1.
|
English translation of the Japanese-language FY2012 Second Quarter Consolidated Financial Results for the period ended September 30, 2012, as filed by the registrant with the Tokyo Stock Exchange on October 25, 2012.
|
2.
|
English translation of a press release dated October 25, 2012 regarding the Difference between the Earnings Forecast for the Six Months Ending September 30, 2012 and Actual Results, and Revisions of Earnings Forecast for the Fiscal Year Ending March 31, 2013.
|
Advantest Corporation | ||||
By: | /s/ Hiroshi Nakamura | |||
Name: | Hiroshi Nakamura | |||
Title: | Director, Managing Executive Officer | |||
Company name
|
:
|
Advantest Corporation
|
(URL http://www.advantest.co.jp/investors/en-index.shtml)
|
||
Stock exchanges on which shares are listed
|
:
|
First section of the Tokyo Stock Exchange
|
Stock code number
|
:
|
6857
|
Company representative
|
:
|
Haruo Matsuno, Representative Director, President and CEO
|
Contact person
|
:
|
Hiroshi Nakamura, Director, Managing Executive Officer
and Executive Vice President, Corporate Administration Group
|
(03) 3214-7500
|
||
Quarterly Report Filing Date (as planned)
|
:
|
November 14, 2012
|
Dividend Payable Date (as planned)
|
:
|
December 3, 2012
|
Quarterly Results Supplemental Materials
|
:
|
Yes
|
Quarterly Results Presentation Meeting
|
:
|
Yes
|
Net sales
|
Operating income
(loss)
|
Income (loss) before
income taxes and
equity in earnings (loss) of affiliated company
|
Net income
(loss)
|
|||||
Million yen
|
% increase
(decrease)
|
Million yen
|
% increase
(decrease)
|
Million yen
|
% increase
(decrease)
|
Million yen
|
% increase
(decrease)
|
|
FY2012 Q2
|
72,558
|
12.6
|
3,369
|
-
|
3,117
|
-
|
1,519
|
-
|
FY2011 Q2
|
64,460
|
23.7
|
(2,283)
|
-
|
(4,673)
|
-
|
(4,539)
|
-
|
Net income (loss) per
share - basic |
Net income (loss) per
share- diluted |
||||
|
Yen
|
|
Yen
|
||
FY2012 Q2
|
8.76
|
8.75
|
|||
FY2011 Q2
|
(26.20)
|
(26.20)
|
Total assets
|
Net assets
|
Equity-to-assets ratio
|
|||||
|
Million yen
|
|
Million yen
|
|
%
|
||
FY2012 Q2
|
211,629
|
125,826
|
59.5
|
||||
FY2011
|
219,226
|
131,552
|
|
60.0
|
Dividend per share
|
|||||
(Record Date)
|
First quarter end
|
Second quarter end
|
Third quarter end
|
Year end
|
Annual total
|
yen
|
yen
|
yen
|
yen
|
yen
|
|
FY2011
|
-
|
5.00
|
-
|
10.00
|
15.00
|
FY2012
|
-
|
10.00
|
N/A
|
N/A
|
N/A
|
FY2012
(forecast)
|
N/A
|
N/A
|
-
|
10.00
|
20.00
|
Net sales
|
Operating income
|
|||
Million yen
|
%
|
Million yen
|
%
|
|
FY2012
|
140,000
|
(0.7)
|
6,000
|
-
|
~160,000
|
~13.4
|
~16,000
|
(1)
|
Material changes in subsidiaries during this period (changes in scope of consolidation resulting from changes in subsidiaries): Yes
|
(2)
|
Use of simplified accounting method and special accounting policy for quarterly consolidated financial statements: Yes
|
(3)
|
Accounting changes:
|
(4)
|
Number of issued and outstanding stock (common stock):
|
1.
|
Business Results
|
P. 4
|
|
(1)
|
Analysis of Business Results
|
P. 4
|
|
(2)
|
Analysis of Financial Condition
|
P. 6
|
|
(3)
|
Prospects for the Current Fiscal Year
|
P. 6
|
|
2.
|
Others
|
P. 7
|
|
(1)
|
Material Changes in Subsidiaries during This Period
|
P. 7
|
|
(2)
|
Use of Simplified Accounting Method and Special Accounting Policy for Quarterly Consolidated Financial Statements
|
P. 7
|
|
(3)
|
Accounting Changes
|
P. 7
|
|
3.
