TOKYO, February 3, 2003 -- Mitsubishi Electric Corporation today announced its financial results for the third fiscal quarter ending December 31, 2002 as follows:

Consolidated:
Net sales	788.7 billion yen (1% increase from same quarter last year)
Operating income	6.1 billion yen
Income before income taxes	3.4 billion yen
Net income	1.1 billion yen

In the third quarter of FY2002, more obvious slowing in the pace of economic recovery, particularly in the US, was compounded by the collapse of stock prices and increasing international instability.

Under the circumstances, we have sought to secure the group's business interests and improve our financial position at the earliest possible date by continuing to restructure our operations and implement projects designed to improve and strengthen our earnings in every area. Such efforts have also been pursued by accelerating across-the-board improvements in the day-to-day management of our business operations by, for example, reducing both our assets and fixed costs. As a result, we achieved the following business performance figures for the third quarter of FY2002.

Consolidated Results by Business Segment

In the Energy and Electric Systems segment, compared to the same quarter last year, sales decreased by 6% to 164.8 billion yen with operating income of 4.8 billion yen which is an increase of 4.0 billion yen compared to the same quarter last year.

Social infrastructure systems orders and sales both fell short of their year-ago levels due to the spin-off of electrical power systems and transformer business and to a decline in orders for, and sales of, large-scale electrical power plant and equipment.

Orders for building systems grew year-on-year thanks, among other things, to the buoyancy of the Chinese market and the growth of orders from the Middle East market, where there are signs that demand may be recovering. However, sales remained same as their levels a year ago due to factors such as falling market prices.

As a result, revenues from overall segment sales declined by 6% year-on-year.
On the other hand, operating income grew by 4.0 billion yen thanks, among other things, to an improvement in costs.

The Industrial Automation Systems segment experienced a 25% increase in sales to 162.0 billion yen while operating income increased by 10.6 billion yen to 17.9 billion yen compared to the same quarter last year.

Orders and sales of industrial equipment were up year-on-year thanks to increased domestic and overseas demand for servo-systems and programmable controllers for the semiconductor and liquid crystal manufacturing equipment sectors. Reduced domestic demand for production facilities, and building and construction projects led to a year-on-year fall in orders and sales of electric motors and power supply controllers. Orders and sales of industrial mechatronics equipment grew year-on-year as the result of growing demand in overseas markets such as Taiwan, South Korea, and China.

Orders and sales of automotive equipment were up year-on-year thanks, among other things, to strong exports by the automobile manufacturers.

As a result, revenues from overall segment sales rose 25% year-on-year.
Operating income also rose by 10.6 billion yen thanks, among other things, to an increase in the scale of the company's operations in this segment.

In the Information and Communication Systems segment, sales were down by 11% to 121.4 billion yen compared to the same quarter last year with an operating loss of 3.8 billion yen, which is an improvement over the same quarter last year by 17.8 billion yen.

Communications systems orders grew year-on-year helped by strong exports of communications infrastructure equipment to China. However, sales declined due, among other things, to reductions caused by the restructuring of our mobile handset operations in Europe.

Despite strong growth of our systems integration business, based primarily on large-scale systems construction project sales, overall information systems and service sales fell year-on-year due to declining demand of small scale corporations.
Space systems orders and sales fell year-on-year due, among other things, to a decline in large-scale projects. On the other hand, defense-related orders and sales both exceeded their year-ago levels.

As a result, revenues from overall segment sales fell 11% year-on-year.
Operating income increased by 17.8 billion yen thanks to continued restructuring of the company's mobile handset operations.

The Electronic Devices segment recorded sales of 114.8 billion yen, a 20% increase over same quarter last year, but had a negative operating income of 15.2 billion yen, which is an improvement over the same quarter last year by 21.5 billion yen.

Orders and sales of electronic devices both grew, driven, among other things, by strong sales of microcomputers for the audio visual products, SRAM embedded flash memory packages for the mobile handset market and artificial retina LSIs.

LCD business orders and sales declined year-on-year due, among other things, to the impact of falling unit product prices.

As a result, revenues from overall segment sales increased 20% year-on-year.
The segment also posted an increase of 21.5 billion yen in operating income due, for example, to the increased scale of business in this segment.

In the Home Appliances segment, sales decreased by 8% to 176.3 billion yen and operating income of 8.2 billion yen, a decrease of 3.1 billion yen compared to the same quarter last year.

Sales of home appliances and audiovisual equipment declined year-on-year due, among other things, to a decline in heater sales. By contrast, residential equipment division sales grew thanks to the growing demand for equipment, such as water heaters and solar power generation systems for household systems. Air-conditioning equipment sales declined due to weak package air conditioning system sales, attributable primarily to the low rate of domestic non-residential building starts. Visual information business sales also fell year-on-year due to a slump in domestic sales of liquid crystal projectors and the like. Overseas operations posted year-on-year sales growth helped by buoyant sales of products such as package air conditioning systems and room air conditioning units, and of large projection TVs in the US.

