Erickson Beamon Presents "Deca-Dance" Feb 7, 2012 10:58PM

NEW YORK, Feb. 7, 2012  /PRNewswire/ -- For Fall/Winter 2012, Erickson Beamon will show it's first ready-to-wear collection at Milk Studios on Thursday, February 9th from 8:30 to 10pm. The presentation will include a collection of dresses handcrafted by Karen Erickson and Vicki Beamon. The Citizens Band will perform for this season's soiree titled "Deca-Dance".

Inspired by 1920's and 30's burlesque in Berlin and the traveling carnivals that defined the "dirty thirties," this Erickson Beamon collection evokes a dark, sensual boudoir feeling. Slip and cocktail dresses are embellished with signature Erickson Beamon elements: a crystal brooch made with Swarovski Elements adorns the neckline, chain drapes along the shoulder, crystals fall to the hem.  In true Erickson Beamon fashion, each piece is individually dyed in brilliant jewel tones (lustrous black, raisin, bottle green, bordeaux, indigo).  Who better to translate the intensity and depth of precious gems into fabric and lace? The result is timeless, handcrafted luxury.

Studio 4 at Milk Studios will be transformed into a provocative salon, the perfect milieu to showcase the world of Erickson Beamon. Guests are invited to enjoy this 'show within a show': models and dancers revel from the lounge while The Citizens Band performs.

Erickson BeamonVery few designers can claim to have dressed both the First Lady and Lady Gaga, but fewer share the imagination of jewelers Erickson Beamon. Founded by Michigan natives Karen Erickson and Vicki Beamon in 1983, Erickson Beamon jewelry dazzles worldwide, pioneering the coveted, handcrafted necklaces that are their trademark. Erickson Beamon has collaborated with the world's leading designers including Jil Sander, Alexander Mcqueen, Givenchy, Dior, Zac Posen & Donna Karan. Celebrity clients include Madonna, Sarah Jessica Parker, Daphne Guinness, Gwyneth Paltrow, Rihanna, and Katy Perry.

Swarovski ElementsSWAROVSKI ELEMENTS is the premium brand for the finest crystal elements manufactured by Swarovski. The designers' choice since the founding of the company in 1895, SWAROVSKI ELEMENTS provides creative talents from the fashion, jewelry, accessories, interior design and lighting industries with the latest on-trend innovations. Available in a myriad of colors, effects, shapes and sizes, SWAROVSKI ELEMENTS offer designers a fabulous palette of inspiration. Born out of passion for detail and high-precision cutting, they impart refined glamour to everything they embellish.

The Citizens BandHailing from a fantastic neverland that lies somewhere between a carnival sideshow and Weimar Berlin, The Citizens Band is a sexy, raucous, collaborative cabaret troupe. Offering a unique blend of elegant acrobatics and melodious song, The Citizens Band's primary goal is to entertain, but always with a sharp jab of the elbow to remind their audience of the state of the world and their place in it. Their style is influenced by early Weimar Republic cabaret and Vaudeville, where the fun and bawdy was mixed with awareness of socio-political and economic issues.

 

SOURCE Erickson Beamon


Doritos "Sling Baby" Wins 2012 USA TODAY Facebook Super Bowl Ad Meter Feb 7, 2012 10:38PM

MCLEAN, Va., Feb. 7, 2012 /PRNewswire/ -- The USA TODAY Facebook Super Bowl Ad Meter winner has been announced and Doritos "Sling Baby" came out on top for 2012. The ad features a grandmother who creates a way to sling her grandson – with a rubber band-like setup - across the yard to grab a Doritos bag from a taunting boy.  The Facebook community rated the ad a 4.33 (on a scale of 1 to 5 stars).

          The top five ads chosen by the Facebook community and their score:

  • Doritos – Sling Baby – 4.33
  • Bud Light – Weego – 4.25
  • Kia – A Dream Car. For Real Life. – 4.23*
  • Chrysler – It's Halftime In America – 4.23*
  • M&Ms – Ms. Brown/Just My Shell – 4.22

        * In the event of a ratings tie, higher rank goes to the ad that received the larger number of votes.

The USA TODAY Facebook Super Bowl Ad meter voting was open to Facebook's more than 800 million global users. Facebook users could view, rate and share all the national ads that aired during the game.  Voting began right after the first ad aired during the Super Bowl on Sunday night and continued until 6:00 p.m. ET on Tuesday. Complete results can be found at admeter.usatoday.com and facebook.com/sports as well as in Wednesday's print editions of USA TODAY.

Created in 1989 to gauge consumers' opinions about television's most expensive commercials, Ad Meter and has been a subject of great consumer interest and conversation over the years. The 2012 USA TODAY Facebook Super Bowl Ad Meter combines the industry authority of USA TODAY with the social engagement of Facebook. With the rise of social media as a tool for consumers to voice, share and discover topics of conversation, this year's collaboration between USA TODAY and Facebook for Ad Meter 2012 is an evolution of how America discusses and rates ads during and after the Super Bowl, one of the most popular ad spend days of the year.

About Facebook

Founded in February 2004, Facebook's mission is to give people the power to share and make the world more open and connected. Anyone can sign up for Facebook and interact with the people they know in a trusted environment. Facebook is a privately held company and is headquartered in Palo Alto, Calif.

About USA TODAY

USA TODAY is a multi-platform news and information media company. Founded in 1982, USA TODAY's mission is to serve as a forum for better understanding and unity to help make the USA truly one nation. Today, through its newspaper, website and mobile platforms, USA TODAY connects readers and engages the national conversation. USA TODAY, the nation's number one newspaper in print circulation with an average of more than 1.8 million daily, and USATODAY.com, an award-winning newspaper website  launched in 1995, reach a combined 5.4 million readers daily. USA TODAY is a leader in mobile applications with more than ten million downloads on mobile devices.  The USA TODAY brand also includes USA TODAY Education and USA TODAY Sports Weekly. USA TODAY is owned by Gannett Co., Inc. (NYSE: GCI).

 

SOURCE USA TODAY


IIJ Announces Nine Months Financial Results for the Fiscal Year Ending March 31, 2012 Feb 7, 2012 10:17PM

TOKYO, Feb. 8, 2012 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (Nasdaq: IIJI) (TSE:3774) announced today its consolidated financial results for the nine months of Fiscal Year Ending March 31, 2012 (from April 1 to December 31, 2011, "3Q11").1

Highlights of 3Q11 Financial Results
Revenues JPY70,752 million ($919.1 million)
Operating Income JPY3,998 million ($51.9 million)
Net Income attributable to IIJ JPY2,390 million ($31.0 million)
▪ 3Q11 revenue increased by 24.6% YoY followed by steady demands for our recurring type services and the additional revenue related to IIJ Global Solutions ("IIJ-Global"), a consolidated subsidiary from Sep. 1, 2010.
▪ 3Q11 operating income increased by 64.5% YoY and net income attributable to IIJ increased by 19.7%.
▪ Full FY2011 revenue target was revised from JPY1,000 million to JPY970 million mainly due to weak SI revenues. Profit target remain unchanged.

Overview of 3rd Quarter FY2011 Financial Results and Business Outlook

"Outsourcing trend for Japanese IT systems has been a tailwind for us. Our business continued to show steady growth and we remain confident with our overall business strategy. For this fiscal year, we have some cost burden related to our new services and projects, especially cloud computing, FX services and ATM operation business, yet they are showing good progress so far and would contribute to income growth next fiscal year," said Koichi Suzuki, President and CEO of IIJ.

"Regarding our cloud computing service "IIJ GIO", the numbers of clients are continuously increasing and leveraging our client bases, we are now providing "IIJ GIO" to many blue-chip companies such as NTT DOCOMO, Nippon Life Insurance, Sumitomo Forestry, Japan Mint, Tokyo Stock Exchange, Ricoh and more. Transaction volumes from Social Game Provider are also increasing alongside with their increasing usage. Cloud computing revenues for the 9 months ended December 2011 has reached over 2 billion yen."

"Related to our global business expansion, IIJ-Global has established a subsidiary in Shanghai, China in January 2012. As a Group, in effort to meet and supply demands from Japanese companies that are making inroads into foreign market, we will continue to expand our global network services. We are now providing private cloud computing service in the United States to our largest Japanese Social Game client and we expect to bring our cloud computing service to the Asian region soon."

