6-K 1 d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6 - K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of June 2008

Commission File Number: 1-07294

 

 

KUBOTA CORPORATION

(Translation of registrant’s name into English)

 

 

2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, Japan

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F      X            Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):               

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):               

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes                      No      X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-              

 

 

 


Table of Contents

Information furnished on this form:

EXHIBITS

Exhibit Number

 

1.    Results of Operations for the three months ended June 30, 2008 (Wednesday, August 6, 2008)


Table of Contents
     

Contact:

IR Group

Kubota Corporation

2-47, Shikitsuhigashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Phone         : +81-6-6648-2645

Facsimile    : +81-6-6648-2632

FOR IMMEDIATE RELEASE (WEDNESDAY, AUGUST 6, 2008)

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED

JUNE 30, 2008 REPORTED BY KUBOTA CORPORATION

OSAKA, JAPAN, August 6, 2008 — Kubota Corporation reported its consolidated results of operations for the three months ended June 30, 2008 today.

Consolidated Financial Highlights

1. Consolidated results of operations for the three months ended June 30, 2008

 

(1) Results of operations    (In millions of yen and thousands of U.S. dollars
except per American Depositary Share (“ADS”) amounts)
 
     Three months ended
Jun. 30, 2008
    %
(*)
    Three months ended
Jun. 30, 2007
   %
(*)
 

Revenues

   ¥ 261,887     (2.7 )   ¥ 269,021    6.3  
   [$ 2,470,632 ]       

Operating income

   ¥ 34,550     (9.5 )   ¥ 38,185    (1.4 )
   [$ 325,943 ]       

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income (loss) of affiliated companies

  

¥

37,467

 

  (12.4 )   ¥ 42,762    6.4  
   [$ 353,462 ]       

Net income

   ¥ 20,037     (16.5 )   ¥ 23,993    7.0  
   [$ 189,028 ]       

Net income per ADS

         

Basic

   ¥ 78.29       ¥ 92.90   
   [$ 0.74 ]       

Diluted

   ¥ 78.29       ¥ 92.90   
   [$ 0.74 ]       

 

Note : (*) represents percentage change from the corresponding period in the prior year.

 

(2) Financial position    (In millions of yen and thousands of U.S. dollars
except per ADS amounts)
 
     Jun. 30, 2008     Mar. 31, 2008  

Total assets

   ¥ 1,429,976     ¥ 1,464,270  
   [$ 13,490,340 ]  

Shareholders’ equity

   ¥ 644,748     ¥ 648,097  
   [$ 6,082,528 ]  

Ratio of shareholders’ equity to total assets

     45.1 %     44.3 %

Shareholders’ equity per ADS

   ¥ 2,523.30     ¥ 2,530.45  
   [$ 23.80 ]  

 

-1-


Table of Contents

Kubota Corporation

and Subsidiaries

2. Cash dividends

 

      (In millions of yen except per ADS amounts)
     Cash dividends per ADS
     Interim    Year end    Total

Year ended March 31, 2008

   ¥ 30.00    ¥ 40.00    ¥ 70.00

Year ending March 31, 2009

     Not decided      Not decided      Not decided

3. Anticipated results of operations for the year ending March 31, 2009

 

      (In millions of yen except per ADS amounts)  
     Six months ending
September 30, 2008
   %
(*)
    Year ending
March 31, 2009
   %
(*)
 

Revenues

   ¥ 555,000    (1.1 )   ¥ 1,120,000    (3.0 )

Operating income

   ¥ 60,000    (20.1 )   ¥ 110,000    (19.6 )

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   ¥ 60,000    (21.3 )   ¥ 110,000    (10.3 )

Net income

   ¥ 33,000    (23.3 )   ¥ 63,000    (7.4 )

Net income per ADS

   ¥ 128.85      ¥ 246.00   

 

Note : (*) represents percentage change from the corresponding period in the prior year.

Please refer to page 5 for further information related to the above mentioned anticipated results of operations.

