UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of January, 2007
Commission file number 0-12602

MAKITA CORPORATION

(Translation of registrant’s name into English)

3-11-8, Sumiyoshi-cho, Anjo City, Aichi Prefecture, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F þ          Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1): þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.     Yes o     No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: January 30, 2007

Makita Corporation

Consolidated Financial Results
for the nine months
ended December 31, 2006
(U.S. GAAP Financial Information)

(English translation of “ZAIMU/GYOSEKI NO GAIKYO”

originally issued in the Japanese language)

CONSOLIDATED FINANCIAL RESULTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2006

January 30, 2007

Makita Corporation
Stock code: 6586
URL: http://www.makita.co.jp/
Masahiko Goto, President

1. Notes to consolidated financial statements for the nine months ended December 31, 2006

(1)		Adoption of simplified accounting methods: None.
(2)		Accounting policy changes since the year ended March 31, 2006: None.
(3)		Change in scope of consolidation and equity method: Consolidation (Excluded) 1: Makita Fastenings Corporation

2. Results of the nine months ended December 31, 2006 (From April 1, 2006 to December 31, 2006)

(1)     CONSOLIDATED FINANCIAL RESULTS
		Yen (million)
		For the nine months								For the nine months								For the year ended
		ended December 31, 2005								ended December 31, 2006								March 31, 2006
						%								%								%
Net sales			165,773				15.3				202,689				22.3				229,075				17.6
Operating income			35,552				39.2				35,464				(0.2	)			45,778				45.8
Income before income taxes			38,738				43.0				36,489				(5.8	)			49,143				50.7
Net income			34,440				82.9				25,435				(26.1	)			40,411				82.6
		Yen
Net income per share:
Basic			239.59								176.99								281.15
Diluted			239.59								176.99								281.15

Notes:	1.		Amounts of less than one million yen have been rounded.
	2.		The table above shows the change in the percentage ratio of net sales, operating income, income before income taxes, and net income against the corresponding period of the previous year.

[Qualitative information on consolidated financial results]

     While the market demand declined in the U.S., the addition of domestic air tools related sales — the business acquired in January last year — and strong sales in Western European market and emerging markets such as Eastern Europe/Russia, Central and South America, the Middle East, etc. supported strong sales. In addition, the value of Japanese yen continued to fall, adding to the sales figures after translation into Japanese yen. In the end, the net sales reached 202,689 million yen, a 22.3% growth from the same period of the previous year.

     With regard to earnings, operating income reached 35,464 million yen (ratio of operating income to net sales; 17.5%), which was a decline of 0.2% from the same period of the previous year, income before income taxes reached 36,489 million yen (ratio of income before income taxes to net sales; 18.0%), a decline of 5.8% and net income reached 25,435 million yen (ratio of net income to net sales; 12.5%), a decline of 26.1%. The main reason for said declines is the special factors that occurred last year — namely, appropriation of about 8.5 billion yen in operating income and about 11.9 billion yen in net income ascribed to a gain from transfer of business pertinent to completion of civil rehabilitation process of a domestic golf club subsidiary, and appropriation of about 2.5 billion yen in income before income taxes and about 1.5 billion yen in net income ascribed to a gain from exchange of the former UFJ Holdings stocks. If these special factors are removed, operating income, income before income taxes, and net income in this third quarter will turn into an increase.

			1

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

(2)     CONSOLIDATED FINANCIAL POSITION
		Yen (million)
		As of				As of				As of
		December 31, 2005				December 31, 2006				March 31, 2006
Total assets			312,690				355,553				326,038
Shareholders’ equity			256,442				291,059				266,584
Shareholders’ equity ratio to total assets (%)			82.0	%			81.9	%			81.8	%
						Yen
Shareholders’ equity per share			1,784.38				2,025.40				1,854.99

[CONSOLIDATED CASH FLOWS]

		Yen (million)
		For the nine months				For the nine months				For the year ended
		ended December 31, 2005				ended December 31, 2006				March 31, 2006
Net cash provided by operating activities			16,770				22,807				25,067
Net cash provided by (used in) investing activities			6,320				(20,805	)			7,655
Net cash used in financing activities			(17,957	)			(6,301	)			(19,548	)
Cash and cash equivalents, end of period			30,863				36,289				39,054

[Qualitative information on consolidated cash flows]

     Total cash and cash equivalents (“cash”) at the end of period amounted to 36,289 million yen, down 2,765 million yen from the previous year.

