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IIJ Announces Nine Months Financial Results for the Fiscal Year Ending March 31, 2013

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TOKYO, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Internet Initiative Japan Inc. ("IIJ") (Nasdaq:IIJI) (TSE:3774) today announced its consolidated financial results for the nine months of the fiscal year ending March 31, 2013 (from April 1 to December 31, 2012, "3Q12").1

Highlights of 3Q12 Financial Results
Revenues JPY76,690 million ($890 million, up 8.4% YoY)
Operating Income JPY5,043 million ($59 million, up 26.1% YoY)
Net Income attributable to IIJ JPY3,112 million ($36 million, up 30.2% YoY)
-- 3Q12 revenues increased by 8.4%. Revenues for network services, systems integration, and ATM operation business each grew YoY.
-- 3Q12 operating income increased by 26.1% because gross margin of network services, systems integration,
and ATM operation business each increased while SG&A only slightly increased.
-- Revised the year-end dividend plan from the previous JPY8.75 to JPY10.00 per share of common stock along with the increase in income.

Overview of 3rd Quarter FY2012 Financial Results and Business Outlook

"From the start, IIJ had envisioned that Internet would become the fundamental infrastructure for society, and with that clear vision, we have cultivated and led the Japanese IT market for the past 20 years," said Koichi Suzuki, founder and CEO of IIJ. "As a pioneer in introducing a variety of internet-related services, we have established a very unique market position in Japan by engaging in both network services and systems integration. With the explosion of data traffic caused by the pervasive use of smart phones and the growing trend of cloud computing, we are seeing our corporate clients' network and outsourcing demands getting stronger. We recognize it as an enormous business opportunity for our further growth with our rich blue-chip client base, large-scale network, exceptional network engineering skills, and reputation to take initiatives. We will continue to strategically invest on our network resources and business development to seize the growing demands and to foresee tremendous business scale up in the middle term."

"We executed our business strategy as planned this quarter," continued Suzuki. "The revenue and profit growth were driven primarily by the continuous demand for broader network bandwidth and the accumulation of systems integration orders. Cloud and overseas business, two of our future growth drivers, are still small portion of the total revenue, yet they are surely starting to contribute to the overall revenue growth. We are going to construct a second container type datacenter to meet the growing demand on cloud. We have enhanced the overseas cloud line-ups with the release of the cloud service for China in January, following the U.S. cloud service."

"Lastly, we decided to increase the year-end dividend along with our profit growth," concluded Suzuki.

3rd Quarter FY2012 Financial Results Summary

Operating Results Summary
3Q11 3Q12 YoY % Change
JPY millions JPY millions
Total Revenues 70,752 76,690 8.4
Network Services 47,242 48,515 2.7
Systems Integration (SI) 21,709 25,601 17.9
Equipment Sales 879 867 (1.3)
ATM Operation Business 922 1,707 85.0
Total Costs 56,654 61,165 8.0
Network Services 37,587 37,972 1.0
Systems Integration (SI) 17,267 20,994 21.6
Equipment Sales 787 749 (4.7)
ATM Operation Business 1,013 1,450 43.2
SG&A Expenses and R&D 10,100 10,482 3.8
Operating Income 3,998 5,043 26.1
Income before Income Tax Expense 3,780 4,946 30.8
Net income attributable to IIJ 2,390 3,112 30.2
Segment Summary
3Q11 3Q12
JPY millions JPY millions
Net Revenues 70,752 76,690
Network services and SI business 70,204 75,399
ATM operation business 922 1,707
Elimination 374 416
Operating Income (Loss) 3,998 5,043
Network service and SI business 4,250 4,965
ATM operation business (194) 164
Elimination 58 86

We have omitted segment analysis because most of our revenues are dominated by Network services and Systems Integration (SI) business.

3rd Quarter FY2012 Results of Operation

Revenues

Total revenues of 3Q12 were JPY76,690 million, up 8.4% YoY.

Network Services revenue was JPY48,515 million, up 2.7% YoY.

Revenues for Internet connectivity services for corporate use were JPY11,783 million, up 7.9% YoY, mainly due to the continuous demands for broader bandwidth by network operators.

Revenues for Internet connectivity services for home use were JPY4,111 million, down 5.0% YoY. While our LTE mobile data communication service, which was introduced in February 2012, has been accumulating orders continuously, the cancellations of old type connectivity services still continued.

WAN services revenues were JPY18,880 million, down 1.6% YoY.

Outsourcing services revenues were JPY13,741 million, up 7.2% YoY. The revenue growth was mainly led by the continuous demands on "IIJ GIO Hosting Package Services," datacenter-related services and security-related services.

Network Services Revenues Breakdown
3Q11 3Q12 YoY %
change
JPY millions JPY millions
Internet Connectivity Service (Corporate Use) 10,920 11,783 7.9
IP Service2 6,911 7,435 7.6
IIJ FiberAccess/F and IIJ DSL/F 2,352 2,397 1.9
IIJ Mobile Service3 1,473 1,772 20.3
Others 184 179 (2.6)
Internet Connectivity Service (Home Use) 4,328 4,111 (5.0)
Under IIJ Brand 671 969 44.4
hi-ho 3,222 2,678 (16.9)
OEM 435 464 6.7
WAN Services 19,177 18,880 (1.6)
Outsourcing Services 12,817 13,741 7.2
Total Network Services 47,242 48,515 2.7
Number of Contracts for Connectivity Services
3Q11 3Q12 YoY Change
Internet Connectivity Services (Corporate Use) 93,345 105,672 12,327
IP Service (-99Mbps) 938 908 (30)
IP Service (100Mbps-999Mbps) 342 370 28
IP Service (1Gbps--) 132 186 54
IIJ Data Center Connectivity Service 303 309 6
IIJ FiberAccess/F and IIJ DSL/F 43,425 46,670 3,245
IIJ Mobile Service4 46,964 55,883 8,919
Others 1,241 1,346 105
Internet Connectivity Services (Home Use) 383,745 465,624 81,879
Under IIJ Brand 37,322 89,885 52,563
hi-ho 148,856 150,238 1,382
OEM 197,567 225,501 27,934
Total Contracted Bandwidth 853.0Gbps 1,107.5Gbps 254.5Gbps

SI revenues were JPY25,601 million, up 17.9% YoY.

