Financial Highlight
Business Results
FY2010: Year ended March 31, 2011(In thousands yen)
| FY2004 | FY2005 | FY2006 | FY2007 | FY2008 | FY2009 | FY2010 Q1 |
|
|---|---|---|---|---|---|---|---|
| Net Sales | 40,485 | 68,872 | 103,365 | 111,752 | 114,724 | 211,659 | 73,070 |
| Ordinary Loss | 681,313 | 793,530 | 912,668 | 1,049,967 | 1,113,962 | 1,096,015 | 296,296 |
| Net Loss | 578,042 | 690,648 | 916,441 | 1,086,238 | 1,133,985 | 1,099,917 | 297,246 |
| Equity in Earnings of Affiliates | - | - | - | - | - | - | - |
| Capital | 3,441,350 | 3,441,350 | 4,163,150 | 5,543,450 | 5,553,450 | 5,714,950 | 5,714,950 |
| Common Shares Issued (Stocks) | 68,827 | 68,827 | 76,045 | 101,051 | 101,251 | 107,301 | 107,301 |
| Net Assets | 2,021,600 | 1,330,952 | 1,858,111 | 3,532,472 | 2,418,487 | 1,641,569 | 1,344,323 |
| Total Assets | 3,323,263 | 2,356,883 | 3,874,356 | 4,327,250 | 3,453,340 | 3,197,783 | 3,193,504 |
| Net Assets per Share (yen) | 29,372.20 | 19,337.65 | 24,434.37 | 34,957.33 | 23,886.06 | 15,298.74 | 12,528.52 |
| Cash Dividends per Share | - (-) |
- (-) |
- (-) |
- (-) |
- (-) |
- (-) |
- (-) |
| Net Loss per Share (yen) | 9,719.41 | 10,034.55 | 13,269.45 | 13,074.45 | 11,218.14 | 10,808.51 | 2,770.21 |
| Net Income per Share, Diluted | - | - | - | - | - | - | - |
| Equity Ratio (%) | 60.8 | 56.5 | 48.0 | 81.6 | 70.0 | 51.3 | 42.1 |
| Return On Equity (%) | - | - | - | - | - | - | - |
| Price Earnings Ratio (Times) | - | - | - | - | - | - | - |
| Payout Ratio (%) | - | - | - | - | - | - | - |
| Operating Cash Flow | -561,853 | -597,653 | -775,400 | -981,718 | -1,021,897 | -1,021,005 | -223,094 |
| Investing Cash Flow | -1,811,768 | 16,053 | 56,086 | -1,922,150 | 1,078,697 | 244,645 | -5,972 |
| Financing Cash Flow | 2,431,264 | -96,828 | 2,441,620 | 1,540,860 | 223,160 | 834,456 | 271,452 |
| Cash and Equivalents at End of Term | 995,472 | 317,043 | 2,039,278 | 676,314 | 956,286 | 1,014,377 | 1,056,763 |
| Number of Employees [Average Number of Temporary Employees] | 37 [0] | 45 [1] | 56 [4] | 75 [10] | 86［9］ | 91［9］ | 100 [16] |
NOTE:
- Non-consolidated financial data only.
- Net Sales: Taxes not included.
- Equity in Earnings of Affiliates: No affiliate companies.
- Guidance applied for net assets calculation: Accounting Standard - ASBJ Statement No. 5, "Accounting Standard for Presentation of Net Assets in the Balance Sheet" and its Implementation Guidance - ASBJ Guidance No. 8, "Guidance on Accounting Standard for Presentation of Net Assets in the Balance Sheet".
- Diluted net income per share: No statement - we had net loss per share even though we had dilutive shares through FY2004 to FY2010Q1.
- Return on equity through FY2004 to FY2010Q1: No statement - J-TEC had a net loss.
- Price earnings ratio through FY2004 to FY2010Q1: No statement - for FY2004 through FY2006 J-TEC was a private company, for FY2007 and later J-TEC had a net loss.
- Number of employees: The numbers in square brackets [ ] are the yearly / quarterly average of temporary employees.
- Deloitte Touche Tohmatsu carried out the financial statement audit for FY2005-2006 in accordance with Article 193-2 of the Securities and Exchange Law, and the financial statement audit for FY2007 and later in accordance with Article 193-2-1 of the Financial Instruments and Exchange Law. The financial statements for FY2004 did not undergo an audit.
- Reasons for variations in business results:
FY2004: Sales have been listed from the launch of the commissioned development of autologous cultured corneal epithelium. However, the company had ordinary loss and net loss due to increased personnel costs as a result of reinforcement of staff, an increase in depreciation costs, and imposition of real estate acquisition tax for the construction of a new office building.
FY2005: The company recorded ordinary loss and net loss due to increased personnel costs as a result of reinforcement of staff and increased utilities costs such as water, lighting and heating expenses, following the construction of the new office building in FY2004. These losses were recorded despite sales of LabCyte EPI-MODEL, a cultured human tissue for research use.
FY2006: The company recorded ordinary loss and net loss due to increased personnel costs as a result of reinforcement of staff, as well as an increase in R&D costs resulting from an increase in commissioned experiments. These losses were recorded despite the termination of commissioned experiments for the commissioned development of autologous cultured corneal epithelium and an increase in sales of LabCyte EPI-MODEL.
FY2007: The company recorded ordinary loss and net loss due to an increase in R&D investment for tissue-engineered medical products and incurring depreciation, despite a sales increase due to expanded sales of LabCyte.
FY2008: The company recorded ordinary loss and net loss due to increased R&D costs, despite the launch and sales of autologous cultured epidermis JACE, which was listed as an item covered by the National Health Insurance in January 2009.
FY2009: The company recorded a sales increase as a result of continuous sale of autologous cultured epidermis JACE. Ordinary loss and net loss were decreased, despite an increase in personnel and R&D costs resulting from the enhanced sales activities of JACE.