IR News

【PARK24 Co., Ltd. 】Park24 Announces Revision of Forecast for the Fiscal Year Ending October 31, 2004

Tokyo, June 7, 2004 - Park24 Co., Ltd. announced today a revision of its forecast on consolidated and unconsolidated results for the fiscal year ending October 31, 2004.

1. Revision of the consolidated forecast for the fiscal year 2004
[End of the first half -November 1, 2003 through April 30, 2004-]

  Sales Current Profit Net Income
Previous Forecast (A) 23,500 2,850 1,650
Revised Forecast (B) 23,660 3,520 2,140
over previous term 117.2% 141.7% 159.9%
Deviation (B)-(A) 160 670 490
Deviation Rate (%) 0.7% 23.5% 29.7%
Results of Previous Fiscal Year 20,180 2,483 1,338

Note) Expected EPS: 60.36 yen

[End of the fiscal year -November 1, 2003 through October 31, 2004-]

  Sales Current Profit Net Income
Previous Forecast (A) 48,500 6,200 3,500
Revised Forecast (B) 48,500 7,200 4,200
over previous term 113.9% 128.4% 129.1%
Deviation (B)-(A) 0 1,000 700
Deviation Rate (%) 0.0% 16.1% 20.0%
Results of Previous Fiscal Year 42,577 5,608 3,253

Note) Expected EPS: 119.12 yen

2. Revision of Unconsolidated Forecast for the Fiscal Year 2004
[End of the first half -November 1, 2003 through April 30, 2004-]

  Sales Current Profit Net Income
Previous Forecast (A) 23,000 2,820 1,600
Revised Forecast (B) 23,220 3,410 2,070
over previous term 117.6% 138.9% 154.8%
Deviation (B)-(A) 220 590 470
Deviation Rate (%) 1.0% 20.9% 29.4%
Results of Previous Fiscal Year 19,739 2,454 1,337

Note) Expected EPS: 58.38 yen

[End of the fiscal year -November 1, 2003 through October 31, 2004-]

  Sales Current Profit Net Income
Previous Forecast (A) 47,500 6,050 3,400
Revised Forecast (B) 47,500 7,000 4,100
over previous term 114.5% 128.2% 129.3%
Deviation (B)-(A) 0 950 700
Deviation Rate (%) 0.0% 15.7% 20.6%
Results of Previous Fiscal Year 41,502 5,462 3,170

Note) Expected EPS: 116.28 yen

3. Reasons for the Revision
During the first half of the current term, sales level stayed with the plan, while current profit and net income are both expected to surpass the previous forecast.
For the first half of the FY2004, both ST (Standard Times) and TPS (Times Partner Service) grew steadily in the number of newly developed parking spaces. Also, the profit ratio of ST was significantly enhanced due to two factors; 1) existing facilities improved sales and utilization rate, and 2) new facilities reached break-even faster than expected.

The first factor was mainly by our on-line strategy, which enabled us to analyze each facility in detail and thus to establish practical and effective sales improvement strategies, and to have loyal customers by offering services such as vacancy information and Times Club point program. For the latter, we put more effort to develop Times with higher profitability, and again, the on-line strategy helped new Times facilities to attract customers and to get on track in a shorter period of time.
Along with the revision of the forecast for the first half of the term, Park24 announces the revision for the whole term, since the current business conditions are expected to persist.

*Cautionary note regarding forward-looking statements: Certain statements in this news release are forward-looking and involve risks and uncertainties; actual results may differ from the forward-looking statements.

For more information or questions regarding this news release, please e-mail us at: keiki-pg@park24.co.jp