FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer


Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934


For the month of October, 2015

Commission File Number 1-15236

Advantest Corporation
(Translation of Registrant’s Name Into English)

Shin Marunouchi Center Building
1-6-2, Marunouchi
Chiyoda-ku
Tokyo 100-0005
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  o

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

Yes  o    No  x

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


 
 
 
 
  
Materials Contained in this Report:
 
 
 
1.
English translation of the Japanese-language FY2015 Second Quarter Consolidated Financial Results for the period ended September 30, 2015, as filed by the registrant with the Tokyo Stock Exchange on October 26, 2015.
 
 
2.
English translation of a press release dated October 26, 2015 regarding Revisions of Earnings Forecast for the Fiscal Year Ending March 31, 2016.
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
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.


  Advantest Corporation  
         
         
  By:  /s/ Hiroshi Nakamura  
    Name: Hiroshi Nakamura  
    Title: Director, Managing Executive Officer  
         


Date:  October 26, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 



Advantest Corporation (FY2015 Q2)

FY2015 Second Quarter Consolidated Financial Results
(Advantest’s consolidated financial statements are prepared in accordance with U.S. GAAP)
(Period ended September 30, 2015)
(Unaudited)

October 26, 2015
Company name
:
Advantest Corporation
   
(URL http://www.advantest.com/US/investors)
Stock exchange on which shares are listed
:
First section of the Tokyo Stock Exchange
Stock code number
:
6857
Company representative
:
Shinichiro Kuroe, Representative Director, President and CEO
Contact person
:
Hiroshi Nakamura, Director, Managing Executive Officer and Executive Vice President, Corporate Administration Group
   
(03) 3214-7500
Quarterly Report Filing Date (as planned)
:
November 13, 2015
Dividend Payable Date (as planned)
:
December 1, 2015
Quarterly Results Supplemental Materials
:
Yes
Quarterly Results Presentation Meeting
:
Yes


(Rounded to the nearest million yen)
1. Consolidated Results of FY2015 Q2 (April 1, 2015 through September 30, 2015)
(1)
Consolidated Financial Results (Accumulated)
(% changes as compared with the corresponding period of the previous fiscal year)
   
Net sales
   
Operating income
   
Income before
income taxes
   
Net income
 
 
 
Million yen
   
% increase
(decrease)
   
Million yen
   
% increase
(decrease)
   
Million yen
   
% increase
(decrease)
   
Million yen
   
% increase
(decrease)
 
  FY2015 Q2
  86,665     9.8     6,748     5.6     6,305     (21.4)     4,431     (3.4)  
  FY2014 Q2
  78,943     32.4     6,392    
    8,017    
    4,585    
 
(Note) Quarterly comprehensive income (loss): FY2015 Q2 (Y) 4,494 million (60.6%);FY2014 Q2 (Y) 11,407 million -%

   
Net income per share- basic
   
Net income per share- diluted
   
 
 
 
   
Yen
   
 
   
Yen
   
  FY2015 Q2
  25.38           22.94          
  FY2014 Q2
 
26.32 
         
23.79 
         

(2)
Consolidated Financial Position
   
Total assets
   
Net assets
   
Stockholders’ Equity
   
Equity-to-assets ratio
 
 
 
 
   
Million yen
   
 
   
Million yen 
         
Million yen
   
 
   
%
 
  FY2015 Q2
  259,770           143,719           143,719           55.3        
  FY2014
  273,041           140,938           140,938           51.6        

2. Dividends
 
 
Dividend per share
 
(Record Date)
 
First quarter end
   
Second quarter end
   
Third quarter end
   
Year end
   
Annual total
 
   
yen
   
yen
   
yen
   
yen
   
yen
 
  FY2014
   
      5.00    
      10.00       15.00  
  FY2015
   
      10.00     N/A       N/A       N/A  
  FY2015
 (forecast)
    N/A       N/A    
      10.00       20.00  
  (Note) Revision of dividends forecast for this period: No
 
