Form 6-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6 - K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of February 2009

Commission File Number: 1-07294

 

 

KUBOTA CORPORATION

(Translation of registrant’s name into English)

 

 

2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, Japan

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F      X            Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes                      No      X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-             

 

 

 


Table of Contents

Information furnished on this form:

EXHIBITS

Exhibit Number

 

1.    Notice on the forecast of year-end dividend for the year ending March 31, 2009. (Tuesday, February 10, 2009)
2.    Notice of Change of Management. (Tuesday, February 10, 2009)
3.    Notice of Reforming Management Systems. (Tuesday, February 10, 2009)
4.    Results of operations for the nine months ended December 31, 2008. (Tuesday, February 10, 2009)


Table of Contents

February 10, 2009

To whom it may concern

Kubota Corporation

2-47, Shikitsu-higashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Contact: IR Group

Finance & Accounting Department

Phone: +81-6-6648-2645

Notice on the forecast of year-end dividend for the year ending March 31, 2009

Please be advised that Kubota Corporation (hereinafter “the Company”) has forecast the year-end dividend per ADS (American Depositary Share) for the year ending March 31, 2009 as follows:

 

     (per ADS)
     Interim dividend   Year-end dividend   Annual dividend

This fiscal year ending March 31, 2009

   ¥35

(paid)

  ¥35

(forecast)

  ¥70

Comparable previous year ended March 31, 2008

   ¥30   ¥40   ¥70

The Company believes returning profit to shareholders is its important mission and executes it through providing stable, sustainable cash dividends, and repurchase and retirement of its own shares.

Considering these policies of returning profit to shareholders and the Company’s current business performance, the Company will propose ¥35 of the year-end dividend per ADS, the same amount as interim dividend of this fiscal year.

Accordingly, the annual dividends for the year ending March 31, 2009 will be ¥70 per ADS, including the interim dividend of ¥ 35.

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

 

End of document


Table of Contents

February 10, 2009

To whom it may concern

Kubota Corporation

2-47, Shikitsu-higashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Contact: IR Group

Finance & Accounting Department

Phone: +81-6-6648-2645

Notice of Change of Management

Please be advised that the Board of Directors of Kubota Corporation (“the Company”) today made the resolutions to change Representative Directors and the titles of Directors and to appoint Corporate Officers on April 1, 2009.

The Board of Directors also nominated the candidates for Members of the Board and Corporate Auditor to be proposed at the Ordinary General Meeting of Shareholders in June 2009. Details are as follows;

1. Changes in Representative Directors (Date of assuming offices: April 1, 2009)

 

Newly-appointed Representative Directors

 

New Title

 

Present Title

Hirokazu Nara  

Executive Managing Director,

Member of the Board

  Managing Director
Tetsuji Tomita  

Executive Managing Director,

Member of the Board

  Managing Director

2. Changes in the titles of Directors (Date of assuming offices: April 1, 2009)

 

Name

 

New Title under Corporate Officer System

 

Present Title / Posts

Toshihiro Fukuda   Member of the Board   Executive Vice President
Eisaku Shinohara  

Executive Managing Director,

Member of the Board

  Executive Managing Director
Yoshihiko Tabata   Member of the Board   Managing Director
Kazunobu Ueta   Member of the Board   Managing Director
Morimitsu Katayama   Managing Director, Member of the Board   Managing Director
Nobuyuki Toshikuni   Managing Director, Member of the Board   Managing Director
Masayoshi Kitaoka   Managing Director, Member of the Board   Managing Director
Masatoshi Kimata   Managing Director, Member of the Board   Managing Director
Nobuyo Shioji   Managing Director, Member of the Board   Managing Director
Takeshi Torigoe   Managing Director, Member of the Board   Director
Satoru Sakamoto   Managing Director, Member of the Board   Director
Hideki Iwabu   Managing Director, Member of the Board   Director
Takashi Yoshii   Director, Member of the Board   Director
Kohkichi Uji   Director, Member of the Board   Director
Toshihiro Kubo   Director, Member of the Board   Director
Kenshiro Ogawa   Director, Member of the Board   Director
Tetsu Fukui   Director, Member of the Board   Director
Satoshi Iida   Director, Member of the Board   Director
Shigeru Kimura   Director, Member of the Board   Director
Katsuyuki Iwana   Director   General Manager of Related products Division
Masakazu Tanaka   Director   General Manager of Farm Machinery Division
Taichi Itoh   Director   General Manager of Health & Safety Planning & Promotion Dept.
Yujiro Kimura   Director   General Manager of Electronic Equipped Machinery Division
Shinji Sasaki   Director   General Manager of Engineering Dept. in Engine Division
Hiroshi Matsuki   Director   General Manager of Secretary & Public Relations Dept.
Yuichi Kitao   Director   General Manager of Tractor Engineering Dept. in Tractor Division
Kunio Suwa   Director   General Manager of Corporate Compliance Headquarters


Table of Contents

3. Candidates for Member of the Board (Date of assuming offices: June, 2009)

 

Name

  

Present Title

Daisuke Hatakake    Chairman and Representative Director
Moriya Hayashi    Vice Chairman
Yasuo Masumoto    President and Representative Director
Hirokazu Nara    Managing Director
Tetsuji Tomita    Managing Director
Satoru Sakamoto    Director

4. Candidate for Corporate Auditor (Date of assuming office: June, 2009)

 

Name

  

Present Title

Toshihiro Fukuda    Executive Vice President

5. Retirement from Member of the Board (Expiration of the term of offices)

 

Name

  

New Title after retirement

Toshihiro Fukuda    Corporate Auditor
Eisaku Shinohara    Executive Managing Director
Yoshihiko Tabata    Chairman of Kubota Systems Inc. (Date of assuming office: April 1,2009)
Kazunobu Ueta    Chairman of Kubota Credit Co., Ltd. (Date of assuming office: April 1,2009)
Morimitsu Katayama    Managing Director
Nobuyuki Toshikuni    Managing Director
Masayoshi Kitaoka    Managing Director
Masatoshi Kimata    Managing Director
Nobuyo Shioji    Managing Director   
Takeshi Torigoe    Managing Director   
Hideki Iwabu    Managing Director   
Takashi Yoshii    Director   
Kohkichi Uji    Director   
Toshihiro Kubo    Director   
Kenshiro Ogawa    Director   
Tetsu Fukui    Director   
Satoshi Iida    Director   
Shigeru Kimura    Director   

