Consolidated Financial Statements

Interim Consolidated Balance Sheets

April 30, 2011
(Unaudited)
Millions of yen 		October 31, 2011
Millions of yen 		April 30, 2012
(Unaudited)
Millions of yen 		April 30, 2012
Thousands of U.S.
dollars (Note)
Assets
Current assets:
Cash and deposits ¥22,373 ¥20,060 ¥24,343 $299,822
Marketable securities 350 350 350 4,311
Notes and accounts receivable, trade 14,177 16,420 16,193 199,450
Merchandise inventories and products 701 621 734 9,041
Raw material and supplies 166 198 208 2,566
Deferred income taxes 314 384 510 6,279
Other current assets 1,688 2,310 2,835 34,920
Less: Allowance for doubtful accounts (387) (368) (367) (4,523)
Total current assets
39,383 39,975 44,805 551,866
　
Property and equipment
Rental equipment 66,233 72,929 81,907 1,008,829
Buildings and structures 20,855 20,872 20,889 257,282
Machinery and equipment 6,502 6,555 6,575 80,985
Less: Accumulated depreciation (57,070) (60,394) (63,849) (786,414)
36,520 39,962 45,522 560,682
Land 29,689 29,908 29,841 367,545
Total property and equipment
66,208 69,869 75,362 928,227
　
Investment and other assets:
Investment securities:
Unconsolidated subsidiaries and affiliates 181 190 213 2,623
Others 3,432 3,012 3,304 40,691
Deferred income taxes 1,110 658 644 7,932
Other assets 2,476 2,147 1,941 23,910
Less: Allowance for doubtful accounts (830) (732) (673) (8,288)
Total investments and other assets
6,369 5,275 5,429 66,868
Total assets
¥111,959 ¥115,120 ¥125,597 $1,546,961
　
Liabilities and Net assets
Current liabilities:
Short-term bank loans ¥6,076 ¥11,155 ¥988 $12,172
Current portion of long-term debt 15,492 15,571 18,834 231,968
Current portion of lease obligations 788 1,087 1,168 14,380
Notes and accounts payables, trade 14,124 13,318 15,631 192,522
Accounts payable, other 1,073 1,880 1,203 14,817
Accrued income taxes 494 322 1,677 20,657
Accrued bonuses 619 531 699 8,611
Reserve for loss on disaster 461 290 182 2,241
Other current liabilities 1,296 1,188 1,531 18,856
Total current liabilities
40,423 45,342 41,912 516,224
　
Non-current liabilities:
Long-term debt 30,445 29,650 41,905 516,144
Lease obligations 1,868 1,431 2,013 24,795
Account payable, other 312 664 383 4,717
Reserve for retirement benefits 1,428 37 2 21
Assets retirement obligations 151 147 152 1,877
Other liabilities 252 256 2 25
Total non-current liabilities
34,457 32,185 44,457 547,579
　
Shareholders’ equity
Common stock 9,697 9,697 9,697 119,433
Capital surplus 10,961 10,961 10,961 135,001
Retained earnings 15,509 16,297 17,729 218,368
Treasury stock (25) (25) (27) (327)
Total shareholders' equity
36,141 36,929 38,360 472,475
Accumulated other comprehensive income
Net unrealized holding gain on other securities 415 199 389 4,792
Foreign currency translation adjustments (38) (43) (41) (510)
Total accumulated other comprehensive income 377 156 348 4,282
Minority interests 562 507 520 6,401
Total net assets
37,079 37,593 39,228 483,158
Total liabilities and net assets
¥111,959 ¥115,120 ¥125,597 $1,546,961
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥81.19=US$1, the approximate exchange rate on April 27, 2012.


