Nomura Research Institute Ltd. announced consolidated earnings results for the third quarter and nine months ended December 2011. For the quarter, the company reported sales of JPY 82,893 million compared to JPY 79,868 million a year ago. Operating profit was JPY 10,543 million compared to JPY 11,008 million a year ago. Net income was JPY 4,791 million or JPY 24.49 per share compared to JPY 6,583 million or JPY 33.82 per share a year ago. Capital expenditure was JPY 11,599 million compared to JPY 4,050 million a year ago. For the nine months, the company reported sales of JPY 244,379 million compared to JPY 241,974 million a year ago. Operating profit was JPY 30,625 million compared to JPY 27,018 million a year ago. Net income was JPY 24,495 million or JPY 125.42 per share compared to JPY 16,241 million or JPY 83.43 per share a year ago. Cash flow from operating activities was JPY 42,102 million compared to JPY 32,182 million a year ago. Free cash flow was JPY 3,427 million compared to JPY 9,342 million a year ago. Capital expenditure was JPY 25,919 million compared to JPY 12,695 million a year ago. For the full year ending March 2012, the company expects sales of JPY 331.5 million, operating profit of JPY 43 million, net income of JPY 31.5 million, earnings per share of JPY 161.29 and dividends per share of JPY 52 against previously expected sales of JPY 331.5 million, operating profit of JPY 42 million, net income of JPY 32 million, earnings per share of JPY 163.99 and dividends per share of JPY 52.