuses -- 216,613
Provision for directors' bonuses 111,000 22,030
Provision for product warranties 360,959 329,673
Other 530,506 328,027
Total current liabilities 3,342,360 5,351,706
Noncurrent liabilities
Long-term loans payable 473,000 -- Provision for retirement benefits 244,606 221,924
Other 31,887 23,520
Total noncurrent liabilities 749,493 245,445
Total liabilities 4,091,854 5,597,152
Net assets
Shareholders' equity
Capital stock 931,000 931,000
Capital surplus 1,080,360 1,080,360
Retained earnings 14,838,857 14,659,520
Treasury stock (979,942) (979,942) Total shareholders' equity 15,870,274 15,690,938
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities 66,499 166,999
Foreign currency translation adjustment (151,190) (108,814) Total accumulated other comprehensive
income (84,690) 58,185
Subscription rights to shares 33,945 33,945
Total net assets 15,819,528 15,783,068
Total liabilities and net assets 19,911,383 21,380,220
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Lasertec Corporation (6920)
(2) Consolidated statement of income and consolidated statement of comprehensive income
(Consolidated statement of income)
(In thousands of yen)
Previous
(July 1, 2012 thru
Current
(July 1, 2013 thru
March 31, 2013) March 31, 2014)
Net sales 8,948,275 6,901,984
Cost of sales 4,120,220 3,729,084
Gross profit 4,828,055 3,172,900
Selling, general and administrative expenses 2,406,895 2,566,677
Operating income 2,421,160 606,222
Non-operating income
Interest income 2,968 2,226
Dividends income 1,528 2,204
Rent income on noncurrent assets 1,439 1,496
Foreign exchange gains 296,074 32,195
Other 2,105 2,994
Total non-operating income 304,117 41,116
Non-operating expenses
Interest expenses 16,019 8,592
Other 527 7
Total non-operating expenses 16,546 8,599
Ordinary income 2,708,730 638,738
Extraordinary expenses
Loss on valuation of investment securities -- 31,633
Settlement package 45,000 --
Total extraordinary expenses 45,000 31,633
Income before income taxes and minority
interests 2,663,730 607,104
Income taxes-current 907,839 249,186
Income taxes-deferred 64,018 (3,724)
Total income taxes 971,857 245,462
Income before minority interests 1,691,872 361,642
Net Income 1,691,872 361,642
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(Consolidated statement of comprehensive income)
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(July 1, 2012 thru March
Current
(July 1, 2013 thru March
31, 2013) 31, 2014)
Income before minority interests 1,691,872 361,642
Other comprehensive income
Valuation difference on available-for-sale
securities 39,098 100,500
Foreign currency translation adjustment 71,475 42,376
Total other comprehensive income 110,574 142,876
Comprehensive income 1,802,446 504,519
Comprehensive income attributable to owners
of the parent 1,802,446 504,519
Comprehensive income attributable to minority
interests -- --
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(3)Consolidated statement of cash flows
Lasertec Corporation (6920)
(In thousands of yen)
Previous
(July 1, 2012 thru
Current
(July 1, 2013 thru
March 31, 2013) March 31, 2014)
Cash flows from operating activities
Income before income taxes and minority interests 2,663,730 607,104
Depreciation and amortization 164,296 168,537
Increase (decrease) in allowance for doubtful accounts 19,687 (23,064)
Increase (decrease) in provision for bonuses 140,241 216,613
Increase (decrease) in provision for director's bonuses (17,756) (88,970) Increase (decrease) in provision for product warranties (28,354) (30,965) Increase (decrease) in provision for retirement benefits (23,759) (23,414) Interest and dividends income (4,496) (4,430) Interest expenses 16,019 8,592
Foreign exchange losses (gains) (65,266) (38,542)
Loss (gain) on valuation of investment securities -- 31,633
Decrease (increase) in notes and accounts receivable-trade (167,891) 1,410,958
Decrease (increase) in inventories (419,774) (1,456,508) Decrease (increase) in accounts receivable-other (609) (471)
