Foster 20080709 Business Report

8/12/2019 Foster 20080709 Business Report

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Foster Electric Company, Limited

From April 1, 2007,to March 31, 2008

Business Reportfor the 74th Fiscal Term


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1

Contents

Yasuo Higashi

President

To Our Shareholders 2

Review of Operations (Consolidated) ,

Changes in Operating Results and Total Assets 3, 4

Consolidated Balance Sheets (Condensed) ,

Consolidated Statements of Income (Condensed) 5

Consolidated Statement of Changes in Shareholders'

Equity 6

Consolidated Statements of Cash Flows (Condensed) 6

Nonconsolidated Balance Sheets (Condensed) ,

Nonconsolidated Statements of Income (Condensed)7

Topics 8

Company Profile, Directors and Corporate Auditors 9

Group Companies 10, 11, 12

Stock Information 13Introduction of Our Products 14


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2

To Our Shareholders

During the 74th fiscal term, the year ended March 31, 2008, thedigitalization of home appliances further advanced in theelectronics industry, accelerating the dissemination of flattelevisions, mobile phones, portable audio products and gamemachines in Japan. On the other hand, starting with the subprimeloan crisis in the United States that led to financial concernsworldwide, uncertainty increased in the markets especially in

Japan, the United States and Europe. Rising prices of crude oil andraw materials also became conspicuous.In this business circumstances, the Foster Group enhanced

aggressive proactive marketing activities to pursue orders andsales, as well as new structural reforms.

In Vietnam, second factory started operation during the year inBinh Duong province and management decided to construct a newfactory in Da Nang.

The Group has established a new production subsidiary inNanning, China, and its factory started partial operation during theyear. The Group endeavored to establish more efficient productionactivity by promoting Production Innovation Activity centered inthe factory at Panyu, China. As for marketing, a new sales officewas opened in Germany and it was determined to open offices inThailand and the United States to develop the group-widemarketing system to have closer contact with customers.

As a result, net sales and profit for the year under review eachreached a record high on a consolidated basis.

Management decided to distribute a year-end dividend of 20 pershare as a performance-based profit appropriation and inappreciation of the support of our shareholders. As a consequence,the annual dividend for the year under review has been 36 pershare, which has been an increase of 12 per share compared with

the previous fiscal year.For the 75th fiscal term, the year ending March 31, 2009, marketgrowth toward further digitalization is expected to continue in theelectronics industry although sluggishness will likely remain in theglobal economy.

The Companys annual management guideline for the 75th fiscalterm (FY2008) is To maximize corporate value, by increase both insales and profit through quality evolution. Based on the Medium-

Term Business Plan, we will conduct various policies to raise ourcorporate value in the pursuit of target achievement and endeavorto become a social ly appreciated company through thedevelopment of corporate activities with an emphasis on the CSR.

We deeply appreciate your ongoing support and encouragementand wish you all the best.

Yasuo Higashi, President

and Representative Director


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3

53,285

2,047

52,720

66,047

3,139

5,62375,705

86,666

4,650

6,883

70th 71st 72nd 73rd 74th(Fiscal term)


(Millions of yen)

Net Sales(Millions of yen)

Ordinary Income

Consolidated

27,287

31,669

45,465

972

2,451

3,487

53,537

63,247

3,765

4,725

Nonconsolidated



(Millions of yen)

Net Sales(Millions of yen)

Ordinary Income

Review of Operations (Consolidated)

Changes in Operating Results and Total Assets

Consolidated net sales for the year ended March 31, 2008,amounted to 86,666 million, up 14.5% from 75,705 million for the

previous fiscal year. This sales increase was mainly attributable tofavorable shipments of headphones for portable audio products,headsets for mobile phones, speakers for flat televisions andautomotive speakers.

Consolidated ordinary income increased to 6,883 million, up48.0% from 4,650 million for the previous fiscal year, mainly due toan increase in net sales and the positive effect of cost-cuttingactivities despite the general trend of declining selling prices ofproducts in the electronics industry and the hike of raw material

prices. Consolidated net income increased 45.3% year over year to4,099 mil l ion from the previous years 2,821 mil l ion.Consequently, net sales and profit for the year under review allreached record highs.