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

 

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

End of document


Table of Contents

February 10, 2009

To whom it may concern

Kubota Corporation

2-47, Shikitsu-higashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Contact: IR Group

Finance & Accounting Department

Phone: +81-6-6648-2645

Notice of Reforming Management Systems

Please be advised that the Board of Directors of Kubota Corporation (“the Company”) resolved at the Board of Directors’ Meeting held on February 10, 2009 to reform management systems: Introducing the Corporate Officer System; reducing the numbers of Board of Directors; reorganizing consolidated division of the parent company; and establishing the strategic planning committees to enhance competence of R&D, quality control and manufacturing. Details are as follows:

1. Introducing the Corporate Officer System

The Company will introduce the Corporate Officer System and appoint 26 corporate officers on April 1, 2009 in order that the Company intends to agilely adapt to business environment and improve management efficiency by reinforcing strategic decision-making function of Board of Directors and operational function of business activities by President and Corporate Officers.

2. Reducing members of Board of Directors

The Company will nominate 6 persons for board members out of incumbent 24 members of Board of Directors at the Ordinary General Meeting of Shareholders to be held on June 2009 in order to promote strategic decision-making by Board of Directors more agilely.

3. Appointing outside director

The Company will propose to appoint outside director at the Ordinary General Meeting of Shareholders to be held on June 2009 in order to improve supervisory function of Board of Directors.

4. Reorganizing consolidated divisions of the parent company

The Company reviewed present 2 consolidated divisions of the parent company; “Farm & Industrial Machinery Consolidated Division” and ; “Water, Environment & Infrastructure Consolidated Division” from a viewpoint of market segment, and will reorganize these 2 consolidated divisions into 3 consolidated divisions; “Farm & Industrial Machinery Consolidated Division”; “Water & Environment Systems Consolidated Division” and; “Social Infrastructure Consolidated Division” on April 1, 2009.

(1) Farm & Industrial Machinery Consolidated Division

This consolidated division promotes “soil and agriculture” related business with farm equipment, engines, construction machinery and other related products.

(2) Water & Environment Systems Consolidated Division

This consolidated division promotes “water and environment engineering” related business with pipe systems, water & sewage treatment systems, pumps and other related products.

(3) Social Infrastructure Consolidated Division

This consolidated division promotes “social infrastructure development” related business with industrial castings, air-conditioning equipment, vending machine and other related products.


Table of Contents

5. Establishing the strategic planning committees related to R&D

The Company will establish “Research & Development Strategy Committee” and “Quality Assurance & Manufacturing Strategy Committee” on April 1, 2009 in order to enhance underlying competence of R&D, quality control and manufacturing. President will assume the offices of chairman of these committees.

(1) Research & Development Strategy Committee

This committee will assume the rolls of enhancing corporate capabilities for promoting strategic R&D through evaluating and consulting R&D themes and considering and proposing proactive R&D activities.

(2) Quality Assurance & Manufacturing Strategy Committee

This committee will assume the rolls of enhancing manufacturing capability proactively through discussing and supervising direction of manufacturing technology and production management technology, technological issues and their countermeasures.

List of Corporate Officers (Date of assuming offices: April 1, 2009)

 

    

Title of Corporate Officers

  

Name

  

New post

  

Present post

   President & CEO, Member of the Board    Yasuo Masumoto      

Farm &

Industrial

Machinery

Consolidated

Division

  

Executive Managing

Director, Member of the Board

   Tetsuji Tomita    General Manager of Farm & Industrial Machinery Consolidated Division and International Operations Headquarters in Farm & Industrial Machinery Consolidated Division    General Manager of Farm & Industrial Machinery Consolidated Division and International Operations Headquarters in Farm & Industrial Machinery Consolidated Division, President of Kubota Tractor Corporation
   Managing Director    Morimitsu Katayama    General Manager of Manufacturing Headquarters in Farm & Industrial Machinery Consolidated Division and Sakai Plant, In charge of Quality Assurance & Manufacturing Promotion Dept.    same as on the left
   Managing Director    Nobuyuki Toshikuni    General Manager of R&D Headquarters in Farm & Industrial Machinery Consolidated Division    General Manager of Tractor Division
   Managing Director    Masatoshi Kimata    Deputy General Manager of Farm & Industrial Machinery Consolidated Division, General Manager of Sales Headquarters in Farm & Industrial Machinery Consolidated Division    Deputy General Manager of Sales Headquarters in Farm & Industrial Machinery Consolidated Division
   Managing Director    Nobuyo Shioji    General Manager of Construction Machinery Division    same as on the left
   Director    Takashi Yoshii    President of Kubota Manufacturing of America Corporation    same as on the left
   Director    Kenshiro Ogawa    General Manager of Tsukuba Plant and Production Engineering Center of Emission in Manufacturing Headquarters in Farm & Industrial Machinery Consolidated Division    same as on the left
   Director    Satoshi Iida    President of Kubota Tractor Corporation    President of Kubota Europe S.A.S
   Director    Katsuyuki Iwana    General Manager of Related Products Division    same as on the left
   Director    Masakazu Tanaka    General Manager of Farm Machinery Division    same as on the left
   Director    Shinji Sasaki    General Manager of Engine Division    General Manger of Engineering Dept. in Engine Division
   Director    Yuichi Kitao    General Manager of Tractor Division   

General Manger of Tractor Engineering Dept. in Tractor Division


Table of Contents

Water &

Environment

Systems

Consolidated

Division

  

Executive Managing

Director, Member of the Board

   Hirokazu Nara    General Manager of Water & Environment Systems Consolidated Division    In charge of Corporate Planning & Control Dept. and Finance & Accounting Dept.
   Managing Director    Hideki Iwabu    General Manager of Water Engineering & Solution Division, Water & Sewage Engineering Business Unit, Membrane Systems Business Unit and Membrane Systems Business Coordination Dept.    General Manager of Water & Sewage Engineering Division, In charge of Tokyo Head Office
   Director    Kohkichi Uji    General Manager of Pipe Systems Division and Ductile Iron Pipe Business Unit    General Manager of Ductile Iron Pipe Division
   Director    Toshihiro Kubo   

Deputy General Manager of Water & Environment Systems Consolidated Division, General Manager of Water & Environment Systems, Social Infrastructure

Business Promotion Headquarters and Water & Environment Systems, Social Infrastructure Production Control Dept.