|
Consolidated Financial Statements and Other Information
|
P. 8
|
|
(1)
|
Consolidated Balance Sheets (Unaudited)
|
P. 8
|
|
(2)
|
Consolidated Statements of Operations (Unaudited)
|
P.10
|
|
(3)
|
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
|
P.12
|
|
(4)
|
Consolidated Statements of Cash Flows (Unaudited)
|
P.13
|
|
(5)
|
Notes on Going Concern
|
P.14
|
|
(6)
|
Segment Information
|
P.14
|
|
(7)
|
Notes on Significant Changes to Stockholders’ Equity
|
P.15
|
Six months ended
September 30, 2011
|
Six months ended
September 30, 2012
|
As compared to the
corresponding period of
the previous
fiscal year
Increase (decrease)
|
|
Orders received
|
66.0
|
71.5
|
8.3%
|
Net sales
|
64.5
|
72.6
|
12.6%
|
Operating income (loss)
|
(2.3)
|
3.4
|
-
|
Income (loss) before income taxes and equity in earnings (loss) of affiliated company
|
(4.7)
|
3.1
|
-
|
Net income (loss)
|
(4.5)
|
1.5
|
-
|
Six months ended
September 30, 2011
|
Six months ended
September 30, 2012
|
As compared to the
corresponding period of
the previous
fiscal year
Increase (decrease)
|
|
Orders received
|
54.6
|
55.7
|
2.1%
|
Net sales
|
49.7
|
56.4
|
13.6%
|
Operating income
|
4.1
|
9.0
|
117.4%
|
Six months ended
September 30, 2011
|
Six months ended
September 30, 2012
|
As compared to the
corresponding period of
the previous
fiscal year
Increase (decrease)
|
|
Orders received
|
7.5
|
7.4
|
(2.0%)
|
Net sales
|
10.1
|
8.2
|
(18.9%)
|
Operating loss
|
(0.3)
|
(2.0)
|
-
|
Six months ended
September 30, 2011
|
Six months ended
September 30, 2012
|
As compared to the
corresponding period of
the previous
fiscal year
Increase (decrease)
|
|
Orders received
|
7.2
|
9.3
|
28.2%
|
Net sales
|
7.8
|
9.7
|
24.4%
|
Operating income
|
0.1
|
0.3
|
98.0%
|
Yen (Millions)
|
||||||||
Assets
|
March 31, 2012
|
September 30, 2012
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
¥ | 58,218 | 51,000 | |||||
Trade receivables, net
|
24,119 | 25,218 | ||||||
Inventories
|
29,836 | 31,027 | ||||||
Other current assets
|
6,522 | 6,359 | ||||||
Total current assets
|
118,695 | 113,604 | ||||||
Investment securities
|
5,929 | 4,692 | ||||||
Property, plant and equipment, net
|
34,206 | 37,144 | ||||||
Intangible assets, net
|
15,794 | 14,124 | ||||||
Goodwill
|
36,496 | 34,494 | ||||||
Other assets
|
8,106 | 7,571 | ||||||
Total assets
|
¥ | 219,226 | 211,629 |
Yen (Millions)
|
||||||||
Liabilities and Stockholders’ Equity
|
March 31, 2012
|
September 30, 2012
|
||||||
Current liabilities:
|
||||||||
Trade accounts payable
|
¥ | 15,659 | 15,201 | |||||
Short term debt
|
25,000 | — | ||||||
Accrued expenses
|
12,068 | 9,940 | ||||||
Accrued warranty expenses
|
2,129 | 2,094 | ||||||
Customer prepayments
|
2,228 | 2,523 | ||||||
Other current liabilities
|
3,288 | 4,256 | ||||||
Total current liabilities
|
60,372 | 34,014 | ||||||
Corporate bonds
|
— | 25,000 | ||||||
Accrued pension and severance costs
|
23,444 | 23,276 | ||||||
Other liabilities
|
3,858 | 3,513 | ||||||
Total liabilities
|
87,674 | 85,803 | ||||||
Commitments and contingent liabilities
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock
|
32,363 | 32,363 | ||||||
Capital surplus
|
42,280 | 42,401 | ||||||
Retained earnings
|
179,081 | 178,297 | ||||||
Accumulated other comprehensive income (loss)
|
(22,574 | ) | (28,585 | ) | ||||
Treasury stock
|
(99,598 | ) | (98,650 | ) | ||||
Total stockholders’ equity
|
131,552 | 125,826 | ||||||
Total liabilities and stockholders’ equity
|
¥ | 219,226 | 211,629 |