Electronic Equipment Segment:Shipments of our mainstay speaker systems, principally for digitalconsumer appliances such as flat televisions, were favorable despitethe shift to lower selling prices of products in the market.

Sales continued to rise for automotive speakers and active speakerswith built-in amplifiers. Meanwhile, sales were stagnant in the domesticand overseas markets due to weak demand for commercial automotiveuse and hi-fi component stereo sets.

The FOSTEX-branded products suffered from intense marketcompetition not only in Japan but also in Western countries.

As a result, the segments overall consolidated net sales increased4.9% year over year to 22,970 million.


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1,775

27,912

16,0611,648

2,842 30,853

17,665

38,635

22,867 25,482

43,169

2,821

4,099

25,719

43,752



(Millions of yen)

Net Income

(Millions of yen)

Total Assets andNet Assets Total Assets

Net Assets

8121,291

17,857

13,377

21,122

14,446

26,084

17,098

1,283

28,476

19,083

32,295

20,710

2,402

2,785



(Millions of yen)

Net Income

(Millions of yen)

Total Assets andNet Assets

Total Assets

Net Assets

ElectronicComponents

70%

ElectronicEquipment

27%

Other3%

Other3%

North America16%

Europe24%

Asia42%

Japan15%

Net Sales byProduct Segment

Net Sales byGeographical Segment

Electronic Components Segment:Given the continued price declines in the AV (audiovisual)

equipment markets in Japan and overseas, sales of speakers forTV sets and automotive speaker units increased substantially,thereby contributing to a rise in overall sales. Sales of microspeakers increased primarily in the notebook computer market.Headphones for portable audio products and headsets for mobilephones continued to perform steadily.

Sales of microphones tended to recover in the telecommunicationsequipment market following the previous fiscal year.

As a consequence, the segments overall consolidated net sales

advanced 19.9% year over year to 61,020 million.Other Segment:The segments consolidated net sales of dies and other items toour customers decreased 8.7% year over year to 2,675 million.

Net Sales


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Consolidated Balance Sheets (Condensed)

(Millions of yen)

74th Fiscal TermAs of March 31, 2008

73rd Fiscal TermAs of March 31, 2007

(Assets)

Current Assets 28,262 28,679

Fixed Assets 14,907 15,073

Total Assets 43,169 43,752

(Liabilities)

Current Liabilities 15,927 15,632

Long-term Liabilities 1,522 2,637Total Liabilities 17,450 18,270

(Net Assets)

Shareholders' Equity

Common stock 3,770 3,770

Capital surplus 4,564 4,564

Retained earnings 21,552 18,199

Treasury stock (2) (0)Total Shareholders' Equity 29,884 26,533

Valuation, Translation Adjustments and Others

Net unrealized gain on securities 94 544

Foreign currency translation adjustments (4,260) (1,595)

Total Translation Adjustments and Others (4,165) (1,050)

Total Net Assets 25,719 25,482

Total Liabilities and Net Assets 43,169 43,752

Note: All amounts less than 1 million are truncated.

Consolidated Statements of Income (Condensed)

74th Fiscal TermFrom April 1, 2007,to March 31, 2008

73rd Fiscal TermFrom April 1, 2006,to March 31, 2007

Net sales 86,666 75,705Cost of goods sold 70,677 62,889

Gross profit 15,988 12,816

Selling, general and administrative expenses 8,859 8,068

Operating income7,129 4,747Nonoperating income 472 258

Nonoperating expenses 719 355

Ordinary income 6,883 4,650

Extraordinary gains 307 202

Extraordinary losses 951 164

Income before income taxes 6,239 4,688

Income taxescurrent 1,769 1,702Income taxes for prior periods 1,497 -

Refund of income taxes for prior periods (209) -Income taxesdeferred (917) 165Net income 4,099 2,821

(Millions of yen)



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Consolidated Statement of Changes in Shareholders' Equity

