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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tdk Corp | NYSE:TDK | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
- 1 -
- 2 -
TDK Corporation
(Registrant) |
||||
Date: August 26, 2008
|
||||
By: | /s/ Seiji Enami | |||
Name: | Seiji Enami | |||
Title: | Director, Executive Vice President and CFO |
- 3 -
- 4 -
Yen (Millions)
|
||||||||||||
ASSETS | June 30, 2008 | March 31, 2008 | ||||||||||
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
¥185,814 | ¥166,105 | ||||||||||
Net trade receivables
|
159,495 | 157,118 | ||||||||||
Inventories (Note 2)
|
93,897 | 88,816 | ||||||||||
Other current assets
|
48,767 | 50,781 | ||||||||||
|
||||||||||||
Total current assets
|
487,973 | 462,820 | ||||||||||
|
||||||||||||
|
||||||||||||
Investments in securities
|
68,464 | 68,714 | ||||||||||
|
||||||||||||
Net Property, plant and equipment
|
297,621 | 267,149 | ||||||||||
|
||||||||||||
Goodwill and other intangible assets
|
92,860 | 93,342 | ||||||||||
|
||||||||||||
Other assets
|
44,807 | 43,508 | ||||||||||
|
||||||||||||
|
||||||||||||
|
¥991,725 | ¥935,533 | ||||||||||
|
||||||||||||
|
- 5 -
Yen (Millions)
|
||||||||||||
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS EQUITY | June 30, 2008 | March 31, 2008 | ||||||||||
|
||||||||||||
Current liabilities:
|
||||||||||||
Short-term debt
|
¥40,344 | ¥8,898 | ||||||||||
Current installments of long-term debt
|
291 | 294 | ||||||||||
Trade payables
|
78,445 | 76,391 | ||||||||||
Accrued expenses
|
69,346 | 63,834 | ||||||||||
Income taxes payables
|
1,600 | 7,660 | ||||||||||
Other current liabilities
|
9,498 | 4,884 | ||||||||||
|
||||||||||||
Total current liabilities
|
199,524 | 161,961 | ||||||||||
|
||||||||||||
|
||||||||||||
Long-term debt, excluding current installments
|
182 | 152 | ||||||||||
|
||||||||||||
Retirement and severance benefits
|
34,543 | 33,990 | ||||||||||
|
||||||||||||
Deferred income taxes
|
6,148 | 5,998 | ||||||||||
|
||||||||||||
Other noncurrent liabilities
|
13,548 | 13,171 | ||||||||||
|
||||||||||||
|
||||||||||||
Total liabilities
|
253,945 | 215,272 | ||||||||||
|
||||||||||||
|
||||||||||||
Minority interests
|
3,541 | 3,684 | ||||||||||
|
||||||||||||
Stockholders equity:
|
||||||||||||
Common stock
|
||||||||||||
Authorized
480,000,000 shares;
issued 129,590,659 shares at June 30, 2008 and March 31, 2008 |
32,641 | 32,641 | ||||||||||
Additional paid-in capital
|
63,935 | 63,887 | ||||||||||
Legal reserve
|
19,644 | 19,510 | ||||||||||
Retained earnings
|
683,939 | 688,719 | ||||||||||
Accumulated other comprehensive income (loss)
|
(59,472 | ) | (81,583 | ) | ||||||||
Treasury
stock at cost;
620,654 shares at June 30, 2008 and 634,923 shares at March 31, 2008 |
(6,448 | ) | (6,597 | ) | ||||||||
|
||||||||||||
Total stockholders equity
|
734,239 | 716,577 | ||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
¥991,725 | ¥935,533 | ||||||||||
|
||||||||||||
|
- 6 -
Yen (Millions) | ||||||
|
||||||
Three months ended | ||||||
June 30, 2008 | ||||||
|
||||||
Net sales
|
¥190,623 | |||||
Cost of sales
|
148,415 | |||||
|
||||||
Gross profit
|
42,208 | |||||
Selling, general and administrative expenses
|
36,815 | |||||
|
||||||
Operating income
|
5,393 | |||||
