IIJ Announces Fourth Quarter and Full Fiscal Year Results for the Year

IIJ Announces Fourth Quarter and Full Fiscal Year Results for the Year Ended March 31, 2005; Company Records Highest Annual and Quarterly Incomes since Nasdaq Listing in 1999

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    Business Editors
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    TOKYO & NEW YORK--(BUSINESS WIRE)--May 13, 2005--Internet Initiative Japan Inc. (Nasdaq: IIJI) ("IIJ"), one of Japan's leading Internet-access and comprehensive network solutions providers, today announced its financial results for the fourth quarter and the full fiscal year ended March 31, 2005 ("FY2004").(1)

    Highlights of Fourth Quarter FY2004 Results

--	Revenue totaled JPY 12,254 million ($114.3 million), an increase of 5.5% from JPY 11,617 million in 4Q03 and an increase of 19.4% from JPY 10,261 million in 3Q04.
--	Operating income was JPY 656 million ($6.1 million), an increase of 87.5% from JPY 350 million in 4Q03 and an increase of 59.9% from JPY 410 million in 3Q04.
--	Net income was JPY 2,256 million ($21.0 million), compared to a net loss of JPY 236 million in 4Q03 and JPY 660 million of net income in 3Q04.

    Highlights of Full FY2004 Results

    -- Revenue totaled JPY 41.7 billion ($388.9 million), an increase
    of 7.5% from JPY 38.8 billion in FY2003.

    -- Operating income was JPY 1.2 billion ($11.6 million), compared
    to an operating loss of JPY 1.4 billion in FY2003.

    -- Net income was JPY 2.9 billion ($27.1 million), compared to a
    loss of JPY 2.3 billion in FY2003.

    Outlook for FY2005(2)

    -- We expect revenue growth of approximately 10%, an increase in
    an operating income of approximately 85% and an increase in a
    net income of approximately 25% for the full fiscal year
    ending March 31, 2006 ("FY2005").

    Overview of 4th Quarter and Full FY2004 Financial Results and Business Outlook(2)

    "We are pleased to announce that IIJ achieved the highest annual and quarterly operating and net income since our NASDAQ listing," said Koichi Suzuki, President and CEO of IIJ. "We are capitalizing on three main changes in the corporate market and we believe the trends will continue to affect our business favorably. First, broadband expansion is spurring demand for operational outsourcing services since customers are required to resolve security and other operational issues. Second, as usage of networks become more integrated with its business systems, demand for upgrades and replacement of legacy network systems is growing and the scale and scope of Systems Integration ("SI") projects such as consulting, network and system design, project management, implementation and operation is increasing. Lastly, an increase in Internet traffic among corporate customers is spurring demand for higher speed contracts for high-end Internet connectivity services and advanced broadband services for multi-site connectivity. In addition to leveraging our technological expertise to meet the needs of our customers created by the trends, we continue to develop new technologies such as our SEIL Management Framework ("SMF") and RFID technology in an effort to continually search for new avenues of growth."
    "Our financial condition has improved substantially in FY2004," said Akihisa Watai, CFO of IIJ. "We succeeded in expanding our outsourced operational services which have relatively higher-margins and recurring monthly revenues, and we also showed significant progress in decreasing our backbone costs while stringently managing our SG&A expenses. We believe that we have crossed the threshold and moved into a harvesting period."

    4th Quarter FY2004 Financial Results

Operating Result Summary (JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change ---------------------------------------------------------------------- Total Revenues 12,254 11,617 5.5% 10,261 19.4% ---------------------------------------------------------------------- Total Costs 10,012 9,915 1.0% 8,486 18.0% ---------------------------------------------------------------------- SG&A Expenses and R&D 1,586 1,353 17.3% 1,365 16.2% ---------------------------------------------------------------------- Operating Income 656 350 87.5% 410 59.9% ---------------------------------------------------------------------- Net Income (Loss) 2,256 (236) (1,057.7%) 660 242.0% ----------------------------------------------------------------------
    Revenues

    Revenues in 4Q04 totaled JPY 12,254 million, an increase of 5.5% from JPY 11,617 million in 4Q03 and 19.4% from JPY 10,261 million in 3Q04.

Revenues (JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change ---------------------------------------------------------------------- Total Revenues 12,254 11,617 5.5% 10,261 19.4% ---------------------------------------------------------------------- Connectivity & VAS 5,860 5,499 6.6% 5,666 3.4% ---------------------------------------------------------------------- SI 5,352 4,001 33.7% 3,970 34.8% ---------------------------------------------------------------------- Equipment Sales 1,042 2,117 (50.8%) 625 66.8% ----------------------------------------------------------------------
    Connectivity and Value-added Services ("VAS") revenues were JPY 5,860 million in 4Q04, an increase of 6.6% from JPY 5,499 million in 4Q03 and 3.4% from JPY 5,666 million in 3Q04.
    Dedicated access service revenues were JPY 2,841 million in 4Q04, a decrease of 8.4% compared to 4Q03 and an increase of 2.2% compared to 3Q04. The decrease compared to 4Q03 was mainly due to shift from T1 Standard or IIJ Economy to lower-priced broadband services. Revenues increased from 3Q04, however, due to an increase in revenues from IP service and broadband services.
    Dial-up access service revenues were JPY 718 million in 4Q04, a decrease of 5.2% compared to 4Q03 and a decrease of 1.2% compared to 3Q04 mainly due to the decrease in revenues from IIJ4U.
    VAS revenues were JPY 1,322 million in 4Q04, an increase of 19.8% compared to 4Q03 and an increase of 3.6% compared to 3Q04. The increase compared to 4Q03 and 3Q04 is mainly due to an increase in revenues from various types of packaged outsource services, such as managed security, hosting and network services.
    Other revenues were JPY 979 million in 4Q04, an increase of 82.4% compared to 4Q03 and an increase of 10.9% compared to 3Q04, mainly due to an increase in revenues from Wide-area Ethernet Services.
    SI revenues increased 33.7% to JPY 5,352 million in 4Q04 from JPY 4,001 million in 4Q03 and increased 34.8% from JPY 3,970 million in 3Q04. The increase from 4Q03 is mainly due to additional revenues from the purchase of the security system business operations of Yamatane Co. Ltd. in October 2004, and the increase from 3Q04 is mainly due to the increase in systems integration contracts.
    Equipment sales revenues were JPY 1,042 million in 4Q04, a decrease of 50.8% compared to 4Q03 and an increase of 66.8% compared to 3Q04.