"Systems construction revenues for this third quarter decreased YoY as orders received in the second quarter were low affected by the weak Japanese economic situation. However, we accumulated order backlogs during this third quarter and expect revenues to realize going forward."

1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with U.S. GAAP. All financial figures are unaudited and consolidated. The translation of Japanese yen into U.S. dollars is solely for the convenience of readers outside of Japan. The rate used for the translation was JPY76.98 per US$1.00, which was the noon buying rate on December 30, 2011.

Operating Results Summary
  3Q10 3Q11 YoY % change
  JPY millions JPY millions  
Total Revenues 56,797 70,752 24.6
Network Services 36,110 47,242 30.8
SI 19,784 21,709 9.7
Equipment Sales 550 879 59.9
ATM Operation Business 353 922 161.4
Total Costs 45,257 56,654 25.2
Network Services 29,205 37,587 28.7
SI 14,876 17,267 16.1
Equipment Sales 473 787 66.2
ATM Operation Business 703 1,013 44
SG&A Expenses and R&D 9,110 10,100 10.9
Operating Income 2,430 3,998 64.5
Income before Income Tax Expense 2,175 3,780 73.8
Net income attributable to IIJ 1,997 2,390 19.7
Segment Summary
  3Q10 3Q11
  JPY millions JPY millions
Net Revenues 56,797 70,752
Network services and SI business 56,776 70,204
ATM operation business 353 922
Elimination 332 374
Operating Income (Loss) 2,430 3,998
Network service and SI business 2,922 4,250
ATM operation business -465 (194)
Elimination 27 58
We have omitted segment analysis because most of our revenues are dominated by Network services and SI business.

3rd Quarter FY2011 Results of Operation

Revenues

Revenues were JPY70,752 million, up 24.6% YoY. In addition to the revenues from IIJ-Global of JPY19,442 million (9months) and continuous growth of network services revenues contributed to total revenue growth.

Network Services revenues were JPY47,242 million, up 30.8% YoY.

Revenues for Internet connectivity services for corporate use were JPY10,920 million, up 4.7% YoY. Both the number of contracts for IIJ Mobile Service and IP Service increased. 　Due to the cancellation of old type connectivity services, the revenues for Internet connectivity services for home use decreased to JPY4,328 million, down 13.0% YoY.

WAN Services revenues were JPY19,177 million, up 97.7% YoY. There was additional revenue related to IIJ-Global as well as the increase in the number of new contracts of IIJ's own WAN service.

Outsourcing services revenues were JPY12,817 million, up 16.5% YoY. Data center service, IIJ GIO Hosting Package Service and web security-related services grew continuously.

 

Network Services Revenues Breakdown      
  3Q10 3Q11 YoY % change
  JPY millions JPY millions  
Internet Connectivity Services  (Corporate Use) 10,433 10,920 4.7
 IP Service2 6,705 6,911 3.1
 IIJ FiberAccess/F and IIJ DSL/F 2,265 2,352 3.8
 IIJ Mobile Service3 1,268 1,473 16.3
Others 195 184 (5.4)
Internet Connectivity Services  (Home Use) 4,974 4,328 (13.0)
 Under IIJ Brand 753 671 (11.0)
 hi-ho 3,818 3,222 (15.6)
 OEM 403 435 7.9
WAN Services 9,702 19,177 97.7
Outsourcing Services 11,001 12,817 16.5
Total Network Services 36,110 47,242 30.8
       
Number of Contracts for Connectivity Services and Total Contracted Bandwidth      
       
  as of December 31, 2010 as of December 31, 2011 YoY Change
Internet Connectivity Services  (Corporate Use) 75,287 93,345 18,058
 IP Service (-99Mbps) 903 938 35
 IP Service (100Mbps-999Mbps) 281 342 61
 IP Service (1Gbps--) 127 132 5
 IIJ Data Center Connectivity Service 307 303 (4)
 IIJ FiberAccess/F and IIJ DSL/F 38,034 43,425 5,391
 IIJ Mobile Service4 34,303 46,964 12,661
Others 1,332 1,241 (91)
Internet Connectivity Services  (Home Use)  378,985 383,745 4,760
 Under IIJ Brand 43,057 37,322 (5,735)
 hi-ho 159,725 148,856 (10,869)
 OEM 176,203 197,567 21,364
Total Contracted Bandwidth 702.0 Gbps  853.0 Gbps  151.0 Gbps
       
       
2 IP Service revenues include revenues from the Data Center Connectivity Service.      
3 Revenue from mobile data communication service for home use is included in Internet Connectivity service (home use).      
4 Contracts of IIJ Mobile Service are of mobile data communication service for corporate use.      

SI revenues were JPY 21,709 million, up 9.7% YoY. Systems construction revenue, a one-time revenue, increased by 6.2% YoY to JPY 7,349 million.  System operation and maintenance revenues, a recurring revenue, increased by 11.6% YoY to JPY14,360 million due to the increased demands for IIJ GIO Component Service and customer-oriented system operation and maintenance.

The order backlog for systems construction and equipment sales as of Dec. 31, 2011 was JPY5,741 million, down 3.1% YoY. The order backlog for systems operation and maintenance as of Dec. 31, 2011 was JPY13,039 million, up 19.8% YoY.

Equipment sales revenues were JPY879 million, up 59.9% YoY.

ATM Operation Business revenues were JPY922 million, up 161.4% YoY. 389 ATMs are placed as of Feb. 8, 2012.

Cost and expense

Cost of revenues was JPY56,654 million, up 25.2% YoY. Cost of revenues related to IIJ-Global was JPY 15,625 million (JPY6,976 million for 3Q10).

Cost of Network Services revenue was JPY37,587 million, up 28.7% YoY due to the increase in circuit-related and outsourcing-related costs of IIJ-Global. Gross margin for network services was JPY9,655 million, up 39.8% YoY and gross margin ratio was 20.4%, up 1.3% YoY.

Cost of SI revenues was JPY17,267 million, up 16.1% YoY (JPY 14,876 million for 3Q10). Outsourcing-related costs and network operation-related costs mainly for IIJ GIO increased. Gross margin for SI was JPY4,441 million, down 9.5% YoY and gross margin ration was 20.5%, down 4.4% YoY.

Cost of Equipment Sales revenues was JPY787 million, up 66.2% YoY. Gross margin was JPY92 million, up 20.8% YoY and gross margin ratio was 10.5%.

Cost of ATM Operation Business revenues increased to JPY1,013 million (JPY703 million for 3Q10) in relation to the increase in the number of ATMs. Gross loss of ATM operation business decreased to JPY91 million from gross loss of JPY350 million for 3Q10.

SG&A and R&D Expenses

SG&A and R&D expenses were JPY10,100 million, up 10.9% YoY. SG&A expenses related to IIJ-Global was JPY2,273 million.

Sales and marketing expenses were JPY5,940 million, up 24.9% YoY mainly due to the increase in personnel-related and advertisement expenses. Amortization of customer relationship related to IIJ-Global was JPY319 million.

General and administrative expenses were JPY3,921 million, down 4.2% YoY.  We had no large one-time disposal of fixed assets like the one we had in 3Q10.

Research and development expenses were JPY239 million, down 7.6% YoY.

Operating income

Operating income was JPY3,998 million, up 64.5% YoY as gross margin of network services revenues increased and gross loss of ATM operation business decreased.

Other income (expenses)

Other income (expenses) was expense of JPY218 million, mainly due to interest expenses and losses on write-down of other investments.

Income before income tax expenses

Income before income tax expenses was JPY3,780 million, up 73.8% YoY (JPY2,175 million in 3Q10).

Net Income

Income tax expense was JPY1,603 million (JPY459 million in 3Q10).

Equity in net income of equity method investees was JPY153 million (JPY129 million in 3Q10). Net income was JPY2,330 million, up 26.3% YoY (JPY1,845 million in 3Q10).

Net income attributable to IIJ

Net loss attributable to noncontrolling interests was JPY60 million (JPY152 million in 3Q10), mainly related to Trust Networks Inc.

Net income attributable to IIJ was JPY2,390 million, up 19.7% YoY (JPY1,997 million in 3Q10).

