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Microsoft word - e0903012_fy09_first quarter operating results _consolidated_.doc

Three-month Consolidated Financial Report
for the Fiscal Year ending October 31, 2009
Company name: Kanamoto Company, Ltd. Code number:9678 URL http://www.kanamoto.co.jp Representative Director & Corporate Officer, Division Manager, Accounting Division TEL +81-11-209-1631
1. Operating Results for the Three-month of the Fiscal Year Ending October 31, 2009

(1) Consolidated Operating Results

(Numbers less than one million yen have been rounded down) 2009: First Quarter Fiscal Year Ended October 31, 2009: First Quarter Fiscal Year Ended October 31,
(2) Consolidated Financial Position

(Numbers less than one million yen have been rounded down) (Reference) Shareholder’s equity Fiscal Year Ending October 31, 2009 First Quarter: 37,418 million yen Fiscal Year Ended October 31, 2008: 37,947 million yen 2. Dividends
(Record date) End of 1Q End of 2Q End of 3Q Year-end Full (Note) Revision of dividend project for the current quarter: No Three-month Consolidated Financial Report for the 3. Projected Consolidated Operating Results for the Fiscal Year Ending October 2009
(Percentages show the change from the prior year) Millions of yen % Millions of yen % Millions of yen % Millions of yen % (Note) Revision of Projected Consolidated Operating Results for the current quarter: No

4. Other

(1) Changes to material subsidiaries during the period (transfer of specified subsidiaries in conjunction with revision to scope of consolidation)? : No (2) Has the Company adopted simplified methods for accounting treatment? : Yes (Note) For details, see “4. Other matters” on Page 5 (Qualitative information and financial statements). (3) Changes in accounting principles, procedures, or representation methods relating to preparation of the consolidated quarterly financial statements (Matters stated in the Change to the Basis for presentation of the Consolidated Quarterly Financial Statements) (a) Changes in accordance with revisions to accounting standards: Yes (Note) For details, see “4. Other matters” on Page 5 (Qualitative information and financial statements). (4) Number of shares issued (Common stock) (a)Number of shares outstanding at the end of period (including treasury stock): Fiscal Year Ending October 31, 2009 First Quarter: 32,872,241 shares Fiscal Year Ended October 31, 2008: 32,872,241 shares (b)Number of shares of treasury stock at the end of period Fiscal Year Ending October 31, 2009 First Quarter: 33,128 shares Fiscal Year Ended October 31, 2008: 30,848 shares (c)Average number of shares during the period (Consolidated cumulative period) Fiscal Year Ending October 31, 2009 First Quarter: 32,840,650 shares Fiscal Year Ended October 31, 2008: 32,844,319 shares Note: Explanation concerning appropriate use of the projected operating results and other items to note (1) The projections above represent an outlook for the future and assumptions about uncertain factors that might affect future results, based on information available as of the date of the announcement of this document. Actual results may differ from the projections as a result of factors arising in the (2) Commencing the current fiscal year, the Company is applying the Accounting Standard for Quarterly Financial Reporting (Accounting Standards Board of Japan Statement No.12) and Guidance on Accounting Standard for Quarterly Financial Reporting (ASBJ Guidance No.14). Quarterly consolidated financial statements are prepared under the Rules for Quarterly Consolidated Financial Statements. Three-month Consolidated Financial Report for the Qualitative Information and Financial Statements
1. Qualitative information concerning consolidated operating results

< Management Environment > (From November 1, 2008 to January 31, 2009) During the Company’s first quarter, Japan’s economy was battered by the aftereffects of the simultaneous slowdown of the global economy since last autumn. As the earnings environment for export industries deteriorated rapidly because of the sharp appreciation of the yen, the effects rippled through the entire manufacturing sector. The sense of deepening recession spread further as concerns over job insecurity, heightened by so-called dispatch worker layoffs centered on manufacturing, and the continuing drop in personal consumption, were added to a political situation that remained unsettled and the government’s failure to boost public spending to spur an economic recovery. Amidst this environment, the construction industry, which is the main customer of the Kanamoto Group (Kanamoto and its consolidated subsidiaries), witnessed construction demand