   General Manager of Coordination Dept. in Water, Environment & Infrastructure Consolidated Division and Production Control Headquarters in Water, Environment & Infrastructure Consolidated Division
Social Infrastructure Consolidated Division    Managing Director    Takeshi Torigoe    General Manager of Social Infrastructure Consolidated Division, Materials Division and Steel Castings Business Unit    Deputy General Manager of Water, Environment & Infrastructure Consolidated Division, General Manager of Steel Castings Division
   Director    Yujiro Kimura    General Manager of Electronic Equipped Machinery Division    same as on the left
   Director    Hiroshi Matsuki    General Manager of Steel Pipe Division    General Manager of Secretary & Public Relations Dept.

Corporate Staff

Section

  

Executive Managing

Director

   Eisaku Shinohara    In charge of Research & Development Planning & Promotion Dept. and Environmental Protection Dept.    General Manager of R&D Headquarters in Farm & Industrial Machinery Consolidated Division, In charge of Research & Development Planning & Promotion Dept. and Environmental Equipment R&D Center
   Managing Director    Masayoshi Kitaoka    In charge of Personnel Dept., Secretary & Public Relations Dept., General Affairs Dept. and Tokyo Administration Dept., General Manager of Head Office   

In charge of Personnel Dept. and Health & Safety Planning

& Promotion Dept., General Manager of Head Office

   Managing Director, Member of the Board    Satoru Sakamoto    In charge of Corporate Planning & Control Dept. and Finance & Accounting Dept.    General Manager of Air Condition Equipment Division, President of Kubota Air Conditioner, Ltd.
   Director    Tetsu Fukui    General Manager of Environmental Equipment R&D Center and Environmental Consolidated Technology Dept.    same as on the left
   Director    Shigeru Kimura    In charge of Corporate Planning & Control Dept. (Assistant), General Manager of Finance & Accounting Dept.    General Manager of Finance & Accounting Dept.
   Director    Taichi Itoh    General Manager of Health & Safety Planning & Promotion Dept.    same as on the left
   Director    Kunio Suwa    General Manager of CSR Planning & Coordination Headquarters    General Manager of Corporate Compliance Headquarters

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

 

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

End of document


Table of Contents
      Contact:
      IR Group
      Kubota Corporation
      2-47, Shikitsuhigashi 1-chome,
      Naniwa-ku, Osaka 556-8601, Japan
      Phone   : +81-6-6648-2645
      Facsimile   : +81-6-6648-2632

FOR IMMEDIATE RELEASE (TUESDAY, FEBRUARY 10, 2009)

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED

DECEMBER 31, 2008 REPORTED BY KUBOTA CORPORATION

OSAKA, JAPAN, February 10, 2009 — Kubota Corporation reported its consolidated results of operations for the nine months ended December 31, 2008 today.

Consolidated Financial Highlights

1. Consolidated results of operations for the nine months ended December 31, 2008

 

(1) Results of operations    (In millions of yen and thousands of U.S. dollars except
per American Depositary Share (“ADS”) amounts)
 
     Nine months ended
Dec. 31, 2008
    %
(*)
    Nine months ended
Dec. 31, 2007
   %
(*)
 

Revenues

   ¥

[$

841,645

9,248,846

 

]

  0.5     ¥ 837,631    1.3  

Operating income

   ¥

[$

96,291

1,058,143

 

]

  (9.5 )   ¥ 106,454    (1.9 )

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   ¥

[$

85,333

937,725

 

]

  (20.2 )   ¥ 106,930    (4.0 )

Net income

   ¥

[$

46,480

510,769

 

]

  (22.5 )   ¥ 59,942    (5.6 )

Net income per ADS

         

Basic

   ¥

[$

182.03

2.00

 

]

    ¥
232.36
  

Diluted

   ¥

[$

182.03

2.00

 

]

    ¥ 232.36   

 

(2) Financial position    (In millions of yen and thousands of U.S. dollars
except per ADS amounts)
 
     Dec. 31, 2008     Mar. 31, 2008  

Total assets

   ¥

[$

1,483,629

16,303,615

 

]

  ¥ 1,464,270  

Shareholders’ equity

   ¥

[$

625,592

6,874,637

 

]

  ¥ 648,097  

Ratio of shareholders’ equity to total assets

     42.2 %     44.3 %

Shareholders’ equity per ADS

   ¥

[$

2,458.91

27.02

 

]

  ¥ 2,530.44  

 

Notes : The United States dollar amounts included herein represent translations using the approximate exchanging rate on December 30, 2008, ¥91=US$1, solely for convenience.

Each American Depositary Share (“ADS”) represents five common shares.

(*) represents percentage change from the corresponding period in the prior year.

 

-1-


Table of Contents

Kubota Corporation

and Subsidiaries

 

2. Cash dividends

 

 

     (In yen)  
     Cash dividends per ADS  
     First
quarter
period
   Second
quarter
period
   Third
quarter
period
   Year-end     Total  

Year ended March 31, 2008

   —      ¥ 30.00    —      ¥ 40.00     ¥ 70.00  

Year ending March 31, 2009

   —      ¥ 35.00    —      ¥

 

35.00

(Forecast

 

)

  ¥

 

70.00

(Forecast

 

)

3. Anticipated results of operations for the year ending March 31, 2009

 

 

     (In millions of yen except per ADS amounts)  
     Year ending
March 31, 2009
   %
(*)
 

Revenues

   ¥ 1,100,000    (4.7 )

Operating income

   ¥ 105,000    (23.3 )

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   ¥ 92,000    (24.9 )

Net income

   ¥ 50,000    (26.5 )

Net income per ADS

   ¥ 196.53   

 

Note : (*) represents percentage change from the corresponding period in the prior year.

Please refer to page 5 for further information related to the above mentioned anticipated results of operations.

4. Other information

 

(1) Changes in number of material subsidiaries: No

 

(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements: Yes

Please refer to “4. Other information” on page 6.

 

(3) Changes in accounting principles, procedures, and presentations for consolidated financial statements

 

  a) Changes due to the revision of accounting standards: Yes

 

  b) Changes in matters other than a) above: No

Please refer to “4. Other information” on page 6.

