Earnings Release (Consolidated) : SEIREN Co., Ltd

Consolidated Financial Results

for the Fiscal Year Ended March 31,2006

(Millions of yen,millions of U.S.dollars,except per share data)

	Year ended March 31,2006	Year ended March 31,2005	Change	Year ended March 31,2006
	Yen		%	U.S.Dollars
Net sales	101,319	71,537	41.6	862.51
Operating income	5,371	5,109	5.1	45.72
Ordinary income	6,824	5,039	35.4	58.09
Net income	3,557	1,861	91.2	30.28
Total assets	100,878	72,876	38.4	858.76
Total shareholders' equity	42,738	33,557	27.3	363.82
Shareholders' equity/total assets	42.4%	46.0%	(3.6%)	42.4%
Shareholders' equity per share	685.25	591.15	15.9	5.83
Earnings per share	57.95	32.27	79.6	0.49
Fully-diluted earnings per share	57.08	32.02	78.3	0.49

	Year ended March 31,2006	Year ended March 31,2005	Change	Year ended March 31,2006
	Yen			U.S.Dollars
Net cash provided by operating activities	4,671	6,567	(1,896)	39.76
Net cash used in investing activities	(9,144)	(3,663)	(5,481)	(77.84)
Net cash used in financing activities	4,987	(2,439)	7,426	42.45
Cash and cash equivalents, end of year	8,797	7,995	802	74.89

Notes:

The weighted average number of shares outstanding (consolidated): For the fiscal year ended March 31, 2006 60,214,949 shares For the fiscal year ended March 31, 2005 56,437,774 shares.
The number of shares outstanding (Consolidated) as of March 31, 2006 and 2005 were 62,269,435 shares and 56,699,202 shares, respectively.
U.S.dollar amounts represent translations using the approximate exchange rate on March 31, 2006, of 117.47 yen=US$1, and are included solely for the convenience of readers.
Yen amounts are rounded down to the nearest million.

Forecast of Consolidated Results

for the Six Months Ending September 30,2006 and the Year

Ending March 31,2007

(Millions of yen,millions of U.S.dollars,except per share data)

Notes:

Net income per share is computed based on the estimated weighted average number of shares outstanding during the fiscal year.

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