Other income (deductions):
|
||||||
Interest and dividend income
|
1,118 | |||||
Interest expense
|
(79 | ) | ||||
Foreign exchange gain (loss)
|
(698 | ) | ||||
Other net
|
(157 | ) | ||||
|
||||||
|
184 | |||||
|
||||||
Income before income taxes
|
5,577 | |||||
Income taxes
|
1,340 | |||||
|
||||||
Income before minority interests
|
4,237 | |||||
Minority interests, net of tax
|
(209 | ) | ||||
|
||||||
Net income
|
¥4,446 | |||||
|
||||||
Amounts per share:
|
||||||
|
Yen | |||||
|
||||||
Net income per share (Note 6):
|
||||||
Basic
|
¥34.48 | |||||
Diluted
|
34.46 | |||||
Cash dividends paid during the period
|
¥70.00 | |||||
|
- 7 -
Yen (Millions)
|
||||
Three months ended | ||||
June 30, 2008 | ||||
|
||||
Cash flows from operating activities:
|
||||
Net income
|
¥4,446 | |||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||
Depreciation and amortization
|
18,398 | |||
Changes in assets and liabilities, net of effects of acquisition of businesses:
|
||||
Decrease (increase) in trade receivables
|
6,346 | |||
Decrease (increase) in inventories
|
(2,832 | ) | ||
Increase (decrease) in trade payables
|
(4,243 | ) | ||
Increase (decrease) in accrued expenses
|
(7,124 | ) | ||
Increase (decrease) in changes in other assets and liabilities, net
|
(2,223 | ) | ||
Other net
|
1,479 | |||
|
||||
Net cash provided by operating activities
|
14,247 | |||
|
||||
Cash flows from investing activities:
|
||||
Capital expenditures
|
(31,127 | ) | ||
Proceeds from sale and maturity of short-term investments
|
1,165 | |||
Payment for purchase of short-term investments
|
(1,014 | ) | ||
Proceeds from sale and maturity of investments in securities
|
4,155 | |||
Payment for purchase of investments in securities
|
(786 | ) | ||
Other net
|
1,352 | |||
|
||||
Net cash used in investing activities
|
(26,255 | ) | ||
|
||||
Cash flows from financing activities:
|
||||
Repayment of long-term debt
|
(81 | ) | ||
Increase (decrease) in short-term debt, net
|
31,379 | |||
Cash paid to acquire treasury stock
|
(2 | ) | ||
Dividends paid
|
(9,027 | ) | ||
Other net
|
86 | |||
|
||||
Net cash provided by financing activities
|
22,355 | |||
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
9,362 | |||
|
||||
Net increase in cash and cash equivalents
|
19,709 | |||
Cash and cash equivalents at beginning of period
|
166,105 | |||
|
||||
Cash and cash equivalents at end of period
|
¥185,814 | |||
|
- 8 -
1. | Summary of Significant Accounting Policies |
(a) | Consolidation Policy |
(b) | Adoption of a new accounting standard |
(c) | New Accounting Standards Not Yet Adopted |
- 9 -
(d) | Reclassifications |
2. | Inventories |
Yen (Millions)
|
||||||||||||
June 30, 2008 | March 31, 2008 | |||||||||||
|
||||||||||||
Finished goods
|
¥37,829 | ¥34,856 | ||||||||||
Work in process
|
24,013 | 23,070 | ||||||||||
Raw materials
|
32,055 | 30,890 | ||||||||||
|
||||||||||||
|
¥93,897 | ¥88,816 | ||||||||||
3. | Cost for Retirement and Severance Benefits |
Yen (Millions)
|
||||
Three months ended | ||||
June 30, 2008
|
||||
Service cost-benefits earned during the period
|
¥1,624 | |||
Interest cost on projected benefit obligation
|
1,120 | |||
Expected return on plan assets
|
(1,295 | ) | ||
Recognized actuarial loss
|
322 | |||
