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Canon Reports Q1 Results: Record Profit of $597 Million

Press release from the issuing company

LAKE SUCCESS, N.Y.--April 30, 2003-- Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. first quarter 2003 consolidated net sales of 731.6 billion yen (US$ 6,096 million), which represents a year-over-year increase of 12.4% over the first quarter of fiscal year 2002. Canon reported first quarter net income of 71.6 billion yen (US$ 597 million), a significant increase of 126.2% over the same period last year and an earning per share of 81.57 yen (US$ 0.68). "Despite the harsh environment, Canon was able to exceed its original sales and profit projections, announced at the beginning of this year," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc. "In addition, on a quarterly basis, we achieved an all-time-high for profit. Better-than-expected sales of laser beam printers and digital cameras along with the positive effects of ongoing management reformation activities, which have strengthened Canon's overall profit base, were major reasons for this favorable performance." For more detailed information and tables, please refer to our Announcement of First Quarter 2003 financial results at http://www.canon.com/finance/index.html.