Yokowo Co., Ltd.

IR Information

Latest Results

Latest Financial Announcements

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Financial Announcements for the Current Term

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Trends in the Past Three Fiscal Years and the Current Fiscal Year

2016/03 2017/03 2018/03 2019/03*
Net sales
(million yen)
FY 39,998 44,077 51,919 54,500
1Q 9,257 10,383 12,324 13,235
Operating income
(million yen)
FY 1,057 2,516 3,135 3,000
1Q 117 539 617 630
Ordinary income
(million yen)
FY 822 2,608 2,911 3,200
1Q 263 188 686 835
Profit attributable to owners of parent
(million yen)
FY 412 2,381 2,337 2,350
1Q 229 43 524 578
Basic earnings per share
(yen)
FY 20.61 118.94 115.82 116.16
1Q 11.49 2.16 26.01 28.60

*Numbers for the full year of the term ending March 2019 are forecasts announced on August 9, 2018.

Overview of Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 31, 2019

Sales for the first quarter of the consolidated fiscal year under review grew to ¥13,235 million (up 7.4% year on year), reflecting year-on-year increases in all segments. In terms of operating income, the vehicle communication equipment segment posted a net gain compared to the net loss in the previous year, while the circuit testing connector and wireless communication equipment segments recorded year-on-year declines. As a result, overall operating income came to ¥630 million (up 2.2% year on year). Ordinary income rose sharply to ¥835 million (up 21.7% year on year) from a year earlier, owing in part to the posting of 200 million, a foreign exchange gain from the depreciation of the yen. Profit attributable to owners of parent increased year on year to ¥578 million (up 10.4% year on year), thanks to increased ordinary income, despite a rise in income tax expense due to a one-off factor.

Overview of Sales by Product

Vehicle Communication Equipment

The vehicle market, which is a key market for this segment, has been growing steadily, supported by a firm market in the US and steady growth in the Chinese and ASEAN markets. In Japan, although sales of light vehicles remained steady, new vehicle sales decreased from a year ago due to a decline in the number of registered vehicles.
In this environment, sales of mainstay products such as shark fin antennas, GPS antennas and other antennas for car manufacturers increased year on year due to sales growth both in Japan and overseas. In terms of key domestic products, meanwhile, sales of film antennas decreased from a year ago due to a decline in the number of new vehicle sales.
As a result, sales for this segment increased year on year, to 9,228 million (up 7.9% year on year). In terms of profit, the segment recorded a rise from a year ago, to 147 million (loss of 134 million in the same period of the previous year). This reflected a slight improvement in manufacturing labor costs profit ratio to net sales of this segment and a decrease in transport costs for components and products, although the manufacturing labor costs in China remained at high levels.

Circuit Testing Connector

In the market for semiconductor testing systems, a key market for this segment, there were a slowdown in products for smartphones and a lull in the demand for memory products. The market is expected to continue to grow on an overall basis, however, due to increased demand for automobile and server applications.
In this environment, sales of BGA sockets and other jigs for semiconductor back-end testing, which comprise the Group’s mainstay products, declined year on year due partly to production adjustment by the Group’s major customers. Sales of jigs for semiconductor front-end testing, for which high-frequency electronic component testing MEMS probe cards form a strategic centerpiece, also decreased from a year ago, due mainly to a fall in replacement demand resulted from significant improvement in quality and durability of our products. On the other hand, the LTCC business recorded in this segment saw year-on-year growth, thanks to a sharp rise in sales of interposer and LED substrates.
As a result, sales in this segment grew slightly from a year earlier, to 2,276 million (up 1.2% year on year). Net income from this segment was 176 million (down 60.2% year on year), reflecting falls in the sales ratio of products with relatively high margins and rise in fixed costs due to significantly increased production personnel for the projected business expansion in the future.

Personal Communication Equipment

In the mobile device market, the principal market for this segment, growth is slowing for smartphones and tablets, while further growth is expected for wearable terminals given their increasing diversification and sophistication. The POS terminal market has been growing steadily in a wide range of industries, including physical distribution and manufacturing, reflecting the businesses’ viewpoint of improving operational efficiency through information management. In addition, growth in this segment is also expected in the healthcare, industrial equipment and other markets.
In this environment, sales rose from the same period of the previous fiscal year in the fine connector business, with fine spring connectors as the company’s core products. This was due to strong sales of products for POS terminal manufacturers and the healthcare market, offsetting a fall in sales to mobile device manufacturers caused by a decrease in orders.
In the medical device business, which also forms part of this segment, sales grew sharply year on year as a result of strong sales of unit products to domestic customers as well as an increase in sales of components.
As a result, sales in this segment expanded from a year earlier, to 1,729 million (up 13.7% year on year). Net income from this segment was 306 million (down 1.0% year on year), reflecting changes in the product mix and business lineups.