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New Japan Radio Financial Highlights Net sales ¥ 60,443 ¥ 60,726 $ 603,288 Net income 435 1,722 4,341 Per share Net income ¥ 11.12 ¥ 44.00 $ 0.11 Cash dividends 12.00 12.00 0.12

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Text of New Japan Radio Financial Highlights Net sales ¥ 60,443 ¥ 60,726 $ 603,288 Net income 435...

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    A n n u a l R e p o r t 2 0 0 8 For the F iscal Year 2007 Ended March 31, 2008

    New Japan Radio

  • The fusion of & opens new technologies and new markets.

    Various electronic devices that promote multimedia and

    ubiquitous computing societies are evolving rapidly.

    To respond as quickly as possible to the rapidly changing

    times, New Japan Radio Co., Ltd. is promoting R&D based

    on the concepts of "The fusion of & opens new

    technologies and new markets."

    New Japan Radio offers products and services meeting

    the needs of the "multimedia and ubiquitous computing era"

    by combining its "microwave technology" to carry information

    and "semiconductor technology" to process information. Our

    company is developing as a manufacturer of electronic devices

    supporting development of products for a highly information-

    based society.

    Microwave & Microelectronics

    2 Financial Highlights

    3 Consolidated Business Overview

    4 Dear Shareholders

    8 Semiconductor Devices

    11 Microwave Application Products

    12 Microwave Tubes and Radar Components

    16 Management's Discussion and Analysis

    20 Financial Statements

    46 Independent Auditors' Report

    47 Company Information

    13 Research and Development

    15 Environmental Activities

    48 NJRC Group

    Contents

  • A N N U A L R E P O R T 2 0 0 8 1

    P r o f i l e

    Semiconductor Devices These devices consist of bipolar ICs, MOS ICs and microwave & optoelectronic devices. The bipolar ICs are mainly analog ICs (such as operational amplifiers and comparators). The MOS ICs are mainly LCD driver ICs, audio processors and quartz crystal oscillator ICs. The microwave & optoelectronic devices consist of GaAs MMICs and optoelectronic devices.

    Microwave Application Products These products consist of components for satellite broadcasting, satellite communications and terrestrial communications. The main products are transmitters, receivers, and low-noise amplifiers.

    Microwave Tubes and Radar Components The main products are radar parts, including magnetron and radar components for governmental-use.

    New Japan Radio Co., Ltd. started business as Saitama Japan Radio Co., Ltd. in 1959 through 100% investments from its parent company, Japan Radio Co., Ltd., and adopted its present name in 1961.

    New Japan Radio Co., Ltd. took over the manufacturing divisions of microwave tubes and semiconductors from Japan Radio Co., Ltd. in 1961 and 1962 respectively.

    With the establishment of Saga Electronics Co., Ltd. in 1965, New Japan Radio Co., Ltd. set up five subsidiaries in Japan. We also have Kawagoe works, one branch office, and two sales offices. Following the overseas establishment of NJR CORPORATION (U.S.A.) in 1979, we set up THAI NJR CO., LTD. (Thailand) in 1989 and NJR (SINGAPORE) PTE LTD (Singapore) in 1992, NJR SHANGHAI CO.,LTD.(China) in 2008.

    New Japan Radio Co., Ltd. went public (over-the-counter issues). It listed its stock on the second section of Tokyo Stock Exchange in 2000 and on its first section in 2002.

    New Japan Radio Co., Ltd. consists of "Semiconductor Devices," "Microwave Application Products" and "Microwave Tubes and Radar Components."

    � Foundation

    � Production

    � Group Organization

    � Stock

    � Business Formation

    � Defense/meteorology field � Marine radar field

    MicrowaveMicrowave Tubes and Radar ComponentsTubes and Radar Components

    New Japan Radio Co., Ltd. � Terrestrial communications � Satellite communications � Satellite broadcasting

    Microwave Application Products Microwave Application Products

    � Bipolar ICs � MOS ICs � Microwave & Optoelectronic Devices

    Semiconductor

  • A N N U A L R E P O R T 2 0 0 82 A N N U A L R E P O R T 2 0 0 8 3

    F i n a n c i a l H i g h l i g h t s

    Net sales ¥ 60,443 ¥ 60,726 $ 603,288 Net income 435 1,722 4,341

    Per share Net income ¥ 11.12 ¥ 44.00 $ 0.11 Cash dividends 12.00 12.00 0.12

    Shareholders' equity ¥ 25,523 ¥ 25,985 $ 254,743 Total assets 58,077 60,361 579,664 Capital expenditure 4,173 3,477 41,652 Depreciation and amortization 4,737 3,897 47,275

    2008 2007 2008

    Millions of Yen Thousands of U.S. Dollars

    Yen U.S. Dollars

    Millions of Yen Thousands of U.S. Dollars

    Note: U.S. Dollar amounts are translated from Japanese Yen, for convenience only, at the rate of ¥100.19 = U.S.$1.