1

 
Advantest Corporation (FY2015 Q2)


3. Projected Results for FY2015 (April 1, 2015 through March 31, 2016)
(% changes as compared with the corresponding period of the previous fiscal year)
   
Net sales
   
Operating
income
   
Income before
income taxes
   
Net income
   
Net income per share
 
FY2015  
Million yen
   
%
   
Million yen
   
%
   
Million yen
   
%
   
Million yen
   
%
   
Yen
 
  160,000     (2.0 )   10,000     (31.6 )   9,500     (49.6 )   6,700     (48.3 )   38.38  
(Note) Revision of projected results  for this period: Yes
Please see “(3) Prospects for the Current Fiscal Year” on page 6 for details.

4. Others
(1)
Material changes in subsidiaries during this period (changes in scope of consolidation resulting from changes in subsidiaries): No
(2)
Use of simplified accounting method and special accounting policy for quarterly consolidated financial statements: Yes
(Note) Please see “2. Others” on page 7 for details.
(3)
Accounting changes:
 
1)
Changes based on revisions of accounting standard: No
 
2)
Changes other than 1) above: No
(4)
Number of issued and outstanding stock (common stock):
 
1)
Number of issued and outstanding stock at the end of each fiscal period (including treasury stock):
FY2015 Q2  199,566,770 shares; FY2014 199,566,770 shares.
 
2)
Number of treasury stock at the end of each fiscal period:
FY2015 Q2  24,993,746 shares; FY2014  25,020,294 shares.
 
3)
Average number of outstanding stock for each period (cumulative term):
FY2015 Q2  174,565,559 shares; FY2014 Q2  174,189,320 shares.

Status of Quarterly Review Procedures
This quarterly financial results report is not subject to quarterly review procedures by independent auditors under Japan’s Financial Instruments and Exchange Law. At the time of release of this report, such quarterly review procedures under the Financial Instruments and Exchange Law have not been completed.

Explanation on the Appropriate Use of Future Earnings Projections and Other Special Instructions
This document contains “forward-looking statements” that are based on Advantest’s current expectations, estimates and projections.  These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Advantest’s actual results, levels of activities, performance or achievements to be materially different from those expressed or implied by such forward-looking statements.  These factors include: (i) changes in demand for the products and services produced and offered by Advantest’s customers, including semiconductors, communications services and electronic goods; (ii) circumstances relating to Advantest’s investment in technology, including its ability to timely develop products that meet the changing needs of semiconductor manufacturers, communications network equipment and components makers and service providers; (iii) significant changes in the competitive environment in the major markets where Advantest purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; and (iv) changes in economic conditions, currency exchange rates or political stability in the major markets where Advantest procures materials, components and supplies for the production of its principal products or where its products are produced, distributed or sold.  A discussion of these and other factors which may affect Advantest’s actual results, levels of activities, performance or achievements is contained in the “Operating and Financial Review and Prospects”, “Key Information - Risk Factors” and “Information on the Company” sections and elsewhere in Advantest’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
 
 
 
2

 
Advantest Corporation (FY2015 Q2)

Contents

1.
Business Results
 
P.  4
 
(1)
Analysis of Business Results
 
P.  4
 
(2)
Analysis of Financial Condition
 
P.  6
 
(3)
Prospects for the Current Fiscal Year
 
P.  6
2.
Others
 
P.  7
 
(1)
Use of Simplified Accounting Method and Special Accounting Policy for Quarterly Consolidated Financial Statements
 
P.  7
3.
Consolidated Financial Statements
 
P.  8
 
(1)
Consolidated Balance Sheets (Unaudited)
 
P.  8
 
(2)
Consolidated Statements of Operations (Unaudited)
 
P.10
 
(3)
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 
P.12
 
(4)
Consolidated Statements of Cash Flows (Unaudited)
 
P.13
 
(5)
Notes to Consolidated Financial Statements
 
P.14
   
(Notes on Going Concern)
 
