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TheStreet Open House

IIJ Announces First Three Months Financial Results For The Fiscal Year Ending March 31, 2014

Stocks in this article: IIJI

Net cash provided by operating activities for 1Q13 was JPY1,528 million compared to net cash provided by operating activities of JPY1,424 million for 1Q12. The increase from 1Q12 was mainly due to the increase in net income and the increase in depreciation and amortization, which are non-cash expenses.

Net cash used in investing activities for 1Q13 was JPY2,340 million compared to net cash used in investing activities of JPY2,131 million for 1Q12, mainly due to payments for purchase of property and equipment of JPY1,719 million (JPY1,658 million for 1Q12) and payments for guarantee deposits of JPY661 million (JPY1 million for 1Q12).

Net cash used in financing activities for 1Q13 was JPY1,387 million compared to net cash used in financing activities of JPY1,332 million for 1Q12, mainly due to principal payments under capital leases of JPY981 million (JPY877 million for 1Q12), payment of FY2012 year-end dividends of JPY405 million (JPY355 million for 1Q12).

Prospects for the Fiscal Year Ending March 31, 2014

Due to seasonal factors, our financial results tend to be weak in first quarter and strong in fourth quarter of every fiscal year. In this 1Q13, we were pressured by our certain large network service clients to reduce the monthly recurring revenues. Systems construction revenue was small as it is in every first quarter. On the expenses side, the fixed expenses such as personnel-related expenses increased as a new fiscal year begins. Thus 1Q13 operating income decreased a little compared to 1Q12, yet this was within our expectations and the business development is proceeding accordingly with our original plan.

Our FY2013 financial targets announced on May 15, 2013 remain unchanged as the orders for systems construction have been accumulated at a good pace and the monthly recurring revenues of network services and systems operation and maintenance should continue to increase and contribute to the full year operating income increase.

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