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Consolidated Financial Statements

Consolidated Balance Sheets

ASSETS

Millions of yen Thousands of U.S.
dollars (Note)
As of October 31, 2011 and 2010 2010 2011 2011

Current assets :

Cash ¥ 20,486 ¥ 20,060 $ 258,006
Marketable securities 350 350 4,502
Notes and accounts receivable, trade 14,987 16,420 211,190
Merchandise inventories and products 606 621 7,987
Raw material and supplies 161 198 2,547
Deferred income taxes 361 384 4,939
Other current assets 1,810 2,310 29,710
Less : Allowance for doubtful accounts (373) (368) (4,733)
Total current assets 38,388 39,975 514,148
 

Property and equipment :

Rental equipment 62,487 72,929 937,994
Buildings and structures 20,755 20,872 268,450
Machinery and equipment 6,470 6,555 84,309
Less : Accumulated depreciation (55,060) (60,394) (776,772)
34,652 39,962 513,981
Land 29,689 29,908 384,669
Total property and equipment 64,341 69,870 898,650
 

Investments and other assets :

Investment securities
-Unconsolidated subsidiaries and affiliates 117 190 2,444
-Others 2,651 3,012 38,740
Deferred income taxes 1,187 658 8,463
Other assets 2,652 2,147 27,613
Less : Allowance for doubtful accounts (827) (732) (9,415)
Total investments and other assets 5,780 5,275 67,845
Total assets ¥ 108,509 ¥ 115,120 $ 1,480,643

LIABILITIES AND NET ASSETS

Millions of yen Thousands of U.S.
dollars (Note)
As of October 31, 2011 and 2010 2010 2011 2011

Current liabilities :

Short-term bank loans ¥ 13,416 ¥ 11,155 $ 143,473
Current portion of long-term debt 13,619 15,571 200,270
Current portion of lease obligations 860 1,087 13,981
Notes and accounts payable, trade 13,077 13,318 171,293
Accounts payable, other 1,519 1,880 24,180
Accrued income taxes 1,106 322 4,141
Accrued bonuses 589 531 6,829
Allowance for disaster losses 290 3,730
Other current liabilities 1,515 1,188 15,280
Total current liabilities 45,701 45,342 583,177
 

Non-current liabilities :

Long-term debt 21,842 29,650 381,350
Lease obligations 1,903 1,431 18,405
Account payable, other 436 664 8,540
Accrued pension and severance costs 1,341 37 476
Asset retirement obligations 147 1,891
Other liabilities 261 256 3,293
Total non-current liabilities ¥ 25,783 ¥ 32,185 $ 413,955
 

Contingent liabilities

 

Net assets :

Shareholders' equity :
Common stock :
Authorized – 130,000,000 shares (2011/2010)
Issued – 32,872,241 shares (2011/2010) ¥ 9,697 ¥ 9,697 $ 124,720
Capital surplus 10,961 10,961 140,977
Retained earnings 15,788 16,297 209,608
Treasury stock (25) (25) (322)
Total shareholders’ equity 36,421 36,930 474,983
Accumulated other comprehensive income :
Net unrealized holding gain on other securities 147 199 2,560
Foreign currency translation adjustments (41) (43) (553)
Total accumulated other comprehensive income 106 156 2,007
Minority interests 498 507 6,521
Total net assets 37,025 37,593 483,511
Total liabilities and net assets ¥ 108,509 ¥ 115,120 $ 1,480,643

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥77.75=US$1, the approximate exchange rate on October 31, 2011.

