Having entered the year 2003, we have seen the Japanese economy downturn trend become stronger. Especially, toward the end of the fiscal year, the stock prices have remained sluggish with a continued decline in the land prices. As a matter of fact, the stock market has continued to suffer with stocks slipping to new lows, while the land market has remained bearish on an overall basis with shortage of land buyers.
　
　Under these severe economic circumstances, the coin parking industry has seen some companies advancing into the large parking market and others positively expanding their business into the day parking market by leasing land in other industries for use as parking lots, making their individual efforts to find niches for survival in the industry.

　Against such a backdrop of the industry, our corporation has stuck its corporate philosophy of "giving first priority to customer satisfaction" through our community-based service in carrying out our business operations. Our corporation's mainstay business "CP system sale", which had experienced a decline in the year-on-year sales growth since the second quarter of the term, has registered an 88.4% decrease from the previous year to 532 million yen. On the other hand, however, the corporation has enjoyed good sales performance in its "CP System" with a sharp sales increase of 177.7% from the previous year to 451 million yen. In addition, our corporation's "Maintenance Service" divisions (offering service throughout the year, 24 hours a day, 365 days a year) have made a good showing, gaining strong customer confidence with a sales increase of 126.8% from the previous year to 133 million yen.
　
　Placed in rapidly changing economic circumstances, the corporation has managed to perform its business operations for the third quarter of its 7th term with a bare increase of 115.8% in sales from the previous year, but with a decline in the gross-profit-to-net-sales ratio. Ina addition, our corporation, while striving against the current trend toward restructuring, has continued to make advance investments with resultant little prospect for achieving its profit planning.

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　Our corporation acquired approval of the "law on temporary measures for promotion of small and medium sized enterprise creative business activities" ("Creative Business Promotion Law") from the government of Fukui Prefecture in March 1999 and further approval of an amended version of the Creative Business Promotion Law in May 2002 for its research and development work on parking lot security system.

　Further, in February 2003, our corporation newly acquired approval of the Creative Business Promotion Law for its research and development work on "bicycle parking system" and its manufacturing and sale. It is very unusual for any one corporation to acquire approval of the Creative Business Promotion Law for its business activities three times. Therefore, we pride ourselves on our achievement of the three-time approval of the Creative Business Promotion Law for our business activities, because it means that we have been rated for our research and development capabilities and commitments.

　We would like to note here that we have now worked on the development of the above-mentioned new bicycle parking system with a view of placing it on the market in one year, while planning to acquire approximately 5,200-tsubo of land in an industrial suburb of Fukui City with an approximately 1,100-tsubo factory building and an approximately 80-tsubo research building for use in manufacturing it on a prototype basis and testing its prototype.

　 We are regret to inform all of you as stockholders of our corporation that we will have just to wait and see about having our corporation's shares listed on the stock market for the present business year. We have determined to make our best efforts for the remaining three months of the term in order to achieve our goal. We would appreciate it if each of you as our corporation's stockholders could understand the present situation surrounding the corporation as described above and extend your special support and encouragement to us all.