74th Fiscal Term (From April 1, 2007, to March 31, 2008) (Millions of yen)

Consolidated Statements of Cash Flows (Condensed)

Shareholders' equity

Commonstock

Capitalsurplus

Retainedearnings

Treasurystock

Totalshareholders'equity

Balance as of March 31, 2007 3,770 4,564 18,199 (0) 26,533Changes in the period of74th Fiscal Term

Cash dividends paid (747) (747)Net income for the period 4,099 4,099Purchases of treasury stock (1) (1)Net changes in items other thanthose in shareholders' equity

Total of changes in theperiod of 74th Fiscal Term - - 3,352 (1) 3,351

Balance as of March 31, 2008 3,770 4,564 21,552 (2) 29,884

Valuation, translation adjustments and others

Total netassetsNet unrealizedholding gain

on securities

Foreigncurrency

translationadjustments

Total valuation,translation

adjustments andothers

Balance as of March 31, 2007 544 (1,595) (1,050) 25,482Changes in the period of74th Fiscal Term

Cash dividends paid (747)Net income for the period 4,099

Purchases of treasury stock (1)Net changes in items other thanthose in shareholders' equity (449) (2,664) (3,114) (3,114)

Total of changes in theperiod of 74th Fiscal Term (449) (2,664) (3,114) 236

Balance as of March 31, 2008 94 (4,260) (4,165) 25,719


(Millions of yen)

74th Fiscal TermFrom April 1, 2007,

to March 31, 2008

73rd Fiscal TermFrom April 1, 2006,

to March 31, 2007Net cash used in operating activities 3,696 2,680Net cash used in investing activities (4,835) (4,838)Free cash flows (1,138) (2,157)Net cash used in financing activities 1,345 (196)Effect of exchange rate changes on cash and cash equivalents (429) 208Net (decrease) increase in cash and cash equivalents (221) (2,145)

Cash and cash equivalents at the beginning of the period 3,036 5,182Cash and cash equivalents at the end of the per iod 2,813 3,036



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(Millions of yen)

Nonconsolidated Balance Sheets (Condensed)

74th Fiscal TermAs of March 31, 2008

73rd Fiscal TermAs of March 31, 2007

(Assets)

Current Assets 15,754 15,598Fixed Assets 16,541 12,878Tangible fixed assets 1,226 1,657Intangible assets 815 185Investments and other 14,498 11,035

Total Assets 32,295 28,476

(Liabilities)Current Liabilities 11,486 8,791Long-term Liabilities 98 601Total Liabilities 11,585 9,393

(Net Assets)

Shareholders' EquityCommon stock 3,770 3,770

Capital surplus 4,564 4,564Retained earnings 12,297 10,258Treasury stock (2) (0)

Total Shareholders' Equity 20,629 18,592Valuation, Translation Adjustments and Others

Net unrealized holding gain on securities 80 490Total Valuation, Translation Adjustments and Others 80 490Total Net Assets 20,710 19,083

Total Liabilities and Net Assets 32,295 28,476Note: All amounts less than 1 million are truncated.

(Millions of yen)

Nonconsolidated Statements of Income (Condensed)

74th Fiscal TermFrom April 1, 2007,to March 31, 2008

73rd Fiscal TermFrom April 1, 2006,to March 31, 2007

Net sales 63,247 53,537Cost of goods sold 55,546 46,955Gross profit 7,701 6,582Selling, general and administrative expenses 4,625 4,096Operating income 3,076 2,485

Nonoperating income 2,190 1,359Nonoperating expenses 541 79Ordinary income 4,725 3,765Extraordinary gains 266 197Extraordinary losses 590 86Income before income taxes 4,401 3,876Income taxescurrent 1,511 1,587Income taxes for prior periods 1,497 -Refund of income taxes for prior periods (209) -Income taxesdeferred (1,183) (114)Net income 2,785 2,402



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Cash dividends increased

The Company achieved record highs in net sales and profit for the74th fiscal term. Management highly appreciates the continuedsupport of shareholders for this excellent operating performance.