 

(4)     Number of shares outstanding including treasury stock as of December 31, 2008

  :      1,285,919,180

Number of shares outstanding including treasury stock as of March 31, 2008

  :      1,285,919,180

Number of treasury stock as of December 31, 2008

  :      13,827,197

Number of treasury stock as of March 31, 2008

  :      5,315,673

Weighted average number of shares outstanding during the nine months ended December 31, 2008

  :      1,276,746,008

Weighted average number of shares outstanding during the nine months ended December 31, 2007

  :      1,289,826,162

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

 

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

 

-2-


Table of Contents

Kubota Corporation

and Subsidiaries

 

1. Review of Operations and Financial Condition

1. Review of operations

Summary of the results of operations for the nine months under review

For the nine months ended December 31, 2008, revenues of Kubota Corporation and subsidiaries (collectively “the Company”) increased ¥4.0 billion (0.5 %), to ¥841.6 billion from the corresponding period in the prior year, due mainly to an increase in overseas revenues in Internal Combustion Engine & Machinery, while domestic revenues decreased.

In the domestic market, revenues decreased ¥8.5 billion (2.1 %), to ¥394.5 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery decreased. Sales of farm equipment and engines decreased slightly, while sales of construction machinery declined substantially.

Revenues in Pipes, Valves, and Industrial Castings increased due mainly to sales increase of ductile iron pipes and spiral welded steel pipes, while sales of industrial castings decreased. Revenues in Environmental Engineering increased, but revenues in Other decreased.

In overseas markets, revenues increased ¥12.5 billion (2.9 %), to ¥447.2 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery increased mainly due to sales increase of farm equipment and engines, even though sales of construction machinery declined. Revenues in Pipes, Valves, and Industrial Castings substantially increased due to sales increase of ductile iron pipes. Revenues in Environmental Engineering decreased, while revenues in Other increased. As a result, the ratio of overseas revenues to consolidated revenues rose 1.2 percentage points, to 53.1 % compared with the corresponding period in the prior year.

Operating income decreased ¥10.2 billion (9.5 %), to ¥96.3 billion from the corresponding period in the prior year. Operating income in Internal Combustion Engine and Machinery decreased mainly due to appreciation of the yen and price hikes of materials. Operating income in Pipes, Valves, and Industrial Castings increased owing to sales increase of ductile iron pipes. Although operating loss in Environmental Engineering decreased steadily, operating income in Other decreased due to a decreased sales of vending machines.

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies decreased ¥21.6 billion (20.2 %), to ¥85.3 billion. This decrease is due to a decrease in operating income and an increase in other expenses resulting from increases in foreign exchange loss.

Income taxes were ¥33.4 billion (representing an effective tax rate of 39.1 %), and net amount of minority interests in earnings of subsidiaries and equity in net income of affiliated companies to deduct was ¥5.5 billion. As a result, net income was ¥46.5 billion, ¥13.5 billion (22.5 %) lower than the corresponding period in the prior year.

 

-3-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(2) Review of operations by industry segment

1) Internal Combustion Engine and Machinery

Revenues in Internal Combustion Engine and Machinery were ¥600.5 billion, 0.4% higher than the corresponding period in the prior year, comprising 71.3 % of consolidated revenues. Domestic revenues decreased 4.2 %, to ¥181.7 billion, and overseas revenues increased 2.5 %, to ¥418.9 billion. This segment comprises farm equipment, engines and construction machinery.

In the domestic market, the operating environment continued to be challenging due to a decrease in construction investment and stagnant demand for farm equipment resulted from economic slowdown and the price hikes of fertilizer and fodder. In this circumstance, the Company actively introduced new products and implemented promotional sales activity, however total sales of farm equipment slightly decreased, and construction machinery decreased substantially. On the other hand, sales of engines slightly increased.

In overseas markets, sales of tractors increased. Sales of tractors in North America decreased due to a stagnation of the markets and appreciation of the yen. In Asia outside Japan, sales of tractors in Thailand continued to increase, and sales in Europe also increased steadily due to launching new products. Sales of farm machinery also increased sharply owing to a sales increase of combine harvesters and rice transplanters in China. On the other hand, sales of construction machinery decreased due to the rapid economic slowdown in Europe, sales of engine decreased due to inventory adjustment in European and North American clients.

2) Pipes, Valves, and Industrial Castings

Revenues in Pipes, Valves, and Industrial Castings increased 5.1 %, to ¥152.1 billion from the corresponding period in the prior year, comprising 18.1% of consolidated revenues. Domestic revenues increased 4.1%, to ¥128.3 billion, and overseas revenues increased 10.9%, to ¥23.8 billion. This segment comprises pipes and valves (ductile iron pipes, spiral welded steel pipes, plastic pipes, and valves), and industrial castings.

In the domestic market, sales of ductile iron pipes increased largely due to price increases, and sales of spiral welded steel pipes also increased. On the other hand, sales of plastic pipes decreased due to declining demand, and sales of industrial castings decreased substantially due to decreased sales of ductile tunnel segment.

In overseas markets, sales of industrial castings slightly decreased, however export sales of ductile iron pipes to the Middle East increased.

3) Environmental Engineering

Revenues in Environmental Engineering increased 18.5 %, to ¥37.6 billion from the corresponding period in the prior year, comprising 4.5 % of consolidated revenues. Domestic revenues increased 24.0 %, to ¥34.3 billion, and overseas revenues decreased 18.2 %, to ¥3.3 billion. This segment consists of environmental control plants and pumps.

In the domestic market, sales of all products increased. In overseas markets, sales of pumps increased, while sales of submerged membrane system decreased.

4) Other

Revenues in Other decreased 18.5 %, to ¥51.3 billion from the corresponding period in the prior year, comprising 6.1 % of consolidated revenues. Domestic revenues decreased 19.8 %, to ¥50.2 billion, and overseas revenues increased 161.2 %, to ¥1.2 billion. This segment comprises vending machines, electronic-equipped machinery, air-conditioning equipment, construction, septic tanks and other business.

Sales of vending machine decreased substantially in this segment due to the decreased demand for cigarette-vending machines with the function of age-identification, for which the temporary demand was very high in the prior year. Sales of construction also decreased.