Interim Consolidated Statements of Income

Prior fiscal year interim period (From November 1, 2010 to April 30, 2011) Prior fiscal year period (From November 1, 2010 to October 31, 2011) Current fiscal year interim period (From November 1, 2011 to April 30, 2012) Current fiscal year interim period (From November 1, 2011 to April 30, 2012)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)
Revenue
Rentals ¥24,599 ¥50,806 ¥29,376 $361,818
Sales 10,711 20,281 10,637 131,011
35,309 71,086 40,012 492,829
Cost of sales
Rentals 16,554 34,154 18,873 232,449
Sales 8,266 16,477 8,632 106,324
24,819 50,631 27,504 338,773
Gross profit
10,489 20,455 12,507 154,056
Selling, general and administrative expenses
8,765 17,550 8,954 110,279
Operating income
1,724 2,905 3,554 43,777
　
　
Other income (expense):
Interest and dividend income 20 62 21 259
Interest expenses (365) (793) (415) (5,111)
Loss on devaluation of investment securities (104) (135) (0) (0)
Loss on disaster (725) (838) − −
Other, net (110) 1,244 142 1,752
Income before income taxes and minority interests
440 2,446 3,302 40,677
　
Income taxes:
Current 452 862 1,627 20,042
Deferred (53) 470 (128) (1,579)
399 1,332 1,499 18,463
Income before minority interests
41 1,113 1,803 22,214
Minority interests
(7) (52) 27 335
Net income
¥49 ¥1,165 ¥1,776 $21,879



Prior fiscal year interim period (From November 1, 2010 to April 30, 2011) Prior fiscal year period (From November 1, 2010 to October 31, 2011) Current fiscal year interim period (From November 1, 2011 to April 30, 2012) Current fiscal year interim period (From November 1, 2011 to April 30, 2012)
Yen Yen Yen U.S. dollars (Note)
Per share of common stock
Net income
Basic ¥1.50 ¥35.51 ¥54.10 $0.67
Diluted − − − −
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥81.19=US$1, the approximate exchange rate on April 27, 2012.

Interim Consolidated Statements of Comprehensive Income

Prior fiscal year interim period (From November 1, 2010 to April 30, 2011) Prior fiscal year period (From November 1, 2010 to October 31, 2011) Current fiscal year interim period (From November 1, 2011 to April 30, 2012) Current fiscal year interim period (From November 1, 2011 to April 30, 2012)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)
Income before minority interests
¥41 ¥1,113 ¥1,803 $22,214
Other comprehensive income
Net unrealized holding gain on other securities 268 51 190 2,343
Foreign currency translation adjustments 6 (8) 13 163
Total other comprehensive income
273 43 204 2,506
Comprehensive income ¥314 ¥1,156 ¥2,007 $24,721
Comprehensive income attributable to:
Shareholders of the parent ¥319 ¥1,215 ¥1,968 $24,239
Minority interests (4) (58) 39 481
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥81.19=US$1, the approximate exchange rate on April 27, 2012.

Interim Consolidated Statements of Shareholders' Equity

　 Shareholders’ equity Accumulated other comprehensive income
Number of shares of common stock Common stock Capital surplus Retained earnings Treasury stock Total share-holders’ equity Net unrealized holding gain (loss) on securities Foreign currency transl-ation
adjust-ments 		Total
accum-ulated other compreh-ensive income 		Minority interests Total net assets
Thou-sands of shares Millions of yen
Balance at October 31, 2010 32,872 ¥9,697 ¥10,961 ¥15,788 ¥(25) ¥36,421 ¥147 ¥(41) ¥106 ¥498 ¥37,025
Net income − − − 49 − 49 − − − − 49
Cash dividends − − − (328) − (328) − − − − (328)
Change of scope of consolidation − − − 0 − 0 − − − − 0
Acquisition of treasury stock − − − − (0) (0) − − − − (0)
Net changes in items except shareholders' equity − − − − − − 268 3 271 64 335
Balance at April 30, 2011
32,872 ¥9,697 ¥10,961 ¥15,509 ¥(25) ¥36,141 ¥415 ¥(38) ¥377 ¥562 ¥37,079
　
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
Net changes in items except shareholders' equity − − − − − − 52 (2) 50 9 59
Balance at October 31, 2011 32,872 ¥9,697 ¥10,961 ¥16,297 ¥(25) ¥36,929 ¥199 ¥(43) ¥156 ¥507 ¥37,593
　
Balance at October 31, 2011 32,872 ¥9,697 ¥10,961 ¥16,297 ¥(25) ¥36,929 ¥199 ¥(43) ¥156 ¥507 ¥37,593
Net income − − − 1,776 − 1,776 − − − − 1,776
Cash dividends − − − (328) − (328) − − − − (328)
Change of account closing dates of consolidated subsidiaries − − − (16) − (16) − − − (26) (42)
Acquisition of treasury stock − − − − (2) (2) − − − − (2)
Disposal of treasury stock − − 0 − 0 0 − − − − 0
Net changes in items except shareholders' equity − − − − − − 190 2 192 39 231
Balance at April 30, 2012
32,872 ¥9,697 ¥10,961 ¥17,729 ¥(27) ¥38,360 ¥389 ¥(41) ¥348 ¥520 ¥39,228

