UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2010

Commission file number 0-12602

MAKITA CORPORATION

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover 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):  x

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):  o

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

Yes  o                No  x

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

 

 

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.

Date: October 29, 2010

Makita Corporation

Consolidated Financial Results
for the six months
ended September 30, 2010
(U.S. GAAP Financial Information)

(English translation of “KESSAN TANSHIN”

originally issued in Japanese)

CONSOLIDATED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2010 (Unaudited)

October 29, 2010

Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President, Representative Director & CEO

1. Summary operating results of the six months ended September 30, 2010 (From April 1, 2010 to September 30, 2010)
(1) CONSOLIDATED OPERATING RESULTS

		Yen (millions)
		For the six months ended								For the six months ended
		September 30, 2009								September 30, 2010
							%								%
Net sales			118,681				(32.4	)			133,807				12.7
Operating income			14,866				(58.8	)			21,843				46.9
Income before income taxes			17,271				(50.2	)			21,751				25.9
Net income attributable to Makita Corporation			10,622				(57.3	)			15,122				42.4
Earning per share (Basic)		Yen
Net income attributable to Makita Corporation common shareholders			77.10								109.77

Notes:

1.		Amounts of less than one million yen have been rounded.
2.		The table above shows the changes in the percentage ratio of net sales, operating income, income before income taxes, and net income attributable to Makita Corporation against the corresponding period of the previous year.

(2) SELECTED CONSOLIDATED FINANCIAL POSITION

		Yen (millions)
		As of March 31, 2010				As of September 30, 2010
Total assets			349,839				348,411
Total equity			299,673				293,025
Total Makita Corporation shareholders’ equity			297,207				290,719
Total Makita Corporation shareholders’ equity ratio to total assets (%)			85.0%				83.4%
		Yen
Total Makita Corporation shareholders’ equity per share			2,157.42				2,110.33

2. Dividend Information

		Yen
		For the year ended				For the year ending
		March 31, 2010				March 31, 2011
						(forecast)
Cash dividend per share:
Interim			15.00				15.00
Year-end			37.00				-
Total			52.00				-

Notes:

1.		The forecast for cash dividend announced on April 28, 2010 has not been revised.
2.		The projected amount of dividends for the year ending March 31, 2011 has not been determined yet. For further details, refer to “Explanation regarding proper use of business forecasts, and other significant matters”.

			1
English translation of "KESSAN TANSHIN" originally issued in Japanese

3. Consolidated Financial Performance Forecast for the year ending March 31, 2011 (From April 1, 2010 to March 31, 2011)

		Yen (millions)
		For the year ending March 31, 2011
							%
Net sales			255,000				3.7
Operating income			36,000				18.5
Income before income taxes			35,500				5.9
Net income attributable to Makita Corporation			25,000				12.3
Earning per share (Basic)		Yen
Net income attributable to Makita Corporation common shareholders		181.48

Note:
   The consolidated financial forecast announced on October 27, 2010 for the year ending March 31, 2010 has not been revised.

4. Other

    (Refer to [Qualitative Information and Financial Statements] Section 4 “Other” on page 4.)

(1)		Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None
(2)		Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements: Yes
(3)		Changes in accounting principles, procedures and presentations: None
(4)		Number of shares outstanding (common stock)

1. Number of shares issued (including treasury stock):		As of September 30, 2010: As of March 31, 2010			140,008,760 140,008,760
2. Number of treasury stock:		As of September 30, 2010: As of March 31, 2010:			2,249,091 2,248,358
3. Average number of shares outstanding:		For the six months ended September 30, 2010:			137,759,993
		For the six months ended September 30, 2009:			137,762,814

Information regarding quarterly review

   This consolidated financial results report is not subject to a quarterly review stipulated under the Financial Instruments and Exchange Act. As of the release date of this document, the quarterly review under the Financial Instruments and Exchange Act has not been completed.