The Company therefore decided to distribute a year-enddividend of 20 per share as a performance-based profitappropriation for the 74th fiscal term and in appreciation of thesupport of our shareholders. As a consequence, the annualdividend for the year under review was 36 per share, which wasan increase of 12 per share compared with the previous fiscalyears annual dividend of 24.

The Company will strive to continuously maintain the targeted20% consolidated payout ratio to meet the expectations ofshareholders.

Factory established in Nanning, ChinaIn November 2007, FOSTER ELECTRIC CO. (HONG KONG),LTD., one of the Companys subsidiaries, established FOSTERELECTRIC CO. (NANNING) LTD. as its wholly owned production

subsidiary in the Guangxi Zhuang Autonomous Region of China.This p lant startedproduction in February2008 in anticipation ofa fu ture product ionincrease for headphonesand headsets.

The construction of asecond bui ld ing forproduction is scheduledto be completed on thepremises in July 2008,and production will beexpanded to a maximumcapacity of 10 millionun i ts , the in tendedmonthly peak productionduring the year.

Monthly production of headphones and headsets reached a record highIn November 2007, the Groups monthly total production ofheadphones and headsets reached a record high of 22.5 million.The increased production capacity at the Vietnam Factory ofFOSTER ELECTRIC (VIETNAM) CO., LTD. much contributed tothis achievement, in addition to the mainstay GUANGZHOUPANYU JIU SHUI KENG FOSTER ELECTRIC FACTORY in China.The factory facilities will be further improved to prepare forbusiness development in the future.

Sales offices opened overseasTo promote a more customer-oriented marketing system, theCompany decided to establish an IPO office in Thailand inDecember 2007, and the office is scheduled to open in June 2008.Meanwhile, the MUENCHEN OFFICE opened in Germany inFebruary 2008. Similarly, the Company decided to establish asales office in Boston, Massachusetts, in the United States, and

the BOSTON OFFICE was opened in April 2008.We will strive to improve efficiency and expand the scale ofbusiness operations through aggressive activities and mutualcollaboration among our sales offices.

Topics

The NANNING No. 1 Factory in China


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Company Profile

Directors and Corporate Auditors

(As of March 31, 2008)

Trade Name Foster Electric Company, LimitedFounded June 20, 1949

Capital Stock 3,770,360,135Listed on the First Section of the TokyoStock Exchange

Head Office 512, Miyazawa-cho, Akishima, Tokyo196-8550, JapanPhone: +81-42-546-2311 (switchboard)FAX: +81-42-546-2317

FOSTEX COMPANY 2-35, Musashino 3-chome, Akishima,Tokyo 196-0021, Japan

Phone: +81-42-545-6111FAX: +81-42-546-9222

Kansai Sales Office 7-18, Nishinakajima 4-chome, Yodogawa-ku, Osaka, Osaka 532-0011, JapanPhone: +81-6-6100-0718FAX: +81-6-6885-6718

Chubu Sales Office Sungreen Building 2F, 7-17, Toei-cho 2-chome, Anjo, Aichi 446-0007, JapanPhone: +81-566-97-6180FAX: +81-566-97-6183

Iga Warehouse 310 Kitada, Kawahigashi, Iga, Mie 519-1424, JapanPhone: +81-595-45-3222FAX: +81-595-45-6808

Tachikawa Warehouse 100-1, Takamatsu-cho 1-chome,Tachikawa, Tokyo 190-0011, JapanPhone: +81-42-524-1471

FAX: +81-42-524-1478Number of Employees 430 (Foster Electric Company, Limited,only); total of group companies: 32,266(Total number of employees of group companiesincludes the employees of GUANGZHOU PANYU JIUSHUI KENG FOSTER ELECTRIC FACTORY,outsourcee of Panyu in China)

(As of June 24, 2008)

President andRepresentative Director

Yasuo Higashi

Senior Managing Director Assistant to the President,General Manager, HP Business Division

Yukio Miyata

Senior Managing Director General Manager, SP Business Division Rintaro KoharaManaging Director Deputy General Manager,

SP Business DivisionYoichi Takahashi

Director General Manager, Administration Division,Management Planning Division

Hiromi Yoshizawa

Director President, FOSTER ELECTRIC CO.,(HONG KONG) Ltd.