Systems construction revenue, a one-time revenue, was JPY9,824 million, up 33.7% YoY, mainly due to the increase in both number and volume of systems construction projects. Large overseas construction projects have been added. Systems operation and maintenance revenue, a recurring revenue, was JPY15,777 million, up 9.9% YoY. The increase was mainly due to the continuous accumulation of revenue from "IIJ GIO Component Services."

The order backlog for systems construction and equipment sales was JPY5,333 million, down 7.1% YoY. The order backlog for systems operation and maintenance was JPY14,917 million, up 14.4% YoY.

Equipment sales revenues were JPY867 million, down 1.3% YoY.

ATM Operation Business revenues were JPY1,707 million, up 85.0% YoY, along with the increase in the numbers of ATMs newly placed. As of February 8, 2013, 593 ATMs are placed.

Cost and expense

Cost of revenues was JPY61,165 million, up 8.0% YoY.

Cost of Network Services revenue was JPY37,972 million, up 1.0% YoY mainly due to the increase in outsourcing-related costs, personnel-related costs and network operation-related costs. Gross margin for network services was JPY10,543 million, up 9.2% YoY and gross margin ratio was 21.7%, up 1.3 points YoY.

Cost of SI revenues was JPY20,994 million, up 21.6% YoY. The increases of purchasing costs, some portion of outsourcing-related costs and personnel-related costs are in the relation to the increase in systems construction revenues. Gross margin for SI was JPY4,608 million, up 3.7% YoY and gross margin ratio was 18.0%, down 2.5 points YoY.

Cost of Equipment Sales revenues was JPY749 million, down 4.7% YoY. Gross margin was JPY118 million and gross margin ratio was 13.6%, up 3.1 points YoY.

Cost of ATM Operation Business revenues was JPY1,450 million, up 43.2% YoY mainly due to the increase in the number of newly placed ATMs. Gross margin was JPY256 million compared to gross loss of JPY91 million for 3Q11, and gross margin ratio was 15.0%.

SG&A and R&D Expenses

SG&A and R&D expenses in total were JPY10,482million, up 3.8% YoY.

Sales and marketing expenses were JPY6,031 million, up 1.5% YoY, mainly due to the increase in advertizing expenses. Amortization expenses of customer relationship related to IIJ Global Solutions Inc. was JPY275 million, slightly decreased from JPY319 million in 3Q11.

General and administrative expenses were JPY4,147 million, up 5.8% YoY. The increase was mainly due to the increase in personnel-related expenses.

Research and development expenses were JPY304 million, up 27.0% YoY.

Operating income

Operating income was JPY5,043 million, up 26.1% YoY mainly because gross margin of each revenue line increased.

Other income (expenses)

Other income (expenses) was an expense of JPY97 million (an expense of JPY218 million for 3Q11).

Income before income tax expenses

Income before income tax expenses was JPY4,946 million, up 30.8% YoY.

Net Income

Income tax expense was JPY1,954 million (JPY1,603 million for 3Q11).

Equity in net income of equity method investees was JPY131 million (JPY153 million for 3Q11) mainly due to net income of Internet Revolution, Inc. and Internet Multifeed Co.

As a result of the above, net income was JPY3,123 million, up 34.1% YoY (JPY2,330 million for 3Q11).

Net income attributable to IIJ

Net income attributable to non-controlling interests was JPY11 million (net loss of JPY60 million for 3Q11) mainly related to net income of Trust Networks Inc.

Net income attributable to IIJ was JPY3,112 million, up 30.2% YoY.

3Q FY2012 Financial Condition

Balance Sheets

As of December 31, 2012, the balance of total assets was JPY75,892 million, increased by JPY2,399 million from the balance as of March 31, 2012.

As for current assets as of December 31, 2012, as compared to the respective balances as of March 31, 2012, cash and cash equivalents decreased by JPY2,889 million mainly due to the payment of income tax and the repayment of bank borrowings, prepaid expenses increased by JPY1,394 million and inventories increased by JPY1,038 million, respectively. As for noncurrent assets, as compared to the respective balance as of March 31, 2012, property and equipment increased by JPY2,432 million, resulting from the investment in servers and network equipments for cloud computing service and others. As for current liabilities, as compared to the respective balance as of March 31, 2012, income tax payable decreased by JPY1,814 million.

As for the balances of capital lease obligations, as compared to the respective balances as of March 31, 2012, capital lease obligations-current portion increased by JPY460 million to JPY3,457 million and capital lease obligations-noncurrent increased by JPY841 million to JPY5,582 million, respectively. The balance of long-term borrowings including current portion as of December 31, 2012 was decreased to JPY1,990 million resulted from the repayment of JPY1,010 million.

As of December 31, 2012, the balance of other investments was JPY3,466 million. The breakdown of other investments were JPY2,066 million in nonmarketable equity securities, JPY1,051 million in available-for-sale securities and JPY349 million in other.

As of December 31, 2012, the balance of non-amortized intangible assets (excluding telephone rights) such as goodwill was JPY6,125 million, and the breakdown of non-amortized intangible assets were JPY5,970 million in goodwill and JPY155 million in trademark. The balance of amortized intangible assets, which was customer relationships, was JPY4,804 million.

Total IIJ shareholders' equity as of December 31, 2012 was JPY35,196 million, an increase by JPY2,508 million from the balance as of March 31, 2012. IIJ Shareholders' equity ratio (total IIJ shareholders' equity/total assets) as of December 31, 2012 was 46.4%.