shrink at an accelerating pace from November, as the volume of domestic construction orders fell 11.3% from the same period of the previous year in November, 21.6% year-on-year in December and 34.9% year-on-year in January (Japan Federation of Construction Contractors survey). Among construction-related firms, corporate bankruptcies reached the highest level in Japan’s history. < First Quarter Operating Results > (From November 1, 2008 to January 31, 2009) Despite efforts to strengthen its business base, operating results for the Kanamoto Group fell below the Company’s business plan from the start of the business period because of the extremely severe operating climate confronting the construction industry. Although the Company expanded its market share in each region in the first quarter in terms of construction equipment rental orders, revenues fell significantly below the Company’s initial plan because of the absolute decline in construction demand and the downward trend in rental prices throughout Japan. In addition, for sales of used construction equipment, the Company adopted an initial plan that envisioned constrained sales volume, and revenues and earnings from overseas sales of used equipment were lower because sales were restricted to the number of units in the Company’s initial plan, and because of the slump in the used construction equipment market that resulted from the global economic slowdown. As a result of these factors, consolidated revenues for the first quarter of the Business Period ending October From an earnings perspective, operating results were affected directly by the decline in construction equipment rental revenue, and fell sharply compared with the first quarter of the previous consolidated accounting fiscal year. Consolidated operating income was ¥669 million, and consolidated ordinary income was ¥607 million. The Company also reported a valuation loss on negotiable securities for an asset impairment write-off for the first quarter of ¥484 million for negotiable securities affected by sharp declines in market prices. As a result, the Company reported a disappointing first quarter consolidated net loss of ¥105 million. A summary of operating results for each of the Company’s business segments is described below. [Business related to the Construction Equipment Rental Division] Despite being able to increase its regional market share in both the Hokkaido Region and Tohoku Region, there was no change in the downward market trend in both regions because of cutbacks in public works. Private sector capital investment as well in both regions was frozen because of the deterioration in business conditions. As a result, construction equipment rental revenues by region decreased 4.9% from the same period of the previous consolidated accounting fiscal year in the Hokkaido Region, and fell 7.0% year-on-year in the Tohoku Region. In the Kanto Region, revenues expanded 5.0% from the same period one year earlier, as a result of large-scale works such as the Tokyo International Airport (Haneda) expansion project and the synergistic effects from operations with Toyo Industry Co., Ltd., which was added to the Company’s subsidiaries subject to consolidation. In the Kinki & Chubu Region, demand remained flat, and Aichi Prefecture, which until now had enjoyed a robust economy, joined Hyogo Prefecture as a cause of slowing demand. Revenues in the region slipped 4.3% year-on-year. In the Kyushu Region, revenues exhibited steady expansion in northern Kyushu, but demand in southern Kyushu slumped and caused revenues for the region as a whole to shrink 8.9% from the same period of the previous consolidated accounting fiscal year. As a result of these factors, rental revenues in this business sector for the first quarter of the consolidated accounting fiscal year decreased 3.8% from the same period one year earlier. Revenues from sales for the first quarter of the consolidated accounting fiscal year in this business sector fell 8.3% year-on-year. The main reason was a drop in sales of parts, grease and oil, and lower sales of used equipment overseas as stated above. As a result of these factors, in the construction-related businesses of the entire Kanamoto Group revenues for the first quarter of the consolidated accounting fiscal year were ¥16,274 million, and operating income Three-month Consolidated Financial Report for the [Business related to the Steel Sales Division] In the Company’s steel products sales business, construction demand in the Doo Block could not be sustained, and unit prices suffered as well. Revenues for the first quarter of the consolidated accounting fiscal year were ¥1,052 million, and operating income was ¥3 million.