Yen (Millions)
|
||||||||
Six months ended
|
Six months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Net sales
|
¥ | 64,460 | 72,558 | |||||
Cost of sales
|
34,199 | 34,498 | ||||||
Gross profit
|
30,261 | 38,060 | ||||||
Research and development expenses
|
13,824 | 16,674 | ||||||
Selling, general and administrative expenses
|
18,720 | 18,017 | ||||||
Operating income (loss)
|
(2,283 | ) | 3,369 | |||||
Other income (expense):
|
||||||||
Interest and dividend income
|
185 | 91 | ||||||
Interest expense
|
(66 | ) | (60 | ) | ||||
Other, net
|
(2,509 | ) | (283 | ) | ||||
Total other income (expense)
|
(2,390 | ) | (252 | ) | ||||
|
||||||||
Income (loss) before income taxes and equity
in earnings (loss) of affiliated company
|
(4,673 | ) | 3,117 | |||||
Income taxes (benefit)
|
(169 | ) | 1,628 | |||||
Equity in earnings (loss) of affiliated company
|
(35 | ) | 30 | |||||
Net income (loss)
|
¥ | (4,539 | ) | 1,519 | ||||
Yen
|
||||||||
Six months ended
|
Six months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Net income (loss) per share:
|
||||||||
Basic
|
¥ | (26.20 | ) | 8.76 | ||||
Diluted
|
(26.20 | ) | 8.75 |
Yen (Millions)
|
||||||||
Three months ended
|
Three months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Net sales
|
¥ | 37,612 | 39,203 | |||||
Cost of sales
|
20,433 | 18,701 | ||||||
Gross profit
|
17,179 | 20,502 | ||||||
Research and development expenses
|
8,038 | 8,620 | ||||||
Selling, general and administrative expenses
|
12,208 | 9,269 | ||||||
Operating income (loss)
|
(3,067 | ) | 2,613 | |||||
Other income (expense):
|
||||||||
Interest and dividend income
|
68 | 23 | ||||||
Interest expense
|
(65 | ) | (30 | ) | ||||
Other, net
|
(1,987 | ) | (744 | ) | ||||
Total other income (expense)
|
(1,984 | ) | (751 | ) | ||||
|
||||||||
Income (loss) before income taxes and equity
in earnings (loss) of affiliated company |
(5,051 | ) | 1,862 | |||||
Income taxes (benefit)
|
(177 | ) | 775 | |||||
Equity in earnings (loss) of affiliated company
|
(11 | ) | 9 | |||||
Net income (loss)
|
¥ | (4,885 | ) | 1,096 | ||||
Yen
|
||||||||
Three months ended
|
Three months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Net income (loss) per share:
|
||||||||
Basic
|
¥ | (28.19 | ) | 6.32 | ||||
Diluted
|
(28.19 | ) | 6.32 |
Yen (Millions)
|
||||||||
Six months ended
|
Six months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Comprehensive income (loss)
|
||||||||
Net income (loss)
|
¥ | (4,539 | ) | 1,519 | ||||
Other comprehensive income (loss), net of tax
|
||||||||
Foreign currency translation adjustments
|
(6,084 | ) | (5,856 | ) | ||||
Net unrealized gains (losses) on investment securities:
|
||||||||
Net unrealized gains (losses) arising during the period
|
(1,130 | ) | (813 | ) | ||||
Less reclassification adjustments for net gains (losses) realized in earnings
|
685 | 251 | ||||||
Net unrealized gains (losses)
|
(445 | ) | (562 | ) | ||||
Pension related adjustments
|
154 | 407 | ||||||
Net unrealized gains (losses) on derivative instruments
|
(65 | ) | - | |||||
Total other comprehensive income (loss)
|
(6,440 | ) | (6,011 | ) | ||||
Total comprehensive income (loss)
|
¥ | (10,979 | ) | (4,492 | ) | |||
Yen (Millions)
|
||||||||
Three months ended
|
Three months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Comprehensive income (loss)
|
||||||||
Net income (loss)
|
¥ | (4,885 | ) | 1,096 | ||||
Other comprehensive income (loss), net of tax
|
||||||||