As a result, revenues from overall segment sales fell 8% year-on-year. Operating income of the segment as a whole fell 3.1 billion yen due to factors such as the decline in the scale of business in this segment.

In the Others segment, sales decreased by 6% to 139.7 billion yen compared to the same quarter last year. Operating income was 1.3 billion yen, 0.7 billion less than the same quarter last year.

Affiliated companies, primarily engineering companies, etc., posted a decline in aggregate sales compared with the previous year.

As a result, revenues from overall segment sales fell 6% year-on-year. The segment also posted a 0.7 billion yen decline in operating income due, among other things, to reductions in the scale of operations in this segment.


Forecast for Fiscal Year 2002 (ending March 31, 2003)
Although we expect the business climate to deteriorate further due to such factors as the slower-than-expected recovery in IT-related demand and the faltering US economic recovery, the Mitsubishi Electric Group will continue to work to secure our business performance in the current year and to improve our overall financial position. Current FY2002 results forecasts are as follows.

Consolidated:
Net sales	3.6500 trillion yen
Operating income	65 billion yen
Income before income taxes	45 billion yen
Net income	25 billion yen

Dividend Policy
We intend to declare a dividend of 3 yen per share as of the end of this fiscal year.

CONSOLIDATED FINANCIAL RESULTS

1. FISCAL 2003 3rd QUARTER CONSOLIDATED FINANCIAL RESULTS

(In billions of yen)

	FY '03 3rd quarter (A) (Oct. 1, 2002 - Dec. 31, 2002)	FY '02 3rd quarter (B) (Oct. 1, 2001 - Dec. 31, 2001)	(A)/(B) (%)
Net sales	788.7	777.2	101
Operating profit (loss)	6.1	(44.3)	-
Income before income taxes (loss)	3.4	(48.8)	-
Net income (loss)	1.1	(38.4)	-
Net income (loss) per share	0.54	(17.91)	-

2. 2003 9-MONTH CONSOLIDATED FINANCIAL RESULTS

(In billions of yen)

		FY '03 9-mos. (A) (Apr. 1, 2002 - Dec. 31, 2002)	FY '02 9-mos. (B) (Apr. 1, 2001 - Dec. 31, 2001)	(A)/(B) (%)
Net sales		2,427.6	2,550.8	95
Ordinary profit (loss)		29.3	(34.4)	-
Income before income taxes (loss)		15.2	(69.1)	-
Net income (loss)		7.9	(36.8)	-
Net income (loss) per share (in yen)		3.69	(17.14)	-

Note:

1) Consolidated financial charts made according to U.S. GAAP. 2) Company has 143 consolidated subsidiaries. 3) This report is unaudited.

CONSOLIDATED PROFIT AND LOSS STATEMENT
(Fiscal 2003 3rd Quarter)

(in millions of yen)

	FY '03 3rd quarter (A) (Oct. 1, 2002 - Dec. 31, 2002)	% of total	FY '02 3rd quarter (A) (Oct. 1, 2001 - Dec. 31, 2001)	% of total	Comparison to same quarter last year(A) - (B)	(A)/(B) (%)
Net sales	788,724	100.0	777,284	100.0	11,440	101
Cost of sales	589,442	74.7	619,803	79.7	(30,361)	95
Selling, general and Administrative expenses	193,166	24.5	201,862	26.0	(8,696)	96
Operating income (loss)	6,116	0.8	(44,381)	(5.7)	50,497	-
Non-operating income	9,935	1.2	11,852	1.5	(1,917)	84
Interest and Dividends	2,050	0.2	2,994	0.4	(944)	68
Other income	7,885	1.0	8,858	1.1	(973)	89
Non-operating expenses	12,617	1.6	16,274	2.1	(3,657)	78
Interest	5,297	0.7	7,574	1.0	(2,277)	70
Other	7,320	0.9	8,700	1.1	(1,380)	84
Income (loss) before income taxes	3,434	0.4	(48,803)	(6.3)	52,237	-
Income tax	1,446	0.2	(11,323)	(1.5)	12,769	-
Equity in earnings of affiliated companies	(834)	(0.1)	(977)	(0.1)	143	-
Net income (loss)	1,154	0.1	(38,457)	(4.9)	39,611	-

CONSOLIDATED PROFIT AND LOSS STATEMENT
(Fiscal 2003 First 9-months)

(in millions of yen)