Lu San Tie

Director President, FOSTER ELECTRONICS LTD. Shigeki OsawaDirector Outside Director Kaoru MatsumotoStanding Corporate Auditor Outside Corporate Auditor Masashi IkeuchiCorporate Auditor Outside Corporate Auditor Osamu NakamotoCorporate Auditor Takeshi ShiobaraSenior Executive Officer General Manager, Production Division

Chairman, FOSTER ELECTRIC CO.,(HONG KONG) Ltd.

Yoshimi Hamana

Executive OfficerIn Charge of Vietnam Project

Akira ToExecutive Officer President, FOSTEX COMPANY Hiroyuki MakiuraExecutive Officer General Manager, R&D Division, In

Charge of Quality AssuranceYuji Izumi

Executive Officer Deputy General Manager,HP Business Division

Kazuhiro Kishi

Executive Officer Deputy General Manager,SP Business Division Deputy GeneralManager, Engineering Dept. 1 and 2 Manager

Terushige Nagasawa

Executive Officer International Dept. ManagerAdministration Division

Haruo Shirasu


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Group Companies

North America

FOSTER ELECTRIC (U.S.A.), INC.Sale of various types of speakers, speaker systems,

microphones, headphones and electronic equipment and

components

1000 E. State Parkway, Suite G, Schaumburg, IL. 60173 U.S.A.

Phone 1-847-310-8200 FAX 1-847-310-8212

EL PASO OPERATIONS

1216 Don Haskins Drive, El Paso, TX. 79936 U.S.A.

Phone 1-915-872-9160 FAX 1-915-872-9165

DETROIT OFFICE

47689 Avante Drive, Wixom, Ml. 48393 U.S.A.

Phone 1-248-449-3076 FAX 1-248-449-3176

LOS ANGELS OFFICE

28338 Constellation Road, Unit910,Valencia, CA. 91355 U.S.A.Phone 1-661-295-2200 FAX 1-661-295-5900

SAN JOSE OFFICE

19925 Steavens Creek Blvd., Cupertino,

CA.95014 U.S.A.

Phone 1-408-973-7853 FAX 1-408-973-7854

BOSTON OFFICE

1661 Worcester Road, Suite 202 Framingham,

M.A. 01701 U.S.A.

Phone 1-508-405-2810 FAX 1-508-405-2812

FOSTER ELECTRIC (MEXICO), S.A. DE C.V.

Manufacture of various types of speakers and speaker

systems

Henry Dunant #6340 Parque Industrial Omega

Cd. Juarez, Chih. Mexico C.P. 32419

Phone 52-656-627-0170 FAX 52-656-627-0426

EuropeFOSTER ELECTRIC (EUROPE) GmbH

Sale of various types of speakers, speaker systems,

headphones, microphones and electronic components Gotenstrae 19, D-20097 Hamburg, Germany

Phone 49-40-239120 FAX 49-40-23912-222

STUTTGART OFFICE

lm Hgleskies 7, D-72666 Neckartailfingen, Germany

Phone 49-(0)7127-973820 FAX 49-(0)7127-973829

SWEDEN OFFICE

Hantverksvgen 15 SE-43633 Askim Sweden

Phone 46-(0)31-7484343 FAX 46-(0)31-7484377

MUENCHEN OFFICE

Schtzweg 11. D-80935 Mnchen. Germany

Phone 49-(0)89-35466844 FAX 49-(0)89-35466951


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Asia

FOSTER ELECTRIC CO., (HONG KONG) LTD.Manufacture and sale of various types of speakers, speaker

systems, headphones, microphones and electronic

components

Block"D", 12th Floor, Kaiser Estate, 41 Man Yue

Street, Hung Hom, Kowloon, Hong Kong

Phone 852-2362-6233 FAX 852-2764-2466

GUANGZHOU PANYU JIU SHUI KENG

FOSTER ELECTRIC FACTORY *outsourcee

Jiu Shui Keng Xiang, Shi Ji Zhen, Pan Yu Qu,

Guangzhou, Guangdong, 511450 China

Phone 86-(0)20-8462-1172 FAX 86-(0)20-8462-0158

FOSTER ELECTRIC CO., (GUANGZHOU) LTD.