Foreign currency translation adjustments
|
(5,523 | ) | (1,620 | ) | ||||
Net unrealized gains (losses) on investment securities:
|
||||||||
Net unrealized gains (losses) arising during the period
|
(916 | ) | (222 | ) | ||||
Less reclassification adjustments for net gains (losses) realized in earnings
|
685 | 251 | ||||||
Net unrealized gains (losses)
|
(231 | ) | 29 | |||||
Pension related adjustments
|
76 | 123 | ||||||
Net unrealized gains (losses) on derivative instruments
|
(65 | ) | - | |||||
Total other comprehensive income (loss)
|
(5,743 | ) | (1,468 | ) | ||||
Total comprehensive income (loss)
|
¥ | (10,628 | ) | (372 | ) |
Yen (Millions)
|
||||||||
Six months ended
|
Six months ended
|
|||||||
September 30, 2011
|
September 30, 2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
¥ | (4,539 | ) | 1,519 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
2,877 | 3,838 | ||||||
Deferred income taxes
|
(233 | ) | (322 | ) | ||||
Stock option compensation expense
|
218 | 291 | ||||||
Impairment losses on investment securities
|
1,345 | 388 | ||||||
Changes in assets and liabilities:
|
||||||||
Trade receivables
|
(1,344 | ) | (1,965 | ) | ||||
Inventories
|
(1,768 | ) | (1,784 | ) | ||||
Trade accounts payable
|
5,638 | 250 | ||||||
Accrued expenses
|
(129 | ) | (1,875 | ) | ||||
Accrued pension and severance costs
|
61 | 578 | ||||||
Other
|
2,067 | 1,478 | ||||||
Net cash provided by (used in) operating activities
|
4,193 | 2,396 | ||||||
Cash flows from investing activities:
|
||||||||
(Increase) decrease in short-term investments
|
13,744 | - | ||||||
Proceeds from sale of available-for-sale securities
|
9,762 | - | ||||||
Acquisition of subsidiary, net of cash acquired
|
(57,145 | ) | - | |||||
Proceeds from sale of property, plant and equipment
|
76 | 23 | ||||||
Purchases of property, plant and equipment
|
(3,293 | ) | (5,878 | ) | ||||
Purchases of intangible assets
|
(143 | ) | (244 | ) | ||||
Other
|
50 | 22 | ||||||
Net cash provided by (used in) investing activities
|
(36,949 | ) | (6,077 | ) | ||||
Cash flows from financing activities:
|
||||||||
Increase (decrease) in short term debt
|
41,146 | (25,000 | ) | |||||
Proceeds from issuance of corporate bonds
|
- | 25,000 | ||||||
Redemption of senior convertible notes of acquired subsidiary
|
(13,830 | ) | - | |||||
Dividends paid
|
(865 | ) | (1,728 | ) | ||||
Other
|
(8 | ) | 208 | |||||
Net cash provided by (used in) financing activities
|
26,443 | (1,520 | ) | |||||
Net effect of exchange rate changes on cash and cash equivalents
|
(4,472 | ) | (2,017 | ) | ||||
Net change in cash and cash equivalents
|
(10,785 | ) | (7,218 | ) | ||||
Cash and cash equivalents at beginning of period
|
75,323 | 58,218 | ||||||
Cash and cash equivalents at end of period
|
¥ | 64,538 | 51,000 | |||||
Yen (Millions) | ||||||||||||||||||||
Six months ended September 30, 2011
|
||||||||||||||||||||
Semiconductor
and Component
Test System
Business
|
Mechatronics
System
Business
|
Services,
Support and
Others
|
Elimination
and
Corporate
|
Total
|
||||||||||||||||
Net sales to unaffiliated customers
|
¥ | 46,664 | 10,041 | 7,755 |
-
|
64,460 | ||||||||||||||
Inter-segment sales
|
3,038 | 34 |
-
|
(3,072 | ) |
-
|
||||||||||||||
Net sales
|
49,702 | 10,075 | 7,755 | (3,072 | ) | 64,460 | ||||||||||||||
Operating income (loss) before stock option compensation expense
|
4,144 | (321 | ) | 128 | (6,016 | ) | (2,065 | ) | ||||||||||||
Adjustment:
|
||||||||||||||||||||
