Today, MISUMI Group Inc. announced its consolidated financial results through FY2012 1Q (April 1 through June 30, 2012). Major performance measures are as follows.
{Highlights of FY2012 1Q consolidated financial results}
1. Grew sales and profits amid a global economic slowdown by driving penetra of the MISUMI business model in global markets
*In FY2012 1Q (April 1 through June 30, 2012), sales grew for the 10th consecutive quarter and reached a record high for a 1Q period. Net sales were ¥ 32.6 billion up to 4.2% compared to the same period in the previous year. Please note that beginning FY2012 1Q, PROMICLOS Corporation (medical supplies for veterinary hospitals and medical practitioners) is no longer included in consolidated numbers as a result of the divestiture of the business. Excluding results attributable to PROMICLOS from FY2011 1Q, sales in FY2012 1Q grew 7.1% year-on-year.
*The management environment surrounding our company continued to be hash as European economies stagnated under the increasingly grave burden of the European sovereign debt crisis, economic growth in China and other Asian countries decelerated, and yen appreciation advanced. Amid this environment, we continued to grow sales both inside and outside Japan by redoubling effort to drive penetration of the MISUMI business model in global markets. Operating income was ¥ 4.6 billion (up 15.5%) and net income was ¥ 2.8 billion (up tp 15.0%), also record highs for a 1Q period. Although results were affected by strong yen, we achieved double-digit growth in operating income thanks to increased sales and improved gross margins.
2. Sales increased for ten consecutive quarters in all segments
* Sales in 1Q by business segment were as follows.
* Our Factory Automation segment, driven by demand for factory automation, broke record high quarterly sales for the third consecutive quarter.
3. International sales accounted for 29.9% (+1.1 ppt) of total sales
* International sales in the quarter were ¥ 9.7 billion (up 8.2% on a yen basis and up 12.5% in local currency). International sales accounted for 29.9% of total sales, up 1.1 percentage points.
*Sales by geographical region were as follows.
*We will continue to strive to expand our growth-driver, International businesses by driving penetration of the MISUMI business model in global markets.
4. We reiterate our forecasts for FY2012 consolidated business performance
* Forecasts remain unchanged from the forecasts we announced May 17, 2012.
* We are forecasting a second consecutive year of record-high sales and operating income. Meanwhile, we expect net income will reach a record high for the first time in five years.
[Disclaimer regarding forward-looking statements]
Although forecasts for FY2012 ending March 2013 and forward looking statements contained in this material are based on assumptions applied and judged to be reasonable by the Company and its Group reflecting currently available information, including domestic or international economic circumstances, fluctuations in currency exchange rates, and other factors that may influence our business performance, they are subject to risk and uncertainty. Therefore, investors should avoid making their investment decisions based entirely and exclusively on the forward-looking statements herein. Please be advised that our actual business performance may differ substantially from the forecasts indicated in this document.
The material factors that may influence our actual performance include economic circumstances, market trends, and exchange rates, among others.
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