Consolidated Statements of Income

Millions of yen Thousands of U.S. dollars (Note)
Years ended October 31, 2011 and 2010 2010 2011 2011

Revenue

Rentals ¥ 47,659 ¥ 50,806 $ 653,453
Sales 22,514 20,281 260,849
70,173 71,087 914,302
 

Cost of sales

Rentals 33,257 34,154 439,280
Sales 16,598 16,477 211,923
49,855 50,631 651,203

Gross profit

20,318 20,456 263,099

Selling, general and administrative expenses

17,669 17,550 225,723

Operating income

2,649 2,906 37,376
 

Other income (expenses) :

Interest and dividend income 58 62 797
Gain on termination of retirement benefit plan 1,465 18,842
Interest expenses (765) (793) (10,199)
Loss on devaluation of investment securities (28) (135) (1,736)
Impairment loss (63) (810)
Loss from disaster (838) (10,778)
Loss on adjustment for changes of
accounting standard for asset retirement obligations (96) (1,235)
Others, net 248 (62) (797)

Income before income taxes and minority interests

2,162 2,446 31,460

Income taxes :

Current 1,171 862 11,087
Deferred (17) 470 6,045
1,154 1,332 17,132

Income before minority interests

1,008 1,114 14,328

Minority interests in subsidiaries

(34) (52) (669)

Net income

¥ 1,042 ¥ 1,166 $ 14,997
Yen U.S. dollars
(Note)
Years Ended October 31, 2011 and 2010 2010 2011 2011

Per share of common stock :

Net income
Basic ¥ 31.73 ¥ 35.51 $ 0.46
Diluted
Cash dividends applicable to the year ¥ 20.00 ¥ 20.00 $ 0.26

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥77.75=US$1, the approximate exchange rate on October 31, 2011.

Consolidated Statements of Comprehensive Income

Millions of yen U.S. dollars
(Note)
Years Ended October 31, 2011 and 2010 2010 2011 2011

Income before minority interests

¥ 1,114 $ 14,328
Other comprehensive income
Net unrealized holding (loss) gain on other securities 51 656
Foreign currency translation adjustments (8) (103)
Total other comprehensive income 43 553
Total comprehensive income ¥ 1,157 $ 14,881
Comprehensive income attributable to :
Shareholders of the parents ¥ 1,215 $ 15,627
Minority interests (58) (746)

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥77.75=US$1, the approximate exchange rate on October 31, 2011.

Consolidated Statements of Shareholders' Equity
(November 1. 2010 - October 31, 2011)

Millions of yen
Shareholders' equity Accumulated other comprehensive income
Years Ended October 31, 2011 and 2010 Thousands of shares of common stock Common stock Capital surplus Retained earnings Treasury stock Total
share-
holders’ equity
Net unrealized holding gain (loss) on other securities Foreign currency translation adjustments Total accumu-
lated
other compre-
hensive income
Minority interests Total net assets

Balance at October 31, 2009

¥ 32,872 ¥ 9,697 ¥ 10,961 ¥ 15,335 ¥ (24) ¥ 35,969 ¥ 235 ¥ 235 ¥ 338 ¥ 36,542
Net income 1,042 1,042 1,042
Cash dividends (657) (657) (657)
Change in scope of consolidation 68 68 68
Acquisition of treasury stock (1) (1) (1)
Other (88) (41) (129) 160 31

Balance at October 31, 2010

¥ 32,872 ¥ 9,697 ¥ 10,961 ¥ 15,788 ¥ (25) ¥ 36,421 ¥ 147 ¥ (41) ¥ 106 ¥ 498 ¥ 37,025
Net income 1,166 1,166 1,166
Cash dividends (657) (657) (657)
Acquisition of treasury stock (1) (1) (1)
Disposal of treasury stock (0) 1 1 1
Other 52 (2) 50 9 59

Balance at October 31, 2011

¥ 32,872 ¥ 9,697 ¥ 10,961 ¥ 16,297 ¥ (25) ¥ 36,930 ¥ 199 ¥ (43) ¥ 156 ¥ 507 ¥ 37,593
Thousands of U.S. dollars (Note)
Shareholders' equity Accumulated other comprehensive income
Year Ended October 31, 2011 Common stock Capital surplus Retained earnings Treasury stock Total share-
holders’ equity
Net unrealized holding gain on other securities Foreign currency translation adjustments Total accumu-
lated
other
compr-
ehensive income
Minority interests Total net assets