Sale of various types of speakers, speaker systems,headphones, microphones and electronic components

Jiu Shui Keng Xiang, Shi Ji Zhen, Pan Yu Qu,

Guangzhou, Guangdong, 511450 China

Phone 86-(0)20-3456-9181 FAX 86-(0)20-3456-9280

SHANGHAI OFFICE

Room B, 11th Floor, Golden Bridge Plaza,

585 Xizang Middle Road, Shanghai, 200003, China

Phone 86-(0)21-6358-6170 FAX 86-(0)21-6358-6173

FOSTER ELECTRIC CO., (CHANGZHOU) LTD.

Manufacture of various types of dies

No.8 Xi Hu Road, (JINTON International Industrial Park)

Wu Jin, Changzhou, Jiangsu, 213164, China

Phone 86-(0)519-8619-1602 FAX 86-(0)519-8622-6156

FOSTER ELECTRIC CO., (NANNING) LTD.

Manufacture of various types of headphones and headsets

Workshop No.7 1 ZongBu Rd. Nanning New&High-tech

Industrial Development Zone Nanning,

Guang Xi, 530007. China

Phone 86-(0)771-3210002 FAX 86-(0)771-3212391

FOSTER ELECTRIC CO., (TAIWAN) LTD.Sale of various types of speakers and speaker systems

6 East 12th Street Kaohsiung Export Processing

Zone, Kaohsiung, 806-81, Taiwan

Phone 886-(0)7-831-9101 FAX 886-(0)7-841-4810

TAIPEI OFFICE

No.119, Sec.1, Hsin Nan Rd. Nan Kang Village,

Lu Chu Hsiang, Tao Yuan Hsien, 338-58, Taiwan

Phone 886-(0)3-212-3334 FAX 886-(0)3-321-1897

Group Companies


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FOSTER ELECTRIC (SINGAPORE) PTE. LTD.

Sale of various types of speakers, speaker systems,headphones, microphones and electronic components

159 Kampong Ampat #03-01/02 KA Place Singapore 368328

Phone 65-67478811 FAX 65-67460062

P.T. FOSTER ELECTRIC INDONESIA

Manufacture of various types of speakers, speaker

systems and microphones

Kawasan Industri Batamindo, Lot 3, Jalan Beringin

Mukakuning, Batam 29433 Indonesia

Phone 62-(0)770-611635 FAX 62-(0)770-611258

FOSTER ELECTRIC IPO (THAILAND) LTD.

Sale of various types of speakers and speaker systems

and procurement of electronic components

31/11 Moo 3 Bangna-Trad Road KM23, T. Bangsaothong. A. Bangsaothong, Samutprakarn 10540 Thailand

Phone 66-(0)2-740-0853 FAX 66-(0)2-740-0855

FOSTER ELECTRIC (VIETNAM) CO., LTD.

Manufacture of various types of headphones

No.6A,VSIP Street.6, Vietnam Singapore Industrial Park,

Thuan An District, Bihn Duong Province, Vietnam

Phone 84-(0)650-767-547 FAX 84-(0)650-767-548

VIETNAM FACTORY 2

Manufacture of various types of headphones

No. 20, VSIP II Street 5,Vietnam Singapore Industrial Park II,

Binh Duong Industry Service-Urban Complex,

Ben Cat District, Binh Duong Province, Vietnam

Phone 84-(0)650-635-060 FAX 84-(0)650-635051

JapanFOSTER ELECTRONICS LIMITED

Sale of various types of speakers, speaker systems,

headphones, microphones and electronic components

Noguchi Bldg 6F., 7-1, Nakano 4-chome, Nakano-ku

Tokyo 164-0001, Japan Phone: +81-3-5345-9383, Fax: +81-3-5345-9352

FOSTER TRANSPORTATIONS LIMITED

Transportation, vehicle maintenance, sheet metal coating,

warehouse management and non-life insurance agency

business

35-1, Inadaira 2-chome, Musashi-Murayama, Tokyo 208-0023, Japan

Phone: +81-42-560-6631, Fax: +81-42-560-5371


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Stock Information

(As of March 31, 2008)

