CAPCOM IR

(as of May 6, 2011)

The tables and graphs on this page show our sales, operating income and other aspects of performance over the past 11 years. Even though the home video game industry is highly volatile, our sales and earnings have been growing steadily.

Click on the articles to see the descriptions of the indexes.

	2007/3	2008/3	2009/3	2010/3	2011/3
Net Sales (Millions of yen)	74,542	83,097	91,878	66,837	97,716
Operating Income (Millions of yen)	9,602	13,121	14,618	5,587	14,295
Operating Income to Sales (%)	12.9	15.8	15.9	8.4	14.6
Net Income (Millions of yen)	5,852	7,807	8,063	2,167	7,750
Net Income per Share (yen)	107.52	132.90	130.98	35.71	131.18
Annual Cash Dividends per Share (yen)	30.00	30.00	35.00	35.00	40.00

(Millions of yen)

Structural reform implemented in the fiscal years ended March 2003 and March 2004 resulted in stable growth of sales in and after the March 2005 fiscal year. Sales had theretofore been highly volatile, driven by the presence or absence of hit titles. The new dispensation derived mainly from reform of the consumer online games business, in which an efficient development system had been built enabling a shift to high profitability and continuous sales every year of popular series. The fiscal year ended March 2011 saw the appearance of five million-selling titles, which with other factors sent our sales to a record high.

Explanation

: Consolidated net sales being generated by businesses' operations

Criteria

: Bigger, Smaller

(Millions of yen)

As with sales, operating income had been volatile and driven by hit titles, but structural reform conduced to stable growth. But the contribution of sales lagged by two years, to the fiscal year ended March 2007 and thereafter. This derived from the fact that development of game software usually requires two to three years, and in the post-reform new development system two years were needed to form a high-margin title lineup. The fiscal year ended March 2011 saw a large income increase, owing to five high margin million-selling titles.

Explanation

: Consolidated operating income by businesses' operations

Criteria

: Bigger, Smaller

(%)

Operating margin depends on earnings directions in the consumer online games segment that accounts for about 70% of sales. As with operating income, establishment of an efficient development system in and after the March 2007 fiscal year steadily improved the margin. In the March 2010 fiscal year, a strategic deferral of initial marketing of the principal software reduced sales and profit, and worsened the operating margin. But sales and profit rose in the fiscal year to March 2011 on the back of major hit titles, and the margin recovered to the previous fiscal year's (the March 2009 fiscal year) level.

Explanation

: An index for profitability of businesses' operations alone

Formula

: Operating Profit / Net Sales*100

Criteria

: Higher, Lower

(Millions of yen)

In conjunction with structural reform carried out in the fiscal years ended March 2003 and March 2004, extraordinary losses were posted on land, building and other valuations, development suspensions, return of default allowances and others, sending net deeply into deficit. In the fiscal year ended March 2010, an agreement between the U.S. and Japanese tax authorities on transfer pricing tax systems resulted in refund of the prior fiscal year's corporate taxes, but revamp of development systems for arcade game machine entailed reconstruction expenses that sent net profit far down. But in the fiscal year ended March 2011 record high sales boosted profit substantially despite posting of currency and business reorganization losses.

Explanation

: Consolidated net income including extraordinary profit and loss

Formula

: Operating Profit / Net Sales*100

Criteria

: Bigger, Smaller

(yen)

In the fiscal year ended March 2001 net income declined and a stock split was carried out, sending net income per share far down. And from the March 2002 to the March 2009 fiscal years net income per share closely mirrored net income, but convertible bond conversion-driven increases in the number of shares had some impact. In and after the March 2010 fiscal year stock buybacks were implemented, but net income per share has remained generally linked to net income.

Explanation

: An index for assessing investment value per share

Formula

: Net Income / (Number of Shares Issued - Treasury Stock)

Criteria

: Bigger, Smaller

(yen)

The Company's basic policy is maintenance of a stable dividend, which had been 20 yen per share over the fiscal years from March 1998 to March 2006. Success in structural reform in and after the following fiscal year established a stable earning foundation, enabling a dividend raise to 30 yen per share. This was boosted to 35 yen in the fiscal year ended March 2009, and keying off the March 2011 fiscal year's record high sales and recent operating results that have exceeded estimates, the ordinary dividend has been increased by 5 yen to an annual total of 40 yen per share.

Explanation

: An annual dividend per share

Formula

: Dividend / (Number of Shares Issued - Treasury Stock)

Criteria

: Bigger, Smaller