Explanation regarding proper use of business forecasts, and other significant matters

   The consolidated financial forecast for the year ending March 31, 2011 has been revised. Regarding the assumptions for the forecasts and other matters, refer to [Qualitative Information and Financial Statements] Section 3 “Qualitative information on consolidated financial performance forecast” on page 4. The financial forecasts given above are based on information as available at the present time, and include potential risks and uncertainties. As a consequence of the factors above and other, actual results may vary from the forecasts provided above.

   Makita’s basic policy on the distribution of profits is to maintain a consolidated dividend payout ratio of 30% or greater, with a lower limit on annual cash dividends of 18 yen per share. However, in the event special circumstances arise, computation of the amount of dividends will be based on consolidated net income attributable to Makita Corporation after certain adjustments.

    The Board of Directors plans to meet in April 2011 for a report on earnings for the year ending March 31, 2011. At the time, in accordance with the basic policy regarding profit distribution mentioned above, the Board of Directors plans to propose a dividend equivalent to at least 30% of net income attributable to Makita Corporation. The Board of Directors will submit this proposal to the General Meeting of Shareholders scheduled for June 2011.

    The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income attributable to Makita Corporation per share (after adjustments for special circumstances) and multiplied by 100.

			2
English translation of “KESSAN TANSHIN” originally issued in Japanese

[Qualitative Information and Financial Statements]
1. Qualitative Information on Consolidated Operating Results

   During the six months (“period”) ended September 30, 2010, housing starts remained weak and the economic recovery was slow in Japan and the United States. However, in Western Europe, economic conditions recovered strongly in Germany and other countries in the euro area. Business conditions in Asia were steady, mainly led by the strong and continued growth of the Chinese economy. In emerging countries, the economies have generally been expanding. Capital investments and personal spending were very active, especially in Central and South America.

   The demand for power tools remained weak in Japan and the United States, while it recovered steadily in Western Europe and grew strongly in many emerging countries supported by the economic growth of these countries.

   Under such circumstances, in the development side, Makita continuously expanded its product lines, including those of power tools, rechargeable tools and gardening equipment through the development of smaller and lighter tools or tools with lower noise and vibration. In the production side, Makita responded quickly and flexibly to the change in demand, by increasing the production volume urgently in the Chinese plants which was reduced last year for inventory level adjustment. In the sales side, we also stepped up efforts to maintain and improve the structure of our sales and after-sale service based on direct communication with customers, which remains one of our group’s fortes.

    Consolidated net sales for the period increased by 12.7% to 133,807 million yen compared to the same period of the previous year, supported mainly by the strong demand for power tools in the overseas market, although appreciation of the yen value against major foreign currencies had some negative impact. Operating income increased 46.9% to 21,843 million yen (operating income ratio: 16.3%). This increase was mainly due to the increased sales and the improvement in the ratio of cost of sales resulting from the increased production volume. Income before income taxes increased by 25.9% to 21,751 million yen (income before income taxes ratio: 16.3%). Net income attributable to Makita Corporation increased by 42.4% to 15,122 million yen (net income attributable to Makita Corporation ratio: 11.3%).

   Net sales by region are as follows:

   Net sales in Japan increased by 6.5% to 22,182 million yen compared to the same period of the previous year. This increase was because sales of lithium-ion battery products and pneumatic tools were strong, although the market conditions remained severe.

   Net sales in Europe increased by 10.4 % to 57,028 million yen due to the steady demand in Germany and other countries in Western Europe and the market recovery in Eastern Europe and Russia.

   Net sales in North America increased only by 3.8% to 18,472 million yen. This increase was because housing starts remained weak in the Unites states and no strong economic recovery has been seen.

   Net sales in Asia increased 32.1% to 11,388 million yen supported by the demand recovery in Southeast Asian countries.

   Net sales in other regions grew strongly mainly due to economic recovery resulting from the increased natural resource prices. Net sales in Central and South America increased by 30.1% to 9,622 million yen; sales in Oceania increased by 20.7% to 7,888 million yen; and sales in the Middle East and Africa increased by 23.4% to 7,227 million yen.