In addition, sales of condominiums were absent in this fiscal year because some shares of the subsidiary which conducted condominium business were sold and the subsidiary changed into an affiliated Company in the prior year. As a result, revenues in Other largely decreased.

 

-4-


Table of Contents

Kubota Corporation

and Subsidiaries

 

2. Financial condition

(1) Assets, liabilities and shareholders’ equity

Total assets at the end of December 2008 amounted to ¥1,483.6 billion, an increase of ¥19.4 billion (1.3%) compared with those at the end of March 2008. Current assets increased largely due to an increase in notes and accounts receivable and inventories. An increase in notes and accounts receivable resulted from a large reduction in sales of trade accounts in North America. On the other hand, investments and long-term finance receivables decreased due to a decrease in unrealized gains on securities as a result of the decline in stock market prices. As for liabilities, interest-bearing debt increased largely owing to an increase of borrowing resulted from a reduction in sales of trade accounts, and trade notes and accounts payable also increased. Total shareholders’ equity decreased because an increase in amount of accumulated other comprehensive loss, which resulted mainly from a decrease in unrealized gains on securities, exceeded the increase in retained earnings. Shareholders’ equity ratio was 42.2 %, 2.1 percentage points lower than the prior year end.

(2) Cash flows

Net cash provided by operating activities during the nine months under review was ¥7.2 billion. Total net cash provided by operating activities was limited, because of an increase in notes and accounts receivables, which resulted from a sharp reduction in sales of trade accounts in North America, and an increase in inventories.

Net cash used in investing activities was ¥61.8 billion. Amount of increase in finance receivables exceeded amount of collection of finance receivables due to an expansion of retail financing in Thailand.

Net cash provided by financing activities was ¥61.3 billion. Borrowing amount exceeded repayment amount due to additional funding requirement arisen from an expansion of retail financing and reduction in sales of trade accounts in North America.

3. Prospect for the fiscal year under review

The Company revised downward a forecast of revenues for the year ending March 31, 2009 by ¥35.0 billion, to ¥1,100.0 billion from the previous forecast, which was released in November 7, 2008.

In overseas markets, revenues in Internal Combustion Engine and Machinery are forecast to decrease significantly from the previous forecast. In the domestic market, revenues in Internal Combustion Engine and Machinery and Pipes, Valves and Industrial Castings are expected to decrease from the previous forecast.

The forecast of operating income is expected to decrease ¥5.0 billion, to ¥105.0 billion, from the previous forecast, in consideration of business performance up to the third quarter of this fiscal year and recent business development. Income from continuing operation before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies is forecast to decrease ¥13.0 billion, to ¥92.0 billion, from the previous forecast. Net income is also forecast to decrease ¥8.0 billion, to ¥50.0 billion, from the previous forecast. (These forecasts are based on the assumption of an exchange rate of ¥103=US$1.)

 

     (In millions of yen)
     Previous
Forecasts on
Nov. 7, 2008
   Revised
Forecasts
   Change     Prior year
(Year ended
Mar. 31, 2008)

Revenues

   1,135,000    1,100,000    (35,000 )   (3.1 )%   1,154,574

Operating Income

   110,000    105,000    (5,000 )   (4.5 )%   136,875

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   105,000    92,000    (13,000 )   (12.4 )%   122,577

Net income

   58,000    50,000    (8,000 )   (13.8 )%   68,026

 

-5-


Table of Contents

Kubota Corporation

and Subsidiaries

 

4. Other information

(1) Changes in number of material subsidiaries

None

(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements

Income tax expense for the nine months ended December 31, 2008 was calculated using a reasonably estimated annual effective tax rate for this fiscal year.

(3) Changes in accounting principles, procedures and presentations for consolidated financial statements

1) Changes due to the revision of accounting standards

Since April 1, 2008, the Company has adopted SFAS No. 157, “Fair Value Measurements”. This statement defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurement. The adoption of this statement did not have a material impact on the Company’s consolidated result of operations and financial position.

2) Changes in matters other than 1) above.

None

(4) Assumptions for going concern

None

 

-6-


Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Balance Sheets

 

Assets    (In millions of yen)
     Dec. 31, 2008    Mar. 31, 2008    Change     Dec. 31, 2007
     Amount     %    Amount     %    Amount     Amount     %

Current assets:

                

Cash and cash equivalents

   92,124        88,784        3,340     88,723    

Notes and accounts receivable

   373,134        277,937        95,197     300,462    

Short-term finance receivables-net

   115,329        113,409        1,920     108,045    

Inventories

   238,204        206,220        31,984     223,050    

Interest in sold receivables

   2,078        77,767        (75,689 )   61,814    

Other current assets

   70,786        58,521        12,265     65,163    
                                

Total current assets

   891,655     60.1    822,638     56.2    69,017     847,257     55.8

Investments and long-term finance receivables

   311,372     21.0    350,491     23.9    (39,119 )   382,360     25.2

Property, plant, and equipment

   229,268     15.5    238,073     16.3    (8,805 )   234,745     15.5

Other assets

   51,334     3.4    53,068     3.6    (1,734 )   52,810     3.5
                                      

Total

   1,483,629     100.0    1,464,270     100.0    19,359     1,517,172     100.0
                                      
Liabilities and Shareholders’ Equity    (In millions of yen)
     Dec. 31, 2008    Mar. 31, 2008    Change     Dec. 31, 2007
     Amount     %    Amount     %    Amount     Amount     %

Current liabilities:

                

Short-term borrowings

   138,475        113,087        25,388     145,844    

Notes and accounts payable

   227,624        212,274        15,350     236,913    

Other current liabilities

   116,742        128,124        (11,382 )   123,614    

Current portion of long-term debt

   68,238        65,976        2,262     62,893    
                                

Total current liabilities

   551,079     37.1    519,461     35.5    31,618     569,264     37.5

Long-term liabilities:

                

Long-term debt

   215,438        183,945        31,493     165,268    

Accrued retirement and pension costs

   36,658        43,790        (7,132 )   29,824    

Other long-term liabilities

   11,600        25,747        (14,147 )   44,149    
                                

Total long-term liabilities

   263,696     17.8    253,482     17.3    10,214     239,241     15.8

Minority interests

   43,262     2.9    43,230     2.9    32     40,217     2.6

Shareholders’ equity:

                

Common stock

   84,070        84,070        —       84,070    

Capital surplus

   93,150        93,150        —       93,150    

Legal reserve

   19,539        19,539        —       19,539    

Retained earnings

   451,209        423,927        27,282     420,240    

Accumulated other comprehensive income (loss)

   (13,310 )      31,177        (44,487 )   56,676    

Treasury stock

   (9,066 )      (3,766 )      (5,300 )   (5,225 )  
                                

Total shareholders’ equity

   625,592     42.2    648,097     44.3    (22,505 )   668,450     44.1
                                      

Total

   1,483,629     100.0    1,464,270     100.0    19,359     1,517,172     100.0
                                      

 

-7-


Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Income

 

     (In millions of yen)
     Nine months ended
Dec. 31, 2008
   Nine months ended
Dec. 31, 2007
    Change     Year ended
Mar. 31, 2008
     Amount     %    Amount     %     Amount     %     Amount     %

Revenues

   841,645     100.0    837,631     100.0     4,014     0.5     1,154,574     100.0

Cost of revenues

   606,176     72.0    594,022     70.9     12,154     2.0     824,093     71.4

Selling, general, and administrative expenses

   137,652     16.4    137,296     16.4     356     0.3     192,935     16.7

Loss (gain) from disposal and impairment of businesses and fixed assets

   1,526     0.2    (141 )   (0.0 )   1,667     —       671     0.0
                                 

Operating income

   96,291     11.4    106,454     12.7     (10,163 )   (9.5 )   136,875     11.9

Other income (expenses):

                 

Interest and dividend income

   4,300        3,219       1,081       4,472    

Interest expense

   (1,809 )      (878 )     (931 )     (986 )  

Gain on sales of securities -net

   16        664       (648 )     704    

Valuation loss on other investments

   (754 )      (40 )     (714 )     (6,715 )  

Foreign exchange loss -net

   (11,773 )      (12 )     (11,761 )     (9,043 )  

Other -net

   (938 )      (2,477 )     1,539       (2,730 )  
                                 

Other income (expenses), net

   (10,958 )      476       (11,434 )     (14,298 )  
                                 

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   85,333     10.1    106,930     12.8     (21,597 )   (20.2 )   122,577     10.6

Income taxes

   33,400        41,663       (8,263 )     48,044    

Minority interests in earnings of subsidiaries

   6,205        5,961       244       6,790    

Equity in net income of affiliated companies

   752        434       318       94    
                                 

Income from continuing operations

   46,480     5.5    59,740     7.1     (13,260 )   (22.2 )   67,837     5.9

Income from discontinued operations, net of taxes

   —          202       (202 )     189    
                                 

Net income

   46,480     5.5    59,942     7.2     (13,462 )   (22.5 )   68,026     5.9
                                 
     (In yen)

Basic earnings per ADS (5 common shares):

   182.03        232.36           264.01    

Diluted earnings per ADS (5 common shares):

   182.03        232.36           264.01    

 

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Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Statements of Cash Flows

 

     (In millions of yen)  
     Nine months ended
Dec. 31, 2008
 

Operating activities:

  

Net income

   46,480  

Depreciation and amortization

   22,917  

Valuation loss on other investments

   754  

Minority interests in earnings of subsidiaries

   6,205  

Deferred income taxes

   12,730  

Increase in notes and accounts receivable

   (108,600 )

Increase in inventories

   (47,084 )

Decrease in interest in sold receivables

   70,052  

Increase in other current assets

   (23,294 )

Increase in trade notes and accounts payable

   31,418  

Decrease in income taxes payable

   (6,461 )

Increase in other current liabilities

   10,375  

Decrease in accrued retirement and pension costs

   (7,004 )

Other

   (1,291 )
      

Net cash provided by operating activities

   7,197  

Investing activities:

  

Purchases of fixed assets

   (26,356 )

Proceeds from sales of property, plant, and equipment

   947  

Increase in finance receivables

   (145,812 )

Collection of finance receivables

   110,785  

Other

   (1,406 )
      

Net cash used in investing activities

   (61,842 )

Financing activities:

  

Proceeds from issuance of long-term debt

   101,085  

Repayments of long-term debt

   (54,940 )

Net increase in short-term borrowings

   40,404  

Cash dividends

   (19,193 )

Purchases of treasury stock

   (5,326 )

Other

   (756 )
      

Net cash provided by financing activities

   61,274  

Effect of exchange rate changes on cash and cash equivalents

   (3,289 )
      

Net increase in cash and cash equivalents

   3,340  

Cash and cash equivalents at beginning of period

   88,784  
      

Cash and cash equivalents at end of period

   92,124  

 

Note: The Company did not disclose the consolidated statement of cash flows in its earning release for the nine months ended December 31, 2007.

 

-9-


Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Segment Information

(1) Information by industry segments

Nine months ended December 31, 2008

 

     (In millions of yen)
     Internal
Combustion
Engine &
Machinery
   Pipes, Valves, &
Industrial
Castings
   Environmental
Engineering
    Other    Total    Corporate &
Eliminations
    Consolidated

Revenues

                  

Unaffiliated customers

   600,528    152,125    37,646     51,346    841,645    —       841,645

Intersegment

   24    241    104     11,346    11,715    (11,715 )   —  
                                    

Total

   600,552    152,366    37,750     62,692    853,360    (11,715 )   841,645
                                    

Cost of revenues and operating expenses

   501,332    141,340    42,601     60,191    745,464    (110 )   745,354

Operating income (loss)

   99,220    11,026    (4,851 )   2,501    107,896    (11,605 )   96,291
Nine months ended December 31, 2007                   
     (In millions of yen)
     Internal
Combustion
Engine &
Machinery
   Pipes, Valves, &
Industrial
Castings
   Environmental
Engineering
    Other    Total    Corporate &
Eliminations
    Consolidated

Revenues

                  

Unaffiliated customers

   598,208    144,684    31,756     62,983    837,631    —       837,631

Intersegment

   14    235    63     11,308    11,620    (11,620 )   —  
                                    

Total

   598,222    144,919    31,819     74,291    849,251    (11,620 )   837,631
                                    

Cost of revenues and operating expenses

   493,032    134,426    37,594     67,301    732,353    (1,176 )   731,177

Operating income (loss)

