Komatsu Ltd. today announced business results for three quaters of fiscal 2004 as follows.
Consolidated sales for nine months (April 1 through December 31, 2003) of Fiscal 2004, ending March 31, 2004, totaled 851.3 billion yen, up 9.7% over the corresponding nine-month period last year. Net income for the nine-month period improved 419.9%, to 16.3 billion yen.
With demand for construction and mining equipment set for recovery around the world, Komatsu expanded sales centering on its construction and mining equipment business to accomplish the goals of its "Move The World. KOMATSU 5-800" mid-range management plan for Fiscal 2006.
In addition to a substantial increase in sales in the construction and mining equipment business, Komatsu continued to make steady progress by reducing fixed and production costs for this fiscal year. As a result, operating profit also continued to improve, reaching 41.6 billion yen, up 89.1% over the previous nine-month period last year.
1. Matters Related to the Production of the Outline of Business
1) Accounting principles adopted for the preparation of financial statements and others:
Generally accepted accounting principles (GAAP) in the United States of America.
2) Difference in the ways of recognizing accounting procedures between last consolidated fiscal year and this quarter:
Simplified procedures adopted in certain items for this quarter.
3) Changes in group of entities
Consolidated subsidiaries---Addition:5 companies, Removal:2 companies
Affiliated Companies accounted for by the equity method---Addition:1 company, Removal:4 companies
4) Auditing by certified public accountants or audit firms: Unaudited
2. Results for Three Quarters of Fiscal 2004 Ending March 31, 2004
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Expanded Sales and Profits for Three Quaters of Fiscal 2004; Recording Net Income 5.2 Times Over the Corresponding 9-Month Period Last Year.
(1) Consolidated financial results (Amounts are rounded to the nearest million yen)
Notes:
1) The numbers of average common shares outstanding were as follows:
The nine months ended December 31, 2003: 992,480,124
The nine months ended December 31, 2002: 967,007,469
The fiscal year ended March 31, 2003: 973,306,865
2) Percentages shown in net sales, operating profit, income before income taxes and net income represent the rates of change compared with the corresponding nine months a year ago.
3) Operating profit stated above is the sum of segment operating profit. The amount is consistent with custom of the Japanese accounting practice by subtracting cost of sales and selling, general and administrative expenses from net sales. This amount does not represent consolidated operating profit under U.S. GAAP.
(2) Consolidated Financial Position
Note:The numbers of common shares outstanding were below:
December 31, 2003: 992,512,556
March 31, 2003: 992,528,649
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