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Canon Reports Q3 Results: Profits Up 27%, Sales Up 10%

Press release from the issuing company

LAKE SUCCESS, N.Y.--Oct. 30, 2003-- Canon U.S.A., Inc., a subsidiary of Canon Inc. and a leader in imaging technologies, today announced Canon Inc. third quarter 2003 consolidated net sales of 767.6 billion yen (US$ 6,915 million), which represents a year-over-year increase of 10.6% over the third quarter of fiscal year 2002. Canon reported third quarter net income of 73.0 billion yen (US$ 658 million), a significant increase of 27.0% over the same period last year and an earning per share of 83.03 yen (US$ 0.75). Operating profit advanced impressively to 125.6 billion yen (US$ 1,131 million), improving 35.4% over the third quarter of 2002. "In the third quarter, Canon maintained momentum gained in the first half, achieving year-on-year sales and profit growth that even exceeded our own projections. Over the remaining three months of this year, barring any unexpected developments, we are set to record our fourth year of consecutive growth in revenue and profit," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.