3rd Quarter FY2011 Financial Condition

Balance Sheets

As of December 31, 2011, the balance of total assets was JPY71,004 million, decreased by JPY469 million from the balance as of March 31, 2011.

For current assets, as compared to each of the respective balances as of March 31, 2011, cash and cash equivalents decreased by JPY2,386 million, accounts receivable decreased by JPY976 million and prepaid expenses increased by JPY1,017 million. As for noncurrent assets, as compared to the respective balance as of March 31, 2011, property and equipments increased by JPY2,493 million, resulting from investment in servers, network equipments and facilities for cloud computing service and others . As for current liabilities, as compared to each of the respective balance as of March 31, 2011, accounts payable decreased by JPY5,040 million and income taxes payable increased by JPY845 million. Capital lease obligations – noncurrent increased by JPY1,290 million.

As for the bank borrowings as of December 31, 2011, the balance of short-term borrowings decreased by JPY4,430 million, long-term borrowings -current portion increased by JPY1,010 million and long-term borrowing increased by JPY1,990 million, respectively. Bank borrowings to purchase the stocks of IIJ-Global was partially repaid and refinanced.

As of December 31, 2011, the balance of other investments was JPY2,897 million, an increase of JPY103 million from the balance as of March 31, 2011. The breakdown of other investments were JPY1,949 million in nonmarketable equity securities, JPY794 million in available-for-sale securities and JPY154 million in other.

As of December 31, 2011, the balance of non-amortized intangible assets (excluding telephone rights) such as goodwill was JPY5,980 million, and its breakdown was JPY5,788 million in goodwill and JPY192 million in trademark. As of December 31, 2011, the balance of amortized intangible assets, which was customer relationships, was JPY5,383 million.

Total IIJ shareholders' equity as of December 31, 2011 was JPY31,423 million, an increase of JPY1,771 million from the balance as of March 31, 2011. IIJ Shareholders' equity ratio (total IIJ shareholders' equity/total assets) as of December 31, 2011 was 44.3%.

Cash Flows

Cash and cash equivalents as of December 31, 2011 were JPY10,928 million compared to JPY10,800 million as of December 31, 2010.

Net cash provided by operating activities for 3Q11 was JPY6,580 million (3Q10 was net cash provided by operating activities of JPY8,387 million). Net cash provided by operating activities for 3Q11 mainly reflected the increase in operating income mainly due to the increase in gross margin for network services and decrease in loss for ATM operation business. There were also effects of changes in operating assets and liabilities such as decrease in accounts payable and increase in accrued expenses and other current liabilities.

Net cash used in investing activities for 3Q11 was JPY4,391 million (3Q10 was net cash used in investing activities of JPY12,629 million), mainly due to payments for purchase of property and equipment of JPY4,534 million (JPY3,037 million for 3Q10).

Net cash used in financing activities for 3Q10 was JPY4,541 million (3Q10 was net cash provided by financing activities of JPY6,321 million), mainly due to proceeds from issuance of long-term borrowings of JPY3,000 million, net repayments of short-term borrowings of JPY4,430 million (net proceeds from issuance of short-term borrowings of JPY9,000 million for 3Q10), principle payments under capital leases of JPY2,503 million (JPY2,210 million for 3Q10) and JPY608 million in total for FY2010 year-end dividends and FY2011 interim dividends payments (JPY507 million for 3Q10).

FY2011 Financial Targets

During the nine months ended December 31, 2011, our revenues, especially for systems integration and ATM operation business were below our initial target. Systems integration projects were generally mid- to-small sizes reflecting the cautious attitude towards systems investment due to weak Japanese economic situation. As for ATM operation business, revenue and income are continuously improving quarter by quarter with the increasing number of ATMs in place, but the progress was slower than our initial expectation. Profit level is in line with our initial target due to cost control, despite the increase in initial investment related to our cloud computing services.

Considering our FY2011 nine months results and the weak order backlog for systems construction and equipment sales, we changed our full FY2011 revenue target from JPY1,000 million to JPY970 million. Targets for operating income, income before income tax expense and net income attributable to IIJ remain unchanged.

Reconciliation of Non-GAAP Financial Measures

The following table summarizes the reconciliation of adjusted EBITDA to net income attributable to IIJ in our consolidated statements of income that are prepared in accordance with U.S. GAAP.

Adjusted EBITDA
  3Q10 3Q11
  JPY millions JPY millions
Adjusted EBITDA 6,667 9,249
Depreciation and Amortization5 4,137 5,251
Impairment loss on other intangible assets 100 --
Operating Income 2,430 3,998
Other Income (Expense) (255) (218)
Income Tax Expense 459 1,603
Equity in Net Income of Equity  Method Investees 129 153
Net income 1,845 2,330
Net loss attributable to noncontrolling interests 152 60
Net Income attributable to IIJ 1,997 2,390
     
     
     
CAPEX
  3Q10 3Q11
  JPY millions JPY millions
CAPEX, including capital leases 4,539 8,652
Acquisition of Assets by Entering into Capital Leases 1,502 4,118
Purchase of Property and Equipment 3,037 4,534
     
5 Depreciation and amortization includes impairment loss on other intangible assets. (See IIJ's consolidated financial statements for details).

Presentation

Presentation Materials will be posted on our web site (http://www.iij.ad.jp/en/IR/) on February 8, 2012.

About Internet Initiative Japan Inc.

Founded in 1992, IIJ is one of Japan's leading Internet-access and comprehensive network solutions providers. IIJ and its group of companies provide total network solutions that mainly cater to high-end corporate customers. IIJ's services include high-quality systems integration and security services, Internet access, hosting/housing, and content design. Moreover, IIJ has built one of the largest Internet backbone networks in Japan, and between Japan and the United States. IIJ listed on the U.S. NASDAQ Stock Market in 1999 and on the First Section of the Tokyo Stock Exchange in 2006.

The Internet Initiative Japan Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4613

Statements made in this press release regarding IIJ's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements that are based on IIJ's and managements' current expectations, assumptions, estimates and projections about its business and the industry. These forward-looking statements, such as statements regarding FY2011 revenues and operating and net profitability, are subject to various risks, uncertainties and other factors that could cause IIJ's actual results to differ materially from those contained in any forward-looking statement. These risks, uncertainties and other factors include: IIJ's ability to maintain and increase revenues from higher-margin services such as systems integration and outsourcing services; the possibility that revenues from connectivity services may decline substantially as a result of competition and other factors; the ability to compete in a rapidly evolving and competitive marketplace; the impact on IIJ's profits of fluctuations in costs such as backbone costs and subcontractor costs; the impact on IIJ's profits of fluctuations in the price of available-for-sale securities; the impact of technological changes in its industry; IIJ's ability to raise additional capital to cover its indebtedness; the possibility that NTT, IIJ's largest shareholder, may decide to exercise substantial influence over IIJ; and other risks referred to from time to time in IIJ's filings on Form 20-F of its annual report and other filings with the United States Securities and Exchange Commission.

Tables to follow

Internet Initiative Japan Inc.
Consolidated Balance Sheets (Unaudited)
(As of March 31, 2011 and December 31, 2011)
       
  As of March 31, 2011 As of December 31, 2011
  Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
ASSETS      
CURRENT ASSETS:      
Cash and cash equivalents 13,313,615 141,958 10,927,971
Accounts receivable, net of allowance for  doubtful accounts of JPY44,002 thousand and  JPY72,645 thousand at March 31, 2011  and December 31, 2011, respectively 16,431,374 200,775 15,455,622
Inventories 601,088 13,324 1,025,676
Prepaid expenses 1,680,158 35,036 2,697,060
Deferred tax assets -Current 978,263 11,425 879,529
Other current assets, net of allowance for  doubtful accounts of JPY720 thousand and  JPY10,733 thousand at March 31, 2011 and  December 31, 2011, respectively 1,533,185 10,081 776,036
Total current assets 34,537,683 412,599 31,761,894
INVESTMENTS IN EQUITY METHOD INVESTEES 1,251,990 18,646 1,435,377
OTHER INVESTMENTS 2,794,046 37,633 2,897,004
PROPERTY AND EQUIPMENT, net of accumulated  depreciation and amortization of JPY21,891,126  thousand and JPY25,381,779 thousand at March  31, 2011 and December 31, 2011, respectively 16,480,724 246,481 18,974,061
GOODWILL 5,788,333 75,193 5,788,333
OTHER INTANGIBLE ASSETS -Net 6,054,503 72,662 5,593,530
GUARANTEE DEPOSITS 1,889,796 24,530 1,888,311
DEFERRED TAX ASSETS -Noncurrent 16,393 290 22,347
OTHER ASSETS, net of allowance for doubtful  accounts of JPY81,448 thousand and JPY82,249  thousand at March 31, 2011 and December 31, 2011,  respectively 2,659,521 34,341 2,643,570
TOTAL 71,472,989 922,375 71,004,427
     
