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Fujifilm Holdings Corporation (FUJIY - Analyst Report) reported net income of ¥15.0 billion ($151.4 million) for the first quarter of fiscal 2014 (ended Jun 30, 2013), up 497.0% year over year, in local currency.

Revenues: Revenues in the reported quarter increased 9.7% year over year to ¥568.7 billion ($5,759.4 million). The year-over-year increase in revenues was attributable to strong sales in the medical systems business, flat panel display business as well as the documents business.

Revenues from the Imaging Solutions segment came in at ¥86.0 billion ($871.0 million) and accounted for 15.1% of total revenue; Information Solutions segment contributed ¥217.4 billion ($2,201.9 million) or 38.2% of total revenue and Document Solutions generated ¥265.3 billion ($2,686.5 million) or 46.7% of total revenue.

Of the total revenue, domestic revenues accounted for 41.1% while international revenues accounted for the remaining 58.9%.

Costs/Margins: Gross margin in the fiscal first quarter stood at 38.8%, declining 80 basis points (bps) from the year-ago quarter. Selling, general and administrative (SG&A) and research and development (R&D) expenses together accounted for ¥195.4 billion ($1,979.0 million), representing 34.4% of the total revenue.

Balance Sheet: Cash and cash equivalents at the end of the period registered an increase of 12.4% over the previous quarter and came in at ¥500.7 billion ($5,052.5 million).

The company’s long-term debt stood at ¥319.0 billion ($3,219.4 million) as on Jun 30, 2013, up marginally from the end of Mar 31, 2013.

Cash flow: Net cash provided by operating activities for fiscal first quarter of 2014 increased to ¥91.7 billion ($928.4 million) versus ¥69.5 billion ($867.0 million) in the comparable quarter last year. Capital expenditure for the reported quarter accounted for ¥19.6 billion ($198.7 million), compared with ¥21.7 billion ($271.4 million) for fiscal 2013 first quarter.

Outlook: Keeping in view the strong financials for the quarter, Fujifilm reaffirmed its guidance for fiscal 2014. The company believes that it is well poised to attain the desired levels in the coming fiscal. Fujifilm reiterated its revenue guidance in the year ending Mar 31, 2014, to be ¥2,350.0 billion, increasing 6.1% year over year. Operating income is expected to be ¥140.0 million, an increase of 22.7% over fiscal 2013. Also, Fujifilm expects its net income for the coming fiscal to be $70.0 billion, increasing 29.0% year over year.

Other Stocks to Consider

ATMI Inc. released its second-quarter results on Jul 24, 2013. The company reported earnings per share of 29 cents, missing the Zacks Consensus Estimate of 34 cents by 14.7%.

Entegris, Inc. (ENTG - Snapshot Report) released its second-quarter results on Jul 23, 2013. The company reported earnings per share of 15 cents, beating the Zacks Consensus Estimate of 11 cents by 36.4%.

Brooks Automation, Inc. (BRKS - Snapshot Report) is expected to release its fiscal third-quarter results after the market closes on Aug 8, 2013. The Zacks Consensus Estimate for the quarter is 3 cents.

Fujifilm currently carries a Zacks Rank #1 (Strong Buy).


1. The effective currency exchange rates used for 1 U.S. Dollar against Japanese Yen for Income Statement and Cash Flow Statement were ¥98.75 and ¥80.11 for quarter ended Jun 2013 and Jun 2012, respectively.

2. The effective currency exchange rate used for 1 U.S. Dollar against Japanese Yen for Balance Sheet was ¥99.10 for the quarter ended Jun 2013.

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