6-K 1 a659444-QuaterReportFS_.txt QUARTERLY REPORT THIRD QUARTER ENDED DECEMBER 31, 2013 FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of January 2014 Commission File Number 2 - 68279 RICOH COMPANY, LTD. ----------------------------------------------- (Translation of Registrant's name into English) 13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan --------------------------------------------------- (Address of Principal Executive Offices) (Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.) Form 20-F [X] Form 40-F [_] (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __ ) (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __ ) (Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes [_] No [X] (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__ ) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ricoh Company, Ltd. ------------------------------ (Registrant) By: /S/ Zenji Miura ------------------------------ Zenji Miura Representative Director, President and Chief Executive Officer (principal executive officer) January 31, 2014 RICOH January 31, 2014 QUARTERLY REPORT Nine months ended December 31, 2013 Results for the Period from April 1, 2013 to December 31, 2013 Three months ended December 31, 2013 Results for the Period from October 1, 2013 to December 31, 2013 PERFORMANCE OUTLINE (CONSOLIDATED) (1) Third Quarter ended December 31, 2012, 2013 and Year ending March 31, 2014 (Forecast)

(2) Three months ended December 31, 2012 and 2013

RICOH COMPANY, LTD. * The Company bases the forecast estimates for the fiscal year ending March 31, 2014 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 1 RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2013 (U.S. GAAP FINANCIAL INFORMATION) 1. RESULTS FOR THE PERIOD FROM APRIL 1, 2013 TO DECEMBER 31, 2013 (1) Operating Results

Notes: i. Comprehensive income: Yen 133,732 million (222.0%) (Yen 41,526 million ( - %) in income in previous fiscal year) (2) Financial Position (Millions of yen) -------------------------------------------------------------------------------- March 31, 2013 December 31, 2013 -------------------------------------------------------------------------------- Total assets 2,360,697 2,560,422 Total equity 958,658 1,067,668 Ricoh Company, Ltd. shareholders' equity 897,996 1,003,468 Ricoh Company, Ltd. shareholders' equity ratio (%) 38.0 39.2 -------------------------------------------------------------------------------- 2. DIVIDEND INFORMATION -------------------------------------------------------------------------------- Year ended Year ending March 31, 2013 March 31, 2014 (Results) (Forecast) -------------------------------------------------------------------------------- Cash dividends, applicable to the year (yen) 29.00 33.00 Interim (yen) 12.50 16.50 Year-end (yen) 16.50 16.50 -------------------------------------------------------------------------------- Notes: Revision of expected dividends during this period: No 3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2013 TO MARCH 31, 2014 (Millions of yen) ---------------------------------------------------------------------------- Year ending March 31, 2014 ---------------------------------------------------------------------------- Net sales 2,200,000 Operating income 120,000 Income before income taxes 115,000 Net income attributable to Ricoh Company, Ltd. 70,000 Net income attributable to Ricoh Company, Ltd. shareholders per share (yen) 96.55 ---------------------------------------------------------------------------- Notes: Revision of forecast of consolidated operating results during this period: Yes 4. OTHERS (1) Changes in significant subsidiaries: No (2) Adoption of concise quarterly accounting method or procedure: No (3) Changes in accounting method: Yes * For details see "4.Others" on page 5. (4) Number of common stock outstanding (including treasury stock): ~~As of December 31, 2013 744,912,078 shares As of March 31, 2013 744,912,078 shares~~

(5) Number of treasury stock: ~~As of December 31, 2013 19,982,034 shares As of March 31, 2013 19,875,662 shares~~

(6) Average number of common stock: ~~As of December 31, 2013 725,000,489 shares As of December 31, 2012 725,069,001 shares~~