4. Other information

 

(1)    Changes in number of material subsidiaries: No

     

(2)    Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements: Yes

(3)    Changes in accounting principles, procedures, and presentations for consolidated financial statements

     

a)  Changes due to the revision of accounting standards: Yes

     

b)  Changes in matters other than a) above: No

     

Please refer to “4. Other information” on page 5.

     

(4)    Number of shares outstanding including treasury stock as of June 30, 2008

   :    1,285,919,180

Number of shares outstanding including treasury stock as of March 31, 2008

   :    1,285,919,180

Number of treasury stock as of June 30, 2008

   :    8,341,409

Number of treasury stock as of March 31, 2008

   :    5,315,673

Weighted average number of shares outstanding during the three months ended June 30, 2008

   :    1,279,587,653

Weighted average number of shares outstanding during the three months ended June 30, 2007

   :    1,291,494,640

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

 

 

-2-


Table of Contents

Kubota Corporation

and Subsidiaries

 

1. Review of Operations and Financial Condition

1. Review of operations

(1) Summary of the results of operations for the three months under review

For the three months ended June 30, 2008, revenues of Kubota Corporation and subsidiaries (collectively “the Company”) decreased ¥7.1 billion (2.7%), to ¥261.9 billion from the corresponding period in the prior year, due to declining overseas revenues in Internal Combustion Engine & Machinery, while the domestic revenues were almost the same level as the corresponding period in the prior year.

In the domestic market, revenues increased ¥0.1 billion (0.1%), to ¥116.7 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery increased due to sales increase of farm equipment and engines, even though sales of construction machinery declined. Revenues in Pipes, Valves, and Industrial Castings slightly decreased from the corresponding period in the prior year. Sales of ductile iron pipes and plastic pipes increased, however sales of industrial casting decreased. Revenues in Environmental Engineering increased, however revenues in Other decreased.

In overseas markets, revenues decreased ¥7.2 billion (4.7%), to ¥145.2 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery decreased, mainly due to declined sales of tractor. Revenues in Pipes, Valves, and Industrial Castings increased due to sales increase of ductile iron pipes and steel pipes. Sales of pumps decreased in Environmental Engineering, while sales of construction increased.

Operating income decreased ¥3.6 billion (9.5%), to ¥34.6 billion from the corresponding period in the prior year. Operating income in Internal Combustion Engine and Machinery increased in spite of the appreciation of yen against U.S. dollars. Operating income in Pipes, Valves, and Industrial Castings decreased owing to sharp price hike of raw materials, while deficit in Environmental Engineering decreased due to an increase in revenues. Operating income in Other decreased due to decreased sales of vending machines.

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income (loss) of affiliated companies decreased ¥5.3 billion (12.4%), to ¥37.5 billion.

Income taxes were ¥15.0 billion (representing an effective tax rate of 40.1%), and net amount of minority interests in earnings of subsidiaries and equity in net income (loss) of affiliated companies to deduct was ¥2.4 billion. As a result, net income was ¥20.0 billion, ¥4.0 billion (16.5%) lower than the corresponding period in the prior year.

(2) Review of operations by industry segment

1) Internal Combustion Engine and Machinery

Revenues in Internal Combustion Engine and Machinery were ¥196.6 billion, 3.1% lower than the corresponding period in the prior year, comprising 75.0% of consolidated revenues. Domestic revenues increased 3.2%, to ¥59.4 billion, and overseas revenues decreased 5.6%, to ¥136.9 billion. This segment comprises farm equipment, engines and construction machinery.

In the domestic market, adverse market condition remained owing to sharp price hike of fuel and fertilizer, while investment will among some farmers began to show signs of improvement affected by activities of improving food self-sufficiency rate. In this circumstance, the Company was able to increase its revenues steadily due to an increase in market share by way of the active introduction of new products and aggressive promotional sales activity. Sales of engines increased steadily due to expansion of sales to domestic manufacturers of construction and industrial machinery. On the other hand, sales of construction machinery decreased affected by inflating oil price and strict examination of requests for construction permits which was brought by the partial revision of the Building Standards Law.