Balance at October 31, 2010

$ 124,720 $ 140,977 $ 203,061 $ (322) $ 468,436 $ 1,891 $ (527) $ 1,364 $ 6,405 $ 476,205
Net income 14,997 14,997 14,997
Cash dividends (8,450) (8,450) (8,450)
Acquisition of treasury stock (13) (13) (13)
Disposal of treasury stock (0) 13 13 13
Other 669 (26) 643 116 759

Balance at October 31, 2011

$ 124,720 $ 140,977 $ 209,608 $ (322) $ 474,983 $ 2,560 $ (553) $ 2,007 $ 6,521 $ 483,511

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥77.75=US$1, the approximate exchange rate on October 31, 2011.

Consolidated Statements of Cash Flows

Millions of yen Thousands of U.S.
dollars (Note)
Years ended October 31, 2011 and 2010 2010 2011 2011

Cash flows from operating activities :

Income before income taxes and minority interests ¥ 2,162 ¥ 2,446 $ 31,460
Adjustments for :
Depreciation expenses 7,767 8,835 113,633
Impairment loss 63 810
Loss on disposal or sales of property and equipment 94 121 1,556
Acquisition of rental equipment (2,462) (1,959) (25,196)
Loss on devaluation of investment securities 28 135 1,736
(Gain) loss on sales of investments in securities (153) 17 219
Provision for allowance for doubtful accounts (220) (95) (1,222)
Provision for accrued pension and severance costs 21 (1,304) (16,772)
Interest and dividend income (58) (62) (797)
Interest expenses 944 976 12,553
Increase in trade receivables (268) (1,463) (18,817)
Decrease (increase) in inventories 55 (50) (643)
(Decrease) increase in trade payables (552) 261 3,357
Loss on adjustment for changes of accounting standard for asset retirement obligations 96 1,235
Loss from disaster 838 10,778
Other, net 2,409 758 9,750
Subtotal 9,767 9,613 123,640
Interest and dividend income received 59 62 797
Interest expenses paid (870) (927) (11,923)
Payments for loss on disaster (187) (2,405)
Income taxes paid 132 (1,658) (21,325)
Net cash provided by operating activities ¥ 9,088 ¥ 6,903 $ 88,784
 
Millions of yen Thousands of U.S.
dollars (Note)
Years ended October 31, 2011 and 2010 2010 2011 2011

Cash flows from investing activities :

Payments for purchase of investment securities ¥ (539) ¥ (450) $ (5,788)
Proceeds from sales of investment securities 776 0 0
Payments for purchase of property and equipment (265) (518) (6,662)
Other, net 130 (45) (579)
Net cash provided by (used in) investing activities 102 (1,013) (13,029)
 

Cash flows from financing activities :

Increase in short-term bank loans, net 11,332 9,768 125,633
Proceeds from long-term debt 2,609 2,580 33,183
Repayments of long-term debt (10,805) (10,935) (140,643)
Repayments of obligation under installment purchases (4,382) (6,006) (77,248)
Cash dividends paid (657) (656) (8,437)
Other, net (835) (1,013) (13,028)
Net cash used in by financing activities (2,738) (6,262) (80,540)
 

Effect of exchange rate changes on cash and cash equivalents

(23) (4) (51)

Net increase (decrease) in cash and cash equivalents

6,429 (376) (4,836)
 

Cash and cash equivalents at beginning of the year

14,086 20,751 266,894

Cash and cash equivalents at beginning of year held by newly consolidated subsidiaries

185

Cash and cash equivalents at beginning of year held by newly acquired unconsolidated subsidiaries

51

Cash and cash equivalents at end of the year

¥ 20,751 ¥ 20,375 $ 262,058

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥77.75=US$1, the approximate exchange rate on October 31, 2011.


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