[Business related to the Information Products Division and other business]
In the Company’s information and telecommunications-related division, revenues from both rentals and used equipment sales were lower because of the general trend in spending cutbacks by customers. Revenues for the first quarter of the consolidated accounting fiscal year were ¥113 million, and operating
[Business development issues deserving special mention and status of branch office changes]
(1) During the first quarter of the consolidated accounting fiscal year, Kanamoto opened its new Tsugaru
Dam Branch (Nishimeya-mura, Nakatsugaru-gun, Aomori Prefecture), Soma Branch (Shinchi Town, Soma-gun, Fukushima Prefecture) and Yaita Branch (Sakura City, Tochigi Prefecture) in November. The Company did not close any branches during the quarter. In addition, during the quarter the Company made Toyo Industry Co., Ltd. (Head Office: Taito Ward, Tokyo) a consolidated subsidiary. (2) The Company took the lead over other firms and expanded rentals of new energy-saving, recyclable rental equipment, including hybrid trucks, LED-type night lighting and reflector LED lamps. (3) Shanghai Jinheyuan Equipment Rental Co., Ltd. (Head Office: Shanghai, People’s Republic of China, a non-consolidated subsidiary), which is developing a construction equipment rental business in China, closed the books on its first full year of operations. The recently established company achieved operating results that exceeded initial expectations.
2. Qualitative information concerning consolidated financial position
(1) Assets, liabilities and net assets
Compared with the end of the previous consolidated accounting fiscal year, total assets at the end of the first quarter under review increased by ¥7,078 million to ¥98,819 million. This mainly reflected an increase in rental equipment of ¥4,279 million. Total liabilities increased by ¥7,551 million compared with the end of the previous consolidated accounting fiscal year to ¥61,090 million. This was mainly the result of an increase in funds provided by long-term bank loans of ¥2,743 million. Total net assets were ¥37,728 million, a decrease of ¥473 million compared with the end of the previous consolidated accounting fiscal year. This mainly reflected a decrease of ¥433 million in earned surplus. Cash flow from operating activities was ¥2,697 million. Cash was generated mainly from depreciation and amortization expense of ¥1,077 million and a decrease in accounts receivable, trade of ¥719 million. Cash flow used for investing activities was ¥1,359 million. This mainly reflected ¥1,268 million of funds used for the purchase of tangible fixed assets. Cash flow from financing activities was ¥2,137 million. This mainly reflected ¥6,000 million of funds provided by long-term bank loans. As a result of the above, the balance of cash and cash equivalents at the end of the first quarter consolidated accounting period under review was ¥21,066 million. Together with an increase in cash and equivalents of ¥24 million in conjunction with the merger of an unconsolidated subsidiary, the balance of cash and cash equivalent increased by ¥3,500 million compared with the end of maturity the previous consolidated
3. Qualitative information concerning projected consolidated operating results
The projected consolidated operating results were prepared using projections based on information
available to the Company as of the date this material was released and forecasts of the future economic, environment, and include various risks and uncertainty factors. (The Company previously released its projected operating results in the press release “Notification Concerning Valuation Loss on Negotiable Securities for the First Quarter of the Business Period Ending October 2009” dated Monday, February 23, 2009 and the press release “Notification Concerning Revision of Interim Period Operating Results and Projected Full-Year Operating Results for the Business Period Ending October 2009” dated Monday, March 9, Although the Company is not at the present time studying any change to its interim dividend and year-end dividend based on this revision of its operating results forecast, there is a possibility the Company could revise the dividend based on future changes in its operating results. Furthermore, there is a possibility the Company’s actual consolidated operating results will differ from the projected amounts shown above as a result of various future factors, including but not limited to economic conditions surrounding the Kanamoto Group, market trends, and competitive conditions. Three-month Consolidated Financial Report for the 4. Other matters
(1) Changes in material subsidiaries during the period under review (changes in specific subsidiaries in