In overseas markets, sales of tractors decreased. Revenues in North America decreased due to the stagnation of the housing related markets in the U.S. and the appreciation of yen against U.S. dollars. In Asia outside Japan, revenues in Thailand continued to expand largely, and revenues in Europe increased steadily. As for engine, sales remained almost the same level as the corresponding period in the prior year offset by the appreciation of yen against U.S. dollars. As for construction machinery, revenues in North America decreased due to the deterioration of the market, while revenues in Europe expanded.

 

-3-


Table of Contents

Kubota Corporation

and Subsidiaries

 

2) Pipes, Valves, and Industrial Castings

Revenues in Pipes, Valves, and Industrial Castings increased 3.7%, to ¥39.8 billion from the corresponding period in the prior year, comprising 15.2% of consolidated revenues. Domestic revenues increased 1.3%, to ¥32.8 billion, and overseas revenues increased 16.5%, to ¥6.9 billion. This segment comprises pipes and valves (ductile iron pipes, spiral welded steel pipes, plastic pipes, and valves), and industrial castings.

In the domestic market, sales of ductile iron pipes increased from the corresponding period in the prior year. Sales of plastic pipes also increased in spite of the decline in demand. Sales of industrial castings decreased substantially due to sales decrease of ductile tunnel segment, although sales of products for steel and petrochemical industries continued to increase.

In overseas markets, sales of industrial castings such as reformer tubes for petrochemical industries were almost the same level as the corresponding period in the prior year, while sales of ductile iron pipes in the Middle East increased.

3) Environmental Engineering

Revenues in Environmental Engineering increased 19.6%, to ¥9.4 billion from the corresponding period in the prior year, comprising 3.6% of consolidated revenues. Domestic revenues increased 27.9%, to ¥8.6 billion, and overseas revenues decreased 28.4%, to ¥0.8 billion. This segment consists of environmental control plants and pumps.

In the domestic market, sales of the Water & Sewage Engineering products, the Waste Engineering products increased, however sales of pumps decreased.

In overseas markets, sales of submerged membrane system increased, while sales of pumps decreased.

4) Other

Revenues in Other decreased 18.8%, to ¥16.4 billion from the corresponding period in the prior year, comprising 6.2% of consolidated revenues. Domestic revenues decreased 20.4%, to ¥15.9 billion, and overseas revenues increased 133.5%, to ¥0.5 billion. This segment comprises vending machines, electronic-equipped machinery, air-conditioning equipment, construction, septic tanks and other business.

Sales of vending machine decreased in this segment due to the decreased demand for cigarettes-vending machine with the function of age-identification, for which the temporary demand was very high level in the prior year.

2. Financial condition

(1) Assets, liabilities and shareholders’ equity

Total assets at the end of June 2008 decreased ¥34.3 billion (2.3%) compared with those at the end of March 2008. As for assets, inventories increased. Other investments also increased largely due to an increase in unrealized gains on securities. On the other hand, cash and cash equivalents decreased. Short- and long-term finance receivables also decreased due to a decrease in yen amount of U.S. dollar-denominated finance receivables converted by stronger yen. In addition, deferred tax liabilities increased and resulted in an increase in other long-term liabilities due to an increase in unrealized gains on securities. Interest-bearing debt and trade notes and accounts payable also decreased. Shareholders’ equity ratio was 45.1%, 0.8 percentage points higher than the prior year end.

 

-4-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(2) Cash flows

Net cash used in operating activities during the three months under review was ¥17.5 billion. An increase in inventories and other current assets exceeded net income.

Net cash used in investing activities was ¥5.3 billion. Although purchases of fixed assets were ¥6.8 billion, an amount of collection of finance receivables exceeded an amount of increase in finance receivables and reduced net cash used in investing activities

Net cash provided by financing activities was ¥12.6 billion. An increase in debt and borrowings exceeded dividend payments and purchases of treasury stock.

