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To Our Investors

Makoto Sugimoto President and CEO

  I would like to thank all our shareholders for their continuous and exceptional support.
 Our company group's sales for the March 2016 term showed a decrease for the first time in the five most recent terms, owing to factors such as fewer large projects in the domestic bus market and decreased sales in uninterruptible power supply units for communication base stations. With regard to profits, we have recorded an operating loss for the first time since our initial public offering in 2005, and also a significant net loss for the term, owing to factors such as the generation of additional costs resulting from a delay in the development of the automated fare collection system for North America, the write-down of the loss on revaluation of the developed system, and an impairment loss for the goodwill for our consolidated subsidiary LECIP Arcontia AB. We deeply apologize for the considerable concern these difficult business results must have caused our shareholders.
 However, with regard to sales for the March 2017 term, the demand for investment in the domestic market continues to show a recovering trend, and the outlook for both the transportation equipment business and the industrial equipment business is strong. Furthermore, we are also anticipating an increase in revenues overseas, as we are finally in a position to deliver the fare collection system to the North American market. We are also expecting to return to profitability, by shedding the domestic and overseas one-time expenses recorded in the March 2016 term.
 In April 2016, we established "Challenge Again 2020," a New Medium-Term Business Plan covering five years. In the New Medium-Term Business Plan, we once more take up the challenge of constructing a system which will secure stable sales and profits while basically continuing on the course which we have been taking to date. We have set quantitative targets of 20 billion yen or more in sales and an operating profit of 1 billion yen or more, and all employees will work together on our priority challenges: the planning and promotion of the sale of new products which will lead the industry through innovation; the improvement of customer satisfaction through the strengthening of after-sales services; the establishment of overseas business bases; the securing of customer trust through the improvement of product quality; and the improvement of QCD through the visualization of projects.
 The Olympics and Paralympics will be held in Tokyo in 2020, and in the run up to this global event, the whole of Japan is making preparations for the construction of new features for society. In the Tokyo metropolitan area, massive demand for the replacement of fare collection units is anticipated to begin from around 2018, and we are planning to make the most of this opportunity and take on the challenge of developing new products and systems.
 We kindly ask all our shareholders for their continued support and guidance.

June. 2016

Makoto Sugimoto President and CEO LECIP Corporation
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