Stock option compensation expense
|
218 | |||||||||||||||||||
Operating income (loss)
|
¥ | (2,283 | ) |
Yen (Millions) | ||||||||||||||||||||
Six months ended September 30, 2012
|
||||||||||||||||||||
Semiconductor
and Component
Test System
Business
|
Mechatronics
System
Business
|
Services,
Support and
Others
|
Elimination
and
Corporate
|
Total
|
||||||||||||||||
Net sales to unaffiliated customers
|
¥ | 55,276 | 7,631 | 9,651 |
-
|
72,558 | ||||||||||||||
Inter-segment sales
|
1,162 | 543 |
-
|
(1,705 | ) |
-
|
||||||||||||||
Net sales
|
56,438 | 8,174 | 9,651 | (1,705 | ) | 72,558 | ||||||||||||||
Operating income (loss) before stock option compensation expense
|
9,010 | (1,956 | ) | 254 | (3,648 | ) | 3,660 | |||||||||||||
Adjustment:
|
||||||||||||||||||||
Stock option compensation expense
|
291 | |||||||||||||||||||
Operating income (loss)
|
¥ | 3,369 |
Yen (Millions) | ||||||||||||||||||||
Three months ended September 30, 2011
|
||||||||||||||||||||
Semiconductor
and Component
Test System
Business
|
Mechatronics
System
Business
|
Services,
Support and
Others
|
Elimination
and
Corporate
|
Total
|
||||||||||||||||
Net sales to unaffiliated customers
|
¥ | 26,706 | 6,058 | 4,848 |
-
|
37,612 | ||||||||||||||
Inter-segment sales
|
2,851 | 1 |
-
|
(2,852 | ) |
-
|
||||||||||||||
Net sales
|
29,557 | 6,059 | 4,848 | (2,852 | ) | 37,612 | ||||||||||||||
Operating income (loss) before stock option compensation expense
|
1,541 | (127 | ) | (247 | ) | (4,016 | ) | (2,849 | ) | |||||||||||
Adjustment:
|
||||||||||||||||||||
Stock option compensation expense
|
218 | |||||||||||||||||||
Operating income (loss)
|
¥ | (3,067 | ) |
Yen (Millions) | ||||||||||||||||||||
Three months ended September 30, 2012
|
||||||||||||||||||||
Semiconductor
and Component
Test System
Business
|
Mechatronics
System
Business
|
Services,
Support and
Others
|
Elimination
and
Corporate
|
Total
|
||||||||||||||||
Net sales to unaffiliated customers
|
¥ | 29,755 | 4,392 | 5,056 |
-
|
39,203 | ||||||||||||||
Inter-segment sales
|
801 | 437 |
-
|
(1,238 | ) |
-
|
||||||||||||||
Net sales
|
30,556 | 4,829 | 5,056 | (1,238 | ) | 39,203 | ||||||||||||||
Operating income (loss) before stock option compensation expense
|
5,665 | (809 | ) | 228 | (2,180 | ) | 2,904 | |||||||||||||
Adjustment:
|
||||||||||||||||||||
Stock option compensation expense
|
291 | |||||||||||||||||||
Operating income (loss)
|
2,613 |
1.
|
Adjustments to operating income (loss) in Corporate principally represent corporate general and administrative expenses and research and development expenses related to fundamental research activities that are not allocated to operating segments.
|
2.
|
Advantest uses the operating income (loss) before stock option compensation expense for management’s analysis of business segment results.
|
Net Sales
|
Operating income (loss)
|
|
Million yen
|
Million yen
|
|
Previous forecast (A)
(announced April 26, 2012)
|
72,000 ~ 77,000
|
3,000 ~ 6,000
|
Actual Result (B)
|
72,558
|
3,369
|
Difference (B-A)
|
(4,442) ~ 558
|
(2,631) ~ 369
|
Percentage change
|
(5.8)% ~ 0.8%
|
(43.9)% ~ 12.3%
|
Net Sales
|
Operating income (loss)
|
|
Million yen
|
Million yen
|
|
Previous forecast (A)
(announced April 26, 2012)
|
150,000 ~ 170,000
|
12,000 ~ 20,000
|
Revised Forecast (B)
|
140,000 ~ 160,000
|
6,000 ~ 16,000
|
Difference (B-A)
|
(10,000)
|
(6,000) ~ (4,000)
|
Percentage change
|
(6.7)% ~ (5.9)%
|
(50.0)% ~ (20.0)%
|
(Reference)
FY2011 Results
|
141,048
|
837
|