conjunction with a change in the scope of consolidation) The Company had no material items to report. (2) Application of simplified accounting method and special accounting method in the preparation of quarterly consolidated financial statements Simplified accounting method The appraisal value of inventories at the end of the first quarter under review has been calculated using a reasonable method based on physical inventories at the end of the previous consolidated accounting fiscal year, rather than physical inventories at the end of the quarter under review. (3) Changes in accounting principles, procedures and presentation methods pertaining to preparation of the quarterly consolidated financial statements a) Beginning from this consolidated accounting fiscal year, the Company has adopted the “Accounting Standard for Quarterly Financial Reporting” (Accounting Standards Board of Japan Statement No. 12) and the “Guidance on Accounting Standard for Quarterly Financial Reporting” (Accounting Standards Board of Japan Implementation Guidance No. 14). In addition, the quarterly consolidated financial report has been prepared in accordance with the “Regulation for Quarterly Consolidated Financial Statements.” b) Changes in appraisal standards and appraisal methods for principal assets Inventory assets Traditionally the Company has valued merchandise inventories held by the Company for normal sales purposes at cost, with cost being determined by the lower of cost or market based on the Last-in, First-out method. Beginning from the first quarter consolidated accounting fiscal period under review, the Company will apply the “Accounting Standard for Measurement of Inventories” (Accounting Standards Board of Japan Statement No. 9, issued July 5, 2006) and will value inventories based on the original cost method, with cost being determined mainly by the Last-in, First-out method (amounts shown on Balance Sheets will the reduced book value based on decline in profitability). The affect of this change on earnings is not material. Traditionally, the Company and its domestic consolidated subsidiaries valued construction equipment using the amount after deduction of depreciation expense as calculated according to the declining-balance method from the original prices, by separate fiscal year of purchase. Beginning from the first quarter consolidated accounting period under review, the Company will calculate the amount after deduction of depreciation expense as calculated according to the straight-line method from the original prices, by separate fiscal year Because rental earnings obtained from construction equipment are generated on average over the period during which the construction equipment is used, the Company has made this change in conjunction with the change of depreciation method for rental equipment from the declining balance method to the straight-line depreciation method from the first quarter consolidated accounting period under review, in order to similarly recognize a fixed expense amount corresponding to earnings, achieve a correspondence between expenses and earnings and more properly calculate accounting period profits and losses for construction equipment that contributes to the acquisition of rental earnings. As a result, the cost of revenues from operations decreased by ¥16 million, and gross profit, operating income, ordinary income and income before taxes and adjustments increased by the same amount, respectively, compared to what they otherwise would have been had the accounting standards used in past The affect of this change on the Company’s information by segment is described in the relevant section. c) Changes in accounting standards used for normal accounting treatment Application of accounting standards for lease transactions (Lessor side) The Company traditionally accounted for finance lease transactions other than leases that transfer ownership of the property by applying accounting treatment based on the method applied for ordinary rental transactions. For quarterly consolidated financial statements pertaining to the consolidated fiscal year that begins on or after April 1, 2008, however, corporations will be able to apply the “Accounting Standard for Lease Transactions” (Accounting Standards Board of Japan Statement No. 13 (issued June 17, 1993 (Business Accounting Council, First Subcommittee), revised March 30, 2007)) and the “Guidance on Accounting Standard for Lease Transactions” (Accounting Standards Board of Japan Implementation Guidance No. 16 (issued January 18, 1994 (The Japanese Institute of Certified Public Accountants, Accounting System Committee), revised March 30, 2007)), and beginning from the first quarter consolidated accounting period under review, the Company will apply these standards and account for such Three-month Consolidated Financial Report for the transactions using a method similar to that used for ordinary sale and purchase transactions. In addition, for depreciation for lease assets related to finance lease transactions other than leases that transfer ownership of the property, the Company has adopted