    Cost and expense

    Cost of revenues was JPY 10,012 million in 4Q04, an increase of 1.0% compared to 4Q03 and an increase of 18.0% compared to 3Q04.

Cost of Revenues (JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change ---------------------------------------------------------------------- Total Costs: 10,012 9,915 1.0% 8,486 18.0% ---------------------------------------------------------------------- Connectivity & VAS 5,018 4,810 4.3% 4,874 3.0% ---------------------------------------------------------------------- SI 4,030 3,054 32.0% 3,031 33.0% ---------------------------------------------------------------------- Equipment Sales 964 2,051 (53.0%) 581 65.7% ----------------------------------------------------------------------
    Cost of Connectivity and VAS revenues was JPY 5,018 million, an increase of 4.3% compared to 4Q03 and an increase of 3.0% compared to 3Q04. The gross-margin ratio for Connectivity and VAS in 4Q04 was 14.4%, compared to 12.5% in 4Q03 and 14.0% in 3Q04 mainly due to a decrease in backbone costs.
    Cost of SI revenues was JPY 4,030 million in 4Q04, an increase of 32.0% compared to 4Q03 and an increase of 33.0% compared to 3Q04. The gross margin ratio for SI in 4Q04 was 24.7%, compared to 23.7% in 4Q03 and 23.7% in 3Q04. The improvement in margin compared to 3Q04 was mainly due to the increase in higher-margin systems integration projects.
    Sales and marketing expenses were JPY 736 million in 4Q04, a decrease of 2.6% compared to 4Q03 and an increase of 7.7% compared to 3Q04.
    General and administrative expenses were JPY 800 million in 4Q04, an increase of 54.5% compared to 4Q03 and an increase of 26.4% compared to 3Q04. The increase is mainly due to an increase in write down of software licenses and personnel expenses.

    Operating income

    Operating income was JPY 656 million in 4Q04, compared to JPY 350 million in 4Q03 and JPY 410 million in 3Q04 mainly due to improved gross-margins in Connectivity, VAS and SI.

    Other income (expenses) in 4Q04 was JPY 1,729 million, compared to other expenses of JPY 226 million in 4Q03 and other income of JPY 333 million in 3Q04. The increase is mainly due to gain on the sale of available-for-sale securities which amounted to JPY 1,890 million.

    Income tax expense for 4Q04 was JPY 30 million, compared to JPY 13 million in 4Q03 and JPY 39 million in 3Q04.

    Equity in net loss of equity method investees amounted to JPY 37 million in 4Q04, compared to a net loss of JPY 189 million in 4Q03 and JPY 1 million in 3Q04.

    Net income (loss) was net income of JPY 2,256 million in 4Q04, compared to a net loss of JPY 236 million in 4Q03 and net income of JPY 660 million in 3Q04. The increase was mainly due to the improvement in operating income and gain on sale of available-for-sale securities.

    4th Quarter FY2004 Business Review

    Analysis by Service

    Connectivity and Value-added Services

Number of Contracts for Connectivity Services

4Q04 4Q03 3Q04 ---------------------------------------------------------------------- Dedicated Access Service Contracts 11,243 7,226 9,427 ---------------------------------------------------------------------- IP Service (Low Bandwidth: 64kbps- 768kbps)(3) 89 93 67 ---------------------------------------------------------------------- IP Service (Medium Bandwidth: 1Mbps- 99Mbps)( 3) 660 565 609 ---------------------------------------------------------------------- IP Service (High Bandwidth: 100Mbps-) 114 80 103 ---------------------------------------------------------------------- IIJ T1 Standard and IIJ Economy(4) 276 504 313 ---------------------------------------------------------------------- IIJ Data Center Connectivity Service 231 196 228 ---------------------------------------------------------------------- IIJ FiberAccess/F and IIJ DSL/F (Broadband Services) 9,873 5,788 8,107 ---------------------------------------------------------------------- Dial-up Access Service Contracts 693,976 695,867 708,517 ---------------------------------------------------------------------- Dial-up Access Services, under IIJ Brand 68,068 75,136 69,260 ---------------------------------------------------------------------- Dial-up Access Services, OEM(5) 625,908 620,731 639,257 ---------------------------------------------------------------------- Total Contracted Bandwidth 121.2Gbps 80.1Gbps 109.5Gbps ----------------------------------------------------------------------
    The total number of contracts for dedicated access services continued to show a steady increase in 4Q04. In IP Services, the number of contracts for our high-end Internet connectivity services, such as for corporate headquarters and other critical usage, increased, especially for medium and high bandwidth connectivity. The number of contacts over 1Gbps also increased to 24. Additionally, the number of contracts for broadband services continued to increase for multi-site connectivity with Internet VPN, as we are exploring new markets and services that were previously provided by telecommunication carriers.