  As of March 31, 2011 As of December 31, 2011
  Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
LIABILITIES AND SHAREHOLDERS' EQUITY      
CURRENT LIABILITIES:      
Short-term borrowings 13,430,000 116,913 9,000,000
Long-term borrowings -Current portion -- 13,120 1,010,000
Capital lease obligations -Current portion 2,787,955 40,444 3,113,376
Accounts payable 13,574,152 110,863 8,534,228
Income taxes payable 355,183 15,594 1,200,409
Accrued expenses 1,889,891 29,008 2,232,999
Deferred income -Current 1,667,336 32,337 2,489,321
Other current liabilities 460,934 8,703 669,908
Total current liabilities 34,165,451 366,982 28,250,241
LONG-TERM BORROWINGS -- 25,851 1,990,000
CAPITAL LEASE OBLIGATIONS -Noncurrent 3,626,565 63,870 4,916,678
ACCRUED RETIREMENT AND PENSION COSTS  -Noncurrent 1,567,050 22,458 1,728,787
DEFERRED TAX LIABILITIRES -Noncurrent 609,412 8,158 628,006
DEFERRED INCOME -Noncurrent 1,270,984 18,072 1,391,203
OTHER NONCURRENT LIABILITIES 592,177 9,456 727,977
Total Liabilities 41,831,639 514,847 39,632,892
COMMITMENTS AND CONTINGENCIES      
       
SHAREHOLDERS' EQUITY:      
Common-stock - authorized, 377,600 shares;  issued and outstanding, 206,478 shares at  March 31, 2011 and December 31, 2011 16,833,847 218,678 16,833,847
Additional paid-in capital 27,318,912 354,864 27,317,412
Accumulated deficit (14,023,259) (159,024) (12,241,664)
Accumulated other comprehensive loss (85,134) (1,227) (94,434)
Treasury stock - 3,794 shares held by the company at March 31, 2011 and December 31, 2011, respectively (392,079) (5,093) (392,079)
Total Internet Initiative Japan Inc. shareholders' equity 29,652,287 408,198 31,423,082
NONCONTROLLING INTERESTS (10,937) (670) (51,547)
Total equity 29,641,350 407,528 31,371,535
TOTAL 71,472,989 922,375 71,004,427
       
       
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was the noon buying rate on December 30, 2011.
 
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Income (Unaudited)
(For The Nine Months ended December 31, 2010 and December 31, 2011)
       
  Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
  Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
REVENUES:      
Network services:      
Internet connectivity services (corporate use) 10,432,772 141,850 10,919,624
Internet connectivity services (home use) 4,974,360 56,222 4,327,929
WAN services 9,702,110 249,120 19,177,295
Outsourcing services 11,000,562 166,502 12,817,335
Total 36,109,804 613,694 47,242,183
Systems integration:      
Systems construction 6,920,522 95,463 7,348,767
Systems operation and maintenance 12,863,826 186,536 14,359,541
Total 19,784,348 281,999 21,708,308
Equipment sales 549,624 11,416 878,749
ATM operation business 352,884 11,982 922,352
Total revenues 56,796,660 919,091 70,751,592
COST AND EXPENSES:      
Cost of network services 29,204,323 488,270 37,587,001
Cost of systems integration 14,876,036 224,306 17,267,064
Cost of equipment sales 473,345 10,218 786,589
Cost of ATM operation business 703,366 13,162 1,013,198
Total cost 45,257,070 735,956 56,653,852
Sales and marketing 4,755,852 77,165 5,940,188
General and administrative 4,094,513 50,929 3,920,530
Research and development 259,158 3,111 239,440
Total cost and expenses 54,366,593 867,161 66,754,010
OPERATING INCOME 2,430,067 51,930 3,997,582
OTHER INCOME (EXPENSE):      
Interest income 16,952 325 25,047
Interest expense (193,504) (2,950) (227,127)
Foreign exchange losses (29,253) (175) (13,469)
Net gains (losses) on sales of other investments -net 53,925 (2) (170)
Losses on write-down of other investments (171,863) (1,099) (84,577)
Other -net 68,328 1,073 82,631
Other income (expense) -net (255,415) (2,828) (217,665)
INCOME FROM OPERATIONS BEFORE INCOME  TAX EXPENSE AND EQUITY IN NET INCOME  OF EQUITY METHOD INVESTEES 2,174,652 49,102 3,779,917
INCOME TAX EXPENSE  459,409 20,831 1,603,606
EQUITY IN NET INCOME OF EQUITY METHOD  INVESTEES 129,359 1,992 153,336
NET INCOME 1,844,602 30,263 2,329,647
LESS: NET LOSS ATTRIBUTABLE TO  NONCONTROLLING INTERESTS 152,486 779 60,000
NET INCOME ATTRIBUTABLE TO INTERNET  INITIATIVE JAPAN INC. 1,997,088 31,042 2,389,647
       
  Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
NET INCOME PER SHARE      
BASIC WEIGHTED-AVERAGE NUMBER OF  SHARES (shares) 202,632   202,684
DILUTED WEIGHTED-AVERAGE NUMBER  OF SHARES (shares) 202,632   202,769
BASIC WEIGHTED-AVERAGE NUMBER OF  ADS EQUIVALENTS (ADSs) 81,052,800   81,073,600
DILUTED WEIGHTED-AVERAGE NUMBER  OF ADS EQUIVALENTS (ADSs) 81,052,800   81,107,600
BASIC NET INCOME PER SHARE  (JPY / U.S. Dollars / JPY) 9,855.74 153.16 11,790.01
DILUTED NET INCOME PER SHARE  (JPY / U.S. Dollars / JPY) 9,855.74 153.09 11,785.07
BASIC NET INCOME PER ADS  EQUIVALENT (JPY / U.S. Dollars / JPY) 24.64 0.38 29.48
DILUTED NET INCOME PER ADS  EQUIVALENT (JPY / U.S. Dollars / JPY) 24.64 0.38 29.46
       
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was the noon 　　　　　buying rate on December 30, 2011.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Shareholders' Equity (Unaudited)
(For The Nine Months ended December 31, 2010 and December 31, 2011)
                   
For the nine months ended December 31, 2010                  
      Internet Initiative Japan Inc. shareholders' equity  
  Total equity Comprehensive  income Accumulated deficit Accumulated other comprehensive income (loss) Shares of common stock outstanding Common Stock Treasury Stock Additional Paid-in Capital Non Controlling Interests
  Thousands of JPY Thousands of JPY Thousands of JPY Thousands of JPY Shares Thousands of JPY Thousands of JPY Thousands of JPY Thousands of JPY
BALANCE, APRIL 1, 2010 27,363,703   (16,720,092) 168,769 206,478 16,833,847 (406,547) 27,443,600 44,126
 Subsidiary stock issuance --             (100,740) 100,740
 Comprehensive income:                  
　 Net Income 1,844,602 1,844,602 1,997,088           (152,486)
　 Other Comprehensive loss,  net of tax (50,581) (50,581)   (50,581)          
 Total comprehensive income 1,794,021 1,794,021              
 Dividends paid (506,535)   (506,535)            
 Disposal of Treasury stock 37,126           14,468 22,658  
BALANCE, DECEMBER 31, 2010 28,688,315   (15,229,539) 118,188 206,478 16,833,847 (392,079) 27,365,518 (7,620)
                   
