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 Okayama, Japan, May 18, 2001 -- Benesse Corporation announced today the consolidated financial results for the fiscal year ended March 31, 2001. The company's net sales on a consolidated basis amounted to 262.9 billion yen, an increase of 0.8% from a year earlier, while the company had operating income of 30.2 billion yen, a drop of 8.1% and ordinary income of 32.5 billion yen, down 5.2% from the previous fiscal year. Net income, however, rose 0.5% from a year earlier to 16.4 billion yen. The performance marks the sixth consecutive year of record-breaking sales and net income since the company went public in 1995.

Earnings per share also climbed to 155.13 yen, an increase of 1.59 yen, after taking into account the affects of a one-to-two (1:2) stock split that took place in May 2000.

The increase in net income was primarily attributable to significantly fewer expenses incurred during the year than the previous year, despite the expenses of 1.32 billion yen to finance the restructuring cost at Berlitz International, Inc. During the previous fiscal year ended March 31, 2000, however, Benesse had a one-time charge of 3.39 billion yen in expenses for the past service costs of contributory defined benefit pension plan due to a change in accounting policy.

Benesse also reported its all-time high net income on a non-consolidated basis, a jump of 4.3% to 17.4 billion yen from a year earlier. The company's year-to-year non-consolidated net income has risen for the past nine consecutive years, recording the highest net income ever since the company's foundation. Non-consolidated net sales came to 193.3 billion yen, a 2.2% decrease from the previous year, with operating income of 27.9 billion yen, a decline of 6.6% and ordinary income of 31.0 billion yen, a 2.9% drop from a year earlier.

Financial Report