2 CONSOLIDATED PERFORMANCE 1. OPERATING RESULTS *Overview Consolidated net sales of Ricoh Group for the third quarter of fiscal year 2013 (the nine months period from April 1, 2013 to December 31, 2013) increased by 16.2% as compared to the previous corresponding period, to Yen 1,611.5 billion. During this period, the average Yen exchange rates were Yen 99.42 against the U.S. dollar (down Yen 19.37 from the previous corresponding period) and Yen 132.31 against the Euro (down Yen 30.05 from the previous corresponding period). Net sales would have increased by 2.5% excluding impact of such foreign currency exchange fluctuation. The Japanese economy showed signs of recovery, with the weakening Yen and the increase in stock prices achieved through the economic and monetary policies introduced by the government and the Bank of Japan. However, with the announcement of the increase in consumption tax by the government, the overall economic outlook continues to remain unpredictable. Under such conditions, domestic sales in the Imaging & Solutions segment and the Other segment increased, resulting in overall sales in Japan to increase by 4.9% as compared to the previous corresponding period. Outside of the domestic market, the U.S. economy continued its recovery towards the end of the year as the market expressed relief over the end of the government shutdown. The European economy, although showing signs of a modest recovery, still remains uncertain as low inflation threatens the region's economic recovery. Slowdown in growth is also seen in China and in the rest of the emerging markets within Asia. Even under such economic conditions, the weakening trend of the Yen during the nine month period to the end of the third quarter has contributed to the increase in sales overseas. As for overseas sales by region, sales in the Americas increased by 22.6% compared to the previous corresponding period (a decrease of 1.3% excluding foreign currency exchange fluctuation), sales in Europe, Middle East and Africa increased by 28.1% (a decrease of 0.9% excluding foreign currency exchange fluctuation). Sales in Other region, which includes China, South East Asia and Oceania, increased by 31.2% (an increase of 10.3%, excluding foreign currency exchange fluctuation). As a result, sales in the overseas market increased by 25.9% compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 0.4% compared to the previous corresponding period. Gross profit increased by 16.6% as compared to the previous corresponding period to Yen 657.0 billion, due to increase in sales, cost reductions and the weakening of the Yen. Although group-wide activities to streamline costs have contributed in controlling selling, general and administrative expenses, these expenses have increased by 10.7% as compared to the previous corresponding period to Yen 578.8 billion, due to the weakening of the Yen. As a result, operating income increased to Yen 78.2 billion (an increase of 93.2% compared to the previous corresponding period). Other income increased compared to the previous corresponding period due to gain on sale of investment securities. Income before income taxes increased by 109.2% as compared to the previous corresponding period, to Yen 75.8 billion. As a result, net income attributable to Ricoh Company, Ltd. increased by Yen 26.2 billion (151.8%) as compared to the previous corresponding period, to Yen 43.5 billion. Comprehensive income increased significantly compared to the previous corresponding period, primarily by the increase in consolidated net income and cumulative translation adjustments due to the weakening trend of the Yen, to Yen 133.7 billion. 3 *Conditions by Product Line Conditions by Product Line for the nine months ended December 31, 2013 are as follows; Imaging & Solutions (Sales up 17.0% to Yen 1,413.0 billion) ----------------------------------------------------------- Office Imaging (Sales up 13.0% to Yen 1,075.2 billion) ------------------------------------------------------ Sales in this category increased by 13.0% as compared to the previous corresponding period, to Yen 1,075.2 billion. The sales of the newly released color MFP products along with the weakening of the Yen have contributed to the overall increase in sales compared to the previous corresponding period. Production Printing (Sales up 26.9% to Yen 132.9 billion) --------------------------------------------------------- Sales in this category increased by 26.9% as compared to the previous corresponding period, to Yen 132.9 billion. The weakening of the Yen, and increase in sales of new products and after-sales service revenue in the overseas market have contributed to the increase in the overall sales during this period. Network System Solutions (Sales up 35.9% to Yen 204.8 billion) -------------------------------------------------------------- Sales in this category increased by 35.9% as compared to the previous corresponding period, to Yen 204.8 billion due primarily to the increase in sales of personal computers and related products in the domestic market and the increase in sales of IT services in both the domestic and overseas market. As a result, sales in the Imaging & Solutions segment increased by 17.0% as compared to the previous corresponding period, to Yen 1,413.0 billion. Operating income increased by 35.9% as compared to the previous corresponding period, to Yen 124.8 billion due to increase in gross profit achieved by increase in sales and by the weakening of the Yen. Industrial Products (Sales up 12.2% to Yen 78.7 billion) -------------------------------------------------------- Sales increases in the Optical Unit business and semiconductors devices overseas have contributed to the increase in the Industrial Products segment by 12.2%, as compared to the previous corresponding period, to Yen 78.7 billion. As a result, the operating income in the Industrial Products segment increased to a total of Yen 3.6 billion (operating loss of Yen 0.4 billion in the previous corresponding period). Other (Sales up 9.2% to Yen 119.7 billion) ------------------------------------------ Net sales in the Other segment increased by 9.2% as compared to the previous corresponding period, to Yen 119.7 billion. The market release of new digital camera products and the lease financing business contributed to the increase in sales in this segment. As a result, the operating loss in the Other segment amounted to Yen 0.3 billion (operating loss of Yen 2.3 billion in the previous corresponding period). 2. FINANCIAL POSITION *Assets, Liabilities and Equity For Assets, lease receivables increased from the end of the previous fiscal year due to increases in lease contracts. The yen equivalent of foreign-currency-denominated assets increased due to the weakening of the Yen. As a result, total assets increased by Yen 199.7 billion, to Yen 2,560.4 billion as compared to the previous corresponding period. For Liabilities, accrued pension and severance costs decreased, but interest bearing debt increased. As a result, total liabilities increased by Yen 90.7 billion, to Yen 1,492.7 billion as compared to the previous corresponding period. For Total Equity, accumulated other comprehensive loss decreased due primarily to the increase of cumulative translation adjustments reflecting exchange fluctuation from the end of the previous period. As a result, total Equity increased by Yen 109.0 billion from the end of the previous fiscal year, to Yen 1,067.6 billion. *Cash Flows (Nine months from April 1, 2013 to December 31, 2013) Net cash provided by operating activities in this period increased by Yen 6.0 billion to Yen 34.4 billion due to increase in net income before taxes. Net cash used in investing activities in this period decreased by Yen 15.4 billion as compared to the previous corresponding period, to Yen 60.8 billion. As a result, free cash outflows generated by operating and investing activities decreased by Yen 21.4 billion, compared to the previous corresponding period, to Yen 26.4 billion. Net cash provided by financing activities in this period increased by Yen 17.8 billion as compared to the previous corresponding period, to Yen 43.3 billion due primarily to proceeds from interest-bearing debt. As a result, cash and cash equivalents as of December 31, 2013 increased by Yen 27.0 billion as compared to the end of the previous fiscal year, to Yen 144.1 billion. 4 3. FORECAST FOR THE ENTIRE FISCAL YEAR Based upon the changes in the business environment (i.e. exchange rate fluctuation) along with the third quarter business results, Ricoh will revise its forecast upwards for sales and downward for gross profit, operating income, income before income taxes and net income attributable to Ricoh Company, Ltd from those previously announced in October. Furthermore, in order to more accurately reflect the recent fluctuation in the exchange rate, Ricoh assumes exchange rates of Yen 100.00 against the U.S. dollar and of Yen 140.00 against the Euro in the fourth quarter. The year-end cash dividends have not changed from our forecast announced in October. Our performance forecast for fiscal year ending March 31, 2014 is as follows: Exchange Rate Assumptions for the full year ending March 31, 2014 US$ 1 = Yen 99.57 (Yen 83.06 in previous fiscal year) EURO 1 = Yen 134.22 (Yen 107.08 in previous fiscal year)