For the nine months ended December 31, 2011                  
      Internet Initiative Japan Inc. shareholders' equity  
  Total equity Comprehensive  income Accumulated deficit Accumulated other comprehensive income (loss) Shares of common stock outstanding Common Stock Treasury Stock Additional Paid-in Capital Non Controlling Interests
  Thousands of JPY Thousands of JPY Thousands of JPY Thousands of JPY Shares Thousands of JPY Thousands of JPY Thousands of JPY Thousands of JPY
BALANCE, APRIL 1, 2011 29,641,350   (14,023,259) (85,134) 206,478 16,833,847 (392,079) 27,318,912 (10,937)
 Changes in ownership for  non-controlling interests (5)             (19,395) 19,390
 Stock-based compensation 17,895             17,895  
 Comprehensive income:                  
　 Net Income 2,329,647 2,329,647 2,389,647           (60,000)
　 Other Comprehensive loss,  net of tax (9,300) (9,300)   (9,300)          
 Total comprehensive income 2,320,347 2,320,347              
 Dividends paid (608,052)   (608,052)            
BALANCE, DECEMBER 31, 2011 31,371,535   (12,241,664) (94,434) 206,478 16,833,847 (392,079) 27,317,412 (51,547)
                   
For the nine months ended December 31, 2011 (In USD)                  
      Internet Initiative Japan Inc. shareholders' equity  
  Total equity Comprehensive  income Accumulated deficit Accumulated other comprehensive income (loss) Shares of common stock outstanding Common Stock Treasury Stock Additional Paid-in Capital Non Controlling Interests
  Thousands of USD Thousands of USD Thousands of USD Thousands of USD Shares Thousands of USD Thousands of USD Thousands of USD Thousands of USD
BALANCE, APRIL 1, 2011 385,052   (182,168) (1,106) 206,478 218,678 (5,093) 354,883 (142)
 Changes in ownership for  non-controlling interests (0)             (252) 252
 Stock-based compensation 233             233  
 Comprehensive income:                  
　 Net Income 30,263 30,263 31,043           (780)
　 Other Comprehensive loss,  net of tax (121) (121)   (121)          
 Total comprehensive income 30,142 30,142              
 Dividends paid (7,899)   (7,899)            
BALANCE, DECEMBER 31, 2011 407,528   (159,024) (1,227) 206,478 218,678 (5,093) 354,864 (670)
                   
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was  the noon buying rate on December 30, 2011.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Cash Flows (Unaudited)
(For The Nine Months ended December 31, 2010 and December 31, 2011)
         
    Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
    Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
  OPERATING ACTIVITIES:      
  Net income 1,844,602 30,263 2,329,647
  Adjustments to reconcile net income to net cash  provided by operating activities:      
  Depreciation and amortization 4,136,853 68,219 5,251,482
  Impairment loss on other intangible assets 100,000 -- --
  Provision for retirement and pension costs, 　 less payments 201,496 1,937 149,105
  Provision for (reversal of) allowance for doubtful  accounts (22,171) 596 45,852
  Loss on disposal of property and equipment 15,402 515 39,616
  Net losses (gains) on sales of other investments (53,925) 2 170
  Impairment of other investments 171,863 1,099 84,577
  Gain on receipt of investment securities (18,060) -- --
  Foreign exchange losses, net 28,938 417 32,088
  Equity in net income of equity method investees (129,359) (1,992) (153,336)
  Deferred income tax expense 241,704 1,405 108,174
  Others 61,777 451 34,705
  Changes in operating assets and liabilities net of effects  from acquisition of business and a company:      
  Decrease in accounts receivable 741,476 12,059 928,294
  Decrease in net investment in sales-type lease 　 -noncurrent 159,445 2,953 227,371
  Increase in inventories, prepaid expenses  and other current and noncurrent assets (881,216) (13,614) (1,047,996)
  Increase (decrease) in accounts payable 3,949,881 (50,205) (3,864,764)
  Increase (decrease) in income taxes payable (130,985) 10,819 832,873
  Decrease in deferred income -noncurrent (516,730) (1,562) (120,220)
  Increase (decrease) in accrued expenses and   other current liabilities (1,513,830) 22,114 1,702,329
  Net cash provided by operating activities 8,387,161 85,476 6,579,967
  INVESTING ACTIVITIES:      
  Purchase of property and equipment (3,037,071) (58,902) (4,534,276)
  Proceeds from sales of property and equipment 4,147 3,822 294,265
  Purchase of available-for-sale securities (46,468) (1,545) (118,948)
  Purchase of other investments (150,000) (1,378) (106,115)
  Investment in an equity method investee -- (320) (24,647)
  Proceeds from sales of available-for-sale securities 53,605 50 3,879
  Proceeds from sales of other investments 29,901 808 62,205
  Acquisition of a newly controlled company,  net of cash acquired (9,170,000) -- --
  Payments of guarantee deposits (428,529) (263) (20,269)
  Refund of guarantee deposits 123,425 277 21,314
  Payments for refundable insurance policies (17,190) (83) (6,422)
  Refund from insurance policies 29,642 558 42,948
  Other (20,622) (60) (4,577)
  Net cash used in investing activities (12,629,160) (57,036) (4,390,643)
    Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
    Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
  FINANCING ACTIVITIES:      
  Proceeds from issuance of short-term borrowings  with initial maturities over three months and  long-term borrowings 1,300,000 43,778 3,370,000
  Repayments of short-term borrowings with initial  maturities over three months (300,000) (8,054) (620,000)
  Principal payments under capital leases (2,209,641) (32,510) (2,502,602)
  Net increase (decrease) in short-term borrowings with  initial maturities less than three months 8,000,000 (54,300) (4,180,000)
  Dividends paid (506,535) (7,899) (608,052)
  Proceeds from sales of treasury stock 37,126 -- --
  Net cash provided by (used in) financing activities 6,320,950 (58,985) (4,540,654)
         
  EFFECT OF EXCHANGE RATE CHANGES ON  CASH AND CASH EQUIVALENTS (43,463) (445) (34,314)
         
  NET INCREASE (DECREASE) IN CASH AND  CASH EQUIVALENTS 2,035,488 (30,990) (2,385,644)
  CASH AND CASH EQUIVALENTS, BEGINNING OF  THE PERIOD 8,764,415 172,949 13,313,615
  CASH AND CASH EQUIVALENTS, END OF  THE PERIOD 10,799,903 141,959 10,927,971
         
  ADDITIONAL CASH FLOW INFORMATION:      
  Interest paid 192,977 2,933 225,749
  Income taxes paid 349,843 6,241 480,415
         
  NONCASH INVESTING AND FINANCING ACTIVITIES:      
  Acquisition of assets by entering into capital leases 1,502,423 53,496 4,118,138
  Facilities purchase liabilities 181,945 5,002 385,074
  Asset retirement obligation -- 549 42,273
  Acquisition of a company:      
   Assets acquired 14,956,137 -- --
   Cash paid (9,170,000) -- --
   Liabilities assumed 5,786,137 -- --
         
         
  (Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was the noon buying rate on December 30, 2011.
Going Concern Assumption (Unaudited)    
Nothing to be reported.    
     
Segment Information (Unaudited)    
Business Segments:    
Revenues:    
  Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
  Thousands of JPY Thousands of JPY
Network service and systems integration business 56,776,195 70,204,107
Customers 56,443,776 69,829,240
Intersegment 332,419 374,867
ATM operation business 352,884 922,352
Customers 352,884 922,352
Intersegment － －
Elimination 332,419 374,867
Consolidated total 56,796,660 70,751,592
     
Segment profit or loss:    
  Nine Months Ended  December 31, 2010 Nine Months Ended  December 31, 2011
  Thousands of JPY Thousands of JPY
Network service and systems integration business 2,922,142 4,249,778
ATM operation business (465,460) (194,337)
Elimination 26,615 57,859
Consolidated operating income 2,430,067 3,997,582
     
 Substantially all revenues are from customers operating in Japan. Geographic information is not presented due to immateriality of revenue attributable to international operations.

Material Changes In Shareholders' Equity (Unaudited)

Nothing to be reported.

Subsequent Events (Unaudited)

Nothing to be reported.

3rd Quarter FY2011 Consolidated Financial Results (3 months)

The following tables are highlight data of 3rd Quarter FY2011 consolidated financial results (unaudited, from October 1, 2011 to December 31, 2011).

