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Financial Tables

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2008


Revenue

(Thousands of JPY)
  Full Year 2008
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Net revenues 2,837,041 4,049,660 5,331,121 5,871,256 1,706,315 1,648,573 1,665,659  
Y/Y Growth rate 48% 43% 32% 10% - - -  
Q/Q Growth rate - - - - 34% 16% 2%  
ASP service - - 2,417,453 2,363,512 578,159 600,237 602,199  
Y/Y Growth rate - - - -2% - - -  
Q/Q Growth rate - - - - 2% 4% -3%  
Consulting service - - 2,558,325 2,658,962 824,055 789,450 791,608  
Y/Y Growth rate - - - 4% - - -  
Q/Q Growth rate - - - - 40% 22% 6%  
Sozon
(Itn'l SEM & SEO)		 - - 355,343 848,782 304,101 258,886 271,852  
Y/Y Growth rate - - - 139% - - -  
Q/Q Growth rate - - - - 161% 30% -1%  
Gross revenues NA NA 8,890,836 9,145,306 2,496,936 2,411,755 2,440,278  
Y/Y Growth rate - - - 3% - - -  
Q/Q Growth rate - - - - 20% 7% -2%  

 

Cost

(Thousands of JPY)
  Full Year 2008
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Cost of revenues 1,083,881 1,678,046 2,307,091 3,361,629 1,064,537 1,038,963 1,058,370  
As % of revenues 38% 41% 43% 57% 62% 63% 64%  
Consulting service - - 1,526,394 1,799,871 594,751 571,158 562,665  
As % of revenues - - 29% 31% 35% 35% 34%  
Media buying cost - - 216,060 378,644 109,467 136,149 133,940  
As % of revenues - - 4% 6% 6% 8% 8%  
Sozon
(Itn'l SEM & SEO)		 - - 232,894 765,066 271,915 228,195 249,993  
As % of revenues - - 4% 13% 16% 14% 15%  
Others - - 331,743 418,048 88,404 103,458 111,772  
As % of revenues - - 6% 7% 5% 6% 7%  
General &
administrative		 1,577,758 2,137,787 2,482,879 2,309,266 579,296 601,158 598,820  
As % of revenues 56% 53% 47% 39% 34% 36% 36%  
Headcount cost - - 1,563,932 1,433,441 375,248 407,616 407,451  
As % of revenues - - 29% 24% 22% 25% 24%  
Other SGAs - - 918,948 875,825 204,048 193,541 191,369  
As % of revenues - - 17% 15% 12% 11% 11%  
Total costs &
expenses		 2,661,639 3,815,833 4,790,000 5,670,895 1,643,833 1,640,121 1,657,190  
Y/Y Growth rate 41% 43% 26% 18% - - -  
Q/Q Growth rate - - - - 30% 20% 6%  

 

Profitability

(Thousands of JPY)
  Full Year 2008
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Income from operations 175,402 233,826 541,150 200,360 62,482 8,452 8,469  
Operating margin 6% 6% 10% 3% 4% 0% 1%  
Recurring income 180,155 231,824 507,212 214,911 41,098 (3,727) (2,379)  
Recurring margin 6% 6% 10% 4% 2% 0% 0%  
Net income 209,225 173,982 547,293 12,530 40,650 (121,223) (3,889)  
Net income margin 7% 4% 10% 0% 2% -7% 0%  
Earnings per share  
Basic (Yen) 2,742 2,094 6,169 66  
Diluted (Yen) - - 5,803 65  
Book Value per share (Yen) 11,442 16,840 39,644 19,740  
Return on Equity 26.7% 15.1% 21.3% 0.3%  

 

Balance Sheet & Cash Flow Statement

(Thousands of JPY)
  Full Year 2008
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Cash &
cash equivalents		 566,765 1,115,150 3,063,710 2,820,446 2,690,961 2,656,062 2,810,209  
Total assets 1,600,105 2,523,182 4,891,940 4,934,838 5,120,637 4,858,243 4,854,938  
Net assets 874,170 1,424,677 3,708,660 3,733,435 3,775,160 3,657,071 3,655,290  
Cash flow from operations 333,053 627,255 527,283 288,954 83,183 (8,660) 29,895  
Capital expenditures 249,872 195,914 324,031 139,662 - - -  
Depreciation expenses 146,823 200,347 170,563 221,823 43,804 44,923 48,200  

 

Supplemental Information

 
  Full Year 2008
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Number of shares 76,410 84,610 93,420 189,140 189,160 189,900 190,000  
Ending headcount 149 172 234 213 216 257 265