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Canon Reports Record Results for 2003, Net Income Up 44%

Friday, January 30, 2004

Press release from the issuing company

LAKE SUCCESS, N.Y.--Jan. 29, 2004--Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. fiscal-year 2003 consolidated net sales of 3,198.1 billion yen (US$ 29,889 million), which represents a year-over-year increase of 8.8% over fiscal year 2002. Canon reported 2003 net income of 275.7 billion yen (US$ 2,577 million), which represents a year-over-year increase of 44.6% and basic earnings per share of 313.81 yen (US$ 2.93). Operating profit also advanced, improving 31.2% over fiscal year 2002. Canon reported fourth-quarter revenue of 894.9 billion yen (US$ 8,363 million), 3.9 percent higher than fourth quarter 2002 with net income of 75.0 billion yen (US$ 701 million), 24.8 percent higher than fourth quarter 2002. "For the full year, net sales grew by 8.8% year-on-year. This growth was the result of strong sales of digital cameras and color network multifunction devices compared to the previous year, as well as higher sales of laser beam printers and semiconductor production equipment. Laser beam printers, which have a comparatively high profit margin, enjoyed a turnaround to higher sales for the year. In addition, we expanded sales of consumables, prompted by a growing base of installed color multifunction devices and color laser beam printers," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.




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