Operating Results Summary
       
  3Q10 3Q11 YoY % Change
  JPY millions JPY millions  
Total Revenues: 22,525 23,545 4.5
Network Services 15,424 15,922 3.2
SI 6,797 6,994 2.9
Equipment Sales 179 268 49.9
ATM Operation Business 125 361 190.3
Cost of Revenues: 17,827 18,683 4.8
Network Services 12,402 12,541 1.1
SI 5,017 5,541 10.4
Equipment Sales 160 241 50.1
ATM Operation Business 248 360 45.7
SG&A Expenses and R&D 3,469 3,313 (4.5)
Operating Income 1,229 1,549 26.1
Income before Income Tax Expense 1,169 1,489 27.4
Net Income attributable to IIJ 1,138 1,028 (9.6)
       
       
       
Network Service Revenue Breakdown
  3Q10 3Q11 YoY % Change
  JPY millions JPY millions  
Internet Connectivity Service (Corporate Use) 3,492 3,643 4.3
 IP Service 2,227 2,277 2.3
 IIJ FiberAccess/F and IIJ DSL/F 771 788 2.1
 IIJ Mobile Service 430 517 20.2
Others 64 61 (4.5)
Internet Connectivity Service (Home Use) 1,622 1,398 (13.9)
Under IIJ Brand 245 217 (11.5)
hi-ho 1,241 1,033 (16.8)
OEM 136 148 9.1
WAN Services 6,405 6,476 1.1
Outsourcing Services 3,905 4,405 12.8
Network Services Revenues 15,424 15,922 3.2

Reconciliation of Non-GAAP Financial Measures

The following table summarizes the reconciliation of adjusted EBITDA to net income in our consolidated statements of income that are prepared in accordance with U.S. GAAP.

Adjusted EBITDA    
  3Q10 3Q11
  JPY millions JPY millions
Adjusted EBITDA 2,747 3,376
Depreciation and Amortization 1,518 1,827
Operating Income 1,229 1,549
Other Income (Expense) (60) (60)
Income Tax Expense 179 548
Equity in Net Income (Loss) of Equity Method Investees 97 77
Net income 1,087 1,018
Net income attributable to noncontrolling interests 51 10
Net Income attributable to IIJ 1,138 1,028

The following table summarizes the reconciliation of capital expenditures to the purchase of property and equipment in our consolidated statements of cash flows that are prepared and presented in accordance with U.S. GAAP.

CAPEX
  3Q10 3Q11
  JPY millions JPY millions
CAPEX, including capital leases 1,515 2,208
Acquisition of Assets by Entering into Capital Leases 641 1,055
Purchase of Property and Equipment 874 1,153
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Income (Unaudited)
(For The Three Months ended December 31, 2010 and December 31, 2011)
         
    Three Months Ended December 31, 2010 Three Months Ended December 31, 2011
    Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
  REVENUES:      
  Network services:      
  Internet connectivity services (corporate use) 3,491,817 47,321 3,642,759
  Internet connectivity services (home use) 1,622,533 18,158 1,397,782
  WAN services 6,404,689 84,120 6,475,568
  Outsourcing services 3,904,810 57,227 4,405,320
  Total 15,423,849 206,826 15,921,429
  Systems integration:      
  Systems Construction 2,421,784 27,986 2,154,424
  Systems Operation and Maintenance 4,375,565 62,870 4,839,702
  Total 6,797,349 90,856 6,994,126
  Equipment sales 178,874 3,482 268,064
  ATM operation business 124,508 4,696 361,465
  Total revenues 22,524,580 305,860 23,545,084
  COST AND EXPENSES:      
  Cost of network services 12,401,754 162,916 12,541,295
  Cost of systems integration 5,017,343 71,978 5,540,863
  Cost of equipment sales 160,184 3,123 240,402
  Cost of ATM operation business 247,248 4,681 360,344
  Total cost 17,826,529 242,698 18,682,904
  Sales and marketing 1,872,826 26,283 2,023,213
  General and administrative 1,490,717 15,753 1,212,669
  Research and development 105,532 999 76,923
  Total cost and expenses 21,295,604 285,733 21,995,709
  OPERATING INCOME 1,228,976 20,127 1,549,375
  OTHER INCOME (EXPENSE):      
  Interest income 4,521 118 9,097
  Interest expense (75,156) (941) (72,438)
  Foreign exchange losses (11,805) (53) (4,111)
  Net gains (losses) on sales of other investments -net 21,422 -- --
  Losses on write-down of other investments (1,772) (93) (7,117)
  Other—net 2,502 186 14,302
  Other expense — net (60,288) (783) (60,267)
  INCOME FROM OPERATIONS BEFORE INCOME  TAX EXPENSE AND EQUITY IN NET INCOME  IN EQUITY METHOD INVESTEES 1,168,688 19,344 1,489,108
  INCOME TAX EXPENSE  179,199 7,123 548,352
  EQUITY IN NET INCOME (LOSS) OF EQUITY  METHOD INVESTEES 97,538 995 76,627
  NET INCOME 1,087,027 13,216 1,017,383
  LESS: NET LOSS ATTRIBUTABLE TO  NONCONTROLLING INTERESTS 50,784 141 10,814
  NET INCOME ATTRIBUTABLE TO  INTERNET INITIATIVE JAPAN INC. 1,137,811 13,357 1,028,197
         
    Three Months Ended December 31, 2010 Three Months Ended December 31, 2011
  NET INCOME PER SHARE      
  BASIC WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 202,684   202,684
  DILUTED WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 202,684   202,822
  BASIC WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) 81,073,600   81,073,600
  DILUTED WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) 81,073,600   81,128,800
  BASIC NET INCOME PER SHARE (JPY / U.S. Dollars / JPY) 5,613.72 65.90 5,072.91
  DILUTED NET INCOME PER SHARE (JPY / U.S. Dollars / JPY) 5,613.72 65.85 5,069.45
  BASIC NET INCOME PER ADS EQUIVALENT (JPY / U.S. Dollars / JPY) 14.03 0.16 12.68
  DILUTED NET INCOME PER ADS EQUIVALENT (JPY / U.S. Dollars / JPY) 14.03 0.16 12.67
         
  (Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was the noon buying rate on December 30, 2011.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Cash Flows (Unaudited)
(For The Three Months ended December 31, 2010 and December 31, 2011)
       
  Three Months Ended December 31, 2010 Three Months Ended December 31, 2011
  Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
OPERATING ACTIVITIES:      
Net income 1,087,027 13,216 1,017,383
Adjustments to reconcile net income to net cash  provided by operating activities:      
Depreciation and amortization 1,517,730 23,734 1,827,054
Provision for retirement and pension  costs, less payments 76,791 782 60,234
Reversal of allowance for doubtful   accounts and advances (7,328) (9) (699)
Loss on disposal of property and equipment 9,889 230 17,699
Net gains on sales of other investments (21,422) -- --
Impairment of other investments 1,772 92 7,117
Foreign exchange losses (gains), net 3,043 (48) (3,708)
Equity in net income of equity method  investees (97,538) (995) (76,627)
Deferred income tax expense (benefit) 78,006 (748) (57,608)
Others 37,319 (182) (13,981)
Changes in operating assets and liabilities net of effects  from acquisition of business and a company:      
Decrease (increase) in accounts receivable 1,495,960 (13,039) (1,003,770)
Decrease (increase) in net investment in sales-type lease  (125,524) 1,379 106,180
Increase in inventories, prepaid expenses  and other current and noncurrent assets (663,335) (11,012) (847,734)
Increase in accounts payable 4,127,102 406 31,242
Increase in income taxes payable 49,229 4,769 367,105
Decrease in deferred income -noncurrent (180,596) (808) (62,218)
Increase (decrease) in accrued expenses, other  current and noncurrent liabilities (4,109,538) 12,003 924,045
Net cash provided by operating activities 3,278,587 29,770 2,291,714
INVESTING ACTIVITIES:      
Purchase of property and equipment (873,339) (14,976) (1,152,846)
Proceeds from sales of property and equipment -- 983 75,699
Purchase of other investments (50,000) (650) (50,000)
Investment in an equity method investee -- (320) (24,647)
Proceeds from sales of available-for-sale securities 25,674 -- --
Proceeds from sales of other investments 9,881 -- --
Payments of guarantee deposits (315) (23) (1,802)
Refund of guarantee deposits 808 10 741
Payments for refundable insurance policies (5,015) (2) (183)
Other -- (53) (4,061)
Net cash used in financing activities (892,306) (15,031) (1,157,099)
  Three Months Ended December 31, 2010 Three Months Ended December 31, 2011
  Thousands of JPY Thousands of U.S. Dollars Thousands of JPY
FINANCING ACTIVITIES:      
Proceeds from issuance of short-term borrowings  with initial maturities over three months and  long-term borrowings 950,000 649 50,000
Repayments of short-term borrowings with initial  maturities over three months -- (1,559) (120,000)
Principal payments under capital leases (729,507) (11,809) (909,092)
Net Increase (decrease) in short-term borrowings with  initial maturities less than three months (950,000) 1,299 100,000
Dividends paid (253,355) (3,949) (304,026)
Net cash used in financing activities (982,862) (15,369) (1,183,118)
       