(Net Cash Provided by Operating Activities)

     Continued strong performance resulted in net cash from operating activities amounting to 22,807 million yen.

(Net Cash Used in Investing Activities)

     Net cash used in investing activities amounted to 20,805 million yen. This reflected mainly the rebuilding of facilities at Head office and Okazaki plant, purchase of securities and other factors.

(Net Cash Used in Financing Activities)

     Net cash used in financing activities amounted to 6,301 million yen, reflecting the payment of cash dividends and other factors.

			2

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

(Ref.)

Outlook for the year ending March 31, 2007 (from April 1, 2006 to March 31, 2007)

						Yen (million)
						For the year ending
						March 31, 2007
Consolidated Basis:
Net sales							273,000
Operating income							44,500
Income before income taxes							46,000
Net income							31,700
Net income per share (Yen)							220.59
Non-consolidated Basis:
Net sales							124,000
Operating income							20,000
Ordinary profit							32,500
Net income							22,200
Net income per share (Yen)							154.48
Assumption:
The above outlook is based on the assumption of exchange rates of 117 yen to US$1 and 150 yen to 1 Euro.

[Qualitative information about the outlook for the year ending March 31, 2007]

     Consolidated results for the year ending March 31, 2007 are expected to show sales and profits exceeding previous outlook, helped by strong sales in Western Europe, Eastern Europe/Russia, Central and South America and the Middle East as well as the foreign exchange market that transitioned toward depreciation of the yen.

     As for non-consolidated results for the year ending March 31, 2007, since the shift of the production to the China plant have been going smoothly, net sales will fall short of previous outlook. In terms of profits, it is likely to exceed previous outlook owing to the depreciation of the yen.

     Based on the above, the corrections are made according to the “Revision of the Outlook for Performance” announced today.

			3

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

     Our outlook for dividends are as follows:

		For the year ended				For the year ending
		March 31, 2006				March 31, 2007
		(Results)				(Outlook)
Cash dividend per share for the interim period		19 yen				19 yen
		(With a special dividend				(With a special dividend
		of 10 yen)				of 10 yen)
Cash dividend per share for the second half		38 yen
		(With a special dividend				(Note)
		of 29 yen)
Total cash dividend per share for the year		57 yen
		(With a special dividend				(Note)
		of 39 yen)

Note:		The annual dividend will be set according to the Company’s policy for distribution of earnings, which is to maintain a consolidated dividend payout ratio* of 30% or more.
		In addition, the dividend for the second half of the fiscal year will be calculated by deducting the interim dividend from the annual dividend, and the final decision for the dividend will be made at the General Meeting of Shareholders to be held in June 2007.
*		The consolidated dividend payout ratio is calculated as annual dividends per share divided by consolidated net income per share (after adjustments for special factors) and 100 is multiplied.