As a result, including the effect of exchange rate, cash and cash equivalents at the end of June 2008 were ¥75.3 billion, a decrease of ¥13.5 billion from the prior year-end.

3. Prospect for the fiscal year under review

The forecasts of the anticipated results of operations for the year ending March 31, 2009, which were announced on May 13, 2008, remain unchanged.

The forecasts are based on the assumption of an exchange rate of ¥101=US$1

4. Other information

(1) Changes in number of material subsidiaries

None

(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements

Income tax expense for the three months ended June 30, 2008 was calculated using reasonably estimated annual effective tax rate for this fiscal year.

(3) Changes in accounting principles, procedures and presentations for consolidated financial statements

1) Changes due to the revision of accounting standards

The Company has adopted SFAS No. 157, “Fair Value Measurements”. This statement defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurement. The adoption of this statement did not have a material impact on the Company’s consolidated result of operations and financial position.

2) Changes in matters other than 1) above.

None

(4) Assumptions for going concern

None

 

-5-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Balance Sheets

 

Assets    (In millions of yen)
     Jun. 30, 2008    Mar. 31, 2008    Change
Amount
    Jun. 30, 2007
     Amount    %    Amount    %      Amount    %

Current assets:

                   

Cash and cash equivalents

   75,281       88,784       (13,503 )   70,578   

Notes and accounts receivable

   270,700       277,937       (7,237 )   291,942   

Short-term finance receivables-net

   98,150       113,409       (15,259 )   99,355   

Inventories

   218,060       206,220       11,840     204,862   

Other current assets

   131,793       136,288       (4,495 )   139,612   
                             

Total current assets

   793,984    55.5    822,638    56.2    (28,654 )   806,349    53.6

Investments and long-term finance receivables

   351,823    24.6    350,491    23.9    1,332     406,753    27.1

Property, plant, and equipment

   230,503    16.1    238,073    16.3    (7,570 )   239,077    15.9

Other assets

   53,666    3.8    53,068    3.6    598     51,585    3.4
                                   

Total

   1,429,976    100.0    1,464,270    100.0    (34,294 )   1,503,764    100.0
                                   

 

Liabilities and Shareholders’ Equity    (In millions of yen)
     Jun. 30, 2008    Mar. 31, 2008    Change
Amount
    Jun. 30, 2007
     Amount     %    Amount     %      Amount     %

Current liabilities:

                

Short-term borrowings

   119,103        113,087        6,016     142,613    

Notes and accounts payable

   191,653        212,274        (20,621 )   214,710    

Other current liabilities

   117,039        128,124        (11,085 )   124,032    

Current portion of long-term debt

   60,459        65,976        (5,517 )   67,106    
                                

Total current liabilities

   488,254     34.1    519,461     35.5    (31,207 )   548,461     36.5

Long-term liabilities:

                

Long-term debt

   176,604        183,945        (7,341 )   153,971    

Accrued retirement and pension costs

   41,136        43,790        (2,654 )   18,524    

Other long-term liabilities

   38,170        25,747        12,423     61,219    
                                

Total long-term liabilities

   255,910     17.9    253,482     17.3    2,428     233,714     15.5

Minority interests

   41,064     2.9    43,230     2.9    (2,166 )   38,239     2.5

Shareholders’ equity:

                

Common stock

   84,070        84,070        —       84,070    

Capital surplus

   93,150        93,150        —       93,150    

Legal reserve

   19,539        19,539        —       19,539    

Retained earnings

   433,716        423,927        9,789     391,765    

Accumulated other comprehensive income

   20,603        31,177        (10,574 )   95,039    

Treasury stock

   (6,330 )      (3,766 )      (2,654 )   (213 )  
                                

