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Fujifilm Ups 4Q Net Income

Zacks Equity Research

Fujifilm Holdings Corporation (FUJIY) reported a net income of ¥20.1 billion ($25.4 million) for fourth-quarter of fiscal 2012, up 268.3% year over year. However, for full-year 2012, net income came in at ¥43.8 billion ($55.5 million), down 31.5% year on year.


Revenue in the reported quarter inched up 2% year over year to ¥576.8 billion ($727.7 million).

Revenues from the Imaging Solutions segment accounted for 12.8% of total revenue, Information Solutions segment contributed 41.8%, and Document Solutions generated 45.4%.

Of the total revenue, domestic revenue accounted for 49.1% while international revenue generated 50.9% during the quarter

Revenue for full-year 2012 was recorded at ¥2195.3 billion ($2779.9 million), down 1% year over year.


As a percentage of revenue, cost of sales in the quarter inched up 0.7% year over year. Gross margins stood at 39.7% versus 39.0% in the year-ago quarter. SG&A and R&D expenses together accounted for 35% of total revenue compared with 33% recorded in the year-ago quarter. Operating margin increased from 2.5% in the year-ago quarter to settle at 4.7%.

Balance Sheet

Cash and cash equivalents at the end of the year registered a decrease of 24.4%. Purchases of property, plants and equipments increased 4.8% at the end of fiscal 2012.

Long-term debt of the company stood at ¥20.3 billion ($24.7 million) at the quarter ended March 31, 2012, up 83% at the quarter ended March 31,2011.

Cash flow

Net cash provided by operating activities for twelve months ended March 31, 2012, decreased 32.2% year over year to ¥135.1 billion ($170.5 million).

Fujifilm is a leading global producer of photographic imaging products. The company is engaged in developing, manufacturing and marketing traditional and digital imaging products and competes with another global player, Canon Inc. (CAJ).

We currently hold a Neutral recommendation on the stock. Fujifilm has a Zacks #3 Rank, implying a short-term (1-3 months) Hold rating.

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