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TOKYO, Nov. 15, 2010 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE:3774) today announced its consolidated financial results for the first six months of Fiscal Year Ending March 31, 2011 (from April 1 to September 30, 2010, "1H10").
Highlights of 1H FY2010 Financial Results
JPY34,272 million ($410.3 million)
JPY1,201 million ($14.4 million)
Net Income attributable to IIJ
JPY859 million ($10.3 million)
IIJ made IIJ Global Solutions Inc. ("IIJ-GS") its 100% owned subsidiary on Sep. 1, 2010
Purchase amount: JPY9.2 billion
Acquired approximately 1,600 corporate customers and 245 employees
1H FY2010 revenue increased by 6.2% YoY followed by steady demands for outsourcing services and additional revenue of 1 month related to IIJ-GS.
1H FY2010 operating income increased by 3.0% YoY mainly due to the increase in gross margin of network service revenues, operating income related to IIJ-GS of 1 month and the decrease in operating loss of ATM operation business.
Full FY2010 Financial targets remain unchanged.
FY2010 interim period cash dividend: JPY1,250 per share as planned (IIJ's 1 common stock equivalent to 400 ADSs).
1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with U.S. GAAP. All financial figures are unaudited and consolidated. The translation of Japanese yen into U.S. dollars is solely for the convenience of readers outside of Japan. The rate used for the translation was JPY83.53 per US$1.00, which was the noon buying rate on September 30, 2010.
Overview of 1H FY2010 Financial Results and Business Outlook
"Along with the increasing demands for outsourcing needs, we are finally starting to see the emergence of Cloud Computing in Japan," said Koichi Suzuki, President and CEO of IIJ. "Japanese companies are aggressively comparing their options for outsourcing services in the Japanese IT market. Our long experience of nearly fifteen years in this outsourcing service market, our pioneering technological skills to introduce new outsourcing services including cloud computing services and our strong customer relationship with over 6,500 corporate customers are what makes us strongly positioned in this particular outsourcing fields," continued Suzuki.