EFFECT OF EXCHANGE RATE CHANGES ON  CASH AND CASH EQUIVALENTS (11,547) 26 2,021
       
NET INCREASE (DECREASE) IN CASH AND CASH 　 　EQUIVALENTS 1,391,872 (604) (46,482)
CASH AND CASH EQUIVALENTS, BEGINNING OF  THE PERIOD 9,408,031 142,563 10,974,453
CASH AND CASH EQUIVALENTS, END OF  THE PERIOD 10,799,903 141,959 10,927,971
       
(Note) The U.S. dollar amounts represent translations of yen amounts at the rate of JPY76.98 per US$1.00, which was the noon buying rate on December 30, 2011.

Note: The following information is provided to disclose Internet Initiative Japan Inc. ("IIJ") financial results (unaudited) for the nine months ended December 31, 2011 in the form defined by the Tokyo Stock Exchange.

Consolidated Financial Results for the Nine Months Ended December 31, 2011 [Under accounting principles generally accepted in the United States ("U.S. GAAP")]

February 8, 2012

Company name: Internet Initiative Japan Inc.       Exchange listed: Tokyo Stock Exchange First Section

Stock code number: 3774                                  URL: http://www.iij.ad.jp/

Representative: Koichi Suzuki, President and Representative Director

Contact: Akihisa Watai, Managing Director and CFO       TEL: (03) 5259-6500

Filing of quarterly report: Scheduled on February 13, 2012

Payment of dividend:  -

Supplemental material on quarterly results: Yes

Presentation on quarterly results: Yes (for institutional investors and analysts)

 (Amounts of less than JPY one million are rounded)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2011 (April 1, 2011 to December 31, 2011)

(1) Consolidated Results of Operations

        (% shown is YoY change)
  Total Revenues Operating Income Income before Income Tax Expense Net Income attributable to IIJ
  JPY millions ％ JPY millions ％ JPY millions ％ JPY millions ％
Nine months ended December 31, 2011 70,752 24.6 3,998 64.5 3,780 73.8 2,390 19.7
Three months ended December 31, 2010 56,797 17.6 2,430 21.1 2,175 22.0 1,997 76.2
(Note1) Total comprehensive income Nine Months Ended December 31, 2011: JPY 2,320 million (up 29.3% YoY)
  Nine Months Ended December 31, 2010: JPY 1,794 million 
(Note2) Income before income tax expense represents income from operations before income tax expense and equity in net income in equity method investees in IIJ's consolidated financial statements.
  Basic Net Income attributable to IIJ per Share Diluted Net Income attributable to IIJ per Share
  JPY JPY
Nine months ended December 31, 2011 11,790.01 11,785.07
Nine months ended December 31, 2010 9,855.74 9,855.74
(2) Consolidated Financial Position        
  Total Assets Total Equity  Total IIJ Shareholders' Equity Total IIJ  Shareholders' Equity to Total Assets
  JPY millions JPY millions JPY millions %
December 31, 2011 71,004 31,372 31,423 44.3
March 31, 2011 71,473 29,641 29,652 41.5
2. Dividends          
  Dividend per Shares
  1Q-end 2Q-end 3Q-end Year-end Total
  JPY JPY JPY JPY JPY
Fiscal year ended March 31, 2011 -- 1,250.00 -- 1,500.00 2,750.00
Fiscal year ended March 31, 2012 -- 1,500.00 --    
Fiscal year ending March 31, 2012 (Target)       1,500.00 3,000.00
Changes in dividends forecasts during the three months ended December 31, 2011: None          
3. Target of Consolidated Financial Results for the Fiscal Year Ending March 31, 2012
(April 1, 2011 through March 31, 2012)         　 (% shown is YoY change)
  Total Revenues Operating Income Income before Income Tax Expense (Benefit) Net Income Attributable to IIJ Basic Net Income attributable to IIJ per Share
  JPY millions % JPY millions % JPY millions % JPY millions % JPY
Fiscal year ending March 31, 2012 97,000 17.7 6,300 52.1 5,600 46.1 3,400 6.1 16,774.88
Changes in earnings forecasts during the three months ended December 31, 2011: Yes    
4. Others  
(1) Changes in significant subsidiaries during the nine months ended December 31, 2011  
 (Changes in significant subsidiaries during the nine months ended December 31, 2011 which resulted in changes in scope of consolidation): No
(2) Application of simplified or exceptional accounting  
 (Application of simplified or exceptional accounting for quarterly consolidated financial statements): No  
(3) Changes in Significant Accounting and Reporting Policies for Consolidated Financial Statements  
 1) Changes due to the revision of accounting standards: Yes  
 2) Others: Yes  
(4) Number of Shares Outstanding (Shares of Common Stock)  
1) The number of shares outstanding (inclusive of treasury stock):  
As of December 31, 2011: 206,478 shares
As of March 31, 2011:  206,478 shares
2) The number of treasury stock:  
As of December 31, 2011: 3,794 shares
As of March 31, 2011: 3,794 shares
3) The weighted average number of shares outstanding:  
For the nine months ended December 31, 2011: 202,684 shares
For the nine months ended December 31, 2010: 202,632 shares
    
CONTACT:  YUKO KAZAMA
          IIJ Investor Relations Office
          Tel: +81-3-5259-6500
          E-mail: ir@iij.ad.jp
          URL: http://www.iij.ad.jp/en/IR

Source: Internet Initiative Japan Inc.


Radio One, Inc. Reports Q4 2011 Preliminary Revenue Information, Q1 2012 Pacings Update and Announces Date of its Year End 2011 Earnings Call Feb 7, 2012 10:29PM

WASHINGTON, Feb. 7, 2012 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported certain preliminary revenue information for the quarter ended December 31, 2011. Giving effect to the consolidation of TV One, consolidated net revenue increased approximately 37% compared to the same period in 2010. Revenue for the Company's core radio business, excluding Reach Media, decreased approximately 9.4% compared to Q4 2010, while Reach Media's revenue increased approximately 13% and the internet segment's revenue increased approximately 30%. Giving effect to a pro-forma consolidation of TV One, Q4 2011 consolidated net revenue was down approximately 2% compared to Q4 2010. Fourth quarter 2011 local radio revenues decreased approximately 4% and national radio revenues decreased approximately 22% compared to Q4 2010. The markets in which we operate radio stations were down approximately 3.8% for the quarter versus Q4 2010.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

Looking at current pacings for Q1 2012, the core radio business revenue is currently up approximately 6%, TV One's revenue is currently up mid single digits, Reach Media's revenues are expected to be broadly flat compared to Q1 2011 and our internet segment is currently up approximately 40% compared to Q1 2011. Given these trends, we are expecting a strong consolidated first half performance, and anticipate remaining in compliance with the various covenant tests contained within our credit agreement for the foreseeable future.

The company will release its full fourth quarter 2011 earnings statement on March 15, 2012 and will hold a conference call at 10:00 AM EDT on that date to discuss the earnings in more depth.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Radio One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Radio One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially are described in Radio One's reports on Form 10-K and other filings with the Securities and Exchange Commission.  Radio One does not undertake any duty to update any forward-looking statements.

Radio One, Inc. (http://www.radio-one.com/) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation's largest radio broadcasting companies, currently owning or operating 53 broadcast stations located in 15 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother's "Spirit" program, Bishop T.D. Jakes' "Empowering Moments", the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful, Community Connect Inc. (http://www.communityconnect.com/), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente, and Asian Avenue. In addition, the Company owns a controlling interest in TV One, LLC (http://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.