Cash Flows

Cash and cash equivalents as of December 31, 2012 were JPY10,648 million compared to JPY10,928 million as of December 31, 2011.

Net cash provided by operating activities for 3Q12 was JPY5,880 million compared to net cash provided by operating activities of JPY6,580 million for 3Q11. While operating income increased compared to 3Q11, there were effects of changes in operating assets and liabilities such as increase in inventories and prepaid expenses and there was also the increase in payments for income taxes.

Net cash used in investing activities for 3Q12 was JPY4,704 million compared to net cash used in investing activities of JPY4,391 million for 3Q11, mainly due to payments for purchase of property and equipments of JPY4,410 million (JPY4,534 million for 3Q11).

Net cash used in financing activities for 3Q12 was JPY4,057 million compared to net cash used in financing activities of JPY4,541 million for 3Q11, due to principal payments under capital leases of JPY2,741 million (JPY2,503 million for 3Q11), JPY709 million in total for FY2011 year-end dividends and FY2012 interim dividends payments (JPY608 million for 3Q11) and repayment for bank borrowings of JPY610 million (net) (repayment of JPY1,430 million (net) for 3Q11).

FY2012 Financial Targets (Announced on May 15, 2012)

Our financial targets for FY2012 are as follows:

(JPY in millions)
Revenues Operating Income Income before Income Tax Expense (Benefit) Net Income attributable to IIJ
Full FY2012 107,000 7,500 6,900 4,000

Our financial results tend to be weak in the first half and strong in the second half, especially in fourth quarter, of every fiscal year due to seasonal factors. The fourth quarter financial results have the largest contribution to the full year financial results. Our FY2012 full year financial targets announced on May 15, 2012 remain unchanged.

Revision of FY2012 Year-end Dividend Forecast

On February 8, 2012, we revised upward our FY2012 year-end dividend forecast from JPY8.75 to JPY10.00 per common stock. Accordingly, FY2012 full-year dividend forecast will be JPY18.75 per common stock, up JPY2.5 per common stock YoY as shown below:

Interim Year-end Full Year
FY2012 Dividend (Forecast) JPY8.75 (Paid) JPY10.00 (Forecast) JPY18.75 (Forecast)
FY2011 JPY7.50 JPY8.75 JPY16.25

*Dividend figures shown above are retroactively adjusted to reflect a 1:200 stock split conducted on October 1, 2012.

Reconciliation of Non-GAAP Financial Measures

The following table summarizes the reconciliation of adjusted EBITDA to net income attributable to IIJ in our consolidated statements of income that are prepared in accordance with U.S. GAAP.

Adjusted EBITDA
3Q11 3Q12
JPY millions JPY millions
Adjusted EBITDA 9,249 10,586
Depreciation and Amortization 5 5,251 5,543
Operating Income 3,998 5,043
Other Income (Expense) (218) (97)
Income Tax Expense 1,603 1,954
Equity in Net Income of Equity Method Investees 153 131
Net income 2,330 3,123
Net loss (income) attributable to noncontrolling interests 60 (11)
Net Income attributable to IIJ 2,390 3,112
CAPEX
3Q11 3Q12
JPY millions JPY millions
CAPEX, including capital leases 8,652 8,452
Acquisition of Assets by Entering into
Capital Leases
4,118 4,042
Purchase of Property and Equipment 4,534 4,410

Others

On October 1, 2012, IIJ conducted a 1:200 stock split on common stock. Accordingly, the followings are calculated as if the stock split was conducted at the beginning of FY2011: basic net income attributable to IIJ per share, diluted net income attributable to IIJ per share, the number of authorized shares, the shares outstanding (shares of common stock), and treasury stock in the consolidated balance sheet. With this stock split, the ADS to common stock ratio has been changed to 2 ADSs per 1 share of common stock from 400 ADSs per 1 share of common stock since October 1, 2012.

Presentation

Presentation Materials will be posted on our web site (http://www.iij.ad.jp/en/ir/) on February 8, 2013.

About Internet Initiative Japan Inc.

Founded in 1992, IIJ is one of Japan's leading Internet-access and comprehensive network solutions providers. IIJ and its group of companies provide total network solutions that mainly cater to high-end corporate customers. IIJ's services include high-quality systems integration and security services, Internet access, hosting/housing, and content design. Moreover, IIJ has built one of the largest Internet backbone networks in Japan, and between Japan and the United States. IIJ listed on the U.S. NASDAQ Stock Market in 1999 and on the First Section of the Tokyo Stock Exchange in 2006.

The Internet Initiative Japan Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4613

For inquiries, contact:

IIJ Investor Relations

Tel: +81-3-5259-6500 E-mail: ir@iij.ad.jp URL: http://www.iij.ad.jp/en/ir

Statements made in this press release regarding IIJ's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements that are based on IIJ's and managements' current expectations, assumptions, estimates and projections about its business and the industry. These forward-looking statements, such as statements regarding FY2012 revenues and operating and net profitability, are subject to various risks, uncertainties and other factors that could cause IIJ's actual results to differ materially from those contained in any forward-looking statement. These risks, uncertainties and other factors include: IIJ's ability to maintain and increase revenues from higher-margin services such as systems integration and outsourcing services; the possibility that revenues from connectivity services may decline substantially as a result of competition and other factors; the ability to compete in a rapidly evolving and competitive marketplace; the impact on IIJ's profits of fluctuations in costs such as backbone costs and subcontractor costs; the impact on IIJ's profits of fluctuations in the price of available-for-sale securities; the impact of technological changes in its industry; IIJ's ability to raise additional capital to cover its indebtedness; the possibility that NTT, IIJ's largest shareholder, may decide to exercise substantial influence over IIJ; and other risks referred to from time to time in IIJ's filings on Form 20-F of its annual report and other filings with the United States Securities and Exchange Commission.

