Mitsubishi Research Institute Inc. reported consolidated earnings results for the first half ended March 31, 2014. For the period, the company reported operating income of ¥3,960 million, ordinary income of ¥4,061 million and net income of ¥2,106 million or ¥128.23 per basic share on net sales of ¥42,211 million compared to operating income of ¥2,891 million, ordinary income of ¥2,970 million and net income of ¥1,550 million or ¥94.41 per basic share on net sales of ¥37,898 million reported a year ago. Cash used in operating activities was ¥4,726 million compared with ¥4,162 million used in the same period of the previous fiscal year. The main reasons include increases of ¥7,580 million in notes and accounts receivable-­trade, ¥5,878 million in inventories, and ¥4,877 million in notes and accounts payable-­trade, all owing to seasonal variation. The cash flow of operating activities tends to be negative in the first six months, because, in the first two quarters, payments, which precede receipts in nature, exceed receipts for the many projects of the MRI Group that are completed during the March to April period. Income before income taxes and minority interests was ¥4,043 million compared to ¥2,989 million reported a year ago. Purchase of property and equipment was ¥595 million compared to ¥1,337 million reported a year ago. Purchase of intangible assets was ¥1,121 million compared to ¥925 million reported a year ago.

The company announced dividend of ¥20 per share for the second quarter ended March 31, 2014 compared to ¥15.00 paid a year ago. The dividend is payable on June 4, 2014.

For the fiscal year ending September 30, 2014, the company plans to pay annual dividend of ¥40 per share which comprises ¥20 per share for the second quarter and year end dividend of ¥20 per share compared to ¥35 per share annual dividend paid a year ago.

For the year ending September 30, 2014 on consolidated basis, the group expects to report operating income of ¥5,500 million, ordinary income of ¥5,650 million and net income of ¥2,940 million or ¥179.01 per share on net sales of ¥86,800 million.