			4

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

CONDENSED CONSOLIDATED BALANCE SHEETS

		Yen (millions)
		As of				As of				Increase
		March 31, 2006				December 31, 2006				(Decrease)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			39,054				36,289				(2,765	)
Time deposits			1,845				6,829				4,984
Marketable securities			47,773				55,977				8,204
Trade receivables—
Notes			1,936				3,174				1,238
Accounts			46,074				48,239				2,165
Less— Allowance for doubtful receivables			(1,016	)			(959	)			57
Inventories			79,821				91,938				12,117
Deferred income taxes			3,661				3,811				150
Prepaid expenses and other current assets			8,621				9,014				393
Total current assets			227,769				254,312				26,543
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land			17,737				16,708				(1,029	)
Buildings and improvements			55,470				55,265				(205	)
Machinery and equipment			74,501				75,222				721
Construction in progress			2,340				5,606				3,266
			150,048				152,801				2,753
Less— Accumulated depreciation			(90,845	)			(90,301	)			544
			59,203				62,500				3,297
INVESTMENTS AND OTHER ASSETS:
Investment securities			30,439				27,684				(2,755	)
Deferred income taxes			698				1,357				659
Other assets			7,929				9,700				1,771
			39,066				38,741				(325	)
			326,038				355,553				29,515

			5

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

CONDENSED CONSOLIDATED BALANCE SHEETS

		Yen (millions)
		As of				As of				Increase
		March 31, 2006				December 31, 2006				(Decrease)
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term borrowings			1,728				3,914				2,186
Trade notes and accounts payable			13,908				14,146				238
Accrued payroll			8,224				6,940				(1,284	)
Accrued expenses and other			15,224				16,857				1,633
Income taxes payable			6,701				8,134				1,433
Deferred income taxes			176				68				(108	)
Total current liabilities			45,961				50,059				4,098
LONG-TERM LIABILITIES:
Long-term indebtedness			104				108				4
Accrued retirement and termination benefits			2,901				3,397				496
Deferred income taxes			7,923				7,907				(16	)
Other liabilities			930				1,053				123
			11,858				12,465				607
MINORITY INTERESTS			1,635				1,970				335
SHAREHOLDERS’ EQUITY:
Common stock			23,805				23,805				—
Additional paid-in capital			45,437				45,437				—
Legal reserve and retained earnings			192,255				209,498				17,243
Accumulated other comprehensive income			5,345				12,605				7,260
Treasury stock, at cost			(258	)			(286	)			(28	)
			266,584				291,059				24,475
			326,038				355,553				29,515

			6

English Translation of “ZAIMU/GYOSEKI NO GAIKYO” originally issued in the Japanese language

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

		Yen (millions)
		For the nine								For the nine																For the year
		months ended								months ended								Increase								ended
		December 31, 2005								December 31, 2006								(Decrease)								March 31, 2006
		(Amount)				(%)				(Amount)				(%)				(Amount)				(%)				(Amount)				(%)
NET SALES			165,773				100.0				202,689				100.0				36,916				22.3				229,075				100.0
Cost of sales			95,926				57.9				117,595				58.0				21,669				22.6				132,897				58.0
GROSS PROFIT			69,847				42.1				85,094				42.0				15,247				21.8				96,178				42.0
Selling, general, administrative and other expenses			34,295				20.7				49,630				24.5				15,335				44.7				50,400				22.0
OPERATING INCOME			35,552				21.4				35,464				17.5				(88	)			(0.2	)			45,778				20.0
OTHER INCOME (EXPENSES):
Interest and dividend income			843				0.5				965				0.5				122				14.5				1,301				0.6
Interest expense			(313	)			(0.2	)			(240	)			(0.1	)			73				(23.3	)			(364	)			(0.2	)
Exchange losses on foreign currency transactions, net			(106	)			(0.0	)			(401	)			(0.2	)			(295	)			278.3				(258	)			(0.1	)
Realized gains on securities, net			2,902				1.8				951				0.5				(1,951	)			(67.2	)			2,918				1.3
Other, net			(140	)			(0.1	)			(250	)			(0.2	)			(110	)			78.6				(232	)			(0.1	)
Total			3,186				2.0				1,025				0.5				(2,161	)			(67.8	)			3,365				1.5
INCOME BEFORE INCOME TAXES			38,738				23.4				36,489				18.0				(2,249	)			(5.8	)			49,143				21.5
PROVISION FOR INCOME TAXES			4,298				2.6				11,054				5.5				6,756				157.2				8,732				3.9
NET INCOME			34,440				20.8				25,435				12.5				(9,005	)			(26.1	)			40,411				17.6