    Sales proportion by division in fiscal 2007

    Semiconductor Devices

    [Consolidated net sales: ¥51,132 million; sales mix ratio: 84.6%]

    In semiconductor products, sales of optical semiconductor devices grew well due to new use in

    optical drives. Microwave devices (GaAs ICs) for mobile phones also grew well.

    In bipolar ICs, sales of power supply ICs grew slightly; sales of operational amplifiers, comparators,

    and audio ICs dropped due to intensifying competition in the TV and digital still camera markets.

    In MOS ICs, sales of power supply ICs for digital still cameras and game machines grew. Sales of

    DSPs (digital signal processors) for flat-panel TVs and LCD driver ICs finding new applications in

    automotive displays also grew.

    Sales trends by division (3 years)

    2005 2006 2007 20082005 2006 2007 20082005 2006 2007 2008

    23,017

    24,334

    25,985 25,523

    Shareholder's equity (Millions of Yen)

    2,569

    1,118

    1,721

    435

    Ordinary Profit/Net income (Millions of Yen)

    65,053

    60,332 60,725 60,443

    Net sales (Millions of Yen)

  • A N N U A L R E P O R T 2 0 0 82 A N N U A L R E P O R T 2 0 0 8 3

    C o n s o l i d a t e d B u s i n e s s O v e r v i e w

    Note: U.S. Dollar amounts are translated from Japanese Yen, for convenience only, at the rate of ¥100.19 = U.S.$1.

    Sales proportion by division in fiscal 2007

    Semiconductor Devices

    [Consolidated net sales: ¥51,132 million; sales mix ratio: 84.6%]

    In semiconductor products, sales of optical semiconductor devices grew well due to new use in

    optical drives. Microwave devices (GaAs ICs) for mobile phones also grew well.

    In bipolar ICs, sales of power supply ICs grew slightly; sales of operational amplifiers, comparators,

    and audio ICs dropped due to intensifying competition in the TV and digital still camera markets.

    In MOS ICs, sales of power supply ICs for digital still cameras and game machines grew. Sales of

    DSPs (digital signal processors) for flat-panel TVs and LCD driver ICs finding new applications in

    automotive displays also grew.

    Semiconductor Devices

    Microwave Application Products

    Microwave Tubes and Radar Components

    84.6%

    7.8%

    7.6%

    Sales trends by division (3 years)

    Microwave Application Products

    [Consolidated net sales: ¥4,732 million, sales mix ratio: 7.8%]

    Sales of main component products for satellite communications decreased because sales to the VSAT

    (Very Small Aperture Terminal) market stabilized after a good previous year as expected.

    Component products for terrestrial communications increased their sales for terrestrial digital

    broadcasting equipment in Japan.

    Microwave Tubes and Radar Components

    [Consolidated net sales: ¥4,579 million, sales mix ratio: 7.6%]

    Microwave tubes and Radar Components increased their sales in major clients for government and

    public offices, and mainly in ship radars for private sector.

    Note: Operating profit and loss by division means operating profit and loss before deduction of non-apportionable operating expenses.

    50.8

    FY2005 FY2006 FY2007

    50.3 51.0

    Billions of Yen

    Billions of Yen

    5.0

    FY2005 FY2006 FY2007

    6.2

    4.7

    Billions of Yen

    4.6

    FY2005 FY2006 FY2007

    4.2 4.6

  • D e a r S h a r e h o l d e r s

    A N N U A L R E P O R T 2 0 0 84 A N N U A L R E P O R T 2 0 0 8 5

    Enhancing Vitality for Growth and

    Product Manufacturing

    Kazuo Hirata President

    Sales in fiscal 2007 were down by about ¥283 million compared to the previous fiscal year. These results are not too bad considering the financial instability caused by the US subprime loan crisis and sluggish market conditions. Sales of microwave & optoelectronic devices, and microwave tubes and radar components increased, but sales of microwave application products, audio ICs, and crystal oscillator ICs were sluggish. In the Semiconductor Devices division, which enjoyed brisk sales, sales of products such as microwave devices (GaAs ICs), optical semiconductor devices, DSPs (digital signal processors) and power supply ICs grew well.

    New product releases and development of high- value-added products created this growth. Factors hampering sales included flagging markets (especially overseas) and increase

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