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Canon Reports Record Results for Fiscal Year 2004

Press release from the issuing company

LAKE SUCCESS, N.Y.--Jan. 28, 2005-- Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. fiscal-year 2004 consolidated net sales of 3,467.9 billion yen (US$ 33,345 million), which represents a year-over-year increase of 8.4% over fiscal year 2003. Canon reported 2004 net income of 343.3 billion yen (US$ 3,301 million), which represents a year-over-year increase of 24.5% and basic earnings per share of 387.80 yen (US$ 3.73). Operating profit also advanced, improving 19.7% over fiscal year 2003. Canon reported fourth-quarter revenue of 981.1 billion yen (US$ 9,434 million), 9.6% higher than fourth quarter 2003 with net income of 80.8 billion yen (US$ 777 million), 7.8% higher than fourth quarter 2003. "For the full-year, all of our core businesses realized sales growth. As a result, we achieved our fifth consecutive year of net sales and net income growth," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc. Mr. Tanaka added, "We expect the positive momentum of core businesses to continue. This, combined with cost-cutting efforts, will improve our ability to respond to changes in the business environment, enabling us to achieve a sixth straight year of sales and profit growth."