2. Qualitative Information on Consolidated Financial Position

   Total assets as of September 30, 2010 decreased by 1,428 million yen to 348,411 million yen compared to the balance as of March 31, 2010. This decrease was mainly due to the decrease in cash and cash equivalents for payments of dividends to shareholders, while inventory increased resulting from the increased production volume.

   The total liabilities as of September 30, 2010 increased by 5,220 million yen to 55,386 million yen compared to the balance as of March 31, 2010. This increase was mainly due to increases in accounts payable and income taxes payable.

   Total equity as of September 30, 2010 decreased by 6,648 million yen to 293,025 million yen compared to the balance as of March 31, 2010. This decrease was mainly attributable to the increase in accumulated other comprehensive loss due to a change in foreign currency translation adjustment because of the stronger yen against other currencies compared with that as of March 31, 2010.

			3
English translation of “KESSAN TANSHIN” originally issued in Japanese

3. Qualitative Information on Consolidated Financial Performance Forecast

   Refer to [Revision of Forecasts for Performance] announced on October 27, 2010.

4. Other

(1)

Changes in important subsidiaries during the period (Changes in specified subsidiaries accompanied by changes in scope of consolidation during the quarter): None

(2)

Adoption of simplified accounting methods and accounting methods that are specific to the preparation of quarterly consolidated financial statements:

   With regard to the income tax expenses, the Company computes interim income tax expense by multiplying reasonably estimated annual effective tax rate, which includes the effects of deferred taxes, by year-to-date income before income taxes for the reporting period.

(3)

Changes in accounting principles, procedures and presentations: None

			4
English translation of “KESSAN TANSHIN” originally issued in Japanese

5. Consolidated Financial Statements (Unaudited)

(1) Consolidated Balance Sheets

		Yen (millions)
		As of March 31, 2010								As of September 30, 2010
		Composition ratio								Composition ratio
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			62,290								57,666
Time deposits			8,383								10,996
Short-term investments			33,639								33,950
Trade receivables-
Notes			2,214								2,040
Accounts			43,680								44,041
Less- Allowance for doubtful receivables			(1,010	)							(845	)
Inventories			88,811								91,735
Deferred income taxes			6,434								6,221
Prepaid expenses and other current assets			9,356								9,339
Total current assets			253,797				72.6	%			255,143				73.2	%
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			19,050								18,618
Buildings and improvements			70,668								69,709
Machinery and equipment			74,652								72,965
Construction in progress			2,257								3,349
			166,627								164,641
Less- Accumulated depreciation			(93,427	)							(93,551	)
Total net property, plant and equipment			73,200				20.9	%			71,090				20.4	%
INVESTMENTS AND OTHER ASSETS:
Investments			15,166								14,449
Goodwill			721								721
Other intangible assets, net			4,664								4,498
Deferred income taxes			1,611								1,815
Other assets			680								695
Total investments and other assets			22,842				6.5	%			22,178				6.4	%
Total assets			349,839				100.0	%			348,411				100.0	%

			5
English translation of “KESSAN TANSHIN” originally issued in Japanese

		Yen (millions)
		As of March 31, 2010								As of September 30, 2010
		Composition ratio								Composition ratio
LIABILITIES
CURRENT LIABILITIES:
Short-term borrowings			385								289
Trade notes and accounts payable			18,359								21,722
Other payables			5,089								4,667
Accrued expenses			4,694								5,202
Accrued payroll			6,835								6,877
Income taxes payable			1,722								2,581
Deferred income taxes			40								78
Other current liabilities			5,337								7,199
Total current liabilities			42,461				12.1	%			48,615				14.0	%
LONG-TERM LIABILITIES:
Long-term indebtedness			544								533
Accrued retirement and termination benefits			3,778								3,006
Deferred income taxes			677								682
Other liabilities			2,706								2,550
Total long-term liabilities			7,705				2.2	%			6,771				1.9	%
Total liabilities			50,166				14.3	%			55,386				15.9	%
EQUITY
MAKITA CORPORATION SHAREHOLDERS’ EQUITY:
Common stock			23,805								23,805
Additional paid-in capital			45,420								45,420
Legal reserve			5,669								5,669
Retained earnings			270,790								280,815
Accumulated other comprehensive income (loss)			(42,032	)							(58,543	)
Treasury stock, at cost			(6,445	)							(6,447	)
Total Makita Corporation shareholders’ equity			297,207				85.0	%			290,719				83.4	%
NONCONTROLLING INTEREST			2,466				0.7	%			2,306				0.7	%
Total equity			299,673				85.7	%			293,025				84.1	%
Total liabilities and equity			349,839				100.0	%			348,411				100.0	%