Decrease (increase) in long-term accounts
receivable-other 73,334 73,334
Increase (decrease) in notes and accounts payable-trade (425,038) 313,603
Increase (decrease) in advances received (1,096,078) 1,981,890
Other, net (158,723) (450,224) Subtotal 669,559 2,695,677
Interest and dividends income received 5,269 5,042
Interest expenses paid (16,082) (8,671) Income taxes paid (1,417,654) (665,626) Net cash provided by (used in) operating activities (758,906) (2,026,422)
Cash flows from investment activities
Purchase of property, plant and equipment (60,215) -- Proceeds from sale of property, plant and equipment (70,470) (45,036) Other, net (6,877) (12,419)
Net cash provided by (used in) investment activities (137,563) (57,456)
Cash flows from financing activities
Payment of long-term loans payable (529,500) (529,500) Cash dividends paid (597,278) (540,979)
Net cash provided by (used in) financing activities (1,126,778) (1,070,479)
Effect of exchange rate change on cash and cash equivalents
98,397 54,211
Net increase (decrease) in cash and cash equivalents (1,924,850) 952,697
Cash and cash equivalents at beginning of period 4,625,370 3,967,601
Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation
61,982 --
Cash and cash equivalents at end of period 2,762,502 4,920,299
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(4) Notes on consolidated financial statements
(Note on going concern) None
(Note on significant changes in the amount of shareholders' equity) None
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Lasertec Corporation (6920)
4. Supplementary information
(1) Production by category
Production by category for the first nine months of the fiscal year is as follows.
(In thousands of yen)
(July 1, 2013 thru March 31, 2014)
Category Previous Current Year-on-year
comparison (%)
Finished goods
Semiconductor-related systems 6,279,685 7,686,134 122.4
Other products 785,763 732,875 93.3
Subtotal 7,065,449 8,419,009 119.2
Services 1,142,796 1,336,316 116.9
Total 8,208,245 9,755,325 118.8
(Notes)
1. Numbers shown above are based on sales prices.
2. Starting this fiscal year, we no longer use the two categories, "FPD-related systems" and "confocal laser microscopes," and merge them into the "other products" category.
3. Consumption taxes are excluded.
(2) Orders by category
Orders and backlog by category for the first nine months of the fiscal year are as follows.
(In thousands of yen)
(July 1, 2013 thru March 31, 2014)
Category Orders
Previous
Orders
Current
Year-on-year comparison (%)
Backlog
Previous
Backlog
Current
Year-on-year comparison (%)
Finished goods
Semiconductor-related systems 3,649,553 8,354,920 228.9 3,123,015 7,505,285 240.3
Other products 600,115 1,198,049 199.6 160,357 627,679 391.4
Subtotal 4,249,669 9,552,970 224.8 3,283,372 8,132,964 247.7
Services 1,157,517 1,362,706 117.7 201,366 274,456 136.3
Total 5,407,186 10,915,677 201.9 3,484,739 8,407,421 241.3
(Notes)
1. Numbers shown above are based on sales prices.
2. Starting this fiscal year, we no longer use the two categories, "FPD-related systems" and "confocal laser microscopes," and merge them into the "other products" category.
3. Numbers reflect adjustment for cancellation and other changes.
4. Consumption taxes are excluded.
(3) Sales by category
Sales by category for the first nine months of the fiscal year are as follows.
(In thousands of yen)
(July 1, 2013 thru March 31, 2014)
Category Previous Current Year-on-year
comparison (%)
Finished goods
Semiconductor related systems 7,212,272 4,892,837 67.8
Other products 593,206 672,831 113.4
Subtotal 7,805,479 5,565,668 71.3
Services 1,142,796 1,336,316 116.9
Total 8,948,275 6,901,984 77.1
(Note)
1. Starting this fiscal year, we no longer use the two categories, "FPD-related systems" and "confocal laser microscopes," and merge them into the "other products" category.
2. Consumption taxes are excluded.
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