Total shareholders’ equity

   644,748     45.1    648,097     44.3    (3,349 )   683,350     45.5
                                      

Total

   1,429,976     100.0    1,464,270     100.0    (34,294 )   1,503,764     100.0
                                      

 

-6-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Income

 

      (In millions of yen)
     Three months ended
Jun. 30, 2008
   Three months ended
Jun. 30, 2007
    Change     Year ended
Mar. 31, 2008
     Amount     %    Amount     %     Amount     %     Amount     %

Revenues

   261,887     100.0    269,021     100.0     (7,134 )   (2.7 )   1,154,574     100.0

Cost of revenues

   184,609     70.5    188,152     70.0     (3,543 )   (1.9 )   824,093     71.4

Selling, general, and administrative expenses

   42,502     16.2    42,875     15.9     (373 )   (0.9 )   192,935     16.7

Loss (gain) from disposal and impairment of businesses and fixed assets

   226     0.1    (191 )   (0.1 )   417     —       671     0.0
                                 

Operating income

   34,550     13.2    38,185     14.2     (3,635 )   (9.5 )   136,875     11.9

Other income (expenses):

                 

Interest and dividend income

   2,178        2,018       160       4,472    

Interest expense

   (445 )      (502 )     57       (986 )  

Gain on sales of securities-net

   16        151       (135 )     704    

Valuation loss on other investments

   (706 )      (19 )     (687 )     (6,715 )  

Foreign exchange gain (loss) -net

   2,431        3,540       (1,109 )     (9,043 )  

Other-net

   (557 )      (611 )     54       (2,730 )  
                                 

Other income (expenses), net

   2,917        4,577       (1,660 )     (14,298 )  
                                 

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income (loss) of affiliated companies

   37,467     14.3    42,762     15.9     (5,295 )   (12.4 )   122,577     10.6

Income taxes

   15,013        16,500       (1,487 )     48,044    

Minority interests in earnings of subsidiaries

   2,144        2,101       43       6,790    

Equity in net income (loss) of affiliated companies

   (273 )      (146 )     (127 )     94    
                                 

Income from continuing operations

   20,037     7.7    24,015     8.9     (3,978 )   (16.6 )   67,837     5.9

Income (loss) from discontinued operations, net of taxes

   —          (22 )     22       189    
                                 

Net income

   20,037     7.7    23,993     8.9     (3,956 )   (16.5 )   68,026     5.9
                                 
      (In yen)

Basic earnings per ADS (5 common shares):

   78.29        92.90           264.00    

Diluted earnings per ADS (5 common shares):

   78.29        92.90           264.00    

 

-7-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Cash Flows

 

     (In millions of yen)  
     Three months ended
Jun. 30, 2008
 

Operating activities:

  

Net income

   20,037  

Depreciation and amortization

   7,593  

Valuation loss on other investments

   706  

Minority interests in earnings of subsidiaries

   2,144  

Deferred income taxes

   4,657  

Increase in notes and accounts receivable

   (2,691 )

Increase in inventories

   (24,699 )

Increase in other current assets

   (15,728 )

Decrease in trade notes and accounts payable

   (5,080 )

Decrease in income taxes payable

   (3,409 )

Increase in other current liabilities

   1,358  

Decrease in accrued retirement and pension costs

   (2,611 )

Other

   245  
      

Net cash used in operating activities

   (17,478 )

Investing activities:

  

Purchases of fixed assets

   (6,838 )

Proceeds from sales of property, plant, and equipment

   583  

Increase in finance receivables

   (35,465 )

Collection of finance receivables

   36,544  

Other

   (138 )
      

Net cash used in investing activities

   (5,314 )

Financing activities:

  

Proceeds from issuance of long-term debt

   15,765  

Repayments of long-term debt

   (11,562 )

Net increase in short-term borrowings

   21,290  

Cash dividends

   (10,248 )

Purchases of treasury stock

   (2,567 )

Other

   (105 )
      

Net cash provided by financing activities

   12,573  

Effect of exchange rate changes on cash and cash equivalents

   (3,284 )
      

Net decrease in cash and cash equivalents

   (13,503 )

Cash and cash equivalents at beginning of period

   88,784  
      

Cash and cash equivalents at end of period

   75,281  

 

Note: The Company did not disclose the consolidated statement of cash flows in its earning release for the three months ended June 30, 2007.