Connectivity and VAS Revenue Breakdown and Cost (JPY in millions)

YoY % QoQ % 4Q04 4Q03 Change 3Q04 change ---------------------------------------------------------------------- Connectivity Service Revenues 3,559 3,858 (7.8%) 3,508 1.5% ---------------------------------------------------------------------- Dedicated Access Service Revenues 2,841 3,100 (8.4%) 2,781 2.2% ---------------------------------------------------------------------- IP Service (6) 2,235 2,423 (7.8%) 2,186 2.3% ---------------------------------------------------------------------- IIJ T1 Standard and IIJ Economy 171 331 (48.5%) 195 (12.3%) ---------------------------------------------------------------------- IIJ FiberAccess/F and IIJ DSL/F (Broadband Services) 435 346 25.8% 400 8.6% ---------------------------------------------------------------------- Dial-up Access Service Revenues 718 758 (5.2%) 727 (1.2%) ---------------------------------------------------------------------- Under IIJ Brand 472 522 (9.6%) 478 (1.4%) ---------------------------------------------------------------------- OEM 247 236 4.5% 249 (0.8%) ---------------------------------------------------------------------- VAS Revenues 1,322 1,104 19.8% 1,276 3.6% ---------------------------------------------------------------------- Other Revenues 979 537 82.4% 882 10.9% ---------------------------------------------------------------------- Total Connectivity and VAS Revenues 5,860 5,499 6.6% 5,666 3.4% ---------------------------------------------------------------------- Cost of Connectivity and VAS 5,018 4,810 4.3% 4,874 3.0% ---------------------------------------------------------------------- Backbone Cost (included in the cost of Connectivity and VAS) 831 1,067 (22.1%) 858 (3.2%) ---------------------------------------------------------------------- Connectivity and VAS Gross Margin Ratio 14.4% 12.5% 14.0% ----------------------------------------------------------------------
    The speed requirements in the high-end connectivity in broadband expansion and additional revenues from broadband services off-set the decline in revenues from IIJ T1 Standard and IIJ Economy in 4Q04.
    VAS revenues increased reflecting our provision of managed services and data centers with our reliable connectivity services to customers lacking skills or resources to handle security and other operational issues which are emerging as a result of the broadband expansion among corporate customers.
    Other revenues also increased steadily mainly due to an increase in revenue from Wide-area Ethernet services.
    Backbone costs declined continuously in 4Q04 by 22.1% compared to 4Q03 and by 3.2% compared to 3Q04, as a result of our continued efforts to improve cost efficiency.
    The cross-selling ratio between Connectivity and VAS, representing the percentage of the largest 1,000 Connectivity service customers that use VAS was 88.2%.
    The cross-selling ratio between Connectivity and SI, representing the percentage of SI customers that use Connectivity services among the largest 100 SI customers was 78.0%.

Cross-selling Ratios

4Q04 ---------------------------------------------------------------------- VAS Cross-selling Ratio 88.2% ---------------------------------------------------------------------- SI Cross-selling Ratio 78.0% ----------------------------------------------------------------------

Systems Integration

Systems Integration Revenue Breakdown and Cost

(JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change ---------------------------------------------------------------------- Systems Integration Revenues 5,352 4,001 33.7% 3,970 34.8% ---------------------------------------------------------------------- Systems Integration 2,786 2,573 8.3% 1,672 66.7% ---------------------------------------------------------------------- Outsourced Operation 2,566 1,428 79.6% 2,298 11.7% ---------------------------------------------------------------------- Cost of Systems Integration 4,030 3,054 32.0% 3,031 33.0% ---------------------------------------------------------------------- Systems Integration Gross Margin Ratio 24.7% 23.7% 23.7% ----------------------------------------------------------------------
    Our SI projects are becoming bigger in scale by including the whole stream of consulting, design, project management, implementation and operation. SI revenues in 4Q04 increased largely due to the seasonal increase in systems integration toward year end. In addition to the increase from 4Q03 reflected of additional revenues from the purchase of the security system business operations of Yamatane Co. Ltd. ("Yamatane") for the comparison to 4Q03. An increase in outsourced operation revenues is having the effect of stabilizing the fluctuation in revenues since these services are billed monthly.

Equipment Sales

Equipment Sales Revenue and Cost (JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change ---------------------------------------------------------------------- Equipment Sales Revenues 1,042 2,117 (50.8%) 625 66.8% ---------------------------------------------------------------------- Cost of Equipment Sales 964 2,051 (53.0%) 581 65.7% ---------------------------------------------------------------------- Equipment Sales Gross Margin Ratio 7.6% 3.1% 7.0% ----------------------------------------------------------------------

Other Financial Statistics

Other Financial Statistics (JPY in millions)

YoY % QoQ % 4Q04 4Q03 change 3Q04 change --------------------------------- ------------------------------------ Adjusted EBITDA(7) 1,698 1,358 24.6% 1,508 12.2% --------------------------------- ------------------------------------ CAPEX, including capital leases(8) 724 1,014 (28.7%) 2,017 (64.1%) --------------------------------- ------------------------------------ Depreciation and amortization(9) 1,061 1,030 3.0% 1,116 (5.0%) --------------------------------- ------------------------------------
    Key Service Developments

    Toyota to use IIJ NetLightning Service:

    In April 2005, IIJ announced that it was selected by Toyota Motor Corporation to provide IIJ NetLightning, the Web access application acceleration service. IIJ NetLightning provides sub-second access from overseas to Supply Chain Management, Customer Relationship Management, and other Web applications through U.S.-based Netli Inc's Applications Delivery Network. Even when accessing servers in Japan from overseas, the service provides response times that are comparable to local access, with no long-distance network delays.

    Development of new SMF technologies and provision to third parties:

    In 4Q04, IIJ continued to develop new SMF technologies. IIJ's SMF is a suite of management tools that allow customers to easily and centrally control initialization, reconfiguration, and other operations involving communications equipment at multiple sites. In February 2005, IIJ developed SEIL Engine, a new router software that also interfaces with SMF. In March 2005, IIJ released SMF-LAN, which is SMF technology that can be used on closed networks such as wide-area Ethernet. In 4Q04, IIJ also developed partnerships with third parties to license its SEIL Engine. It will be included in the equipment of Century Systems, Inc. and a new mobile router jointly developed by IIJ, ROOT, Inc., and Novatec Corporation. The SMF-LAN system will be incorporated into KVH Co., Ltd.'s managed Ethernet service to simplify the service installation process.

    Continuous efforts against e-mail abuse:

    In March 2005, IIJ announced that it participated in establishment of the Japan E-mail Anti-Abuse Group. The Group is comprised of approximately thirty Internet Service Providers and telecommunication carriers in Japan and focuses on examining and implementing technological countermeasures against E-mail abuse. Additionally, IIJ announced that it will introduce sender authentication, a new technology that blocks spam e-mail, for its internal use by the end of March 2005, and then install it in its mail services.