	FY '03 9-mos (A) (Apr. 1, 2002 - Dec. 31, 2002)	% of total	FY '02 9-mos (B) (Apr. 1, 2001 - Dec. 31, 2001)	% of total	Comparison to same period last year(A) - (B)	(A)/(B) (%)
Net sales	2,427,691	100.0	2,550,830	100.0	(123,139)	95
Cost of sales	1,811,227	74.6	1,950,937	76.5	(139,710)	93
Selling, general and Administrative expenses	587,147	24.2	634,320	24.8	(47,173)	93
Operating income (loss)	29,317	1.2	(34,427)	(1.3)	63,744	-
Non-operating income	42,450	1.7	36,753	1.4	5,697	116
Interest and Dividends	9,201	0.4	11,073	0.4	(1,872)	83
Other income	33,249	1.3	25,680	1.0	7,569	129
Non-operating expenses	56,567	2.3	71,509	2.8	(14,942)	79
Interest	15,572	0.6	21,976	0.9	(6,404)	71
Other	40,995	1.7	49,533	1.9	(8,538)	83
Income (loss) before income taxes	15,200	0.6	(69,183)	(2.7)	84,383	-
Income tax	8,127	0.3	(32,613)	(1.3)	40,740	-
Equity in earnings of affiliated companies	858	0.0	(233)	0.0	1,091	-
Net income (loss)	7,931	0.3	(36,803)	(1.4)	44,734	-

CONSOLIDATED BALANCE SHEETS

(in millions of yen)

	FY '03 3rd Quarter (A) ending Dec. 31, 2002	FY '03 2nd Quarter (B) ending Sep. 30, 2002	(A) - (B)	FY '02 (ending March 31, 2002)
(Assets) Current assets	1,997,014	1,953,562	43,452	2,157,889
Cash and cash equivalents	366,086	362,639	3,447	454,890
Short-term investments	17,965	17,969	(4)	13,793
Trade receivables	662,582	700,857	(38,275)	818,817
Inventories	704,085	642,044	62,041	643,642
Prepaid expenses and other current assets	246,296	230,053	16,243	226,747
Long-term receivables	32,850	32,394	456	40,150
Investments	390,824	394,822	(3,998)	447,283
Net property, plant and equipment	809,938	849,584	(39,646)	893,965
Other assets	584,360	559,018	25,342	518,117
Total assets	3,814,986	3,789,380	25,606	4,057,404
(Liabilities and shareholders' equity) Current liabilities	1,731,593	1,770,057	(38,464)	1,960,863
Bank loans and current portion of long-term debt   Trade payables   Other current liabilities	727,103 568,269 436,221	742,639 558,358 469,060	(15,536) 9,911 (32,839)	813,865 667,078 479,920
Long-term debt	675,694	633,086	42,608	740,180
Employee retirement and severance benefits	862,790	831,791	30,999	748,779
Other fixed liabilities	12,417	9,429	2,988	10,639
Minority interests	58,829	56,244	2,585	55,233
Shareholders' equity	473,663	488,773	(15,110)	541,710
Capital	175,820	175,820	--	175,820
Capital surplus	210,644	210,644	--	210,644
Retained earnings	370,607	369,453	1,154	362,676
Accumulated other comprehensive income (loss)	(282,909)	(267,111)	(15,798)	(207,420)
Treasury stock at cost	(499)	(33)	(466)	(10)
Total liabilities and stockholders' equity	3,814,986	3,789,380	25,606	4,057,404

Balance of debt		1,402,797	1,375,725	27,072	1,554,045
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments		(5,703)	(12,494)	6,791	3,073
Minimum pension liability adjustments		(270,181)	(260,462)	(9,719)	(221,543)
Net unrealized gains on securities		(7,025)	5,845	(12,870)	11,050

CONSOLIDATED CASH FLOW

Fiscal 2003, 3rd Quarter

(in millions of yen)

	FY '03 3rd Quarter (A) Oct. 1 -Dec. 31, 2002	FY '02 3rd Quarter (B) Oct. 1 -Dec. 31, 2001	(A) - (B)
I. Cash flows from operating activities
1 Net income (loss)	1,154	(38,457)	39,611
2 Adjustments to reconcile net income (loss) to net cash provided by operating activities
(1) Depreciation	51,709	58,775	(7,066)
(2) Decrease (increase) in trade receivables	38,609	71,332	(32,723)
(3) Decrease (increase) in inventories	(94,408)	(57,593)	(36,815)
(4) Increase (decrease) in trade payables	9,390	(81,865)	91,255
(5) Other, net	(32,580)	(50,522)	17,942
Net cash provided by operating activities	(26,126)	(98,330)	72,204
II. Cash flows from investing activities
1 Capital expenditure	(21,346)	(41,517)	20,171
2 Proceeds from sale of property, plant and equipment	4,767	2,224	2,543
3 Purchase of short-term investments and investment securities	(11,574)	(2,080)	(9,494)
4 Proceeds from sale of short-term investments and investment securities	10,645	39,689	(29,044)
5 Other, net	1,652	1,297	355
Net cash used in investing activities	(15,856)	(387)	(15,469)
I + II Free cash flow	(41,982)	(98,717)	56,735
III. Cash flows from financing activities
1 Proceeds from long-term debt	122,588	262,729	(140,141)
2 Repayment of long-term debt	(62,080)	(77,024)	14,944
3 Increase (decrease) in bank loans, net	(15,501)	(55,481)	39,980
4 Dividends paid	-	-	-
Net cash provided by (used in) financing activities	45,007	130,224	(85,217)
IV. Effect of exchange rate changes on cash and cash equivalents	422	1,798	(1,376)
V. Net increase in cash and cash equivalents	3,447	33,305	(29,858)
VI. Cash and cash equivalents at beginning of period	362,639	371,106	(8,467)
VII. Cash and cash equivalents at the end of period	366,086	404,411	(38,325)