 

-8-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Segment Information

(1) Information by industry segments

Three months ended June 30, 2008

          (In millions of yen)
          Internal
Combustion
Engine &
Machinery
   Pipes, Valves,
& Industrial
Castings
   Environmental
Engineering
    Other    Total    Corporate
&
Eliminations
    Consolidated

Revenues

                     

Unaffiliated customers

   196,310    39,777    9,441     16,359    261,887    —       261,887

Intersegment

   —      50    65     3,202    3,317    (3,317 )   —  

Total

   196,310    39,827    9,506     19,561    265,204    (3,317 )   261,887

Cost of revenues and operating expenses

   158,163    39,078    11,183     18,598    227,022    315     227,337

Operating income (loss)

   38,147    749    (1,677 )   963    38,182    (3,632 )   34,550

Three months ended June 30, 2007

          (In millions of yen)
          Internal
Combustion
Engine &
Machinery
   Pipes, Valves,
& Industrial
Castings
   Environmental
Engineering
    Other    Total    Corporate
&
Eliminations
    Consolidated

Revenues

                     

Unaffiliated customers

   202,617    38,376    7,891     20,137    269,021    —       269,021

Intersegment

   6    36    17     3,202    3,261    (3,261 )   —  

Total

   202,623    38,412    7,908     23,339    272,282    (3,261 )   269,021

Cost of revenues and operating expenses

   165,235    34,793    9,969     20,851    230,848    (12 )   230,836
Operating income (loss)    37,388    3,619    (2,061 )   2,488    41,434    (3,249 )   38,185

(2) Information by geographic segments

Three months ended June 30, 2008

          (In millions of yen)
          Japan    North America    Europe    Asia    Other Areas    Total    Corporate
&
Eliminations
    Consolidated
Revenues                          

Unaffiliated customers

   125,626    71,501    33,588    27,515    3,657    261,887    —       261,887

Intersegment

   77,594    2,924    1,095    336    —      81,949    (81,949 )   —  

Total

   203,220    74,425    34,683    27,851    3,657    343,836    (81,949 )   261,887

Cost of revenues and operating expenses

   185,826    65,962    30,800    23,827    3,017    309,432    (82,095 )   227,337

Operating income

   17,394    8,463    3,883    4,024    640    34,404    146     34,550

(3) Overseas revenues

Three months ended June 30, 2008

     (In millions of yen)  
     North America     Europe     Asia     Other Areas     Total  

Overseas revenues

   70,976     34,104     31,744     8,361     145,185  

Consolidated revenues

           261,887  

Ratio of overseas revenues to consolidated revenues

   27.1 %   13.0 %   12.1 %   3.2 %   55.4 %

 

Notes:

The consolidated segment information, which is required under the regulations of the Financial Instruments and Exchange Act of Japan, is not consistent with accounting principles generally accepted in the United States of America.

The segment previously classified as “Other Areas” was separately reported into “Asia” and “Other Areas” for the three months ended June 30, 2008.

The Company did not disclose information by geographic segments and overseas revenues in its earning release for the three months ended June 30, 2007.