    Reconciliation of Non-GAAP Financial Measures

    The following table summarizes the reconciliation of adjusted EBITDA to net income according to the consolidated statements of operations that are prepared in accordance with accounting principles generally accepted in the U.S. and presented in Appendix 1:

Adjusted EBITDA (JPY in millions)

4Q04 4Q03 3Q04 ---------------------------------------------------------------------- Adjusted EBITDA 1,698 1,358 1,508 ---------------------------------------------------------------------- Depreciation and Amortization(10) (1,042) (1,008) (1,098) ---------------------------------------------------------------------- Operating Income 656 350 410 ---------------------------------------------------------------------- Other Income (Expenses) 1,729 (226) 333 ---------------------------------------------------------------------- Income Tax Expense 30 13 39 ---------------------------------------------------------------------- Minority Interests in Consolidated Subsidiaries (62) (158) (43) ---------------------------------------------------------------------- Equity in Net Loss of Equity Method Investees (37) (189) (1) ---------------------------------------------------------------------- Net Income (Loss) 2,256 (236) 660 ----------------------------------------------------------------------
    The following table summarizes the reconciliation of capital expenditures to the purchase of property and equipment according to the consolidated statements of cash flows that are prepared and presented in accordance with accounting principles generally accepted in the U.S. in Appendix 4:

CAPEX (JPY in millions)

4Q04 4Q03 3Q04 ---------------------------------------------------------------------- Capital Expenditures 724 1,014 2,017 ---------------------------------------------------------------------- Acquisition of Assets by Entering into Capital Leases 627 778 1,911 ---------------------------------------------------------------------- Purchase of Property and Equipment 97 236 106 ----------------------------------------------------------------------
    Management Message/Webcast

    On May 14, IIJ will present its management message and the Company's results and outlook by webcast. For details, please access the following URL: http://www.iij.ad.jp/en/IR/

    About Internet Initiative Japan Inc.

    Founded in 1992, Internet Initiative Japan Inc. (IIJ, NASDAQ: IIJI) is one of Japan's leading Internet-access and comprehensive network solutions providers. The company has built one of the largest Internet backbone networks in Japan, and between Japan and the United States. IIJ and its group of companies provide total network solutions that mainly cater to high-end corporate customers. The company's services include high-quality systems integration and security services, Internet access, hosting/housing, and content design.

For inquiries, contact:

Taisuke ONO, Naoshi YONEYAMA IIJ Media & Investor Relations Division Tel: +81-3-5259-6500 E-mail: ir@iij.ad.jp URL: http://www.iij.ad.jp/
    Statements made in this press release regarding IIJ's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements that are based on IIJ's and managements' current expectations, assumptions, estimates and projections about its business and the industry. These forward-looking statements, such as statements regarding FY2005 revenues and operating and net profitability, are subject to various risks, uncertainties and other factors that could cause IIJ's actual results to differ materially from those contained in any forward-looking statement. These risks, uncertainties and other factors include: IIJ's ability to maintain and increase revenues from higher margin services such as system integration and value-added services; the possibility that revenues from connectivity services may decline substantially as a result of competition and other factors; the ability to compete in a rapidly evolving and competitive marketplace; the impact on IIJ's profits of fluctuations in costs such as backbone costs and subcontractor costs; the impact on IIJ's profits of fluctuations in the price of available-for-sale securities; the impact of technological changes in its industry; IIJ's ability to raise additional capital to cover its indebtedness; the possibility that NTT, IIJ's largest shareholder, may decide to exercise substantial influence over IIJ; and other risks referred to from time to time in IIJ's filings on Form 20-F of its annual report and other filings with the United States Securities and Exchange Commission.

(1) Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with U.S. GAAP. All financial figures are unaudited and consolidated. For all 4Q04 and Full FY2004 results, translations of Japanese Yen amounts into US dollars are solely for the convenience of readers outside of Japan and have been made at the rate of JPY 107.22 = US$1.00, the approximate exchange rate on March 31, 2005. Historical quarterly and annual figures have been restated to reflect the change in income tax expense (benefit) previously discussed by IIJ in its press release dated April 11, 2005.

(2) This Overview and Business Outlook contains forward-looking statements and projections such as statements regarding FY2005 revenues and operating and net profitability that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include, but are not limited to, the factors noted at the end of this release and to the risk factors and other information contained in IIJ's filings on Form 20-F and Form 6-K, as well as other filings and documents furnished to the Securities and Exchange Commission. IIJ plans to keep this press release publicly available on its Web site (www.iij.ad.jp), but may discontinue this practice at any time. IIJ intends to publish its next Overview and Business Outlook in its 1Q05 earnings release, presently scheduled for August 2005.

(3) Including IPv6 Services.

(4) Referred to as "Limited Functionality Services" in 1Q04 for the services with local access not shared, limited on several functionality compared to IP service such as number of IP address allocated and fixed speed of 64kbps, 128kbps and 1.5Mbps.

(5) OEM stands for Original Equipment Manufacturer.

(6) IP Service revenues includes revenues from Data Center Connectivity Service.

(7) Please refer to the Reconciliation of Non-GAAP Financial Measures below.

(8) Please refer to the Reconciliation of Non-GAAP Financial Measures on the next page.

(9) Depreciation and amortization includes amortization of issuance cost of convertible notes and intangible assets.

(10) Depreciation and amortization excludes amortization of issuance cost of convertible notes that was included in other expenses.

