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Financial Tables

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2007


Revenue

(Thousands of JPY)
  Full Year 2007
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Net revenues 2,837,041 4,049,660 5,331,121 5,871,256 1,270,373 1,424,874 1,640,474 1,535,535
Y/Y Growth rate 48% 43% 32% 10% - - - -
Q/Q Growth rate - - - - -3% 9% 22% 12%
ASP service - - 2,417,453 2,363,512 566,845 578,473 620,165 598,029
Y/Y Growth rate - - - -2% - - - -
Q/Q Growth rate - - - - -4% -3% 1% -3%
Consulting service - - 2,558,325 2,658,962 587,135 647,645 744,685 679,497
Y/Y Growth rate - - - 4% - - - -
Q/Q Growth rate - - - - -1% 6% 13% -1%
Sozon
(Itn'l SEM & SEO)		 - - 355,343 848,782 116,393 198,756 275,624 258,009
Y/Y Growth rate - - - 139% - - - -
Q/Q Growth rate - - - - -4% 104% 299% 283%
Gross revenues NA NA 8,890,836 9,145,306 2,075,425 2,246,423 2,501,508 2,321,950
Y/Y Growth rate - - - 3% - - - -
Q/Q Growth rate - - - - -8% 1% 13% 7%

 

Cost

(Thousands of JPY)
  Full Year 2007
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Cost of revenues 1,083,881 1,678,046 2,307,091 3,361,629 653,662 790,515 993,185 924,267
As % of revenues 38% 41% 43% 57% 51% 55% 61% 60%
Consulting service - - 1,526,394 1,799,871 387,361 428,248 513,898 470,364
As % of revenues - - 29% 31% 30% 30% 31% 31%
Media buying cost - - 216,060 378,644 71,587 80,121 113,678 113,258
As % of revenues - - 4% 6% 6% 6% 7% 7%
Sozon
(Itn'l SEM & SEO)		 - - 232,894 765,066 96,491 180,273 261,481 226,821
As % of revenues - - 4% 13% 8% 13% 16% 15%
Others - - 331,743 418,048 98,223 101,873 104,128 113,824
As % of revenues - - 6% 7% 8% 7% 6% 7%
General &
administrative		 1,577,758 2,137,787 2,482,879 2,309,266 608,111 571,856 575,481 553,818
As % of revenues 56% 53% 47% 39% 48% 40% 35% 36%
Headcount cost - - 1,563,932 1,433,441 364,518 356,860 364,376 347,687
As % of revenues - - 29% 24% 29% 25% 22% 23%
Other SGAs - - 918,948 875,825 243,593 214,996 211,106 206,130
As % of revenues - - 17% 15% 19% 15% 13% 13%
Total costs &
expenses		 2,661,639 3,815,833 4,790,000 5,670,895 1,261,773 1,362,371 1,568,666 1,478,085
Y/Y Growth rate 41% 43% 26% 18% - - - -
Q/Q Growth rate - - - - 20% 21% 29% 6%

 

Profitability

(Thousands of JPY)
  Full Year 2007
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Income from operations 175,402 233,826 541,150 200,360 8,600 62,503 71,807 57,450
Operating margin 6% 6% 10% 3% 1% 4% 4% 4%
Recurring income 180,155 231,824 507,212 214,911 13,230 66,725 78,421 56,535
Recurring margin 6% 6% 10% 4% 1% 5% 5% 4%
Net income 209,225 173,982 547,293 12,530 17,290 (146,078) 94,415 46,903
Net income margin 7% 4% 10% 0% 1% -10% 6% 3%
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 2007
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Cash &
cash equivalents		 566,765 1,115,150 3,063,710 2,820,446 3,107,673 3,209,141 3,276,615 2,820,446
Total assets 1,600,105 2,523,182 4,891,940 4,934,838 4,928,110 4,866,735 5,044,559 4,934,838
Net assets 874,170 1,424,677 3,708,660 3,733,435 3,736,531 3,592,648 3,686,274 3,733,435
Cash flow from operations 333,053 627,255 527,283 288,954 81,913 134,364 114,343 (41,666)
Capital expenditures 249,872 195,914 324,031 139,662 - - - -
Depreciation expenses 146,823 200,347 170,563 221,823 48,638 55,271 58,496 59,418

 

Supplemental Information

 
  Full Year 2007
  2004 2005 2006 2007 Q1 Q2 Q3 Q4
Number of shares 76,410 84,610 93,420 189,140 188,026 188,920 189,020 189,140
Ending headcount 149 172 234 213 216 209 209 213