NOVARESE's Full Year FY12/11 Earnings Estimates Revised Down on Earthquake and Along with First Half Earnings Announcement

TOKYO--(BUSINESS WIRE)--NOVARESE, Inc. (TOKYO:2128), one of Japan's leading wedding production and related services providers, announced its earnings for the first half of fiscal year December 2011, and downward revisions to its full year earnings estimates. Because consolidated accounts were announced for the first time, NOVARESE does not provide year-over-year comparisons for first half earnings. The deflationary trends resulting from a weak economy and general downward trend in wedding demand caused by negative demographic factors observed in recent years was compounded by the Great Tohoku Earthquake and subsequent Fukushima Nuclear Power Plant problem. Consequent postponement and delays of weddings are cited by NOVARESE as the main reason behind the downward revision to its earnings estimates.

NOVARESE (2128)	1H FY12/11	FY12/11	FY12/11	Divergence	Divergence
Consolidated	Results	Initial Est.	Revised Est.	Value	Percent
Sales	5,114	12,486	11,100	-1,386	-11.1%
Operating Profit	370	2,064	1,460	-604	-29.3%
Current Profit	379	2,063	1,473	-590	-28.6%
Net Profit	169	1,169	789	-380	-32.6%
EPS	1,643.33	11,372.08	7,670.17	na	na
Non-Consolidated
Sales	na	12,300	11,000	-1,300	-10.6%
Operating Profit	na	2,050	1,500	-550	-26.8%
Current Profit	na	2,050	1,515	-535	-26.1%
Net Profit	na	1,160	844	-316	-27.2%
EPS	na	11,276.81	8,204.85	na	na
(Million yen)

At the end of the first half of fiscal year December 2011, total assets and net assets stood at JPY9.21 and JPY5.04 billion, and book value stood at JPY49,046.96 per share.

About NOVARESE, Inc.

NOVARESE, Inc. was established in November 2000 for the provision of wedding ceremony production, wedding clothing, and the operation of hotels and restaurants. The Company was first listed in October 2006 on the Tokyo Stock Exchange Mothers Market, and moved to the First Section in December 2010. NOVARESE operates 17 guest houses, two hotels and wedding halls, 16 wedding dress shops and maintains alliances with 10 facilities operated by other companies.