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Message from the President

Summary of Financial Results Ending March 31,2010 and Outlook for Fiscal Year Ending March 31, 2011

May 14, 2010

Results of Fiscal Year Ending March 31, 2010

During our Fiscal Year, that ended on March 31, 2010, we recorded revenues of 42,199 million yen. This was an increase of 1,199 million yen (2.9%) compared to the previous year.

The flat panel and semiconductor-related businesses steadily increased revenues in the gradually recovering market that hit bottom January-March, 2009. In spite of our continuing efforts, revenues in the paper business could not overcome the lower-than-expected market recovery and declined again this year.

Recording a profit after two consecutive years of huge losses has been the main target of our business activities. In order to accomplish this challenging target, we continued to implement extensive downsizing and deeper salary cuts.

Significant cost reductions resulted in a tremendous improvement in profits, aided by a sizeable increase in customer orders received in our main areas of business. Operating, recurring, and net incomes were once again profitable: 1,385 million yen (a 2,810 million yen increase from the previous year); 1,204 million yen (a 2,959 million yen increase), and 390 million yen (a 711 million yen increase) respectively.

Outlook for Fiscal Year Ending March 31, 2011

A stable financial position is necessary during these economically-challenging times. We will continue to further implement cost reduction measures to achieve this goal. At the same time, we will shift our attention from recovery to growth. We will expand sales in developing foreign markets and will continue to improve efficiency in new product development by concentrating on our core competencies.

Projected sales for the current fiscal year are 43 billion yen, a 0.8 billion yen increase from the fiscal year ended this past March. We also anticipate showing positive profits for two consecutive years. Our operating, recurring, and net income projections are 1,600; 1,250; and 700 million yen respectively.

The above mentioned figures were released on May 14, 2010. On August 10,2010 when we released the first quarter result of this fiscal year, we upwardly revised the sales forcast to 44 billion and our operating, recurring, and net income projections are 2,300. 1,950, 1,100 million yen respectively.

Your continued support of TOMOEGAWA is greatly appreciated.

Yoshio Inoue,
President and CEO

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