P.14
   
(Notes on Significant Changes to Stockholders’ Equity)
 
P.14
   
(Segment Information)
 
P.14
 
 
 
 
 
 

 
 
3

 
  
Advantest Corporation (FY2015 Q2)



1.  Business Results

(1) Analysis of Business Results
Consolidated Financial Results of FY2015 Q2 (April 1, 2015 through September 30, 2015)
                (in billion yen)
   
Six months ended
September 30, 2014
   
Six months ended
September 30, 2015
   
As compared to the
corresponding period of
the previous
fiscal year
increase (decrease)
Orders received
    87.4       71.1       (18.7 %) 
Net sales
    78.9       86.7       9.8 %
Operating income
    6.4       6.7       5.6 %
Income before income taxes
    8.0       6.3       (21.4 %) 
Net income
    4.6       4.4       (3.4 %) 
During Advantest’s first half of fiscal year 2015, the global economy maintained its moderate growth trend supported by an improvement in the American economy, although growth was less than initially anticipated due to a slowdown in the Chinese economy.
Semiconductor-related markets benefited from robust investments related to advanced semiconductors used in smartphones and data centers, particularly memory semiconductors. However, macroeconomic factors including falling stock prices and declines in international trade contributed to declining forward visibility, which impacted consumer spending in China and other countries, causing semiconductor manufacturers to limit their new orders for manufacturing equipment.
Amid this increasingly challenging environment, Advantest focused on promoting sales of semiconductor and component test systems while also seeking to increase profitability of its ATE-related peripheral business and other businesses.
As a result, orders received were (Y) 71.1 billion (18.7% decrease in comparison to the corresponding period of the previous fiscal year), net sales were (Y) 86.7 billion (9.8% increase in comparison to the corresponding period of the previous fiscal year), and operating income was (Y) 6.7 billion (5.6% increase in comparison to the corresponding period of the previous fiscal year), representing gains in both net sales and profits.  Income before income taxes was (Y) 6.3 billion (21.4% decrease in comparison to the corresponding period of the previous fiscal year) and net income was (Y) 4.4 billion (3.4% decrease in comparison to the corresponding period of the previous fiscal year). The percentage of net sales to overseas customers was 94.2% (92.8% in the corresponding period of the previous fiscal year).

Conditions of business segments are described below.









 
4

 
  
Advantest Corporation (FY2015 Q2)




<Semiconductor and Component Test System Segment>
                (in billion yen)
   
Six months ended
September 30, 2014
   
Six months ended
September 30, 2015
   
As compared to the
corresponding period of
the previous
fiscal year
increase (decrease)
Orders received
    63.9       39.0       (38.9 %)  
Net sales
    55.0       51.2       (6.9 %)
Operating income
    7.9       2.8       (64.8 %)
The Semiconductor and Component Test System Segment logged strong sales of memory test systems, reflecting memory semiconductor manufacturers’ proactive capital expenditures. However, non-memory test system sales were slow since the summer due to declines in the PC market and lower sales of smartphones in China.
As a result of the above, orders received were (Y) 39.0 billion (38.9% decrease in comparison to the corresponding period of the previous fiscal year), net sales were (Y) 51.2 billion (6.9% decrease in comparison to the corresponding period of the previous fiscal year), and operating income was 2.8 billion (64.8% decrease in comparison to the corresponding period of the previous fiscal year).

< Mechatronics System Segment>
                (in billion yen)
   
Six months ended
September 30, 2014
   
Six months ended
September 30, 2015
   
As compared to the
corresponding period of
the previous
fiscal year
increase (decrease)
Orders received
    11.9       17.8       49.7 %  
Net sales
    11.1       20.3       82.5 %  
Operating income
    0.7       4.5    
6.3 times 
 
The Mechatronics System Segment also benefited from proactive capital expenditures by memory semiconductor manufacturers, which contributed to a strong quarter for the device interface business.  Additionally, the nanotechnology business saw strong sales amid growing demand for further miniaturization of semiconductors and electronic materials.
As a result of the above, orders received were (Y) 17.8 billion (49.7% increase in comparison to the corresponding period of the previous fiscal year), net sales were (Y) 20.3 billion (82.5% increase in comparison to the corresponding period of the previous fiscal year), and operating income was 4.5 billion (6.3 times increase in comparison to the corresponding period of the previous fiscal year).