			7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

		Yen (millions)
		For the nine				For the nine				For the year
		months ended				months ended				ended
		December 31, 2005				December 31, 2006				March 31, 2006
Net cash provided by operating activities			16,770				22,807				25,067
Net cash provided by (used in) investing activities			6,320				(20,805	)			7,655
Net cash used in financing activities			(17,957	)			(6,301	)			(19,548	)
Effect of exchange rate changes on cash and cash equivalents			346				1,534				496
Net change in cash and cash equivalents			5,479				(2,765	)			13,670
Cash and cash equivalents, beginning of period			25,384				39,054				25,384
Cash and cash equivalents, end of period			30,863				36,289				39,054

			8

OPERATING SEGMENT INFORMATION

For the nine months ended December 31, 2005
		Yen (millions)
																										Corporate
																										and elimi-				Consoli-
		Japan				Europe				North America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			38,624				65,664				34,814				6,399				20,272				165,773				—				165,773
(2) Intersegment			41,393				5,102				2,516				30,561				138				79,710				(79,710	)			—
Total			80,017				70,766				37,330				36,960				20,410				245,483				(79,710	)			165,773
Operating expenses			60,496				61,270				36,202				32,461				18,304				208,733				(78,512	)			130,221
Operating income			19,521				9,496				1,128				4,499				2,106				36,750				(1,198	)			35,552

For the nine months ended December 31, 2006
		Yen (millions)
																										Corporate
																										and elimi-				Consoli-
		Japan				Europe				North America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			45,369				89,244				37,089				7,310				23,677				202,689				—				202,689
(2) Intersegment			48,273				4,259				4,035				49,260				136				105,963				(105,963	)			—
Total			93,642				93,503				41,124				56,570				23,813				308,652				(105,963	)			202,689
Operating expenses			80,096				80,997				38,927				48,490				21,043				269,553				(102,328	)			167,225
Operating income			13,546				12,506				2,197				8,080				2,770				39,099				(3,635	)			35,464

For the year ended March 31, 2006
		Yen (millions)
																										Corporate
																										and elimi-				Consoli-
		Japan				Europe				North America				Asia				Other				Total				nations				dated
Sales:
(1) External customers			53,788				91,249				47,979				8,645				27,414				229,075				—				229,075
(2) Intersegment			57,826				6,306				4,321				43,979				181				112,613				(112,613	)			—
Total			111,614				97,555				52,300				52,624				27,595				341,688				(112,613	)			229,075
Operating expenses			87,468				85,505				50,437				46,162				25,048				294,620				(111,323	)			183,297
Operating income			24,146				12,050				1,863				6,462				2,547				47,068				(1,290	)			45,778

Note: Segment information is determined by the location of the Company and its relevant subsidiaries.

			9

SUPPORT DOCUMENTATION (CONSOLIDATION)

1. Consolidated results and outlook
		Yen (millions)
		For the nine								For the nine
		months ended								months ended
		December 31, 2005								December 31, 2006
		(Results)								(Results)
		(Amount)				(%)				(Amount)				(%)
Net sales			165,773				15.3				202,689				22.3
Domestic			29,827				4.2				34,508				15.7
Overseas			135,946				18.1				168,181				23.7
Operating income			35,552				39.2				35,464				(0.2	)
Income before income taxes			38,738				43.0				36,489				(5.8	)
Net income			34,440				82.9				25,435				(26.1	)
Net income per share (Yen)			239.59								176.99
Employees			8,550								9,008