　 Shareholders’ equity Accumulated other comprehensive income
Common stock Capital surplus Retained earnings Treasury stock Total share-holders’ equity Net unrealized holding gains on securities Foreign currency translation adjustments Total accumulated other comprehen-sive income Minority interests Total net assets
Thousands of U.S. dollars (Note)
Balance at October 31, 2011 $119,433 $135,001 $200,730 $(311) $454,853 $2,449 $(527) $1,922 $6,246 $463,021
Net income − − 21,879 − 21,879 − − − − 21,879
Cash dividends − − (4,044) − (4,044) − − − − (4,044)
Change of account closing dates of consolidated subsidiaries − − (197) − (197) − − − (326) (523)
Acquisition of treasury stock − − − (19) (19) − − − − (19)
Disposal of treasury stock − 0 − 3 3 − − − − 3
Net changes in items except shareholders' equity − − − − − 2,343 17 2,360 481 2,841
Balance at April 30, 2012
$119,433 $135,001 $218,368 $(327) $472,475 $4,792 $(510) $4,282 $6,401 $483,158
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥81.19=US$1, the approximate exchange rate on April 27, 2012.

Interim consolidated Statements of Cash Flows

　 Prior fiscal year interim period (From November 1, 2010 to April 30, 2011) Prior fiscal year period (From November 1, 2010 to October 31, 2011) Current fiscal year interim period (From November 1, 2011 to April 30, 2012) Current fiscal year interim period (From November 1, 2011 to April 30, 2012)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)
Cash flows from operating activities:
Net income before income taxes
and minority interests 		¥440 ¥2,446 ¥3,302 $40,677
Adjustments for:
Depreciation expenses 4,309 8,835 4,949 60,961
Loss on disposal or sales of property
and equipment 		85 121 45 556
Acquisition of rental equipment (1,243) (1,959) (781) (9,621)
Loss on devaluation of investments
in securities 		104 135 0 0
Provision (reversal of provision) for
allowance of doubtful accounts 		17 (95) (68) (838)
Provision (reversal of provision) for
accrued pension and severance costs 		87 (1,304) (35) (431)
Interest and dividend income (20) (62) (21) (261)
Interest expenses 453 976 519 6,388
Decrease (increase) in trade receivables 817 (1,463) 504 6,207
Increase in inventories (81) (50) (177) (2,184)
Increase in trade payables 1,102 261 2,038 25,102
Loss on disaster 725 838 − −
Other, net 281 934 88 1,090
Subtotal 7,077 9,613 10,363 127,646
Interest and dividend income received 20 62 21 261
Interest expenses paid (388) (927) (487) (5,994)
Payments for loss on disaster (19) (187) (71) (870)
Income taxes paid (1,066) (1,658) (265) (3,262)
Net cash provided by operating activities 5,623 6,903 9,562 117,781
　
Cash flows from investing activities:
Payments for purchase of investment securities (437) (450) (40) (495)
Payments for purchase of property
and equipment 		(170) (518) (322) (3,967)
Other, net (94) (45) 136 1,678
Net cash used in investing activities (701) (1,013) (226) (2,784)
　
Cash flows from financing activities:
Increase (decrease) in short-term bank loans, net 4,654 9,768 (2,207) (27,184)
Proceeds from long-term debt 1,130 2,580 7,584 93,412
Repayments of long-term debt (5,386) (10,935) (5,494) (67,674)
Repayments of obligation
under installment purchases 		(2,604) (6,006) (3,956) (48,731)
Repayments of lease obligations (581) (1,057) (622) (7,657)
Cash dividends paid (328) (656) (331) (4,073)
Other, net 78 44 (1) (16)
Net cash used in financing activities (3,035) (6,262) (5,027) (61,923)
Effect of exchange rate changes
on cash and cash equivalents 		1 (4) 5 72
Net increase (decrease) in cash and cash equivalents
1,887 (376) 4,314 53,146
　
Cash and cash equivalents
at beginning of the year
20,751 20,751 20,374 250,953
Decrease in cash and cash equivalents
due to the change of account closing dates
of consolidated subsidiaries
− − (32) (397)
Cash and cash equivalents
at end of the year
¥22,638 ¥20,374 ¥24,657 $303,702
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥81.19=US$1, the approximate exchange rate on April 27, 2012.
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