<Services, Support and Others Segment>
                (in billion yen)
   
Six months ended
September 30, 2014
   
Six months ended
September 30, 2015
   
As compared to the
corresponding period of
the previous
fiscal year
increase (decrease)
Orders received
    11.7       14.2       21.7 %  
Net sales
    12.9       15.2       18.0 %  
Operating income
    1.6       2.3       48.7 %  
 
 
 
5

 
   
Advantest Corporation (FY2015 Q2)



The Services, Support and Others Segment continued to generate higher net sales and profits from its field services business due to increasing number of annual maintenance contracts.  SSD test systems, a new business, also saw strong sales.
As a result of the above, orders received were (Y) 14.2 billion (21.7% increase in comparison to the corresponding period of the previous fiscal year), net sales were (Y) 15.2 billion (18.0% increase in comparison to the corresponding period of the previous fiscal year), and operating income was 2.3 billion (48.7% increase in comparison to the corresponding period of the previous fiscal year).

(2) Analysis of Financial Condition
Total assets at September 30, 2015 amounted to (Y) 259.8 billion, a decrease of (Y) 13.3 billion compared to March 31, 2015, primarily due to a decrease of (Y) 11.1 billion and (Y) 1.5 billion in cash and cash equivalents and property, plant and equipment, respectively.  The amount of total liabilities was (Y) 116.1 billion, a decrease of (Y) 16.1 billion compared to March 31, 2015, primarily due to a redemption of (Y) 10.0 billion in corporate bonds and a decrease of (Y) 5.0 billion in trade accounts payable. Stockholders’ equity was (Y) 143.7 billion. Equity to assets ratio was 55.3%, an increase of 3.7 percentage points from March 31, 2015.

(Cash Flow Condition)
Cash and cash equivalents held at September 30, 2015 were (Y) 86.5 billion, a decrease of (Y) 11.1 billion from March 31, 2015. Significant cash flows during the first half of this fiscal year and their causes are described below.
Net cash provided by operating activities was (Y) 1.5 billion (net cash inflow of (Y) 13.4 billion in the corresponding period of the previous fiscal year). This amount was primarily attributable to a decrease of (Y) 4.7 billion and (Y) 1.6 billion in trade accounts payable and customer prepayments, respectively, and adjustments of non cash items such as depreciation and amortization in addition to the net income of (Y) 4.4 billion.
Net cash used in investing activities was (Y) 1.4 billion (net cash outflow of (Y) 0.1 billion in the corresponding period of the previous fiscal year). This amount was primarily attributable to payments for acquisition of tangible fixed assets in the amount of (Y) 1.4 billion.
Net cash used in financing activities was (Y) 11.7 billion (net cash outflow of (Y) 0.8 billion in the corresponding period of the previous fiscal year). This amount was primarily attributable to redemption of corporate bonds (Y) 10.0 billion and dividends paid of (Y) 1.7 billion.

