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IR Information

To Our Shareholders & Investors

Looking back over the Fiscal Year Ended March 31, 2010

Results of Operations

For the fiscal year ended March 31, 2010, net sales decreased 15.7% from the previous fiscal year, to \70,560 million. As for income, factors like delays in acceptance inspections, affecting the equipment business, exerted further downward pressure. That pressure, however, was successfully offset by emergency profitability measures and business structural reforms, which significantly reduced expenses. This enabled us to report operating income of \279 million (vs. an operating loss of \1,515 million a year ago), ordinary income of \913 million (vs. an ordinary loss of \1,534 million a year ago), and net income of \254 million (vs. a net loss of \4,656 million a year ago).

Yoichi Nakamura President & Chief Executive Officer
Changes in consolidated net sales
Changes in ordinary income, net income, and annual dividend per share
notes)  
  1. The annual dividend per share for the fiscal year ended March 31, 2006 includes the dividend of three yen in commemoration of the 20th anniversary of the listing on the Tokyo Stock Exchange.

Business Development

Viewing the restoration of our business performance as the highest priority for the fiscal year ended March 31, 2010, we cut expenses through emergency profitability measures reducing outlays in areas like compensation and salaries, and resolved to undertake sweeping business structural reforms. The latter included the implementation of early retirement program with extra benefits, consolidation of domestic and overseas production bases, including the transfer of all of our equity holdings in TOK Italia and the closing of our Ikuno Plant, and withdrawal from the dry film resist and other unprofitable businesses. All of these actions were decisively undertaken to strengthen our earnings base. We also moved ahead with, and achieved reasonable results in, the development of excimer laser photoresists for use in the immersion process in the field of semiconductor manufacturing. And we worked to expand our sales in the field of LCD manufacturing by recommending materials to suit diversifying user needs. Meanwhile, in the equipment business, we succeeded in gaining orders for LCD manufacturing equipment, primarily in Asia.

Future Tasks and Strategy

Understanding the need for establishing business fundamentals capable of adapting to changing business conditions, we will use the results we have achieved through emergency profitability measures and business structural reforms as a base for pursuing the following measures aimed at rebuilding TOK into an organization prepared for further business performance recovery and growth.

[Existing Business Domains]
  • ●Material Business
    • Commercialize new products that respond to user needs and open the door to outstanding competiveness.
    • Expand individual product market shares and review the profitability of products.
  • ●Equipment Business
    • Implement comprehensive cost measures aimed at significantly improving profitability.
    • Expand sales and speed acceptance inspections with a strong emphasis on improving profitability.
[New Business Domains]
  • Rapidly commercialize new products based on close cooperation between sales and development departments.
  • Expand new businesses applying the microprocess technology we have developed over the years.

In addition, we will strengthen our corporate governance to improve our ability to adapt to changing business conditions, and continue working to be a corporate group worthy of the faith of its stakeholders.
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