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Canon Inc. Reports Results for First Half 2004, Sales Up 7.3%

Press release from the issuing company

LAKE SUCCESS, N.Y.--July 28, 2004-- Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. first half 2004 consolidated net sales of 1,648.4 billion yen (US$ 15,263 million), which represents an increase of 7.3% over the first half of fiscal year 2003. Canon reported first half net income of 160.8 billion yen (US$ 1,489 million), a significant increase of 25.8% over the same period last year and an earning per share of 181.84 yen (US$ 1.68). Canon Inc. also reported second-quarter revenue of 850.4 billion yen (US$ 7,874 million), 5.8% higher than second-quarter 2003 with net income of 76.5 billion yen (US$ 708 million), 36.2% higher than second-quarter 2003. "Although the yen was a negative factor, we were able to achieve this through continued strong sales growth of both digital cameras and color copying machines and higher sales of IC steppers along with a recovery in the semiconductor market. Consequently, we achieved our eighth consecutive quarter of year-on-year growth in both net sales and profit," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.