 

 

SOURCE Radio One, Inc.


Vista Gold Corp. Announces Transaction with Invecture Group to Advance the Concordia Gold Project in Mexico Feb 7, 2012 10:17PM

DENVER, Feb. 7, 2012 /PRNewswire/ -- Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) ("Vista" or the "Corporation") is pleased to announce that it has entered into an Earn-in Right Agreement (the "Agreement") with Mexico-based Invecture Group, S.A. de C.V. ("Invecture") with respect to Vista's Concordia gold project in Baja California Sur, Mexico.  Invecture is the owner of Frontera Copper Corporation, which owns and operates the Piedras Verdes Copper Mine in the Mexican State of Sonora.  A conference call with management to discuss this transaction is scheduled for Monday, February 13, 2012 at 11:00 a.m. MST.

Vista holds the Concordia gold project through its wholly-owned, Mexican subsidiary, Desarrollos Zapal, S.A. de C.V. ("DZ Mexico").  Under the terms of the Agreement, Invecture has agreed to make a non-refundable payment of US$2.0 million in exchange for the right to earn a 60% interest (subject to adjustment) in DZ Mexico (the "Earn-in Right").  The Earn-in Right will expire if not exercised by February 7, 2014, subject to extension in certain circumstances (the "Earn-in Period").  The Agreement provides that during the Earn-in Period, Invecture will, at its sole expense, manage and operate the Concordia gold project and will undertake all commercially reasonable efforts to obtain the Change of Forest Land Use Permit ("CUSF") and the Authorization of Environmental Impact which are required to develop the project.  Invecture has advised that it will secure US$70.0 million in project debt finance to construct the Concordia gold project after it has exercised the Earn-in Right and after a project development decision has been made. Once Invecture has earned its interest in the Concordia gold project, the parties have agreed to evaluate market conditions with regard to the future organization and ownership structure of DZ Mexico.

Commenting on this transaction with Invecture, Fred Earnest, President and CEO of Vista, said, "Our team in Mexico has worked hard to advance the Concordia gold project.  This investment by Invecture represents a vote of confidence that the Concordia gold project represents an excellent opportunity to develop a new mine that we expect will make an important contribution to employment and to the economy in Baja California.   We and Invecture believe that the environmental impacts of the development of a mine can be limited and that the benefits to the state and local communities will far outweigh these concerns.  We believe Invecture's in-country experience, financial strength, and committed management team make Invecture an excellent strategic partner to take the lead in securing the authorizations and financing required to bring Concordia into production."  

The Agreement provides that the exercise of the Earn-in Right by Invecture is conditional upon, among other things: (i) receipt of the CUSF and the Authorization of Environmental Impact; (ii) the completion of a feasibility report on the Concordia gold project which updates the existing feasibility report with respect to costs; (iii) Invecture funding the Concordia gold project during the Earn-in Period; and (iv) Invecture making an additional payment of US$20.0 million to DZ Mexico, which amount will be used to repay intercompany loans owed by DZ Mexico to Vista. 

During the Earn-in Period and subject to the terms of the Agreement, Vista will hold 40% of the DZ Mexico shareholder voting rights.  The remaining 60% of the DZ Mexico shareholder voting rights will be held in a trust that will be instructed by representatives from Vista and Invecture.  Upon Invecture's exercise of the Earn-in Right, Vista will continue to hold a 40% interest (subject to adjustment) in DZ Mexico and the Concordia gold project.  

As part of the Agreement, DZ Mexico has transferred all of its other material assets, including the mill equipment acquired by Vista for the Concordia gold project in 2008 and the Guadalupe de los Reyes gold/silver project, to other entities in the Vista group of companies.  Vista has granted Invecture the option to cause DZ Mexico to acquire the mill equipment for US$16.0 million plus storage, insurance and transportation costs and any applicable taxes.  This option is exercisable by Invecture during the first 12 months after the date of the Agreement. 

Mr. Earnest went on to conclude, "With Concordia being funded and managed by a very capable Mexican partner, we are able to fully focus our energy and resources on the development of the Mt. Todd gold project in Northern Territory, Australia, and on the exploration and evaluation of the Guadalupe de los Reyes gold/silver project in Sinaloa, Mexico.  We have drilling programs underway at both of these projects, and in the coming weeks, we expect to announce the results of a definitive feasibility study for the Mt. Todd gold project, which will be a significant milestone in our development of that world class project."

About Vista Gold Corp.

Vista is focused on the development of its Mt. Todd gold project in Northern Territory, Australia, and its Concordia gold project in Baja California Sur, Mexico, to achieve its goal of becoming a gold producer. After the initial public offering of the common shares of Midas Gold Corp. ("Midas"), Vista held approximately 30% of Midas' common shares. Midas has a large exploration property in Idaho, including the Yellow Pine property previously held by Vista. Vista's other holdings include the Guadalupe de los Reyes gold-silver project in Mexico, the Awak Mas gold project in Indonesia and the Long Valley gold project in California. For more information about our projects, including technical studies and resource estimates, please visit Vista's website at www.vistagold.com.

About Invecture Group, S.A de C.V.

Invecture Group holds approximately $500 million in assets, is owned by Mexican investors and owns Frontera Copper Corporation whose principal asset is the Piedras Verdes copper mine in the State of Sonora, Mexico. It acquired Frontera in 2009 and has executed a significant turnaround in operational, financial and community relationship terms. This included restarting the Piedras Verdes mine, raising US$140 million to acquire mining equipment, build a crushing, screening and stacking circuit and a major upgrade to the management team.

Management Conference Call

A conference call with management to discuss this transaction is scheduled for Monday, February 13, 2012 at 11:00 a.m. MST.

Toll-free in North America:  1-866-443-4188International:  1-416-849-6196

This call will also be web-cast and can be accessed at the following web location:            http://www.snwebcastcenter.com/event/?event_id=2580

This call will be archived and available at www.vistagold.com after February 13, 2012.  Audio replay will be available for three weeks by calling in North America:  1-866-245-6755, passcode 827120.

If you are unable to access the audio or phone-in on the day of the conference call, please feel free to email questions to Connie Martinez, Manager - Investor Relations, (email: connie@vistagold.com), and we will try to address these questions prior to or during the conference call.

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as, the timing of the expiry of the Earn-in Period, the exercise of the Earn-in Right by Invecture, Vista's continued interest in DZA Mexico after the exercise of the Earn-in Right, the receipt of the required mining authorizations in respect of the Concordia gold project, the completion of an updated feasibility report on the Concordia gold project, the payment by Invecture of costs associated with the Concordia gold project, the payment by Invecture of US$20 million to DZA Mexico to exercise the Earn-in Right and the subsequent repayment of intercompany loans, the anticipated benefits of the Earn-in Right Agreement, the ability of Invecture to assist with the advancement of the Concordia gold project, including acceleration of efforts and receipt of authorizations required for the Concordia gold project, the evaluation of strategic alternatives for the Concordia gold project, development of a mine at the Concordia gold project and the resulting contribution to employment and the economy in Baja California, environmental impact of development on the mine, benefit to local and state communities as a result of development of a mine at the Concordia gold project, timing for and announcement of the definitive feasibility study for the Mt. Todd gold project and other such matters are forward-looking statements and forward-looking information.  When used in this press release, the words "optimistic," "potential," "indicate," "expect," "intend," "hopes," "believe," "may," "will," "could," "if," "anticipate," and similar expressions are intended to identify forward-looking statements and forward-looking information.  These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements.  Such factors include, among others, risks associated with reliance on Invecture, risks related to timing, completion and results of feasibility studies, uncertainty of resource estimates, estimates of results based on such resource estimates; risks relating to cost increases for capital and operating costs; risks related to the ability to obtain the necessary permits, risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on Vista's operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings "Note Regarding Forward-Looking Statements" and "Risk Factors" in Vista's latest Annual Report on Form 10-K as filed on March 14, 2011, and Quarterly Report on Form 10-Q, as filed November 9, 2011, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities.  Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

For further information, please contact Connie Martinez at (720) 981-1185.

SOURCE Vista Gold Corp.


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