the straight-line depreciation method, using the term of the lease as the depreciable life and a residual value of zero. For finance lease transactions other than leases that transfer ownership of the property for which the lease transaction starting date predates the beginning of the first year in which the lease accounting standard will be applied, the Company will continue to apply the accounting practices based on the method for ordinary rental transactions. The affect of this change on earnings is not material. Change in depreciation methods for principal depreciable assets Tangible fixed assets Traditionally, the Company and its domestic consolidated subsidiaries have applied the declining balance method for depreciation of rental equipment. Beginning from the first quarter consolidated accounting period under review, the Company and its domestic subsidiaries have adopted the straight-line depreciation method. Because rental earnings obtained from rental equipment are generated on average over the period during which the rental equipment is used, the Company has made this change as a result of investigating a more appropriate method for allocation of expenses, following an increase in the size of purchases and increase in the monetary importance of rental equipment as a result of changing its method for acquisition of rental equipment from leasing agreements to purchases, in order to recognize a fixed expense amount corresponding to earnings, achieve a correspondence between expenses and earnings and more properly calculate accounting period profits and losses. As a result, the cost of revenues from operations decreased by ¥588 million, and gross profit, operating income, ordinary income and income before taxes and adjustments increased by the same amount, respectively, compared to what they otherwise would have been had the accounting standards used in past periods been applied. The affect of this change on the Company’s information by segment is described in the relevant section. Three-month Consolidated Financial Report for the 5. Consolidated Financial Statements
(1)Consolidated Quarterly Balance Sheets
As of January 31, 2009 As of October 31,2008 Three-month Consolidated Financial Report for the As of January 31, 2009 As of October 31,2008 Three-month Consolidated Financial Report for the (2)Consolidated Quarterly Balance Sheets Selling, general and administrative expenses Reversal of allowance for doubtful accounts Reversal of provision for retirement benefits Loss on sales and retirement of noncurrent Loss on valuation of investment securities Income before income taxes and minority Three-month Consolidated Financial Report for the (3) Consolidated quarterly statements of cash flows Net cash provided by (used in) operating activities Income before income taxes and minority interests Loss (gain) on sales and retirement of noncurrent The amount of assets buy on the installment plan The amount of cost price transfer with the The amount of cost price transfer with asset sell-off Expenditure by the assets acquisition for rentals Loss (gain) on valuation of investment securities Increase (decrease) in allowance for doubtful Increase (decrease) in provision for bonuses Increase (decrease) in provision for retirement Increase (decrease) in provision for directors' Assets buy on the installment plan purchase Decrease (increase) in notes and accounts Increase (decrease) in notes and accounts Increase (decrease) in accounts payable-other Net cash provided by (used in) operating activities Net cash provided by (used in) investment activities Proceeds from withdrawal of time deposits Purchase of property, plant and equipment Proceeds from sales of property, plant and Purchase of investments in subsidiaries Net cash provided by (used in) investment activities Three-month Consolidated Financial Report for the Net cash provided by (used in) financing activities Net increase (decrease) in short-term loans Net cash provided by (used in) financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Increase in cash and cash equivalents resulting from Cash and cash equivalents at end of period Three-month Consolidated Financial Report for the Beginning from this consolidated accounting fiscal year, the Company has adopted the “Accounting Standard for Quarterly Financial Reporting” (Accounting Standards Board of Japan Statement No. 12) and the “Guidance on Accounting Standard for Quarterly Financial Reporting” (Accounting Standards Board of Japan Implementation Guidance No. 14). In addition, the quarterly consolidated financial report has been prepared in accordance with the “Regulation for Quarterly Consolidated Financial Statements.” (4) Notes relating to the going concern assumption The Company had no material items to report. (5) Business Segment Information [Segment information by type of business] Current quarter (From November 1, 2008 to January 31, 2009) Changes in accounting