Amortization of unrecognized prior service benefit
|
(504 | ) | ||
|
||||
|
¥1,267 | |||
- 10 -
4. | Comprehensive Income (Loss) |
Yen (Millions)
|
||||
|
|
June 30, 2008
|
||
Net income
|
¥4,446 | |||
|
||||
Other
comprehensive income (loss), net of tax:
|
||||
Foreign currency translation adjustments
|
20,806 | |||
Net unrealized gains (losses) on securities
|
1,542 | |||
Pension liability adjustments
|
(237 | ) | ||
|
||||
Comprehensive income
|
¥26,557 | |||
5. | Contingent Liabilities |
Yen (Millions)
|
||||
|
|
June 30, 2008
|
|
March 31, 2008
|
Contingent liabilities for guarantees of
loans of TDKs employees
|
¥4,609 | ¥4,764 | ||
6. | Net Income per Share |
Yen (Millions)
|
||||
|
|
Three months ended June 30, 2008
|
||
Net income available to common stockholders
|
¥4,446 | |||
Number of shares (Thousands)
|
||||
|
|
Three months ended June 30, 2008
|
||
Weighted average common shares
outstanding Basic
|
128,961 | |||
Effect of dilutive stock options
|
|
63
|
|
|
Weighted average common shares
outstanding Diluted
|
129,024 | |||
Yen
|
||||
|
|
Three months ended June 30, 2008
|
||
Net income per share:
|
||||
Basic
|
¥34.48 | |||
Diluted
|
34.46 | |||
- 11 -
7. | Subsequent event |
- 12 -
8. | Segment Information |
(a) | Industry segment information |
(b) | Geographic segment information |
Yen (Millions)
|
||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Japan | Americas | Europe | Asia and others | Sub total | corporate | Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥38,133 | ¥11,757 | ¥10,379 | ¥130,354 | ¥190,623 | | ¥190,623 | |||||||||||||||||||||
Intersegment
|
45,929 | 10,105 | 377 | 11,640 | 68,051 | (68,051 | ) | | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
84,062 | 21,862 | 10,756 | 141,994 | 258,674 | (68,051 | ) | 190,623 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
85,834 | 20,735 | 10,744 | 135,054 | 252,367 | (67,137 | ) | 185,230 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income
(loss)
|
¥(1,772 | ) | ¥1,127 | ¥12 | ¥6,940 | ¥6,307 | ¥(914 | ) | ¥5,393 | |||||||||||||||||||
(Notes)
|
1. | Net sales in each geographic area are based on the location of TDK entities where the sales are generated. | ||
|
2. | Principal nations in each geographic segment excluding Japan: | ||
|
Americas: United States of America
|
|||
|
Europe: Germany
|
|||
|
Asia and others: Hong Kong, China, Philippines, Taiwan and Thailand
|
(c) | Overseas sales |
Yen (Millions)
|
||||||||||||||||
Americas | Europe | Asia and others | Total | |||||||||||||
|
||||||||||||||||
Sales by region
|
¥22,590 | ¥12,151 | ¥123,417 | ¥158,158 | ||||||||||||
Net sales
|
190,623 | |||||||||||||||
Ratio of overseas
sales to net sales (%)
|
11.9 | 6.4 | 64.7 | 83.0 | ||||||||||||
(Notes)
|
1. | Overseas sales are based on the location of the customers. | ||
|
2. | Principal nations in each region excluding Japan: | ||
|
Americas: United States of America
|
|||
|
Europe: Germany, Sweden, Hungary and United Kingdom
|
|||
|
Asia and others: Hong Kong, China, Taiwan, Philippines and Singapore
|
|||
|
3. | Overseas sales are net sales of TDK and its consolidated subsidiaries in the countries and regions other than Japan. |
- 13 -
1 Year T D K Chart |
1 Month T D K Chart |
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