1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with U.S. GAAP. All financial figures are unaudited and consolidated. The translation of Japanese yen into U.S. dollars is solely for the convenience of readers outside of Japan. The rate used for the translation was JPY86.12 per US$1.00, which was the noon buying rate on December 28, 2012.

2 IP Service revenues include revenues from the Data Center Connectivity Service.

3 Revenue from mobile data communication service for home use is included in Internet Connectivity service (home use).

4 Contracts of IIJ Mobile Service are of mobile data communication service for corporate use.

5 Depreciation and amortization includes impairment loss on other intangible assets. (See IIJ's consolidated financial statements for details).

Internet Initiative Japan Inc.
Quarterly Consolidated Balance Sheets (Unaudited)
(As of March 31, 2012 and December 31, 2012)
As of March 31, 2012 As of December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 13,536,824 123,645 10,648,296
Accounts receivable, net of allowance for doubtful accounts of JPY 107,919 thousand and JPY 105,571 thousand at March 31, 2012 and December 31, 2012, respectively 15,722,135 178,692 15,388,973
Inventories 752,075 20,786 1,790,064
Prepaid expenses 1,848,344 37,646 3,242,103
Deferred tax assets -Current 939,370 7,826 674,011
Other current assets, net of allowance for doubtful accounts of JPY 10,732 thousand at March 31, 2012 and December 31, 2012, respectively 891,560 13,554 1,167,220
Total current assets 33,690,308 382,149 32,910,667
INVESTMENTS IN EQUITY METHOD INVESTEES 1,406,634 19,105 1,645,346
OTHER INVESTMENTS 2,938,146 40,250 3,466,298
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization of JPY 25,693,163 thousand and JPY 28,190,585 thousand at March 31, 2012 and December 31, 2012, respectively 19,735,546 257,401 22,167,374
GOODWILL 5,788,333 69,321 5,969,951
OTHER INTANGIBLE ASSETS -Net 5,396,469 57,806 4,978,211
GUARANTEE DEPOSITS 1,899,815 22,940 1,975,580
DEFERRED TAX ASSETS -Noncurrent 24,760 657 56,585
NET INVESTMENT IN SALES-TYPE LEASES —Noncurrent 935,446 8,077 695,579
Prepaid expenses —Noncurrent 1,536,932 22,003 1,894,891
OTHER ASSETS, net of allowance for doubtful accounts of JPY86,388 thousand and JPY 79,338 thousand at March 31, 2012 and December 31, 2012, respectively 140,857 1,528 131,648
TOTAL 73,493,246 881,237 75,892,130
As of March 31, 2012 As of December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings 9,000,000 109,150 9,400,000
Long-term borrowings —current portion 1,010,000 11,728 1,010,000
Capital lease obligations—current portion 2,997,292 40,146 3,457,410
Accounts payable —trade 9,093,657 106,253 9,150,548
Accounts payable —other 659,266 4,262 367,018
Income taxes payable 2,210,089 4,594 395,625
Accrued expenses 2,277,307 26,070 2,245,125
Deferred income―current 1,495,468 19,827 1,707,505
Other current liabilities 717,342 9,792 843,260
Total current liabilities 29,460,421 331,822 28,576,491
LONG-TERM BORROWINGS 1,990,000 11,379 980,000
CAPITAL LEASE OBLIGATIONS -Noncurrent 4,741,241 64,821 5,582,375
ACCRUED RETIREMENT AND PENSION COSTS -Noncurrent 1,805,683 22,883 1,970,667
DEFERRED TAX LIABILITIRES -Noncurrent 652,280 7,064 608,283
DEFERRED INCOME -Noncurrent 1,547,159 26,840 2,311,430
OTHER NONCURRENT LIABILITIES 600,215 7,486 644,672
Total Liabilities 40,796,999 472,294 40,673,918
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common-stock—authorized, 75,520,000 shares; issued and outstanding, 41,295,600 shares at March 31, 2012 and December 31, 2012 16,833,847 195,470 16,833,847
Additional paid-in capital 27,260,318 316,883 27,289,972
Accumulated deficit (10,990,348) (99,715) (8,587,457)
Accumulated other comprehensive income (loss) (23,533) 604 51,998
Treasury stock—758,800 shares held by the company at March 31, 2012 and December 31, 2012, respectively (392,079) (4,553) (392,079)
Total Internet Initiative Japan Inc. shareholders' equity 32,688,205 408,689 35,196,281
NONCONTROLLING INTERESTS 8,042 255 21,931
Total equity 32,696,247 408,942 35,218,212
TOTAL 73,493,246 881,237 75,892,130
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Income and
Quarterly Consolidated Statements of Other Comprehensive Income (Unaudited)
(For The Nine Months Ended December 31, 2011 and December 31, 2012)
Quarterly Consolidated Statements of Income
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
REVENUES:
Network services:
Internet connectivity services (corporate use) 10,919,624 136,821 11,783,029
Internet connectivity services (home use) 4,327,929 47,732 4,110,638
WAN services 19,177,295 219,226 18,879,758
Outsourcing services 12,817,335 159,563 13,741,605
Total 47,242,183 563,342 48,515,030
Systems integration:
Systems construction 7,348,767 114,075 9,824,179
Systems operation and maintenance 14,359,541 183,198 15,776,992
Total 21,708,308 297,273 25,601,171
Equipment sales 878,749 10,071 867,303
ATM operation business 922,352 19,817 1,706,586
Total revenues 70,751,592 890,503 76,690,090
COST AND EXPENSES:
Cost of network services 37,587,001 440,916 37,971,665
Cost of systems integration 17,267,064 243,772 20,993,632
Cost of equipment sales 786,589 8,702 749,397
Cost of ATM operation business 1,013,198 16,842 1,450,459
Total cost 56,653,852 710,232 61,165,153
Sales and marketing 5,940,188 70,028 6,030,817
General and administrative 3,920,530 48,156 4,147,197
Research and development 239,440 3,531 304,060
Total cost and expenses 66,754,010 831,947 71,647,227
OPERATING INCOME 3,997,582 58,556 5,042,863
OTHER INCOME (EXPENSE):
Interest income 25,047 231 19,889
Interest expense (227,127) (2,530) (217,897)
Foreign exchange gains (losses) (13,469) (148) (12,705)
Net gains (losses) on sales of other investments -net (170) 158 13,565
Losses on write-down of other investments (84,577) (230) (19,788)
Other -net 82,631 1,394 120,039
Other expense — net (217,665) (1,125) (96,897)
INCOME FROM OPERATIONS BEFORE INCOME TAX EXPENSE AND EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES 3,779,917 57,431 4,945,966
INCOME TAX EXPENSE 1,603,606 22,691 1,954,168
EQUITY IN NET INCOME OF EQUITY METHOD INVESTEES 153,336 1,529 131,688
NET INCOME 2,329,647 36,269 3,123,486
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTERESTS 60,000 (130) (11,201)
NET INCOME ATTRIBUTABLE TO INTERNET INITIATIVE JAPAN INC. 2,389,647 36,139 3,112,285
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
NET INCOME PER SHARE
BASIC WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 40,536,800 40,536,800