* Ricoh bases the forecast estimates for the year ending March 31, 2014 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 4. OTHERS (1) Changes in significant subsidiaries: Not applicable (2) Adoption of concise quarterly accounting method or procedure: Not applicable (3) Changes in accounting method: Ricoh adopted retroactively Accounting Standards Update (ASU) 2011-11 and ASU 2013-01 from April 1 2013. ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements. ASU 2013-01 replaced ASU 2011-11. The updates create new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. These ASU's impact disclosures only and will have no impact on Ricoh's consolidated financial position. Ricoh adopted ASU 2013-02 from April 1 2013. This ASU requires an entity to report the effect of reclassifications out of accumulated other comprehensive income. This ASU will only impact disclosures and will have no impact on Ricoh's consolidated financial position. 5 5. CONSOLIDATED FINANCIAL STATEMENTS (1) CONSOLIDATED BALANCE SHEETS

6 (2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENTS OF INCOME Third Quarter ended December 31, 2012 and 2013

Three months ended December 31, 2012 and 2013

7 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

8 CONSOLIDATED SALES BY PRODUCT CATEGORY

*Each category includes the following product line: Office Imaging MFPs (multifunctional printers), copiers, laser printers, digital duplicators, facsimile, scanners, related parts & supplies, services, support and software Production Printing Cut sheet printer, continuous feed printer, related parts & supplies, services, support and software Network System Solutions Personal computers, servers, network equipment, related services, support and software Industrial Products Thermal media, optical equipment, semiconductor devices and electronic components Other Digital cameras

9 CONSOLIDATED SALES BY GEOGRAPHIC AREA

10 (3) CONSOLIDATED STATEMENTS OF CASH FLOWS

11 (4) NOTES ON PREMISE GOING CONCERN Not applicable (5) SEGMENT INFORMATION (a) Operating Segments Information Third Quarter ended December 31, 2012 and 2013

12 Three months ended December 31, 2012 and 2013

13 (b) Geographic Segments Information

14 Three months ended December 31, 2012 and 2013

(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY Not applicable 15 -APPENDIX- 1. CONSOLIDATED SALES BY PRODUCT CATEGORY

A2 2. FORECAST OF CONSOLIDATED PERFORMANCE

3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY

* Excluding foreign exchange impact A3

RICOH CO LTD 6-K