   105,190    10,493    (5,775 )   6,990    116,898    (10,444 )   106,454

 

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Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Segment Information

(2) Information by geographic segments

Nine months ended December 31, 2008

 

     (In millions of yen)
     Japan    North America    Europe    Asia    Other Areas    Total    Corporate &
Eliminations
    Consolidated

Revenues

                      

Unaffiliated customers

   424,423    223,490    88,435    93,734    11,563    841,645    —       841,645

Intersegment

   209,311    7,869    2,930    972    —      221,082    (221,082 )   —  
                                        

Total

   633,734    231,359    91,365    94,706    11,563    1,062,727    (221,082 )   841,645
                                        

Cost of revenues and operating expenses

   586,097    207,143    82,985    81,758    9,764    967,747    (222,393 )   745,354

Operating income

   47,637    24,216    8,380    12,948    1,799    94,980    1,311     96,291

(3) Overseas revenues

Nine months ended December 31, 2008

 

     (In millions of yen)  
     North America     Europe     Asia     Other Areas     Total  

Overseas revenues

   220,177     92,948     106,003     28,046     447,174  

Consolidated revenues

           841,645  

Ratio of overseas revenues to consolidated revenues

   26.2 %   11.0 %   12.6 %   3.3 %   53.1 %

 

Notes:

The consolidated segment information, which is required under the regulations of the Financial Instruments and Exchange Act of Japan, is not consistent with accounting principles generally accepted in the United States of America.

The Company did not disclose information by geographic segments and overseas revenues in its earning release for the nine months ended December 31, 2007.

Consolidated Statements of Shareholders’ Equity

 

     (In millions of yen)  
     Shares of
common stock
outstanding
(thousands)
    Shareholders’ Equity        
     Common
stock
   Capital
surplus
   Legal
reserve
   Retained
earnings
    Accumulated
other
comprehensive
income (loss)
    Treasury
stock
    Total  

Balance at April 1, 2008

   1,280,604     84,070    93,150    19,539    423,927     31,177     (3,766 )   648,097  
                                             

Net income

              46,480         46,480  

Other comprehensive loss

                (44,487 )     (44,487 )

Cash dividends, ¥75 per ADS

              (19,193 )       (19,193 )

Purchases of treasury stock

   (8,512 )            (5 )     (5,300 )   (5,305 )
                                             

Balance at December 31, 2008

   1,272,092     84,070    93,150    19,539    451,209     (13,310 )   (9,066 )   625,592  

 

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Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Revenues by Industry Segment

 

     (In millions of yen)
     Nine months ended
Dec. 31, 2008
   Nine months ended
Dec. 31, 2007
   Change     Year ended
Mar. 31, 2008
     Amount    %    Amount    %    Amount     %     Amount    %

Farm Equipment and Engines

   527,129    62.6    509,699    60.8    17,430     3.4     677,074    58.6
                                         

Domestic

   165,930       166,917       (987 )   (0.6 )   218,828   

Overseas

   361,199       342,782       18,417     5.4     458,246   
                                         

Construction Machinery

   73,399    8.7    88,509    10.6    (15,110 )   (17.1 )   116,580    10.1
                                         

Domestic

   15,730       22,640       (6,910 )   (30.5 )   29,488   

Overseas

   57,669       65,869       (8,200 )   (12.4 )   87,092   
                                         

Internal Combustion Engine & Machinery

   600,528    71.3    598,208    71.4    2,320     0.4     793,654    68.7
                                         

Domestic

   181,660    21.6    189,557    22.6    (7,897 )   (4.2 )   248,316    21.5

Overseas

   418,868    49.7    408,651    48.8    10,217     2.5     545,338    47.2
                                         

Pipes and Valves

   119,915    14.3    108,635    13.0    11,280     10.4     151,846    13.2
                                         

Domestic

   111,594       103,189       8,405     8.1     144,949   

Overseas

   8,321       5,446       2,875     52.8     6,897   
                                         

Industrial Castings

   32,210    3.8    36,049    4.3    (3,839 )   (10.6 )   49,753    4.3
                                         

Domestic

   16,746       20,052       (3,306 )   (16.5 )   26,100   

Overseas

   15,464       15,997       (533 )   (3.3 )   23,653   
                                         

Pipes, Valves, & Industrial Castings

   152,125    18.1    144,684    17.3    7,441     5.1     201,599    17.5
                                         

Domestic

   128,340    15.3    123,241    14.7    5,099     4.1     171,049    14.8

Overseas

   23,785    2.8    21,443    2.6    2,342     10.9     30,550    2.7
                                         

Environmental Engineering

   37,646    4.5    31,756    3.8    5,890     18.5     70,878    6.1
                                         

Domestic

   34,311    4.1    27,677    3.3    6,634     24.0     64,934    5.6

Overseas

   3,335    0.4    4,079    0.5    (744 )   (18.2 )   5,944    0.5
                                         

Building Materials & Housing

   4,920    0.6    8,367    1.0    (3,447 )   (41.2 )   9,931    0.9
                                         

Domestic

   4,920       8,367       (3,447 )   (41.2 )   9,931   
                                         

Other

   46,426    5.5    54,616    6.5    (8,190 )   (15.0 )   78,512    6.8
                                         

Domestic

   45,240       54,162       (8,922 )   (16.5 )   78,006   

Overseas

   1,186       454       732     161.2     506   
                                         

Other

   51,346    6.1    62,983    7.5    (11,637 )   (18.5 )   88,443    7.7
                                         

Domestic

   50,160    5.9    62,529    7.5    (12,369 )   (19.8 )   87,937    7.7

Overseas

   1,186    0.2    454    0.0    732     161.2     506    0.0
                                         

Total

   841,645    100.0    837,631    100.0    4,014     0.5     1,154,574    100.0
                                         

Domestic

   394,471    46.9    403,004    48.1    (8,533 )   (2.1 )   572,236    49.6

Overseas

   447,174    53.1    434,627    51.9    12,547     2.9     582,338    50.4

 

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Table of Contents

Kubota Corporation

and Subsidiaries

Anticipated Consolidated Revenues by Industry Segment

 

     (In billions of yen)  
     Year ending
March 31, 2009
   Year ended
March 31, 2008
   Change  
     Amount    %    Amount    %    Amount     %  

