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Financial Tables

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2006


Revenue

(Thousands of JPY)
  Full Year 2006
  2004 2005 2006 Q1 Q2 Q3 Q4
Net revenues 2,837,041 4,049,660 5,331,121 1,310,211 1,305,587 1,343,483 1,371,840
Y/Y Growth rate 48% 43% 32% - - - -
Q/Q Growth rate - - - - - - -
ASP service - - 2,417,453 593,097 594,462 613,213 616,681
Y/Y Growth rate - - - - - - -
Q/Q Growth rate - - - - - - -
Consulting service - - 2,558,325 595,393 613,849 661,251 687,832
Y/Y Growth rate - - - - - - -
Q/Q Growth rate - - - - - - -
Sozon
(Itn'l SEM & SEO)		 - - 355,343 121,721 97,276 69,019 67,327
Y/Y Growth rate - - - - - - -
Q/Q Growth rate - - - - - - -
Gross revenues NA NA 8,890,836 2,268,109 2,230,482 2,216,562 2,175,683
Y/Y Growth rate - - - - - - -
Q/Q Growth rate - - - - - - -

 

Cost

(Thousands of JPY)
  Full Year 2006
  2004 2005 2006 Q1 Q2 Q3 Q4
Cost of revenues 1,083,881 1,678,046 2,307,091 471,795 538,848 604,308 692,140
As % of revenues 38% 41% 43% 36% 41% 45% 50%
Consulting service - - 1,526,394 308,301 369,518 400,968 447,607
As % of revenues - - 29% 24% 28% 30% 33%
Media buying cost - - 216,060 23,614 36,120 62,006 94,320
As % of revenues - - 4% 2% 3% 5% 7%
Sozon
(Itn'l SEM & SEO)		 - - 232,894 48,473 58,081 71,686 54,654
As % of revenues - - 4% 4% 4% 5% 4%
Others - - 331,743 91,407 75,129 69,648 95,559
As % of revenues - - 6% 7% 6% 5% 7%
General &
administrative		 1,577,758 2,137,787 2,482,879 581,478 587,981 607,361 706,060
As % of revenues 56% 53% 47% 44% 45% 45% 52%
Headcount cost - - 1,563,932 356,939 393,996 379,419 433,578
As % of revenues - - 29% 27% 30% 28% 32%
Other SGAs - - 918,948 224,539 193,985 227,942 272,482
As % of revenues - - 17% 17% 15% 17% 20%
Total costs &
expenses		 2,661,639 3,815,833 4,790,000 1,053,273 1,126,829 1,211,669 1,398,200
Y/Y Growth rate 41% 43% 26% - - - -
Q/Q Growth rate - - - - - - -

 

Profitability

(Thousands of JPY)
  Full Year 2006
  2004 2005 2006 Q1 Q2 Q3 Q4
Income from operations 175,402 233,826 541,150 256,938 178,758 131,814 (26,360)
Operating margin 6% 6% 10% 20% 14% 10% -2%
Recurring income 180,155 231,824 507,212 260,560 161,696 107,547 (22,590)
Recurring margin 6% 6% 10% 20% 12% 8% -2%
Net income 209,225 173,982 547,293 249,870 145,308 118,777 33,339
Net income margin 7% 4% 10% 19% 11% 9% 2%
Earnings per share  
Basic (Yen) 2,742 2,094 6,169  
Diluted (Yen) - - 5,803  
Book Value per share (Yen) 11,442 16,840 39,644  
Return on Equity 26.7% 15.1% 21.3%  

 

Balance Sheet & Cash Flow Statement

(Thousands of JPY)
  Full Year 2006
  2004 2005 2006 Q1 Q2 Q3 Q4
Cash &
cash equivalents		 566,765 1,115,150 3,063,710 1,241,460 1,279,664 3,173,507 3,063,710
Total assets 1,600,105 2,523,182 4,891,940 2,890,300 3,024,251 4,983,961 4,891,940
Net assets 874,170 1,424,677 3,708,660 1,674,148 1,826,175 3,665,725 3,708,660
Cash flow from operations 333,053 627,255 527,283 169,110 201,458 249,190 (92,475)
Capital expenditures 249,872 195,914 324,031 - - - -
Depreciation expenses 146,823 200,347 170,563 33,772 37,819 41,370 57,602

 

Supplemental Information

 
  Full Year 2006
  2004 2005 2006 Q1 Q2 Q3 Q4
Number of shares 76,410 84,610 93,420 84,663 84,670 92,640 93,420
Ending headcount 149 172 234 185 202 219 234