(3) Prospects for the Current Fiscal Year
Advantest expects that the trend for a society with greater safety and comfort, as embodied in the global adoption of smartphones and acceleration of computerization of automobiles, will drive future growth in the semiconductor industry and related markets.
Regarding the business environment for the current fiscal year, Advantest expects that its non-memory test system business will face difficult conditions for a while but expects that demand will recover in the new year when an increase in production of semiconductors for high-end smartphones is anticipated. Memory test systems are expected to continue to attract robust customer interest through the fiscal year since major semiconductor manufacturers are planning to expand their DRAM and NAND flash memory production capacity.
Additionally, Advantest anticipates growth in its mechatronics system business, including device interfaces and nanotechnology products, and services, support and others business due to its strategy to increase profitability.
Due to the recent slowdown in demand for non-memory test systems starting in the summer and the expected decrease in the percentage of net sales constituting high profitability products, Advantest has revised its full-year forecast as follows: net sales of (Y) 160.0 billion; operating income of (Y) 10.0 billion; and net income of (Y) 6.7 billion. These forecasts are based on foreign exchange rates of 120 JPY to 1 USD and 135 JPY to 1 Euro.
 
 
 
6

 
  
Advantest Corporation (FY2015 Q2)


2.  Others
(1) Use of Simplified Accounting Method and Special Accounting Policy for Quarterly Consolidated Financial Statements
Tax expense is measured using an estimated annual effective tax rate. Advantest makes, at the end of the first half, its best estimate of the annual effective tax rate for the full fiscal year and uses that rate to provide for income taxes on a current year-to-date basis. The estimated effective tax rate includes the deferred tax effects of expected year-end temporary differences and carryforwards, and the effects of valuation allowances for deferred tax assets.
 
 
 
 
 
 
 
 
 
 
 

 
7

 
  
Advantest Corporation (FY2015 Q2)
 
 
3. Consolidated Financial Statements
 
(1) Consolidated Balance Sheets (Unaudited)
 
 
   
Yen (Millions)
 
Assets
 
March 31, 2015
   
September 30, 2015
 
             
             
Current assets:
           
Cash and cash equivalents
  ¥ 97,574       86,506  
Trade receivables, net
    24,960       24,219  
Inventories
    37,210       36,572  
Other current assets
    5,057       6,393  
                 
Total current assets
    164,801       153,690  
                 
                 
Investment securities
    2,249       2,088  
Property, plant and equipment, net
    38,480       36,998  
Intangible assets, net
    4,085       3,691  
Goodwill
    54,590       54,495  
Other assets
    8,836       8,808  
                 
Total assets
  ¥ 273,041       259,770  
 
 
 
 
 
 
 
8

 
  
Advantest Corporation (FY2015 Q2)
 
 
   
Yen (Millions)
 
Liabilities and Stockholders’ Equity
 
March 31, 2015
   
September 30, 2015
 
             
             
Current liabilities:
           
Trade accounts payable
  ¥ 18,101       13,123  
Accrued expenses
    10,482       9,725  
Income taxes payable
    2,106       2,214  
Accrued warranty expenses
    1,525       1,627  
Corporate bonds - current portion
    10,000        
Customer prepayments
    4,900       3,459  
Other current liabilities
    2,572       2,939  
                 
Total current liabilities
    49,686       33,087  
                 
Corporate bonds
    15,000       15,000  
Convertible bonds
    30,119       30,104  
Accrued pension and severance costs
    35,034       35,982  
Other liabilities
    2,264       1,878  
                 
Total liabilities
    132,103       116,051  
                 
Commitments and contingent liabilities
               
                 
Stockholders’ equity:
               
Common stock
    32,363       32,363  
Capital surplus
    43,770       43,761  
Retained earnings
    141,104       143,730  
Accumulated other comprehensive income
    18,387       18,450  
Treasury stock
    (94,686 )     (94,585 )
                 
Total stockholders’ equity
    140,938       143,719  
                 
Total liabilities and stockholders’ equity
  ¥ 273,041       259,770  
 
 
 
 
 
9

 
  
Advantest Corporation (FY2015 Q2)
 
(2) Consolidated Statements of Operations (Unaudited)
 

   
Yen (Millions)
 
   
Six months ended
   
Six months ended
 
   
September 30, 2014
   
September 30, 2015
 
             
Net sales
  ¥ 78,943       86,665  
Cost of sales
    35,697       39,715  
                 
Gross profit
    43,246       46,950  
                 
Research and development expenses
    15,022       15,978  
Selling, general and administrative expenses
    21,832       24,224  
                 