Domestic

   233.5       248.3       (14.8 )   (6.0 )

Overseas

   512.0       545.4       (33.4 )   (6.1 )
                                

Internal Combustion Engine and Machinery

   745.5    67.8    793.7    68.7    (48.2 )   (6.1 )
                                

Domestic

   178.0       171.0       7.0     4.1  

Overseas

   33.0       30.6       2.4     7.8  
                                

Pipes, Valves, and Industrial Castings

   211.0    19.2    201.6    17.5    9.4     4.7  
                                

Domestic

   65.5       65.0       0.5     0.8  

Overseas

   5.5       5.9       (0.4 )   (6.8 )
                                

Environmental Engineering

   71.0    6.4    70.9    6.1    0.1     0.1  
                                

Domestic

   71.5       87.9       (16.4 )   (18.7 )

Overseas

   1.0       0.5       0.5     100.0  
                                

Other

   72.5    6.6    88.4    7.7    (15.9 )   (18.0 )
                                

Total

   1,100.0    100.0    1,154.6    100.0    (54.6 )   (4.7 )
                                

Domestic

   548.5    49.9    572.2    49.6    (23.7 )   (4.1 )

Overseas

   551.5    50.1    582.4    50.4    (30.9 )   (5.3 )

 

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Kubota Corporation

and Subsidiaries

 

<Reference>

Results for Three Months Ended December 31, 2008

Consolidated Statements of Income

 

     (In millions of yen)
     Three months ended
Dec. 31, 2008
     Amount     %

Revenues

   269,323     100.0

Cost of revenues

   193,164     71.7

Selling, general, and administrative expenses

   47,042     17.5

Loss from disposal and impairment of businesses and fixed assets

   902     0.3
        

Operating income

   28,215     10.5

Other income (expenses):

    

Interest and dividend income

   1,608    

Interest expense

   (625 )  

Gain on sales of securities -net

   —      

Valuation loss on other investments

   (46 )  

Foreign exchange loss -net

   (9,574 )  

Other -net

   (180 )  
        

Other income (expenses), net

   (8,817 )  
        

Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   19,398     7.2

Income taxes

   7,610    

Minority interests in earnings of subsidiaries

   1,617    

Equity in net income of affiliated companies

   572    
        

Income from continuing operations

   10,743     4.0

Income from discontinued operations, net of taxes

   —      
        

Net income

   10,743     4.0
        
     (In yen)

Basic earnings per ADS (5 common shares):

   42.19    

Diluted earnings per ADS (5 common shares):

   42.19    

 

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Kubota Corporation

and Subsidiaries

 

Consolidated Segment Information

(1) Information by industry segments

Three months ended December 31, 2008

 

     (In millions of yen)
     Internal
Combustion
Engine &
Machinery
   Pipes, Valves, &
Industrial
Castings
   Environmental
Engineering
    Other    Total    Corporate &
Eliminations
    Consolidated

Revenues

                  

Unaffiliated customers

   179,450    59,487    14,239     16,147    269,323    —       269,323

Intersegment

   9    120    21     4,235    4,385    (4,385 )   —  
                                    

Total

   179,459    59,607    14,260     20,382    273,708    (4,385 )   269,323
                                    

Cost of revenues and operating expenses

   153,497    52,142    15,968     19,903    241,510    (402 )   241,108

Operating income (loss)

   25,962    7,465    (1,708 )   479    32,198    (3,983 )   28,215

(2) Information by geographic segments

Three months ended December 31, 2008

 

     (In millions of yen)
     Japan    North
America
   Europe    Asia    Other
Areas
   Total    Corporate &
Eliminations
    Consolidated

Revenues

                      

Unaffiliated customers

   144,121    70,533    21,935    29,109    3,625    269,323    —       269,323

Intersegment

   61,750    2,070    841    276    —      64,937    (64,937 )   —  
                                        

Total

   205,871    72,603    22,776    29,385    3,625    334,260    (64,937 )   269,323
                                        

Cost of revenues and operating expenses

   195,080    65,822    21,479    25,908    3,153    311,442    (70,334 )   241,108

Operating income

   10,791    6,781    1,297    3,477    472    22,818    5,397     28,215

(3) Overseas revenues

Three months ended December 31, 2008

 

     (In millions of yen)  
     North America     Europe     Asia     Other Areas     Total  

Overseas revenues

   69,400     23,752     32,180     9,158     134,490  

Consolidated revenues

           269,323  

Ratio of overseas revenues to consolidated revenues

   25.8 %   8.8 %   11.9 %   3.4 %   49.9 %

 

Note:

The consolidated segment information, which is required under the regulations of the Financial Instruments and Exchange Act of Japan, is not consistent with accounting principles generally accepted in the United States of America.

 

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Kubota Corporation

and Subsidiaries

 

Consolidated Revenues by Industry Segment

 

     (In millions of yen)
     Three months ended Dec. 31, 2008
     Amount    %

Farm Equipment and Engines

   159,398    59.2
         

Domestic

   48,997   

Overseas

   110,401   

Construction Machinery

   20,052    7.4
         

Domestic

   4,973   

Overseas

   15,079   

Internal Combustion Engine & Machinery

   179,450    66.6
         

Domestic

   53,970    20.1

Overseas

   125,480    46.5

Pipes and Valves

   49,080    18.2
         

Domestic

   46,197   

Overseas

   2,883   

Industrial Castings

   10,407    3.9
         

Domestic

   5,832   

Overseas

   4,575   

Pipes, Valves, & Industrial Castings

   59,487    22.1
         

Domestic

   52,029    19.3

Overseas

   7,458    2.8

Environmental Engineering

   14,239    5.3
         

Domestic

   12,992    4.8

Overseas

   1,247    0.5

Building Materials & Housing

   1,754    0.7
         

Domestic

   1,754   

Other

   14,393    5.3
         

Domestic

   14,088   

Overseas

   305   

Other

   16,147    6.0
         

Domestic

   15,842    5.9

Overseas

   305    0.1

Total

   269,323    100.0
         

Domestic

   134,833    50.1

Overseas

   134,490    49.9

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    KUBOTA CORPORATION
Date: February 16, 2009     By:  

/s/ Shigeru Kimura

    Name:   Shigeru Kimura
    Title:  

Director,

General Manager of Finance & Accounting Department