		As of March 31, 2010				As of September 30, 2010
Total number of shares authorized			496,000,000				496,000,000
Number of shares issued			140,008,760				140,008,760
Number of shares issued (excluding treasury stock)			137,760,402				137,759,669
Number of treasury stock			2,248,358				2,249,091

			6
English translation of “KESSAN TANSHIN” originally issued in Japanese

(2) Consolidated Statements of Income

		Yen (millions)
		For the six months								For the six months
		ended September 30, 2009								ended September 30, 2010
		Composition ratio								Composition ratio
NET SALES			118,681				100.0	%			133,807				100.0	%
Cost of sales			72,454				61.0	%			81,270				60.7	%
GROSS PROFIT			46,227				39.0	%			52,537				39.3	%
Selling, general, administrative and other expenses			31,361				26.5	%			30,694				23.0	%
OPERATING INCOME			14,866				12.5	%			21,843				16.3	%
OTHER INCOME (EXPENSES):
Interest and dividend income			356								633
Interest expense			(48	)							(18	)
Exchange gains (losses) on foreign currency transactions, net			1,946								(811	)
Realized gains (losses) on securities, net			151								104
Total			2,405				2.1	%			(92	)			(0.0	)%
INCOME BEFORE INCOME TAXES			17,271				14.6	%			21,751				16.3	%
PROVISION FOR INCOME TAXES:
Current			4,964								5,452
Deferred			1,544								981
Total			6,508				5.5	%			6,433				4.9	%
NET INCOME			10,763				9.1	%			15,318				11.4	%
Less: Net income attributable to the noncontrolling interest			(141	)			(0.1	)%			(196	)			(0.1	)%
NET INCOME ATTRIBUTABLE TO MAKITA CORPORATION			10,622				9.0	%			15,122				11.3	%

			7
English translation of “KESSAN TANSHIN” originally issued in Japanese

(3) Consolidated Statements of Changes in Equity & Comprehensive Income (Loss)

Yen (millions)

For the six months ended September 30, 2009
		Makita Corporation shareholders’ equity																																Comprehensive income (loss)
		Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest				Total				Net income attributable to Makita Corporation				Net income attributable to the non-controlling interest				Total
Beginning balance			23,805				45,420				5,669				257,487				(42,461	)			(6,435	)			2,261				285,746
Purchases and disposal of treasury stock, net																							(5	)							(5	)
Cash dividends															(6,888	)											(197	)			(7,085	)
Comprehensive income (loss)
Net income															10,622												141				10,763				10,622				141				10,763
Foreign currency translation adjustment																			(3,137	)							34				(3,103	)			(3,137	)			34				(3,103	)
Unrealized holding gains (losses) on available-for- sale securities																			1,762												1,762				1,762								1,762
Pension liability adjustment																			(9	)											(9	)			(9	)							(9	)
Total comprehensive income (loss)																																			9,238				175				9,413
Ending balance			23,805				45,420				5,669				261,221				(43,845	)			(6,440	)			2,239				288,069
		Yen (millions)
For the six months ended September 30, 2010
		Makita Corporation shareholders’ equity																																Comprehensive income (loss)
		Common stock				Additional paid-in capital				Legal reserve				Retained earnings				Accumulated other comprehensive income (loss)				Treasury stock				Non- controlling interest				Total				Net income attributable to Makita Corporation				Net income attributable to the non-controlling interest				Total
Beginning balance			23,805				45,420				5,669				270,790				(42,032	)			(6,445	)			2,466				299,673
Purchases and disposal of treasury stock, net																							(2	)							(2	)
Cash dividends															(5,097	)											(136	)			(5,233	)
Comprehensive income (loss)
Net income															15,122												196				15,318				15,122				196				15,318
Foreign currency translation adjustment																			(14,810	)							(220	)			(15,030	)			(14,810	)			(220	)			(15,030	)
Unrealized holding gains (losses) on available-for- sale securities																			(1,734	)											(1,734	)			(1,734	)							(1,734	)
Pension liability adjustment																			33												33				33								33
Total comprehensive income (loss)																																			(1,389	)			(24	)			(1,413	)
Ending balance			23,805				45,420				5,669				280,815				(58,543	)			(6,447	)			2,306				293,025