Operating income
    6,392       6,748  
                 
Other income (expense):
               
Interest and dividend income
    88       154  
Interest expense
    (68 )     (55 )
Gain on sale of investment securities
    559        
Other, net
    1,046       (542 )
                 
Total other income (expense)
    1,625       (443 )
                 
Income before income taxes
    8,017       6,305  
                 
Income taxes (benefit)
    3,432       1,874  
                 
Net income
  ¥ 4,585       4,431  
                 
                 
   
Yen
 
   
Six months ended
   
Six months ended
 
   
September 30, 2014
   
September 30, 2015
 
                 
Net income per share:
               
Basic
  ¥ 26.32       25.38  
Diluted
    23.79       22.94  
 
 

 
 
10

 
Advantest Corporation (FY2015 Q2)
 
 
   
Yen (Millions)
 
   
Three months ended
   
Three months ended
 
   
September 30, 2014
   
September 30, 2015
 
             
Net sales
  ¥ 42,114       46,388  
Cost of sales
    19,119       22,053  
                 
Gross profit
    22,995       24,335  
                 
Research and development expenses
    7,641       8,017  
Selling, general and administrative expenses
    11,364       12,279  
                 
Operating income
    3,990       4,039  
                 
Other income (expense):
               
Interest and dividend income
    29       64  
Interest expense
    (34 )     (25 )
Other, net
    840       (576 )
                 
Total other income (expense)
    835       (537 )
                 
Income before income taxes
    4,825       3,502  
                 
Income taxes (benefit)
    1,579       974  
                 
Net income
  ¥ 3,246       2,528  
                 
                 
   
Yen
 
   
Three months ended
   
Three months ended
 
   
September 30, 2014
   
September 30, 2015
 
                 
Net income per share:
               
Basic
  ¥ 18.64       14.48  
Diluted
    16.85       13.10  
 
 
 
 
11

 
Advantest Corporation (FY2015 Q2)
 
(3) Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 
 
   
Yen (Millions)
 
   
Six months ended
   
Six months ended
 
   
September 30, 2014
   
September 30, 2015
 
             
Comprehensive income (loss)
           
Net income
  ¥ 4,585       4,431  
Other comprehensive income (loss), net of tax
               
Foreign currency translation adjustments
    6,661       (554 )
Net unrealized gains (losses) on investment securities
    (371 )     (121 )
Pension related adjustments
    532       738  
                 
Total other comprehensive income (loss)
    6,822       63  
                 
Total comprehensive income (loss)
  ¥ 11,407       4,494  
                 
                 
   
Yen (Millions)
 
   
Three months ended
   
Three months ended
 
   
September 30, 2014
   
September 30, 2015
 
                 
Comprehensive income (loss)
               
Net income
  ¥ 3,246       2,528  
Other comprehensive income (loss), net of tax
               
Foreign currency translation adjustments
    8,727       (3,931 )
Net unrealized gains (losses) on investment securities
    (116 )     (318 )
Pension related adjustments
    252       373  
                 
Total other comprehensive income (loss)
    8,863       (3,876 )
                 
Total comprehensive income (loss)
  ¥ 12,109       (1,348 )
 
 
 
 
 
 
 
12

 
  
Advantest Corporation (FY2015 Q2)
 
(4) Consolidated Statements of Cash Flows (Unaudited)
 
 
   
Yen (Millions)
 
   
Six months ended
   
Six months ended
 
   
September 30, 2014
   
September 30, 2015
 
             
Cash flows from operating activities:
           
Net income
  ¥ 4,585       4,431  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
               
Depreciation and amortization
    2,514       2,740  
Deferred income taxes
    (337 )     214  
Gain on sale of investment securities
    (559 )  
 
Changes in assets and liabilities:
               
