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Canon Reports Positive Results for First Half 2003: Net Income $1 Billion

Press release from the issuing company

LAKE SUCCESS, N.Y.--July 31, 2003-- Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. first half 2003 consolidated net sales of 1,535.6 billion yen (US$ 12,797 million), which represents a year-over-year increase of 10.9% over the first half of fiscal year 2002. Canon reported first half net income of 127.8 billion yen (US$ 1,065 million), a significant increase of 74.5% over the same period last year and an earning per share of 145.55 yen (US$ 1.21). Canon Inc. also reported second-quarter revenue of 804.0 billion yen (US$ 6,700 million), 9.6% higher than second-quarter 2002 with net income of 56.2 billion yen (US$ 468 million), 35.2% higher than second-quarter 2002. "For the quarter, Canon posted sales and profits, which not only exceeded its results for the same period last year, but also its projection, continuing a trend set in the first-quarter," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc. "As for second-quarter digital camera sales, we recorded significant growth of 74.5 % on a year-on-year basis and also exceeded our projection. We are making steady advancement toward our goal of becoming No. 1 in the world." For more detailed information and tables, please refer to our Announcement of First Half 2003 financial results at http://www.canon.com/finance/index.html.