INTERNET INITIATIVE JAPAN INC. Appendix 1 ------------------------------ CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) ------------------------------------------------ For the Three Months Ended Mar 31, 2005, Mar 31, 2004 and Dec 31, 2004 (Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD) Except for Per Share and ADS Data) (1)

Year-over-year Comparison Mar 31, 2005 ----------------------------- % of Total USD(1) JPY Revenues -------- ----------- -------- Revenues: Connectivity and value-added services: Dedicated access services 26,496 2,840,903 23.2% Dial-up access services 6,699 718,285 5.8 Value-added services 12,328 1,321,816 10.8 Other 9,130 978,940 8.0 -------- ----------- ------- Total connectivity and value-added services 54,653 5,859,944 47.8

Systems integration revenues 49,915 5,351,865 43.7 Equipment sales 9,723 1,042,540 8.5 -------- ----------- ------- Total revenues 114,291 12,254,349 100.0 -------- ----------- -------

Costs and expenses: Cost of connectivity and value-added services 46,806 5,018,522 40.9 Cost of systems integration revenues 37,589 4,030,274 32.9 Cost of equipment sales 8,987 963,665 7.9 -------- ----------- ------- Total costs 93,382 10,012,461 81.7

Sales and marketing 6,866 736,219 6.0 General and administrative 7,461 799,929 6.5 Research and development 466 49,968 0.4 -------- ----------- ------- Total costs and expenses108,175 11,598,577 94.6

-------- ----------- ------- Operating income 6,116 655,772 5.4 -------- ----------- -------

Other income (expenses) 16,127 1,729,122 14.1

-------- ----------- ------- Income before income tax expense, minority interests and equity in net loss of equity method investees 22,243 2,384,894 19.5 -------- ----------- -------

Income tax expense 278 29,839 0.3 Minority interests in consolidated subsidiaries (583) (62,468) (0.5) Equity in net loss of equity method investees (345) (36,966) (0.3)

-------- ----------- ------- Net income (loss) 21,037 2,255,621 18.4% ======== =========== =======

Basic And Diluted Net Income (Loss) Per Share 58,875 Basic And Diluted Net Income (Loss) Per ADS Equivalent 29.44 Weighted Average Number of Shares 38,312 Weighted Average Number of ADS Equivalents 76,623,702

Mar 31, 2004 ------------------------------- % of Total YOY JPY Revenues Chg % ----------- -------- ---------- Revenues: Connectivity and value-added services: Dedicated access services 3,100,452 26.7% (8.4%) Dial-up access services 757,947 6.5 (5.2) Value-added services 1,103,558 9.5 19.8 Other 536,590 4.6 82.4 ----------- -------- ---------- Total connectivity and value- added services 5,498,547 47.3 6.6

Systems integration revenues 4,001,449 34.5 33.7 Equipment sales 2,117,006 18.2 (50.8) ----------- -------- ---------- Total revenues 11,617,002 100.0 5.5 ----------- -------- ----------

Costs and expenses: Cost of connectivity and value-added services 4,809,831 41.4 4.3 Cost of systems integration revenues 3,053,962 26.3 32.0 Cost of equipment sales 2,050,923 17.6 (53.0) ----------- -------- ---------- Total costs 9,914,716 85.3 1.0

Sales and marketing 755,928 6.5 (2.6) General and administrative 517,884 4.5 54.5 Research and development 78,786 0.7 (36.6) ----------- -------- ---------- Total costs and expenses 11,267,314 97.0 2.9

----------- -------- ---------- Operating income 349,688 3.0 87.5 ----------- -------- ----------

Other income (expenses) (226,045) (1.9) (864.9)

----------- -------- ---------- Income before income tax expense, minority interests and equity in net loss of equity method investees 123,643 1.1 1,828.9 ----------- -------- ----------

Income tax expense 13,293 0.1 124.5 Minority interests in consolidated subsidiaries (157,295) (1.4) (60.3) Equity in net loss of equity method investees (188,577) (1.6) (80.4)

----------- -------- ---------- Net income (loss) (235,522) (2.0%) (1,057.7%) =========== ======== ==========

Basic And Diluted Net Income (Loss) Per Share (6,147) Basic And Diluted Net Income (Loss) Per ADS Equivalent (3.07) Weighted Average Number of Shares 38,312 Weighted Average Number of ADS Equivalents 76,623,702

Sequential Comparison Dec 31, 2004 ----------------------------- % of Total QOQ JPY Revenues Chg % ----------- -------- -------- Revenues: Connectivity and value-added services: Dedicated access services 2,780,955 27.1% 2.2% Dial-up access services 726,798 7.1 (1.2) Value-added services 1,275,958 12.4 3.6 Other 882,466 8.6 10.9 ----------- -------- -------- Total connectivity and value- added services 5,666,177 55.2 3.4

Systems integration revenues 3,969,610 38.7 34.8 Equipment sales 625,196 6.1 66.8 ----------- -------- -------- Total revenues 10,260,983 100.0 19.4 ----------- -------- --------

Costs and expenses: Cost of connectivity and value-added services 4,873,759 47.5 3.0 Cost of systems integration revenues 3,030,666 29.5 33.0 Cost of equipment sales 581,368 5.7 65.7 ----------- -------- -------- Total costs 8,485,793 82.7 18.0

Sales and marketing 683,731 6.6 7.7 General and administrative 632,874 6.2 26.4 Research and development 48,406 0.5 3.2 ----------- -------- -------- Total costs and expenses 9,850,804 96.0 17.7

----------- -------- -------- Operating income 410,179 4.0 59.9 ----------- -------- --------

Other income (expenses) 332,623 3.2 419.8

----------- -------- -------- Income before income tax expense, minority interests and equity in net loss of equity method investees 742,802 7.2 221.1 ----------- -------- --------

Income tax expense 39,436 0.4 (24.3) Minority interests in consolidated subsidiaries (43,040) (0.4) 45.1 Equity in net loss of equity method investees (795) 0.0 4,549.8

----------- -------- -------- Net income (loss) 659,531 6.4% 242.0% =========== ======== ========

Basic And Diluted Net Income (Loss) Per Share 17,215 Basic And Diluted Net Income (Loss) Per ADS Equivalent 8.61 Weighted Average Number of Shares 38,312 Weighted Average Number of ADS Equivalents 76,623,702

Note (1): The translations of Japanese yen amounts into US Dollar amounts with respect to the three months ended Mar 31, 2005 are included solely for the convenience of readers outside Japan and have been made at the rate of JPY 107.22 =$1, the approximate rate of exchange on Mar 31, 2005.