Trade receivables
    (3,828 )     353  
Inventories
    506       780  
Trade accounts payable
    2,398       (4,748 )
Other account payable
    422       (80 )
Accrued expenses
    2,712       (816 )
Income taxes payable
    2,975       (93 )
Accrued warranty expenses
    (127 )     93  
Customer prepayments
    494       (1,614 )
Accrued pension and severance costs
    247       1,410  
Other
    1,390       (1,191 )
                 
Net cash provided by (used in) operating activities
    13,392       1,479  
                 
Cash flows from investing activities:
               
Proceeds from sale of available-for-sale securities
    1,557    
 
Purchases of property, plant and equipment
    (1,497 )     (1,365 )
Purchases of intangible assets
    (249 )     (256 )
Other
    47       204  
                 
Net cash provided by (used in) investing activities 
    (142 )     (1,417 )
                 
Cash flows from financing activities:
               
Redemption of corporate bonds
 
      (10,000 )
Dividends paid
    (845 )     (1,742 )
Other
    36       (5 )
                 
Net cash provided by (used in) financing activities
    (809 )     (11,747 )
                 
Net effect of exchange rate changes on cash and cash equivalents
    2,065       617  
                 
Net change in cash and cash equivalents
    14,506       (11,068 )
                 
Cash and cash equivalents at beginning of period
    68,997       97,574  
                 
Cash and cash equivalents at end of period
  ¥ 83,503       86,506  
 
 
 
 
13

 
  
Advantest Corporation (FY2015 Q2)
 

(5)
Notes to Consolidated Financial Statements

 
(Notes on Going Concern): None

 
(Notes on Significant Changes to Stockholders’ Equity): None

 
(Segment Information)

   
Yen (Millions)
 
   
Six months ended September 30, 2014
 
   
Semiconductor
and
Component
Test System
Business
   
Mechatronics
System
Business
   
Services,
Support and
Others
   
Elimination
and
Corporate
   
Total
 
 Net sales to unaffiliated customers
  ¥ 54,925       11,100       12,918    
      78,943  
 Inter-segment sales
    66    
   
      (66 )  
 
Net sales
    54,991       11,100       12,918       (66 )     78,943  
Operating income (loss) before stock option compensation expense
    7,904       714       1,568       (3,794 )     6,392  
Adjustment:
                                       
Stock option compensation expense
                                 
 
Operating income
                                  ¥ 6,392  

   
Yen (Millions)
 
   
Six months ended September 30, 2015
 
   
Semiconductor
and
Component
Test System
Business
   
Mechatronics
System
Business
   
Services,
Support and
Others
   
Elimination
and
Corporate
   
Total
 
 Net sales to unaffiliated customers
  ¥ 51,168       20,258       15,239    
      86,665  
 Inter-segment sales
    24    
   
      (24 )  
 
Net sales
    51,192       20,258       15,239       (24 )     86,665  
Operating income (loss) before stock option compensation expense
    2,779       4,509       2,331       (2,871 )     6,748  
Adjustment:
                                       
Stock option compensation expense
                                 
 
Operating income
                                  ¥ 6,748  






 
14

 
   
Advantest Corporation (FY2015 Q2)


   
Yen (Millions)
 
   
Three months ended September 30, 2014
 
   
Semiconductor
and
Component
Test System
Business
   
Mechatronics
System
Business
   
Services,
Support and
Others
   
Elimination
and
Corporate
   
Total
 
 Net sales to unaffiliated customers
  ¥ 28,881       6,307       6,926    
      42,114  
 Inter-segment sales
    66    
   
      (66 )  
 
Net sales
    28,947       6,307       6,926       (66 )     42,114  
Operating income (loss) before stock option compensation expense
    4,786       559       940       (2,295 )     3,990  
Adjustment:
                                       
Stock option compensation expense
                                 
 
Operating income
                                  ¥ 3,990  

   
Yen (Millions)
 
