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Financial Tables

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2008


Revenue

(Thousands of JPY)
  Full Year 2008
  2005 2006 2007 2008 Q1 Q2 Q3 Q4
Net revenues 4,049,660 5,331,121 5,871,256 6,786,066 1,706,315 1,648,573 1,665,659 1,765,519
Y/Y Growth rate 43% 32% 10% 16% - - - -
Q/Q Growth rate - - - - 34% 16% 2% 15%
ASP service - 2,417,453 2,363,512 2,437,928 578,159 600,237 602,199 657,333
Y/Y Growth rate - - -2% 3% - - - -
Q/Q Growth rate - - - - 2% 4% -3% 10%
Consulting service - 2,558,325 2,658,962 3,293,558 824,055 789,450 791,608 888,445
Y/Y Growth rate - - 4% 24% - - - -
Q/Q Growth rate - - - - 40% 22% 6% 31%
Sozon
(Itn'l SEM & SEO)		 - 355,343 848,782 1,054,580 304,101 258,886 271,852 219,741
Y/Y Growth rate - - 139% 24% - - - -
Q/Q Growth rate - - - - 161% 30% -1% -15%
Gross revenues NA 8,890,836 9,145,306 9,933,308 2,496,936 2,411,755 2,440,278 2,584,339
Y/Y Growth rate - - 3% 9% - - - -
Q/Q Growth rate - - - - 20% 7% -2% 11%

 

Cost

(Thousands of JPY)
  Full Year 2008
  2005 2006 2007 2008 Q1 Q2 Q3 Q4
Cost of revenues 1,678,046 2,307,091 3,361,629 4,300,627 1,064,537 1,038,963 1,058,370 1,138,757
As % of revenues 41% 43% 57% 63% 62% 63% 64% 64%
Consulting service - 1,526,394 1,799,871 2,375,590 594,751 571,158 562,665 647,016
As % of revenues - 29% 31% 35% 35% 35% 34% 37%
Media buying cost - 216,060 378,644 509,493 109,467 136,149 133,940 129,937
As % of revenues - 4% 6% 8% 6% 8% 8% 7%
Sozon
(Itn'l SEM & SEO)		 - 232,894 765,066 962,125 271,915 228,195 249,993 212,022
As % of revenues - 4% 13% 14% 16% 14% 15% 12%
Others - 331,743 418,048 453,415 88,404 103,458 111,772 149,781
As % of revenues - 6% 7% 7% 5% 6% 7% 8%
General &
administrative		 2,137,787 2,482,879 2,309,266 2,339,246 579,296 601,158 598,820 559,972
As % of revenues 53% 47% 39% 34% 34% 36% 36% 32%
Headcount cost - 1,563,932 1,433,441 1,570,643 375,248 407,616 407,451 380,328
As % of revenues - 29% 24% 23% 22% 25% 24% 22%
Other SGAs - 918,948 875,825 768,602 204,048 193,541 191,369 179,644
As % of revenues - 17% 15% 11% 12% 11% 11% 10%
Total costs &
expenses		 3,815,833 4,790,000 5,670,895 6,639,873 1,643,833 1,640,121 1,657,190 1,698,729
Y/Y Growth rate 43% 26% 18% 17% - - - -
Q/Q Growth rate - - - - 30% 20% 6% 15%

 

Profitability

(Thousands of JPY)
  Full Year 2008
  2005 2006 2007 2008 Q1 Q2 Q3 Q4
Income from operations 233,826 541,150 200,360 146,193 62,482 8,452 8,469 66,789
Operating margin 6% 10% 3% 2% 4% 0% 1% 4%
Recurring income 231,824 507,212 214,911 93,874 41,098 (3,727) (2,379) 58,882
Recurring margin 6% 10% 4% 1% 2% 0% 0% 3%
Net income 173,982 547,293 12,530 (95,323) 40,650 (121,223) (3,889) (10,861)
Net income margin 4% 10% 0% -1% 2% -7% 0% -1%
Earnings per share  
Basic (Yen) 2,094 6,169 66 (503)  
Diluted (Yen) - 5,803 65 -  
Book Value per share (Yen) 16,840 39,644 19,740 19,193  
Return on Equity 15.1% 21.3% 0.3% -2.6%  

 

Balance Sheet & Cash Flow Statement

(Thousands of JPY)
  Full Year 2008
  2005 2006 2007 2008 Q1 Q2 Q3 Q4
Cash &
cash equivalents		 1,115,150 3,063,710 2,820,446 2,834,135 2,690,961 2,656,062 2,810,209 2,834,135
Total assets 2,523,182 4,891,940 4,934,838 4,903,187 5,120,637 4,858,243 4,854,938 4,903,187
Net assets 1,424,677 3,708,660 3,733,435 3,646,484 3,775,160 3,657,071 3,655,290 3,646,484
Cash flow from operations 627,255 527,283 288,954 199,190 83,183 (8,660) 29,895 94,772
Capital expenditures 195,914 319,080 132,325 173,599 5,247 33,765 77,913 56,674
Depreciation expenses 200,347 170,563 221,823 187,021 43,804 44,923 48,200 50,094

 

Supplemental Information

 
  Full Year 2008
  2005 2006 2007 2008 Q1 Q2 Q3 Q4
Number of shares 84,610 93,420 189,140 190,000 189,160 189,900 190,000 190,000
Ending headcount 172 234 213 266 216 257 265 266