DILUTED WEIGHTED-AVERAGE NUMBER OF SHARES (shares) 40,553,800 40,569,000
BASIC WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) 81,073,600 81,073,600
DILUTED WEIGHTED-AVERAGE NUMBER OF ADS EQUIVALENTS (ADSs) 81,107,600 81,138,000
BASIC NET INCOME PER SHARE (JPY / U.S. Dollars / JPY) 58.95 0.89 76.78
DILUTED NET INCOME PER SHARE (JPY / U.S. Dollars / JPY) 58.93 0.89 76.72
BASIC NET INCOME PER ADS EQUIVALENT (JPY / U.S. Dollars / JPY) 29.48 0.45 38.39
DILUTED NET INCOME PER ADS EQUIVALENT (JPY / U.S. Dollars / JPY) 29.46 0.45 38.36
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
Quarterly Consolidated Statements of Other comprehensive income
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
NET INCOME 2,329,647 36,269 3,123,486
Comprehensive income (loss), net of tax:
Foreign currency translation adjustments (15,920) (168) (14,446)
Unrealized holding gain on securities 13,409 1,043 89,799
Defined benefit pension plans (6,789) 2 178
Total comprehensive income (loss) 2,320,347 37,146 3,199,017
Less: Comprehensive income (loss) attraibutable to noncontrolling interests 60,000 (130) (11,201)
Comprehensive income attributable to Internet Initiative Japan Inc. 2,380,347 37,016 3,187,816
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Cash Flows (Unaudited)
(For The Nine Months Ended December 31, 2011 and December 31, 2012)
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
OPERATING ACTIVITIES:
Net income 2,329,647 36,269 3,123,486
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,251,482 64,370 5,543,517
Provision for retirement and pension costs, less payments 149,105 1,919 165,262
Provision for (reversal of) allowance for doubtful accounts 45,852 (2) (142)
Loss on disposal of property and equipment 39,616 53 4,593
Net losses (gains) on sales of other investments 170 (158) (13,565)
Impairment of other investments 84,577 230 19,788
Foreign exchange losses (gains), net 32,088 (201) (17,284)
Equity in net income of equity method investees (153,336) (1,529) (131,688)
Deferred income tax expense 108,174 1,765 151,975
Others 34,705 153 13,153
Changes in operating assets and liabilities net of effects from acquisition of a company:
Decrease in accounts receivable 928,294 5,055 435,371
Decrease in net investment in sales-type lease―noncurrent 227,371 2,785 239,867
Increase in inventories, prepaid expenses and other current and noncurrent assets (1,047,996) (34,282) (2,952,371)
Increase (decrease) in accounts payable (3,864,764) 694 59,748
Increse (decrease) in income taxes payable 832,873 (21,136) (1,820,268)
Increase (decrease) in deferred income-noncurrent (120,220) 9,018 776,649
Increase in accrued expenses and other current and noncurrent liabilities 1,702,329 3,271 281,706
Net cash provided by operating activities 6,579,967 68,274 5,879,797
INVESTING ACTIVITIES:
Purchase of property and equipment (4,534,276) (51,209) (4,410,119)
Proceeds from sales of property and equipment 294,265 5,489 472,706
Purchase of available-for-sale securities (118,948) (479) (41,250)
Purchase of other investments (106,115) (4,726) (407,002)
Investment in an equity method investee (24,647) (1,161) (100,000)
Proceeds from sales of available-for-sale securities 3,879 -- --
Proceeds from sales of other investments 62,205 1,076 92,634
Payments of guarantee deposits (20,269) (1,010) (86,954)
Refund of guarantee deposits 21,314 178 15,363
Payments for refundable insurance policies (6,422) (6) (554)
Refund from insurance policies 42,948 -- --
Acquisition of a newly controlled company, net of cash acquired -- (2,660) (229,058)
Other (4,577) (112) (9,618)
Net cash used in investing activities (4,390,643) (54,620) (4,703,852)
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
FINANCING ACTIVITIES:
Proceeds from issuance of short-term borrowings with initial maturities over three months and long-term borrowings 3,370,000 824 71,000
Repayments of short-term borrowings with initial maturities over three months and long-term borrowings (620,000) (12,552) (1,081,000)
Principal payments under capital leases (2,502,602) (31,824) (2,740,622)
Net incrase (decrease) in short-term borrowings with initial maturities less than three months (4,180,000) 4,645 400,000
Proceeds from issuance of subsidiary stock to minority shareholders -- 30 2,570
Dividends paid (608,052) (8,237) (709,394)
Net cash used in financing activities (4,540,654) (47,114) (4,057,446)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (34,314) (81) (7,027)
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,385,644) (33,541) (2,888,528)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 13,313,615 157,186 13,536,824
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 10,927,971 123,645 10,648,296
ADDITIONAL CASH FLOW INFORMATION:
Interest paid 225,749 2,535 218,322
Income taxes paid 480,415 40,461 3,484,499
NONCASH INVESTING AND FINANCING ACTIVITIES:
Acquisition of assets by entering into capital leases 4,118,138 46,933 4,041,871
Facilities purchase liabilities 385,074 4,262 367,018
Asset retirement obligation 42,273 -- --
Acquisition of a company:
Assets acquired -- 4,693 404,139
Liabilities assumed -- 1,211 104,321
Noncontrolling interests -- 1 118
Cash paid -- 3,480 299,700
Cash including acquired assets -- 819 70,642
Acquisition of a newly controlled company, net of cash acquired -- 2,660 229,058
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
Going Concern Assumption (Unaudited)
Nothing to be reported.
Segment Information (Unaudited)
Business Segments:
Revenues:
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of JPY Thousands of JPY
Network service and systems integration business 70,204,107 75,399,477
Customers 69,829,240 74,983,504
Intersegment 374,867 415,973
ATM operation business 922,352 1,706,586
Customers 922,352 1,706,586
Intersegment
Elimination 374,867 415,973
Consolidated total 70,751,592 76,690,090
Segment profit or loss:
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2012
Thousands of JPY Thousands of JPY
Network service and systems integration business 4,249,778 4,964,544
ATM operation business (194,337) 163,845
Elimination 57,859 85,526
Consolidated operating income 3,997,582 5,042,863
Substantially all revenues are from customers operating in Japan. Geographic information is not presented due to immateriality of
revenue attributable to international operations.
Material Changes In Shareholders' Equity (Unaudited)
Nothing to be reported.
Subsequent Events (Unaudited)
Nothing to be reported.