   
Three months ended September 30, 2015
 
   
Semiconductor
and
Component
Test System
Business
   
Mechatronics
System
Business
   
Services,
Support and
Others
   
Elimination
and
Corporate
   
Total
 
 Net sales to unaffiliated customers
  ¥ 26,495       11,448       8,445    
      46,388  
 Inter-segment sales
    18    
   
      (18 )  
 
Net sales
    26,513       11,448       8,445       (18 )     46,388  
Operating income (loss) before stock option compensation expense
    1,359       2,610       1,600       (1,530 )     4,039  
Adjustment:
                                       
Stock option compensation expense
                                 
 
Operating income
                                  ¥ 4,039  


(Notes)
 
1.
Adjustments to operating income in Corporate principally represent corporate general and administrative expenses and research and development expenses related to fundamental research activities that are not allocated to operating segments.
 
2.
Advantest uses the operating income (loss) before stock option compensation expense for management’s analysis of business segment results.



 
 
 
 
 
 
 
15



FOR IMMEDIATE RELEASE
October 26, 2015
ADVANTEST CORPORATION
Shinichiro Kuroe, Representative Director, President & CEO
 (Stock Code Number: 6857, TSE first section)
(Ticker Symbol: ATE, NYSE)
CONTACT:
Hiroshi Nakamura
Director, Managing Executive Officer &
Executive Vice President, Corporate Administration Group
Phone: +81-(0)3-3214-7500


Revisions of Earnings Forecast for the Fiscal Year Ending March 31, 2016

In light of recent changes in business performance, we announce revisions to the consolidated earnings forecast announced on July 28, 2015 for the fiscal year ending March 31, 2016 as follows:

Revised consolidated earnings forecast for the fiscal year ending March 31, 2016 (April 1, 2015 to March 31, 2016)
   (US GAAP)
 
Net Sales
Operating
income
Income before
income taxes
Net income
Net income
per share
 - (basic)
FY2015 forecast (A)
 (announced July 28, 2015)
Million yen
165,000
Million yen
15,000
Million yen
15,000
Million yen 12,000
Yen
68.75
FY2015 forecast (B)
 (announced  October 26, 2015)
 
160,000
 
10,000
9,500
6,700
38.38
Difference (B-A)
(5,000)
(5,000)
(5,500)
(5,300)
-
Percentage change
(3.0%)
(33.3%)
(36.7%)
(44.2%)
-
(Reference)
FY2014 actual
 
163,329
 
 
14,619
 
18,859
12,948
74.31
 
<Reasons for the earnings forecast revisions>
With regard to the business environment for this fiscal year, because of further worsening environment since the previous forecast, particularly for non-memory test systems, forecast for net sales is expected to decrease.  In addition, net sales and income are expected to fall below our previous forecast of operating results because of, among others, a decrease in income due to a decrease in the percentage of net sales constituting high profitability products.  For these reasons, we are revising our full fiscal year consolidated earnings forecast as above.


Cautionary Statement with Respect to Forward-Looking Statements

This annual report contains “forward-looking statements” that are based on Advantest’s current expectations, estimates and projections. These statements include, among other things, the discussion of Advantest’s business strategy, outlook and expectations as to market and business developments, production and capacity plans. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “project,” “should” and similar expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause Advantest’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including:
 
 
changes in demand for the products and services produced and offered by Advantest’s customers, including semiconductors, communications services and electronic goods;
 
circumstances relating to Advantest’s investment in technology, including its ability to timely develop products that meet the changing needs of semiconductor manufacturers and communications network equipment and components makers and service providers;
 
the environment in which Advantest purchases materials, components and supplies for the production of its products, including the availability of necessary materials, components and supplies during a significant expansion in the market in which Advantest operates; and
 
changes in economic conditions, competitive environment, currency exchange rates or political stability in the major markets where Advantest produces, distributes or sells its products.

These risks, uncertainties and other factors also include those identified in “Operating and Financial Review and Prospects,” “Key Information—Risk Factors” and “Information on the Company” set forth elsewhere in this annual report.
 

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