Financial institutions 48.2% Foreign entities, etc. 28.0%

Individuals and other 17.5%

Securities companies 2.7%

Domestic corporations, etc. 3.6%

3,600

3,200

2,400

2,000

1,600

1,200

2,800

3

2007

4 5 6 7 8 9 10 11 12 2 3

(Month)

1

2008

(Yen)

Major Shareholders

Stock Price Range

Total number of shares authorizedto be issued by the Company: 80,000,000 Shares

Total number of shares issued: 24,106,015 SharesNumber of shareholders: 5,691

Distribution of Shareholders by Shareholder Type

Status of Shares

Shareholder's NameNumber of

Shares Held(thousand)

Ratio ofShares Held

(%)

Japan Trustee Services Bank, Ltd. (trust account) 2,480 10.28

The Master Trust Bank of Japan, Ltd.(Retirement Benefit Trust Hitachi Metals Account)

1,685 6.98

The Master Trust Bank of Japan, Ltd. (trust account) 1,214 5.03

Mizuho Bank, Ltd. 1,016 4.21

The Bank of Tokyo-Mitsubishi UFJ, Ltd. 945 3.92

Trust & Custody Services Bank, Ltd.

(Securities investment trust account)659 2.73

Morgan Stanley and Company, Inc. 655 2.72

The Nomura Trust and Banking Co., Ltd. (trust account) 644 2.67Japan Trustee Services Bank, Ltd. (Portion re-trusted to Mitsui

Asset Trust and Banking Company, Limited, and the trust account

for the TDK Corporation's retirement benefit fund)

587 2.43

Goldman Sachs International 560 2.32


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Introduction of Our Products

G 1302speaker systems

Headphones Speakers

Speaker systems

PD606location recorder

Micro speakers

As a sound specialist, Foster Electric delivers a variety of sound-

related products for customers around the world. In addition to themainstay OEM and ODM products, the Company deliverscommercial FOSTEX-brand products that have gained highappraisal in the music and broadcasting equipment markets.

OEM and ODM products

FOSTEX-brand products


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Closing of accounts March 31

Ordinary general meeting

of shareholders June

Record date March 31

If necessary, another day can be designated

with public notice.

Fixed date to determine shareholders who can

receive dividends

Year-end dividends: March 31 Interim dividends: September 30

Number of unit (tangen)

shares 100

Transfer agent Mizuho Trust & Banking Co., Ltd.

2-1, Yaesu 1-chome, Chuo-ku, Tokyo

Transfer agent branch Stock Transfer Agency Department,

Head Office

Mizuho Trust & Banking Co., Ltd.

2-1, Yaesu 1-chome, Chuo-ku, Tokyo

Agencies Mizuho Trust & Banking Co., Ltd., all branches

nationwide

Mizuho Investors Securities Co., Ltd., head

office and all branches nationwide

Media for Public Notice Nihon Keizai Shimbun(daily newspaper)

issued in the Metropolis of TokyoSecurities code 6794

(Share Handling Affairs, Inquiries and Mailing Address)

Stock Transfer Agency Department,

Mizuho Trust & Banking Co., Ltd.

17-7, Saga 1-chome, Koto-ku, Tokyo 135-8722

+81-0120-288-324 (toll-free)Dedicated Web site: Some of the notification forms can be output

from the Otetsuzuki Naiyo (Procedure)

http://www.mizuho-tb.co.jp/daikou/

http://www. foster.co.jp/

Foster Electric Company, Limited

Shareholder Information

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Foster 20080709 Business Report

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