3rd Quarter FY2012 Consolidated Financial Results (3 months)

The following tables are highlight data of 3rd Quarter FY2012 (3 months) consolidated financial results (unaudited, from October 1, 2012 to December 31, 2012).

Operating Results Summary
3Q11 3Q12 YoY % Change
JPY millions JPY millions
Total Revenues: 23,545 25,581 8.6
Network Services 15,922 16,256 2.1
Systems Integration (SI) 6,994 8,475 21.2
Equipment Sales 268 225 (15.9)
ATM Operation Business 361 625 72.8
Cost of Revenues: 18,683 20,204 8.1
Network Services 12,541 12,589 0.4
Systems Integration (SI) 5,541 6,904 24.6
Equipment Sales 241 198 (17.6)
ATM Operation Business 360 513 42.2
SG&A Expenses and R&D 3,313 3,597 8.6
Operating Income 1,549 1,780 14.9
Income before Income Tax Expense 1,489 1,770 18.8
Net Income attributable to IIJ 1,028 1,105 7.5
Network Service Revenue Breakdown
3Q11 3Q12 YoY % Change
JPY millions JPY millions
Internet Connectivity Service (Corporate Use) 3,643 3,967 8.9
IP Service 2,277 2,500 9.8
IIJ FiberAccess/F and IIJ DSL/F 788 791 0.5
IIJ Mobile Service 517 616 19.1
Others 61 60 (1.5)
Internet Connectivity Service (Home Use) 1,398 1,343 (4.0)
Under IIJ Brand 217 348 60.1
hi-ho 1,033 837 (18.9)
OEM 148 158 6.6
WAN Services 6,476 6,302 (2.7)
Outsourcing Services 4,405 4,644 5.4
Network Services Revenues 15,922 16,256 2.1

Reconciliation of Non-GAAP Financial Measures (3rd Quarter FY2012 (3 months))

The following table summarizes the reconciliation of adjusted EBITDA to net income in our consolidated statements of income that are prepared in accordance with U.S. GAAP.

Adjusted EBITDA
3Q11 3Q12
JPY millions JPY millions
Adjusted EBITDA 3,376 3,684
Depreciation and Amortization 1,827 1,904
Operating Income 1,549 1,780
Other Income (Expense) (60) (10)
Income Tax Expense 548 703
Equity in Net Income of Equity Method Investees 77 49
Net income 1,018 1,115
Net Loss (Income) attributable to non-controlling interests 10 (10)
Net Income attributable to IIJ 1,028 1,105

The following table summarizes the reconciliation of capital expenditures to the purchase of property and equipment in our consolidated statements of cash flows that are prepared and presented in accordance with U.S. GAAP.

