We greatly appreciate your ongoing support of our business activities, to begin with.
In presenting our business result for fiscal 2008 (from April 1, 2008 through March 31, 2009), I would like to take the opportunity to convey a few words to the investors.
Over the last business term, the U.S. financial crisis escalated into a global crisis with devastating effects on the real economy. This led to drastically weaker economic performance throughout the world in the second half of the previous fiscal year. As a result, our sales on a consolidated basis were 77,832 million yen, down by 40.3% from the previous fiscal year, and our ordinary income on a consolidated basis was a loss of 5,259 million yen. Our net income for the year on a consolidated basis was a loss of 9,347 million yen, mainly as a result of the extraordinary loss of 4,635 million yen for the reorganization of our businesses.
We sincerely apologize to the investors for the disappointing business results for fiscal 2008.
Though we paid a dividend of 5 yen per share for the mid business term, we regret that poor business results for the year precluded us from distributing a year-end dividend.
It is estimated that a certain period of time will be required until the market will be enough recovered, but we will be taking the following measures for fiscal 2009 in order to make every effort to return to our previous levels of performance at the earliest stage possible with full collective power of the Juki group.
For industrial sewing machines, we plan to increase our market share by cultivating untapped markets more actively than ever before.
For SMT systems, we plan to increase our market share by entering into the high-speed machine sector on a full scale.
For household sewing machines, a business we have been scaling down, we plan to switch to a more aggressive business strategy by constructing a new sales organization and introducing new products.
We plan to introduce a host of fundamental changes in other business fields, including a possible discontinuation of our Precision Equipment Business.
Within today’s challenging economic climate, we ask for the ongoing support and guidance of our shareholders.