			8
English translation of “KESSAN TANSHIN” originally issued in Japanese

(4) Condensed Consolidated Statements of Cash Flows

		Yen (millions)
		For the six months				For the six months
		ended September 30, 2009				ended September 30, 2010
Net cash provided by operating activities			28,314				14,285
Net cash used in investing activities			(10,976	)			(10,186	)
Net cash used in financing activities			(6,954	)			(5,338	)
Effect of exchange rate changes on cash and cash equivalents			(2,651	)			(3,385	)
Net change in cash and cash equivalents			7,733				(4,624	)
Cash and cash equivalents, beginning of period			34,215				62,290
Cash and cash equivalents, end of period			41,948				57,666

(5) Notes on the preconditions for a going concern: None

(6) Condensed Operating Segment Information

		Yen (millions)
		For the six months ended September 30, 2009
		Japan				Europe				North America				Asia				Other				Total				Corporate and elimi- nations				Consoli- dated
Sales:
(1) External customers			26,695				51,977				17,681				4,341				17,987				118,681				-				118,681
(2) Inter-segment			14,093				1,189				884				25,308				44				41,518				(41,518	)			-
Total			40,788				53,166				18,565				29,649				18,031				160,199				(41,518	)			118,681
Operating expenses			42,567				47,224				18,380				25,592				16,752				150,515				(46,700	)			103,815
Operating income (loss)			(1,779	)			5,942				185				4,057				1,279				9,684				5,182				14,866

		Yen (millions)
		For the six months ended September 30, 2010
		Japan				Europe				North America				Asia				Other				Total				Corporate and elimi- nations				Consoli- dated
Sales:
(1) External customers			30,340				56,830				18,542				5,978				22,117				133,807				-				133,807
(2) Inter-segment			22,583				1,385				1,388				46,377				48				71,781				(71,781	)			-
Total			52,923				58,215				19,930				52,355				22,165				205,588				(71,781	)			133,807
Operating expenses			49,369				50,716				18,908				45,597				18,966				183,556				(71,592	)			111,964
Operating income (loss)			3,554				7,499				1,022				6,758				3,199				22,032				(189	)			21,843

(7) Note in case there is any significant change in the shareholders’ equity: None

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English translation of “KESSAN TANSHIN” originally issued in Japanese

SUPPORT DOCUMENTATION (CONSOLIDATED)

1. Consolidated Financial Results and Forecast

		Yen (millions)
		For the six months ended September 30, 2008								For the six months								For the six months
										ended September								ended September
										30, 2009								30, 2010
						(		%)						(		%)						(		%)
Net sales			175,558				3.6				118,681				(32.4	)			133,807				12.7
Domestic			24,378				(5.0	)			20,831				(14.6	)			22,182				6.5
Overseas			151,180				5.1				97,850				(35.3	)			111,625				14.1
Operating income			36,047				6.3				14,866				(58.8	)			21,843				46.9
Income before income taxes			34,710				0.2				17,271				(50.2	)			21,751				25.9
Net income attributable to Makita Corporation			24,851				5.3				10,622				(57.3	)			15,122				42.4
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)					175.60								77.10								109.77
Cash dividend per share (Yen)					30.00								15.00								15.00
Dividend payout ratio (%)					17.1								19.5								13.7
Number of Employees					10,799								10,131								11,368