CAPEX
3Q11 3Q12
JPY millions JPY millions
CAPEX, including capital leases 2,208 2,549
Acquisition of Assets by Entering into
Capital Leases
1,055 924
Purchase of Property and Equipment 1,153 1,625
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Income (Unaudited)
(Three Months ended December 31, 2011 and December 31, 2012)
Three Months Ended
December 31, 2011
Three Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
REVENUES:
Network services:
Internet connectivity services (corporate use) 3,642,759 46,068 3,967,404
Internet connectivity services (home use) 1,397,782 15,589 1,342,487
WAN services 6,475,568 73,183 6,302,542
Outsourcing services 4,405,320 53,925 4,643,995
Total 15,921,429 188,765 16,256,428
Systems integration:
Systems Construction 2,154,424 36,351 3,130,593
Systems Operation and Maintenance 4,839,702 62,053 5,343,964
Total 6,994,126 98,404 8,474,557
Equipment sales 268,064 2,619 225,523
ATM operation business 361,465 7,252 624,581
Total revenues 23,545,084 297,040 25,581,089
COST AND EXPENSES:
Cost of network services 12,541,295 146,180 12,589,051
Cost of systems integration 5,540,863 80,170 6,904,274
Cost of equipment sales 240,402 2,302 198,152
Cost of ATM operation business 360,344 5,950 512,418
Total cost 18,682,904 234,602 20,203,895
Sales and marketing 2,023,213 24,374 2,099,141
General and administrative 1,212,669 16,281 1,402,120
Research and development 76,923 1,112 95,777
Total cost and expenses 21,995,709 276,369 23,800,933
OPERATING INCOME 1,549,375 20,671 1,780,156
OTHER INCOME (EXPENSE):
Interest income 9,097 59 5,066
Interest expense (72,438) (845) (72,734)
Foreign exchange gains (losses) (4,111) 433 37,292
Losses on write-down of other investments (7,117) -       -      
Other—net 14,302 231 19,888
Other expense — net (60,267) (122) (10,488)
INCOME FROM OPERATIONS BEFORE INCOME
TAX EXPENSE AND EQUITY IN NET INCOME
IN EQUITY METHOD INVESTEES
1,489,108 20,549 1,769,668
INCOME TAX EXPENSE 548,352 8,163 702,996
EQUITY IN NET INCOME OF EQUITY
METHOD INVESTEES
76,627 564 48,600
NET INCOME 1,017,383 12,950 1,115,272
LESS: NET LOSS (INCOME) ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
10,814 (118) (10,143)
NET INCOME ATTRIBUTABLE TO
INTERNET INITIATIVE JAPAN INC.
1,028,197 12,832 1,105,129
Three Months Ended
December 31, 2011
Three Months Ended
December 31, 2012
NET INCOME PER SHARE
BASIC WEIGHTED-AVERAGE NUMBER OF
SHARES (shares)
40,536,800 40,536,800
DILUTED WEIGHTED-AVERAGE NUMBER
OF SHARES (shares)
40,564,400 40,577,200
BASIC WEIGHTED-AVERAGE NUMBER OF
ADS EQUIVALENTS (ADSs)
81,073,600 81,073,600
DILUTED WEIGHTED-AVERAGE NUMBER
OF ADS EQUIVALENTS (ADSs)
81,128,800 81,154,400
BASIC NET INCOME PER SHARE
(JPY / U.S. Dollars / JPY)
25.36 0.32 27.26
DILUTED NET INCOME PER SHARE
(JPY / U.S. Dollars / JPY)
25.35 0.32 27.24
BASIC NET INCOME PER ADS
EQUIVALENT (JPY / U.S. Dollars / JPY)
12.68 0.16 13.63
DILUTED NET INCOME PER ADS
EQUIVALENT (JPY / U.S. Dollars / JPY)
12.67 0.16 13.62
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
Internet Initiative Japan Inc.
Quarterly Consolidated Statements of Cash Flows (Unaudited)
(Three Months ended December 31, 2011 and December 31, 2012)
Three Months Ended
December 31, 2011
Three Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
OPERATING ACTIVITIES:
Net income 1,017,383 12,950 1,115,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,827,054 22,111 1,904,175
Provision for retirement and pension costs, less payments 60,234 680 58,532
Reversal of allowance for doubtful accounts (699) (3) (228)
Loss on disposal of property and equipment 17,699 26 2,278
Impairment of other investments 7,117 -- --
Foreign exchange gains, net (3,708) (621) (53,502)
Equity in net income of equity method investees (76,627) (564) (48,600)
Deferred income tax expense (benefit) (57,608) 321 27,645
Others (13,981) 142 12,186
Changes in operating assets and liabilities net of effects from acquisition of a company:
Decrease (Increase) in accounts receivable (1,003,770) 2,995 257,960
Decrease in net investment in sales-type lease―noncurrent 106,180 1,145 98,612
Increase in inventories, prepaid expenses and other current and noncurrent assets (847,734) (14,726) (1,268,263)
Increase (decrease) in accounts payable 31,242 (2,808) (241,843)
Increase (decrease) in income taxes payable 367,105 (5,801) (499,552)
Increase (decrease) in deferred income― noncurrent (62,218) 5,812 500,559
Increase in accrued expenses, other current and noncurrent liabilities 924,045 514 44,303
Net cash provided by operating activities 2,291,714 22,173 1,909,534
INVESTING ACTIVITIES:
Purchase of property and equipment (1,152,846) (18,868) (1,624,929)
Proceeds from sales of property and equipment 75,699 1,134 97,701
Purchase of available-for-sale securities -- (251) (21,644)
Purchase of other investments (50,000) (384) (33,093)
Proceeds from sales of other investments -- 41 3,517
Payments of guarantee deposits (1,802) (749) (64,481)
Refund of guarantee deposits 741 34 2,966
Payments for refundable insurance policies (183) (2) (186)
Other (4,061) (112) (9,678)
Net cash used in investing activities (1,157,099) (19,157) (1,649,827)
Three Months Ended
December 31, 2011
Three Months Ended
December 31, 2012
Thousands of
JPY
Thousands of
U.S. Dollars
Thousands of
JPY
FINANCING ACTIVITIES:
Proceeds from issuance of short-term borrowings with initial maturities over three months and long-term borrowings 50,000 581 50,000
Repayments of short-term borrowings with initial maturities over three months long-term borrowings (120,000) (824) (71,000)
Principal payments under capital leases (909,092) (10,776) (927,968)
Net decrease in short-term borrowings with initial maturities less than three months 100,000 -- --
Proceeds from issuance of subsidiary stock to minority shareholders -- 30 2,570
Dividends paid (304,026) (4,119) (354,697)
Net cash used in financing activities (1,183,118) (15,108) (1,301,095)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 2,021 223 19,234
NET DECREASE IN CASH AND CASH EQUIVALENTS (46,482) (11,869) (1,022,154)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 10,974,453 135,514 11,670,450
CASH AND CASH EQUIVALENTS, END OF THE PERIOD 10,927,971 123,645 10,648,296
(Note) The U.S. dollar amounts have been translated from yen, for convenience only, at the rate of JPY86.12 per 1U.S. dollar which was
the noon buying rate in New York City for cable transfers in foreign currencies as of December 28, 2012.
(Note2) The above presentation for the three months ended March 31, 2011 has been changed to conform to the presentation for
the three months ended March 31, 2012.

