Metal One Corporation

November 5, 2009

Consolidated Financial Results for the First Half of FY2009

(Based on Japanese GAAP)

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Naoto Matsuoka) is pleased to announce its interim results of operations for the first half of FY2009 (April to September) as follows:

[Overview]

Sales, gross profit, operating income, ordinary income, and net income in the first half of FY2009 all declined compared to those in the same period of the previous year due to the extremely large impact that last fall's once-in-a-century worldwide financial crisis had on the real economy, both domestically and externally, as well as the sluggish and, depending on the market or industry, spotty recovery. Moreover, results for gross profit, operating income, and ordinary income were the lowest ever recorded for half-year figures. As a result, net income in the first half of the current fiscal year was ¥1.6 billion, ¥19.2 billion less than that in the first half of FY2008.

[First-half results]

Consolidated performance in the first half of FY2009 saw sales fall ¥774.9 billion (44.3%) compared to that in the same period the year before, to ¥972.8 billion; gross profits decline ¥43.6 billion (49.6%), to ¥44.4 billion; operating income plummet ¥34.8 billion (92.9%), to ¥2.6 billion; and ordinary income plunge ¥38.9 billion (96.8%), to ¥1.3 billion.
Although extraordinary gains exceeded extraordinary losses by ¥3.6 billion thanks to sales of assets and other factors, net income after income taxes was ¥1.6 billion, down ¥19.2 billion, or 92.4%, compared to previous year's first-half figure.

(Unit: ¥ million)

Item

First half of FY2009
(Apr. to Sep.)

Reference
Same period of the previous year

Sales

972,813

1,747,736

Gross profit

44,399

88,045

Operating income

2,648

37,404

Ordinary income

1,267

40,158

Net income

1,587

20,750

[Financial status]

Regarding the Company's financial position at the end of the first half of FY2009, decreases in accounts receivable and inventories resulted in consolidated gross assets of ¥936.2 billion, a decrease of ¥122.1 billion from that at the close of FY2008. Consolidated interest-bearing debt fell ¥70 billion, to ¥321.3 billion, compared to that at the close of the previous fiscal year.
Net assets, excluding minority shareholders' equity, came to ¥251.3 billion, up ¥5.5 billion from the level at the close of FY2008 due to net unrealized gains on securities and foreign-currency translation adjustments.