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MITSUBISHI ELECTRIC ANNOUNCES REVISED SALES
AND
EARNINGS FORECAST FOR FISCAL 2004
(APRIL 1, 2003 -- MARCH 31, 2004)
TOKYO, September 22, 2003--Mitsubishi
Electric Corporation today revised its fiscal 2004 business
performance forecasts for the first half and the full-year
periods.
1. Forecasts for fiscal 2004 consolidated
results, made upon announcement of fiscal 2003 results in April
2003, have been revised as follows:
(1) Interim Period (April 2003 - September 2003) (Unit: 100
million yen)
|
Net
Sales |
Income
Before Income
Taxes |
Net
Income |
| Revised
Forecast (A) |
15,500 |
150 |
20 |
| Original
Forecast (B) |
15,000 |
50 |
0 |
| Change
(A-B) |
500 |
100 |
20 |
| Fiscal
2003 Interim Results |
16,389 |
117 |
67 |
|
(2) Full-Year Period (April 2003 - March
2004) (Unit: 100 million yen)
|
Net
Sales |
Income
Before Income
Taxes |
Net
Income
(Loss) |
| Revised
Forecast (A) |
33,000 |
200 |
120 |
| Original
Forecast (B) |
32,500 |
0 |
50 |
| Change
(A-B) |
500 |
200 |
70 |
| Fiscal
2003 Results |
36,390 |
24 |
(118) |
|
2. Forecasts for fiscal 2004 non-consolidated
results, made upon announcement of fiscal 2003 results in April
2003, have been revised as follows:
(1)Interim Period (April 2003 - September 2003) (Unit: 100 million
yen)
|
Net
Sales |
Income
Before Income
Taxes |
Net
Income |
| Revised
Forecast (A) |
9,000 |
210 |
170 |
| Original
Forecast (B) |
8,500 |
50 |
50 |
| Change
(A-B) |
500 |
160 |
120 |
| Fiscal
2003 Interim Results |
10,450 |
90 |
91 |
|
Full-Year Period (April 2003 - March 2004)
(Unit: 100 million yen)
|
Net
Sales |
Income
Before Income
Taxes |
Net
Income
(Loss) |
| Revised
Forecast (A) |
20,500 |
350 |
290 |
| Original
Forecast (B) |
20,000 |
250 |
200 |
| Change
(A-B) |
500 |
100 |
90 |
| Fiscal
2003 Results |
23,192 |
264 |
(121) |
|
3. Reasons for Forecast Revisions
Due to the unseasonably
cool summer in Japan, Mitsubishi Electric expects air conditioners
and other home appliances to show decreased sales. However,
backed by increasing private-sector capital investment in
Asia and Japan, sales in industrial automation systems and
information and communications systems, both on a consolidated
and non-consolidated basis, are expected to outgrow original
forecasts. These factors have led Mitsubishi Electric to revise
its business performance forecasts, both on a consolidated
and non-consolidated basis.
4.Dividend Policy for Fiscal 2004
Regarding the dividend,
the company suspends payment of an interim dividend. The company
plans to implement a dividend payment at the end of the fiscal
year after carefully assessing business performance over the
full-year. (As a reference, the Fiscal 2003 interim dividend
was nil and the year-end was 3 yen.)
About Mitsubishi Electric
With over 80 years of
experience in providing reliable, high-quality products to
both corporate clients and general consumers all over the
world, Mitsubishi Electric Corporation (TSE: 6503) is a recognized
world leader in the manufacture, marketing and sales of electrical
and electronic equipment used in information processing and
communications, space development and satellite communications,
consumer electronics, industrial technology, energy, transportation
and building equipment. The company has operations in 35 countries
and recorded consolidated group sales of 3,639 billion yen
(US$30.3 billion*) in the year ended March 31, 2003. For more
information visit http://global.mitsubishielectric.com
*At an exchange rate of 120 yen to the US dollar, the rate
given by the Tokyo Foreign Exchange Market on March 31, 2003.
Cautionary Statement
The expectation of operating
results herein and any associated statement to be made with
respect to Company's current plans, estimates, strategies
and beliefs and any other statements that are not historical
facts are forward-looking statements. Words such as "expects",
"anticipates", "plans", "believes", "scheduled", "estimated",
"targeted" along with any variations of these words and similar
expressions are intended to identify forward-looking statements
which include but are not limited to projections of revenues,
earnings, performance and production. While the statements
herein are based on certain assumptions and premises that
trusts and considers to be reasonable under the circumstances
to the date of announcement, you are requested to kindly take
note that actual operating results are subject to change due
to any of the factors as contemplated hereunder and/or any
additional factor unforeseeable as of the date of this announcement.
Such factors materially affecting the expectations expressed
herein shall include but are not limited to the following:
(1) Any change in operating circumstances in any of the markets,
in which the Company conducts its business operation inter
alia Japan, the USA and Europe: such change shall include
but not limited to changes in economic situation, political
regime, legal system and legislation, relevant laws and regulations,
administrative policies and practices by any competent authorities,
taxation in any of such markets. (2) Foreign exchange fluctuations,
in particular, the rate of Japanese yen against US Dollar.
(3) Relative disproportion between demand and supply of any
products that may affect price and volume, which could be
highly intrusive in such fields like information, telecommunication,
electronic devices and home appliances, without limitation
thereto. (4) Shortage of any devices, components and/or parts
necessary for manufacturing operation and difficulties in
material procurement arising out of such shortage, which could
even lead to substantial disconformity with the operating
results as expected herein. Also this factor could be highly
intrusive in such fields as information, telecommunication,
electronic devices and home appliances, without limitation
thereto. (5) Any change in technical and technological trends
that may be relevant to businesses of the Company, including
but not limited to IT-based or IT-related fields. (6) Any
patent and its licensing that may be granted from time to
time and may affect businesses of the Company. (7) Any development
of products incorporating new technological innovation and
the time of their introduction in the marketplace. (8) Any
business alliances of any nature whatsoever, including but
not limited to joint ventures, business transfers, mergers,
acquisitions, capital contributions, technical licensing or
co-development. (9) Any change in fund raising or procurement,
inter alia in the Japanese financial market. (10) Any
fluctuation in stock quotations at any relevant markets including
securities exchanges and over-the counter stock markets, inter
alia in Japan.
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