Note: The following information is provided to disclose Internet Initiative Japan Inc. ("IIJ") financial results (unaudited) for the nine months ended December 31, 2012 in the form defined by the Tokyo Stock Exchange.

Consolidated Financial Results for the Nine Months Ended December 31, 2012
[Under accounting principles generally accepted in the United States ("U.S. GAAP")]
February 8, 2013
Company name: Internet Initiative Japan Inc. Exchange listed: Tokyo Stock Exchange First Section
Stock code number: 3774 URL: http://www.iij.ad.jp/
Representative: Koichi Suzuki, President, Representative Director and CEO
Contact: Akihisa Watai, Managing Director and CFO TEL: (03) 5259-6500
Filing of quarterly report (Shihanki-houkokusho) to the regulatory organization in Japan: Scheduled on February 14, 2013
Payment of dividend: --
Supplemental material on this Quarterly Results: Yes
Presentation on this Quarterly Results: Yes (for institutional investors and analysts)
(Amounts of less than JPY one million are rounded)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2012 (April 1, 2012 to December 31, 2012)
(1) Consolidated Results of Operations        (% shown is YoY change)
Total Revenues Operating Income Income before Income Tax Expense Net Income attributable to IIJ
JPY millions JPY millions JPY millions JPY millions
Nine Months Ended December 31, 2012 76,690 8.4 5,043 26.1 4,946 30.8 3,112 30.2
Nine Months Ended December 31, 2011 70,752 24.6 3,998 64.5 3,780 73.8 2,390 19.7
(Note1) Total comprehensive income attributable to IIJ
Nine Months Ended December 31, 2012: JPY3,188 million (up 33.9% YoY)
Nine Months Ended December 31, 2011: JPY2,380 million (up 22.3% YoY)
(Note2) Income before income tax expense represents income from operations before income tax expense and equity in net income in equity method investees, respectively, in IIJ's consolidated financial statements
Basic Net Income attributable to IIJ per Share Diluted Net Income attributable to IIJ per Share
JPY JPY
Nine Months Ended December 31, 2012 76.78 76.72
Nine Months Ended December 31, 2011 58.95 58.93
(Note) IIJ conducted a 1:200 stock split on common stock with an effective date of October 1, 2012. Accordingly, basic net income attributable to IIJ per share and diluted net income attributable to IIJ per share have been calculated as if the stock split was conducted at the beginning of the previous consolidated fiscal year.
(2) Consolidated Financial Position
Total Assets Total Equity Total IIJ Shareholders' Equity Total IIJ Shareholders' Equity to Total Assets
JPY millions JPY millions JPY millions %
As of December 31, 2012 75,892 35,218 35,196 46.4
As of March 31, 2012 73,493 32,696 32,688 44.5
2. Dividends
Dividend per Shares
1Q-end 2Q-end 3Q-end Year-end Total
JPY JPY JPY JPY JPY
Fiscal Year Ended
March 31, 2012
-- 1,500.00 -- 1,750.00 3,250.00
Fiscal Year Ending
March 31, 2013
-- 1,750.00 --
Fiscal Year Ending
March 31, 2013
(Forecast)
10.00 1,760.00
(Note1) Changes in the latest forecasts released: Yes
(Note2) The year-end dividend forecast for fiscal year ending March 31, 2013 reflects the stock split effective on October 1, 2012. For details, please refer to the "4. Others (4) Others" of this document.
3. Target of Consolidated Financial Results for the Fiscal Year Ending March 31, 2013
(April 1, 2012 through March 31, 2013)
(% shown is YoY change)
Total Revenues Operating
Income
Income before Income Tax
Expense (Benefit)
Net Income Attributable to IIJ Basic Net Income attributable to IIJ per Share
JPY millions % JPY millions % JPY millions % JPY millions % JPY
Fiscal Year Ending March 31, 2013 107,000 10.0 7,500 18.0 6,900 15.5 4,000 9.9 98.68
(Note1) Changes in the latest target released: None
(Note2) Basic net income attributable to IIJ per share for the fiscal year ending March 31, 2013 reflects the stock split effective on October 1, 2012.

4. Others

(1) Changes in Significant Subsidiaries for the Nine Months Ended December 31, 2012

(Changes in significant subsidiaries for the Nine Months Ended December 31, 2012 which resulted in changes in scope of consolidation): None

(2) Changes in Significant Accounting and Reporting Policies for the Quarterly Consolidated Financial Statements

1) Changes due to the revision of accounting standards: Yes

2) Others: No

(3) Number of Shares Outstanding (Shares of Common Stock)

1) The number of shares outstanding (inclusive of treasury stock):
As of December 31, 2012: 41,295,600 shares
As of March 31, 2012: 41,295,600 shares
2) The number of treasury stock:
As of December 31, 2012: 758,800 shares
As of March 31, 2012: 758,800 shares
3) The weighted average number of shares outstanding:
For the Nine Months Ended December 31, 2012: 40,536,800 shares
For the Nine Months Ended December 31, 2011: 40,536,800 shares

(Note) IIJ conducted a 1:200 stock split on common stock with an effective date of October 1, 2012. Number of shares outstanding (shares of common stock) in the above have been calculated as if the stock split was conducted at the beginning of the previous fiscal year (fiscal year ended on April 1, 2011).

(4) Others

The below table provides the dividends retroactively adjusted to reflect the stock split.

Dividend per Shares
2Q-end Year-end Total
JPY JPY JPY
Fiscal Year Ended March 31, 2012 7.50 8.75 16.25
Fiscal Year Ending March 31, 2013 8.75 (Paid) 10.00 (Forecast) 18.75 (Forecast)

CONTACT: Internet Initiative Japan Inc. E-mail: ir@iij.ad.jp Tel: +81-3-5259-6500 URL: http://www.iij.ad.jp/en/ir

Source:Internet Initiative Japan Inc.

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