CONSOLIDATED CASH FLOW

Fiscal 2003, First 9-months

(in millions of yen)

	FY '03 9-mos. (A) Apr. 1 - Dec. 31, 2002	FY '02 9-mos. (B) Apr. 1 - Dec. 31, 2001	(A) - (B)
I. Cash flows from operating activities
1 Net income (loss)	7,931	(36,803)	44,734
2 Adjustments to reconcile net income (loss) to net cash provided by operating activities
(1) Depreciation	153,755	167,949	(14,194)
(2) Decrease (increase) in trade receivables	157,751	304,448	(146,697)
(3) Decrease (increase) in inventories	(99,009)	(109,601)	10,592
(4) Increase (decrease) in trade payables	(97,963)	(281,936)	183,973
(5) Other, net	(23,857)	(70,447)	46,590
Net cash provided by operating activities	98,608	(26,390)	124,998
II. Cash flows from investing activities
1 Capital expenditure	(83,584)	(161,286)	77,702
2 Proceeds from sale of property, plant and equipment	7,387	9,934	(2,547)
3 Purchase of short-term investments and investment securities	(19,802)	(54,209)	34,407
4 Proceeds from sale of short-term investments and investment securities	39,456	75,139	(35,683)
5 Other, net	628	327	301
Net cash used in investing activities	(55,915)	(130,095)	74,180
I + II Free cash flow	42,693	(156,485)	199,178
III. Cash flows from financing activities
1 Proceeds from long-term debt	251,083	374,033	(122,950)
2 Repayment of long-term debt	(222,526)	(199,567)	(22,959)
3 Increase (decrease) in bank loans, net	(154,324)	1,741	(156,065)
4 Dividends paid	-	(12,883)	12,883
Net cash provided by (used in) financing activities	(125,767)	163,324	(289,091)
IV. Effect of exchange rate changes on cash and cash equivalents	(5,730)	3,197	(8,927)
V. Net increase in cash and cash equivalents	(88,804)	10,036	(98,840)
VI. Cash and cash equivalents at beginning of period	454,890	394,375	60,515
VII. Cash and cash equivalents at the end of period	366,086	404,411	(38,325)

CONSOLIDATED SEGMENT INFORMATION

1. Sales by Product Segment

Fiscal 2003, 3rd Quarter

(in millions of yen)

Product Segment	FY '03 3rd Quarter (A) Oct. 1 - Dec. 31, 2002			FY '02 3rd Quarter (B) Oct. 1 - Dec. 31, 2001			(A)/(B) (%)
	Sales (A)	% of total	Opera- ting profit (loss)	Sales (B)	% of total	Opera- ting profit (loss)
Energy and Electric Systems	164,851	18.7	4,870	174,490	19.9	771	94
Industrial Automation Systems	162,066	18.4	17,971	129,977	14.9	7,313	125
Information and Communication Systems	121,429	13.8	(3,803)	136,762	15.6	(21,699)	89
Electronic Devices	114,852	13.1	(15,202)	95,676	10.9	(36,786)	120
Home Appliances	176,327	20.1	8,269	190,977	21.8	11,452	92
Others	139,714	15.9	1,311	148,091	16.9	2,098	94
Sub Total	879,239	100.0	13,416	875,973	100.0	(36,851)	100
Eliminations and other	(90,515)	-	(7,300)	(98,689)	-	(7,530)	-
Total	788,724	-	6,116	777,284	-	(44,381)	101

*Note: Intersegment sales are included in the above chart.

CONSOLIDATED SEGMENT INFORMATION

1. Sales by Product Segment

Fiscal 2003, First 9-months

(in millions of yen)

Product Segment	FY '03 9-mos. (A) Apr. 1 - Dec. 31, 2002			FY '02 9-mos. (B) Apr. 1 - Dec. 31, 2001			(A)/(B) (%)
	Sales (A)	% of total	Opera- ting profit (loss)	Sales (B)	% of total	Opera- ting profit (loss)