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Canon Inc. Reports Record Results for Fiscal Year 2002

Press release from the issuing company

LAKE SUCCESS, N.Y.---Jan. 30, 2003--Canon U.S.A., Inc., a subsidiary of Canon Inc. (NYSE: CAJ - news) and a leader in imaging technologies, today announced Canon Inc. fiscal-year 2002 consolidated net sales of 2,940.1 billion yen (US$ 24,501 million), which represents a year-over-year increase of 1.1% over fiscal year 2001. Canon Inc. reported 2002 net income of 190.7 billion yen (US$ 1,589 million), which represents a year-over-year increase of 13.8% or a net income per common share of 217.56 yen (US$ 1.81). Operating profit also advanced, improving 22.9% over fiscal year 2001. Canon Inc. reported fourth-quarter revenue of 861.7 billion yen (US$ 7,181 million), 14.4 percent higher than fourth-quarter 2001 with net income of 60.1 billion yen (US$ 501 million), 100 percent higher than fourth-quarter 2001. "For the year as a whole, while net sales increased only slightly by 1.1%, we achieved double-digit growth in both operating profit and net income despite the difficult economic climate. Boosted by this strong performance, we are able to report not only our third consecutive year of sales and profit growth, but also record annual sales and profits. As for digital cameras in 2003, we expect strong growth to continue with sales increasing 36.6% year-on-year. We also aim to increase market share by enhancing our line-up. On a volume basis, compared to 2002, we aim to increase our worldwide share to 25%, which will close the gap with the sector leaders," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance andAccounting Headquarters, Canon Inc. For more detailed information and tables, please refer to our Announcement of Fiscal Year 2002 financial results at http://www.canon.com/finance/index.html.