INTERNET INITIATIVE JAPAN INC. Appendix 2 ------------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) ------------------------------------------------ For the Years Ended Mar 31, 2005 and Mar 31, 2004 (Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars (USD) Except for Per Share and ADS Data) (1)

Year-over-year Comparison Mar 31, 2005 ----------------------------- % of Total USD(1) JPY Revenues -------- ----------- -------- Revenues: Connectivity and value-added services: Dedicated access services 106,069 11,372,701 27.3% Dial-up access services 27,392 2,936,973 7.0 Value-added services 46,677 5,004,730 12.0 Other 29,560 3,169,413 7.6 -------- ----------- -------- Total connectivity and value- added services 209,698 22,483,817 53.9

Systems integration revenues 147,863 15,853,824 38.0 Equipment sales 31,383 3,364,926 8.1 -------- ----------- -------- Total revenues 388,944 41,702,567 100.0 -------- ----------- --------

Costs and expenses: Cost of connectivity and value-added services 181,719 19,483,890 46.7 Cost of systems integration revenues 113,786 12,200,137 29.2 Cost of equipment sales 29,018 3,111,369 7.5 -------- ----------- -------- Total costs 324,523 34,795,396 83.4

Sales and marketing 26,064 2,794,561 6.7 General and administrative 24,865 2,665,980 6.4 Research and development 1,856 198,979 0.5 -------- ----------- -------- Total costs and expenses 377,308 40,454,916 97.0

-------- ----------- -------- Operating income (loss) 11,636 1,247,651 3.0 -------- ----------- --------

Other income, net 17,729 1,900,857 4.5

-------- ----------- -------- Income (loss) before income tax expense, minority interests and equity in net loss of equity method investees 29,365 3,148,508 7.5 -------- ----------- --------

Income tax expense 931 99,870 0.2 Minority interests in consolidated subsidiaries (1,018) (109,161) (0.2) Equity in net loss of equity method investees: Equity method net loss (310) (33,208) (0.1) Impairment loss on advances to Crosswave - - -

-------- ----------- -------- Net income (loss) 27,106 2,906,269 7.0% ======== =========== ========

Basic And Diluted Net Income (Loss) Per Share 75,858 Basic And Diluted Net Income (Loss) Per ADS Equivalent 37.93 Weighted Average Number of Shares 38,312 Weighted Average Number of ADS Equivalents 76,623,702

Mar 31, 2004 ----------------------------- % of Total YOY JPY Revenues Chg % ----------- -------- -------- Revenues: Connectivity and value-added services: Dedicated access services 12,862,132 33.2% (11.6%) Dial-up access services 3,088,498 8.0 (4.9) Value-added services 4,296,228 11.1 16.5 Other 2,117,794 5.4 49.7 ----------- -------- -------- Total connectivity and value-added services 22,364,652 57.7 0.5

Systems integration revenues 11,847,687 30.5 33.8 Equipment sales 4,567,123 11.8 (26.3) ----------- -------- -------- Total revenues 38,779,462 100.0 7.5 ----------- -------- --------

Costs and expenses: Cost of connectivity and value-added services 20,047,438 51.7 (2.8) Cost of systems integration revenues 9,851,726 25.4 23.8 Cost of equipment sales 4,346,243 11.2 (28.4) ----------- -------- -------- Total costs 34,245,407 88.3 1.6

Sales and marketing 3,527,490 9.1 (20.8) General and administrative 2,098,481 5.4 27.0 Research and development 357,968 0.9 (44.4) ----------- -------- -------- Total costs and expenses 40,229,346 103.7 0.6

----------- -------- -------- Operating income (loss) (1,449,884) (3.7) (186.1) ----------- -------- --------

Other income, net 982,220 2.5 93.5

----------- -------- -------- Income (loss) before income tax expense, minority interests and equity in net loss of equity method investees (467,664) (1.2) (773.2) ----------- -------- --------

Income tax expense 32,536 0.1 207.0 Minority interests in consolidated subsidiaries 235,812 0.6 (146.3) Equity in net loss of equity method investees: Equity method net loss (286,317) (0.8) (88.4) Impairment loss on advances to Crosswave (1,719,981) (4.4)

----------- -------- -------- Net income (loss) (2,270,686) (5.9%) (228.0) =========== ======== ========

Basic And Diluted Net Income (Loss) Per Share (71,606) Basic And Diluted Net Income (Loss) Per ADS Equivalent (35.80) Weighted Average Number of Shares 31,711 Weighted Average Number of ADS Equivalents 63,421,571

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to the year ended Mar 31, 2005 are included soley for the convenience of readers outside Japan and have been made at the rate of JPY107.22 =$1, the approximate rate of exchange on Mar 31,2005.

INTERNET INITIATIVE JAPAN INC. Appendix 3 ------------------------------ CONSOLIDATED BALANCE SHEETS(UNAUDITED) -------------------------------------- As of Mar 31, 2005, Mar 31, 2004 and Dec 31, 2004 (Expressed in Thousands of Japanese Yen (JPY) and U.S. Dollars(USD)(1)

Mar 31, 2005 ----------------------------- USD(1) JPY % --------- ------------ ------ ASSETS ---------------------------------------- Current Assets: Cash and cash equivalents 49,305 5,286,477 14.2% Accounts receivable, net 69,086 7,407,439 20.0 Inventories 1,307 140,096 0.4 Prepaid expenses 5,642 604,935 1.6 Other current assets 1,009 108,228 0.3

--------- ------------ ------ Total current assets 126,349 13,547,175 36.5

Investments in and Advances to Equity Method Investees 6,656 713,607 1.9 Other Investments 92,620 9,930,781 26.8 Property and Equipment, net 90,677 9,722,366 26.2 Guarantee Deposits 19,126 2,050,665 5.5 Other Assets 10,743 1,151,877 3.1