 

-9-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Shareholders’ Equity

 

     (In millions of yen)  
     Shares of
common stock
outstanding
(thousands)
    Shareholders’ Equity        
       Common
stock
   Capital
surplus
   Legal
reserve
   Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock
    Total  

Balance at March 31, 2008

   1,280,604     84,070    93,150    19,539    423,927     31,177     (3,766 )   648,097  
                                             

Net income

              20,037         20,037  

Other comprehensive loss

                (10,574 )     (10,574 )

Cash dividends, ¥40 per ADS

              (10,248 )       (10,248 )

Purchases of treasury stock

   (3,026 )                (2,564 )   (2,564 )
                                             

Balance at June 30, 2008

   1,277,578     84,070    93,150    19,539    433,716     20,603     (6,330 )   644,748  

 

-10-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Revenues by Industry Segment

 

      (In millions of yen)
     Three months ended
Jun. 30, 2008
   Three months ended
Jun. 30, 2007
   Change     Year ended
Mar. 31, 2008
     Amount    %    Amount    %    Amount     %     Amount    %

Farm Equipment and Engines

   170,259    65.0    176,906    65.8    (6,647 )   (3.8 )   677,074    58.6
                                         

Domestic

   54,671       51,953       2,718     5.2     218,828   

Overseas

   115,588       124,953       (9,365 )   (7.5 )   458,246   

Construction Machinery

   26,051    10.0    25,711    9.5    340     1.3     116,580    10.1
                                         

Domestic

   4,719       5,593       (874 )   (15.6 )   29,488   

Overseas

   21,332       20,118       1,214     6.0     87,092   

Internal Combustion Engine & Machinery

   196,310    75.0    202,617    75.3    (6,307 )   (3.1 )   793,654    68.7
                                         

Domestic

   59,390    22.7    57,546    21.4    1,844     3.2     248,316    21.5

Overseas

   136,920    52.3    145,071    53.9    (8,151 )   (5.6 )   545,338    47.2

Pipes and Valves

   29,166    11.1    25,856    9.6    3,310     12.8     151,846    13.2
                                         

Domestic

   27,126       24,731       2,395     9.7     144,949   

Overseas

   2,040       1,125       915     81.3     6,897   

Industrial Castings

   10,611    4.1    12,520    4.7    (1,909 )   (15.2 )   49,753    4.3
                                         

Domestic

   5,709       7,686       (1,977 )   (25.7 )   26,100   

Overseas

   4,902       4,834       68     1.4     23,653   

Pipes, Valves, & Industrial Castings

   39,777    15.2    38,376    14.3    1,401     3.7     201,599    17.5
                                         

Domestic

   32,835    12.5    32,417    12.1    418     1.3     171,049    14.8

Overseas

   6,942    2.7    5,959    2.2    983     16.5     30,550    2.7

Environmental Engineering

   9,441    3.6    7,891    2.9    1,550     19.6     70,878    6.1
                                         

Domestic

   8,613    3.3    6,734    2.5    1,879     27.9     64,934    5.6

Overseas

   828    0.3    1,157    0.4    (329 )   (28.4 )   5,944    0.5

Building Materials & Housing

   1,571    0.6    1,988    0.7    (417 )   (21.0 )   9,931    0.9
                                         

Domestic

   1,571       1,988       (417 )   (21.0 )   9,931   

Other

   14,788    5.6    18,149    6.8    (3,361 )   (18.5 )   78,512    6.8
                                         

Domestic

   14,293       17,937       (3,644 )   (20.3 )   78,006   

Overseas

   495       212       283     133.5     506   

Other

   16,359    6.2    20,137    7.5    (3,778 )   (18.8 )   88,443    7.7
                                         

Domestic

   15,864    6.1    19,925    7.4    (4,061 )   (20.4 )   87,937    7.7

Overseas

   495    0.1    212    0.1    283     133.5     506    0.0

Total

   261,887    100.0    269,021    100.0    (7,134 )   (2.7 )   1,154,574    100.0
                                         

Domestic

   116,702    44.6    116,622    43.4    80     0.1     572,236    49.6

Overseas

   145,185    55.4    152,399    56.6    (7,214 )   (4.7 )   582,338    50.4

 

-11-


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    KUBOTA CORPORATION
Date: August 12, 2008     By:  

/s/ Shigeru Kimura

    Name:   Shigeru Kimura
    Title:  

Director,

      General Manager of Finance & Accounting Department