FRIENDLY CORPORATION, The Current Fiscal Year Net Income Revised Downward to a Loss

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Fri Nov 8, 2024 3:00 pm JST Earnings

8209 FRIENDLY CORPORATION 【J-GAAP】

Earnings Report

FRIENDLY CORPORATION <8209> [TSE-S] announced its financial results in the afternoon session on November 8th (15:00). The net income/loss (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) turned into a loss of 28 million yen (compared to a profit of 18 million yen in the same period last year), reversing from the forecast of a 10 million yen to a loss.

In addition, the full-year net income/loss has been revised downward from an expected profit of 40 million yen to a loss of 9 million yen (compared to a loss of 6 million yen in the previous period), turning to a loss outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the net income/loss for the October to March period (second half) is expected to turn into a profit of 19 million yen (compared to a loss of 24 million yen in the same period last year).

In the most recent three-month period, from July to September (2Q), the net income/loss turned to a loss of 23 million yen (compared to a profit of 2 million yen in the same period last year). The operating profit/loss margin drastically worsened from 0.7% in the same period last year to -3.0%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	1,020	-99	-88	-89	-38.5	ー	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	1,070	20	27	18	-0.7	245.5	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	1,038	-21	-15	-28	-16.9	ー	Nov 8, 2024	J-GAAP
YoY	-3.0%	－	－	－	-2,504.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	1,100	10	20	10	3.5	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	1,038	-21	-15	-28	-16.9	0	Nov 8, 2024	J-GAAP
Revision Rate	-5.6%	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	2,240	40	50	40	14.0	0	May 10, 2024	J-GAAP
Mar, 2025 New	2,157	-1	10	-9	-3.2	0	Nov 8, 2024	J-GAAP
Revision Rate	-3.7%	－	-80.0%	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	997	-23	-16	-24	-65.1	0	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	1,119	20	25	19	6.7	0	Nov 8, 2024	J-GAAP
YoY	+12.2%	－	－	－	－

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,044	-157	-141	-107	-51.9	0	May 12, 2023	J-GAAP
Mar, 2024	2,067	-3	11	-6	-16.3	0	May 10, 2024	J-GAAP
Mar, 2025 Guidance	2,157	-1	10	-9	-3.2	0	Nov 8, 2024	J-GAAP
YoY	+4.4%	+66.7%	-9.1%	-50.0%	+80.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	537	4	7	2	-3.0	0.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	502	-28	-24	-28	-39.6	-5.6	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	495	5	8	4	10.9	1.0	May 10, 2024	J-GAAP
Apr - Jun, 2024	510	-5	-2	-5	-5.6	-1.0	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	528	-16	-13	-23	-13.9	-3.0	Nov 8, 2024	J-GAAP
YoY	-1.7%	－	－	－	-362.1%