		Yen (millions)
		For the year								For the six								For the year
		ended								months ending								ending
		March 31, 2006								September 30, 2006								March 31, 2007
		(Results)								(Results)								(Outlook)
		(Amount)				(%)				(Amount)				(%)				(Amount)				(%)
Net sales			229,075				17.6				131,891				23.7				273,000				19.2
Domestic			41,600				5.6				22,927				14.5				46,500				11.8
Overseas			187,475				20.7				108,964				25.8				226,500				20.8
Operating income			45,778				45.8				21,387				(17.4	)			44,500				(2.8	)
Income before income taxes			49,143				50.7				21,796				(17.8	)			46,000				(6.4	)
Net income			40,411				82.6				15,390				(40.4	)			31,700				(21.6	)
Net income per share (Yen)			281.15							107.09								220.59
Employees			8,629							9,077								—

Note:		The table above shows the change in the percentage ratio of Net sales, Operating income, Income before income taxes, and Net income against the corresponding period of the previous year.

			10

2. Consolidated net sales by geographic area
		Yen (millions)
		For the nine								For the nine								For the year								For the six
		months ended								months ended								ended								months ended
		December 31, 2005								December 31, 2006								March 31, 2006								September 30, 2006
		(Results)								(Results)								(Results)								(Results)
		(Amount)				(%)				(Amount)				(%)				(Amount)				(%)				(Amount)				(%)
Japan			29,827				4.2				34,508				15.7				41,600				5.6				22,927				14.5
Europe			65,038				18.3				88,524				36.1				90,504				20.3				56,558				35.3
North America			34,572				21.0				37,172				7.5				47,673				23.9				24,513				18.7
Asia			12,696				0.7				14,268				12.4				16,993				4.0				9,776				15.4
Other regions			23,640				24.7				28,217				19.4				32,305				27.9				18,117				15.4
The Middle East and Africa			7,856				25.9				9,622				22.5				10,921				28.7				6,203				21.2
Central and South America			7,782				61.8				9,488				21.9				10,530				58.9				5,931				16.4
Oceania			8,002				1.3				9,107				13.8				10,854				6.9				5,983				9.1
Total			165,773				15.3				202,689				22.3				229,075				17.6				131,891				23.7

Note:		The table above sets forth Makita’s consolidated net sales by geographic area based on customers location for the periods presented.

3. Exchange rates
		Yen
		For the nine				For the nine
		months ended				months ended
		December 31, 2005				December 31, 2006
		(Results)				(Results)
Yen/U.S. Dollar			112.11				116.19
Yen/Euro			136.88				147.98

Yen

For the year

For the six

For the year

ended

months ended

ending

March 31, 2006

September 30, 2006

March 31, 2007

(Results)

(Results)

(Outlook)

Yen/U.S. Dollar

113.32

115.38

117

Yen/Euro

137.83

146.01

150

4. Sales growth in local basis (major countries)
		For the nine
		months ended
		December 31, 2006
		(Results)
U.S.A.			(1.5	%)
Germany			30.3	%
U.K.			15.1	%
France			21.5	%
China			2.2	%
Australia			9.9	%

			11

5. Production ratio (unit basis)
		For the nine				For the nine				For the year				For the six
		months ended				months ended				ended				months ended
		December 31, 2005				December 31, 2006				March 31, 2006				September 30, 2006
		(Results)				(Results)				(Results)				(Results)
Domestic			29.8	%			27.7	%			29.4	%			27.9	%
Overseas			70.2	%			72.3	%			70.6	%			72.1	%

6. Consolidated capital expenditures, depreciation and amortization, and R&D cost
		Yen (millions)
		For the nine				For the nine
		months ended				months ended
		December 31, 2005				December 31, 2006
		(Results)				(Results)
Capital expenditures			7,931				9,146
Depreciation and amortization			4,201				5,505
R&D cost			3,575				3,959

Yen (millions)

For the year

For the six

For the year

ended

months ended

ending

March 31, 2006

September 30, 2006

March 31, 2007

(Results)

(Results)

(Outlook)

Capital expenditures

11,383

4,873

14,500

Depreciation and amortization

5,922

3,715

7,300

R&D cost

4,826

2,605

5,200

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