--------- ------------ ------ Total assets 346,171 37,116,471 100.0% ========= ============ ======

LIABILITIES AND --------------- SHAREHOLDERS' EQUITY -------------------- Current Liabilities: Short-term borrowings 44,065 4,724,633 12.7% Payable under securities loan agreement 16,130 1,729,520 4.7 Accounts payable 45,334 4,860,733 13.1 Accrued expenses 5,047 541,118 1.4 Other current liabilities 7,625 817,517 2.2 Long-term borrowings-current portion 25,518 2,736,056 7.4 Convertible notes Capital lease obligations-current portion 25,881 2,774,974 7.5

--------- ------------ ------ Total current liabilities 169,600 18,184,551 49.0

Long-term Borrowings 14,269 1,529,963 4.1 Capital Lease Obligations-Noncurrent 40,469 4,339,028 11.7 Accrued Retirement and Pension Costs 1,337 143,346 0.4 Other Noncurrent Liabilities 2,570 275,533 0.7

--------- ------------ ------ Total liabilities 228,245 24,472,421 65.9 --------- ------------ ------

Minority Interest 9,597 1,028,977 2.8 --------- ------------ ------

Shareholders' Equity: Common stock 128,384 13,765,372 37.1 Additional paid-in capital 220,459 23,637,628 63.7 Accumulated deficit (321,153) (34,434,052) (92.8) Accumulated other comprehensive income 81,049 8,690,125 23.4 Treasury stock (410) (44,000) (0.1)

--------- ------------ ------ Total shareholders' equity 108,329 11,615,073 31.3

--------- ------------ ------ Total liabilities and shareholders' equity 346,171 37,116,471 100.0% ========= ============ ======

Mar 31, 2004 Dec 31, 2004 ------------------- --------------------- JPY % JPY % ------------ ------ ------------ -------- ASSETS --------------------------- Current Assets: Cash and cash equivalents 12,284,239 28.7% 12,158,790 26.9% Accounts receivable, net 8,994,156 21.1 6,231,361 13.8 Inventories 438,435 1.0 372,144 0.8 Prepaid expenses 557,703 1.3 989,003 2.2 Other current assets 325,422 0.8 334,169 0.7

------------ ------ ------------ -------- Total current assets 22,599,955 52.9 20,085,467 44.4

Investments in and Advances to Equity Method Investees 778,152 1.8 759,585 1.7 Other Investments 7,931,893 18.6 11,072,053 24.4 Property and Equipment, net 8,601,905 20.1 10,003,936 22.1 Guarantee Deposits 2,075,123 4.9 2,050,305 4.5 Other Assets 749,897 1.7 1,288,024 2.9

------------ ------ ------------ -------- Total assets 42,736,925 100.0% 45,259,370 100.0% ============ ====== ============ ========

LIABILITIES AND --------------- SHAREHOLDERS' EQUITY -------------------- Current Liabilities: Short-term borrowings 6,564,093 15.4% 4,825,844 10.7% Payable under securities loan agreement 722,800 1.6 Accounts payable 7,187,976 16.8 3,566,158 7.9 Accrued expenses 454,366 1.1 665,821 1.5 Other current liabilities 483,925 1.1 780,267 1.7 Long-term borrowings- current portion 1,548,246 3.6 2,185,094 4.8 Convertible notes 11,832,000 27.7 11,088,000 24.5 Capital lease obligations- current portion 2,387,754 5.6 2,784,469 6.1

------------ ------ ------------ -------- Total current liabilities 30,458,360 71.3 26,618,453 58.8

Long-term Borrowings 2,308,019 5.4 2,389,339 5.3 Capital Lease Obligations- Noncurrent 2,880,298 6.7 4,459,352 9.8 Accrued Retirement and Pension Costs 72,687 0.2 120,732 0.3 Other Noncurrent Liabilities 161,122 0.4 320,393 0.7

------------ ------ ------------ -------- Total liabilities 35,880,486 84.0 33,908,269 74.9 ------------ ------ ------------ --------

Minority Interest 642,311 1.5 988,964 2.2 ------------ ------ ------------ --------

Shareholders' Equity: Common stock 13,765,372 32.2 13,765,372 30.4 Additional paid-in capital 23,637,628 55.3 23,637,628 52.2 Accumulated deficit (37,340,321) (87.4) (36,689,673) (81.0) Accumulated other comprehensive income 6,195,449 14.5 9,692,810 21.4 Treasury stock (44,000) (0.1) (44,000) (0.1)

------------ ------ ------------ -------- Total shareholders' equity 6,214,128 14.5 10,362,137 22.9

------------ ------ ------------ -------- Total liabilities and shareholders' equity 42,736,925 100.0% 45,259,370 100.0% ============ ====== ============ ========

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to Mar 31, 2005 are included solely for the convenience of readers outside Japan and have been made at the rate of JPY 107.22 =$1, the approximate rate of exchange on Mar 31, 2005.

INTERNET INITIATIVE JAPAN INC. Appendix 4 ------------------------------ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED) ---------------------------------------------------------- For the Three Months Ended Mar 31, 2005, Mar 31, 2004 and Dec 31, 2004 (Expressed in Thousands of Japanese Yen(JPY) and U.S. Dollars(USD) (1)

Mar 31, 2005 Mar 31, 2004 Dec 31, 2004 ---------------------- ------------ ------------ USD (1) JPY JPY JPY --------- ------------ ------------ ------------ Operating Activities: Net income (loss) 21,037 2,255,621 (235,522) 659,531 Depreciation and amortization 9,895 1,060,944 1,030,162 1,116,447 Provision for (reversal of) doubtful accounts 338 36,204 27,587 (18,455) Equity in net loss of equity method investees 345 36,966 188,577 795 Minority interests in consolidated subsidiaries 583 62,468 157,295 43,040 Foreign exchange losses (gains) (81) (8,641) (13,682) 14,912 Net losses (gains) on other investments (16,943) (1,816,676) 42,352 (527,300) Decrease (increase) in accounts receivable (11,249) (1,206,074) (2,483,404) 582,873 Increase (decrease) in accounts payable 11,245 1,205,665 2,392,795 (985,459) Decrease (increase) in inventories 2,069 221,788 (245,201) (109,964) Deferred income taxes (109) (11,656) - 633 Other 6,570 704,443 395,710 (146,465) --------- ------------ ------------ ------------ Net cash provided by operating activities 23,700 2,541,052 1,256,669 630,588 --------- ------------ ------------ ------------

