Financial Statements

	Millions of Yen
ASSETS	2011	2010
CURRENT ASSETS:
Cash and deposits	32,630	35,314
Marketable securities	-	-
Notes and accounts receivable trade	21,502	24,009
Allowance for doubtful accounts	(79)	(47)
Inventories	97	86
Advances paid to suppliers	9,690	9,888
Deferred tax asset	139	57
Prepaid expenses and other current assets	2,412	1,910
Total current assets	66,394	71,218
PROPERTY AND EQUIPMENT, at cost:
Land	2,262	2,273
Buildings	4,294	4,249
Equipment	3,364	2,777
	9,921	9,300
Accumulated depreciation	(5,378)	(5,105)
Total property and equipment	4,543	4,195
INTANGIBLE ASSETS
Software	7,884	4,549
Goodwill	131	321
Other	121	130
Total intangible assets	8,137	5,001
INVESTMENTS AND OTHER ASSETS:
Investment securities	2,817	2,605
Lease deposits	4,586	5,134
Long-term loans receivable	396	307
Allowance for doubtful accounts	(416)	(725)
Deferred tax asset	233	241
Other assets	6,071	6,099
Total investments and other assets	13,688	13,663
Total assets	92,763	94,078

	Millions of Yen
LIABILITIES	2011	2010
CURRENT LIABILITIES:
Accounts payable trade	12,594	13,945
Advances received	65,864	68,696
Employees' savings deposits	807	842
Short-term debt	3,000	-
Accrued income taxes	341	281
Deferred tax liability	16	28
Accrued expenses and other current liabilities	1,692	1,440
Total current liabilities	84,322	85,235

SEVERANCE AND RETIREMENT ALLOWANCE	2,019	1,430
DEFERRED TAX LIABIILITY	-	-
ALLOWANCE FOR LOSSES ON UNCOLLECTED GIFT COUPON FOR FUTURE USE	874	1,394
OTHER LONG-TERM LIABILITIES	2,619	3,657
Total liabilities	5,512	6,481
STOCKHOLDERS' EQUITY:
Common stock,
Authorized -240,000,000 shares Issued -96,175,121 shares	7,579	7,579
Capital surplus	4,812	4,812
Retained earnings	(8,992)	(9,703)
Treasury stock	(142)	(155)
Total stockholders' eouity	3,256	2,532
APPRAISAL AND TRANSLATION DIFFERENCES
Net unrealized holding gains on securities	(137)	(61)
Gains or losses on deffered hedge accountings	(162)	(243)
Foreign currency translation adjisument	(103)	23
Total appraisal and translation differences	(404)	(281)
MINORITY INTERESTS	75	110
Total Net Assets	2,927	2,361
Total liabilities and Net Assets	92,763	94,078

	Millions of Yen
	2011	2010
Revenues:
Commissions	54,736	61,217
Other	1,819	2,326
	56,556	63,544

Operating expenses	55,423	61,908
Operating income(loss)	1,132	1,636

Other income(expense)
Interest and dividend income	232	264
Interest expense	(216)	(140)
Exchange gains(losses)	(78)	(380)
Gain on revision of retirement benefit plan	-	6,407
Loss on abolishment of retirement benefit plan	-	(7,230)
Litigation settlement	239	-
Special retirement expenses	-	-
Equity in earnings(losses)of affiliates	(14)	10
Other, net	(255)	(122)

	(92)	(1,192)

Income(loss)before income taxes	1,040	443
Income taxes current	435	346
Income taxes deferred	(72)	(121)
Minority interests in income of subsidiaries	33	95
Net income(loss)	711	314

	Yen
Amounts per share of common stock:
Net income(loss)	7.50	3.33
Cash dividends applicable to the year	0.00	0.00

(Millions of Yen)

	Stockholders' Equity
	Common stock	Capital surplus	Retained earnings	Treasury stock	Total stockholders' equity
Balance at December 31,2010	7,579	4,812	9,703	155	2,532
Fluctuations in the period
Net Income			711		711
Acquisition of treasury stock				0	0
Effect of change in equity ratio				13	14
Fluctuations other than stockholders' equity in the period(net)					-
Total fluctuations in the period	-	-	711	13	724
Balance at December 31,2010	7,579	4,812	8,991	142	3,256

	Appraisal and Translation Differences				Minority intersts	Total Net Assets
	Net unrealized holding gains on securities	Gains or losses on deffered hedge	Foreign currency translation	Total appraisal and translation differences	Minority intersts	Total Net Assets
Balance at December 31,2009	61	243	23	281	110	2,361
Fluctuations in the period
Net Income						711
Acquisition of treasury stock						0
Effect of change in equity ratio						13
Fluctuations other than stockholders' equity in the period(net)	76	80	127	122	34	157
Total fluctuations in the period	76	80	127	122	34	566
Balance at December 31,2010	137	162	103	404	75	2,927