 

		Yen (millions)
		For the year ended								For the year ending
		March 31, 2010								March 31, 2011 (Forecast)
						(		%)						(		%)
Net sales			245,823				(16.4)				255,000				3.7
Domestic			42,697				(7.6)				44,000				3.1
Overseas			203,126				(18.0)				211,000				3.9
Operating income			30,390				(39.3)				36,000				18.5
Income before income taxes			33,518				(24.6)				35,500				5.9
Net income attributable to Makita Corporation			22,258				(33.1)				25,000				12.3
Earning per share (Basic)
Net income attributable to Makita Corporation common shareholders (Yen)					161.57								181.48
Cash dividend per share (Yen)					52.00								-
Dividend payout ratio (%)					32.2								-
Number of Employees					10,328								-

Note:

	1.		The table above shows the changes in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income attributable to Makita Corporation against the corresponding period of the previous year.
	2.		Certain reclassifications have been made to the previous years’ consolidated financial statements to conform with the presentation used for the six months ended September 30, 2009. The meaning of “Net income attributable to Makita Corporation” is the same as the former “Net income”.
	3.		Regarding our forecast for dividends, refer to page 2.

2. Consolidated Net Sales by Geographic Area

		Yen (millions)
		For the six months								For the six months								For the six months
		ended September 30, 2008								ended September 30, 2009								ended September 30, 2010
						(%)								(%)								(%)
Japan			24,378				(5.0	)			20,831				(14.6	)			22,182				6.5
Europe			83,131				5.4				51,652				(37.9	)			57,028				10.4
North America			25,836				(10.7	)			17,789				(31.1	)			18,472				3.8
Asia			13,163				19.4				8,620				(34.5	)			11,388				32.1
Other regions			29,050				15.9				19,789				(31.9	)			24,737				25.0
Central and South America			10,579				30.1				7,398				(30.1	)			9,622				30.1
Oceania			8,507				2.8				6,533				(23.2	)			7,888				20.7
The Middle East and Africa			9,964				15.2				5,858				(41.2	)			7,227				23.4
Total			175,558				3.6				118,681				(32.4	)			133,807				12.7

Note:

The table above sets forth Makita’s consolidated net sales by geographic area based on the customer’s location for the periods presented. Accordingly, it differs from operating segment information on page 9. The table above shows the changes in the percentage ratio of Net sales the corresponding period of the previous year.

3. Exchange Rates

Yen

For the six

For the six

For the six

For the six

For the year

months ended

months ended

months ended

months ending

ending March

September 30, 2008

September 30, 2009

September 30, 2010

March 31,

31, 2011

2011 (Forecast)

(Forecast)

Yen/U.S. Dollar

106.12

95.53

88.89

80

84

Yen/Euro

162.80

133.21

113.80

110

112

4. Production Ratio (unit basis)

		For the six				For the six				For the six
		months ended				months ended				months ended
		September 30, 2008				September 30, 2009				September 30, 2010
		Composition ratio				Composition ratio				Composition ratio
Domestic			20.2	%			16.9	%			16.1	%
Overseas			79.8	%			83.1	%			83.9	%

5. Consolidated Capital Expenditures, Depreciation and Amortization, and R&D cost

		Yen (millions)
		For the six				For the six				For the six				For the year
		months ended				months ended				months ended				ending
		September 30, 2008				September 30, 2009				September 30, 2010				March 31, 2011
														(Forecast)
Capital expenditures			9,827				6,702				4,855				10,000
Depreciation and amortization			4,426				4,071				3,636				8,000
R&D cost			3,493				3,324				3,549				7,000

			11
English translation of “KESSAN TANSHIN” originally issued in Japanese