method 1. Changes in appraisal methods for principal assets As described in Section 4. (3) b) under Qualitative Information and Financial Statements, the Company and its domestic consolidated subsidiaries traditionally valued construction equipment using the amount after deduction of depreciation expense as calculated according to the declining-balance method from the original prices, by separate fiscal year of purchase. Beginning from the first quarter consolidated accounting period under review, the Company will calculate the amount after deduction of depreciation expense as calculated according to the straight-line method from the original prices, by separate fiscal year of purchase. In conjunction with this change, the operating income of the Company’s construction-related business increased by ¥16,126,000 compared with what it otherwise would have been had the accounting standard
2. Change in depreciation method for depreciable assets
As described in Section 4. (3) c) under Qualitative Information and Financial Statements, beginning from the
first quarter consolidated accounting period under review the Company and its domestic subsidiaries have changed the method for depreciation of rental equipment from the declining balance method to the straight-line depreciation method. In conjunction with this change, the operating income of the Company’s construction-related business increased by ¥588,137,000 compared with what it otherwise would have been had the accounting standard used in past periods been applied. [Segment information by location] First quarter consolidated year-to-date (from November 1, 2008 to January 31, 2009) The Company had no material items to report because the Company did not have any consolidated subsidiaries or important offices located in countries or regions outside of Japan. Three-month Consolidated Financial Report for the [Foreign sales] First quarter consolidated year-to-date (from November 1, 2008 to January 31, 2009) The Company has omitted a description of foreign sales because foreign sales are less than 10% of consolidated revenues. (6) Note on significant changes to shareholders’ equity The Company had no material items to report. Three-month Consolidated Financial Report for the (Reference) Financial Statements for the Previous Fiscal Year
(1) (Summary) Consolidated statements of income
III Selling, general and administrative expenses 3. Gain on sale of investment securities Gain on reversal of allowance for doubtful 1. Loss on sale or retirement of fixed assets 3. Valuation loss on investment securities Adjustment for corporate and other taxes Three-month Consolidated Financial Report for the (2) (Summary) Consolidated quarterly statements of cash flows Loss on sale or retirement of fixed assets Gain on reversal of accrued employees retirement Installment purchases of assets for small-value Reclassification of cost of sales associated with Reclassification of cost of sales associated with Expenditures for acquisition of rental assets Increase in allowance for doubtful accounts Increase in accrued bonuses to employees Decrease in accrued bonuses to directors and Increase in accrued employees retirement benefits Increase in retirement allowances to directors and Interest expense on installment purchases of Increase (decrease) in accounts payable, trade Three-month Consolidated Financial Report for the Funds used for investment in term deposits Funds provided from redemption of term deposits Funds used for the purchase of tangible fixed Funds provided from the sale of tangible fixed Funds used for the purchase of intangible fixed Funds used for the purchase of investment Funds provided from sale of investment securities Funds used for the purchase of consolidated Funds used for the purchase of non-consolidated Funds used for establishment of affiliated company Increase (decrease) in short-term bank loans Funds used to repay long-term bank loans Funds used for the purchase of treasury stock IV Increase (decrease) in cash and equivalents Balance of cash and equivalents at beginning of VI Increase in cash and equivalents resulting from VII Balance of cash and equivalents at end of the Three-month Consolidated Financial Report for the [Segment information by type of business] 3 months FY2008 (From November 1, 2007 to January 31, 2008) Three-month period ended January 31, 2008 (November 1, 2007 to January 31, 2008) The Company had no material items to report because the Company did not have any consolidated subsidiaries or important offices located in countries or regions outside of Japan.
[Foreign sales]
Three-month period ended January 31, 2008 (November 1, 2007 to January 31, 2008) There are no pertinent items to report because the Company did not have any foreign sales. Three-month Consolidated Financial Report for the

Source: https://www.kanamoto.ne.jp/en/report/pdf/fss09_1qr.pdf

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