Investing Activities: Purchase of property and equipment (900) (96,542) (236,028) (105,946) Purchase of subsidiary stock (466) (50,000) - (11,680) Proceeds from sales of other investments 18,734 2,008,650 66,387 750,800 Purchase of other investments (22) (2,339) (2,138) (4,854) Refund (payment) of guarantee deposits-net (31) (3,330) (576) 31,162 Acquision of business - - - (371,011) Other (89) (9,495) (3,778) (1,029) --------- ------------ ------------ ------------ Net cash provided by (used in) investing activities 17,226 1,846,944 (176,133) 287,442 --------- ------------ ------------ ------------

Financing Activities: Proceeds from long- term borrowings - - 400,000 1,250,000 Repayments of long- term borrowings (2,876) (308,414) (436,477) (58,179) Proceeds from securities loan agreement 16,130 1,729,520 - - Repayments of securities loan agreement (6,741) (722,800) - (94,000) Redemption of convertible notes (103,414) (11,088,000) - - Principal payments under capital leases (7,025) (753,177) (692,467) (756,982) Net decrease in short-term borrowings (944) (101,211) (200,316) (906,360) --------- ------------ ------------ ------------ Net cash used in financing activities (104,870) (11,244,082) (929,260) (565,521) --------- ------------ ------------ ------------

Effect of Exchange Rate Changes on Cash (151) (16,227) (7,632) (7,564)

--------- ------------ ------------ ------------ Net Increase (decrease) in Cash and Cash Equivalents (64,095) (6,872,313) 143,644 344,945 --------- ------------ ------------ ------------

Cash and Cash Equivalents, Beginning of Period 113,400 12,158,790 12,140,595 11,802,165

--------- ------------ ------------ ------------ Cash and Cash Equivalents, End of Period 49,305 5,286,477 12,284,239 12,147,110 ========= ============ ============ ============

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to the three months ended Mar 31, 2005 are included solely for the convenience of readers outside Japan and have been made at the rate of JPY107.22 =$1, the approximate rate of exchange on Mar 31, 2005.

INTERNET INITIATIVE JAPAN INC. Appendix 5 ------------------------------ CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ----------------------------------------------------------- For the Year Ended Marach 31, 2005, March 31, 2004 (Expressed in Thousands of Japanese Yen(JPY) and U.S. Dollars(USD) (1)

March 31, 2005 March 31, 2004 ---------------------- -------------- USD (1) JPY JPY --------- ------------ -------------- Operating Activities: Net income (loss) 27,106 2,906,269 (2,270,686) Depreciation and amortization 39,107 4,193,093 4,008,324 Provision for doubtful accounts 231 24,781 450,505 Equity method net loss 310 33,208 286,317 Impairment loss on advance to Crosswave - - 1,719,981 Minority interests in consolidated subsidiaries 1,018 109,161 (235,812) Foreign exchange (gains) losses (144) (15,466) 5,124 Loss (gain) on retirement of convertible notes 48 5,195 (88,975) Net gains on other investments (22,751) (2,439,330) (1,412,858) Decrease in accounts receivable 14,994 1,607,692 783,387 Decrease in accounts payable (21,523) (2,307,729) (1,132,209) Decrease (increase) in inventories 2,674 286,751 (30,813) Deferred income taxes (103) (11,023) 1,976 Other 7,890 845,895 (160,895) --------- ------------ -------------- Net cash provided by operating activities 48,857 5,238,497 1,923,366 --------- ------------ --------------

Investing Activities: Purchase of property and equipment (5,382) (577,133) (1,657,302) Purchase of subsidiary stock (575) (61,680) - Advances to Crosswave - - (1,719,981) Proceeds from sales of other investments 27,756 2,976,017 2,170,584 Purchase of other investments (117) (12,566) (325,665) Refund of guarantee deposits- net 216 23,167 674,018 Acquisition of business (3,499) (375,123) - Other 12 1,321 5,883 --------- ------------ -------------- Net cash provided by (used in) investing activities 18,411 1,974,003 (852,463) --------- ------------ --------------

Financing Activities: Proceeds from long-term borrowings 20,985 2,250,000 400,000 Repayments of long-term borrowings (17,163) (1,840,246) (1,943,735) Proceeds from securities loan agreement 23,749 2,546,320 - Repayments of securities loan agreement (7,618) (816,800) - Repurchase of convertible notes (6,953) (745,488) (3,047,460) Redemption of convertible notes (103,413) (11,088,000) - Principal payments under capital leases (26,745) (2,867,624) (2,733,012) Net increase (decrease) in short-term borrowings (17,156) (1,839,461) 1,740,495 Proceeds from issuance of common stock of a subsidiary 1,759 188,632 - Proceeds from issuance of common stock - - 13,252,311 --------- ------------ -------------- Net cash provided by (used in) financing activities (132,555) (14,212,667) 7,668,599 --------- ------------ --------------

Effect of Exchange Rate Changes on Cash 22 2,405 (43,615)

--------- ------------ -------------- Net Increase (decrease) in Cash (65,265) (6,997,762) 8,695,887 --------- ------------ --------------

Cash, Beginning of Period 114,570 12,284,239 3,588,352

--------- ------------ -------------- Cash, End of Period 49,305 5,286,477 12,284,239 ========= ============ ==============

Note (1): The translations of Japanese yen amounts into US dollar amounts with respect to the year ended Mar 31, 2005 are included solely for the convenience of readers outside Japan and have been made at the rate of JPY107.22 =$1, the approximate rate of exchange on Mar 31, 2005.

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