Consolidated Financial Results (1st Quarter Fiscal 2005 Earnings)

Billions of yen
  Three months ended June 30, 2004 Three months ended June 30, 2003 Change
Amount %
Revenue Domestic 50.5% 309.1 51.9% 315.7 (6.6) (2.1)
Overseas 49.5% 302.7 48.1% 292.7 +10.0 +3.4
Total 100.0% 611.8 100.0% 608.4 +3.4 +0.5
Operating Income 6.5% 39.9 7.7% 47.1 (7.2) (15.2)
Income before Income Taxes 6.8% 41.3 7.8% 47.7 (6.4) (13.3)
Net Income 3.5% 21.5 3.8% 23.3 (1.8) (7.7)
Exchange Rate: US$ ¥110 ¥119 (¥9)
Euro ¥132 ¥133 (¥1)

In the first quarter of the current fiscal year (April 1, 2004, to June 30, 2004), Fujifilm's consolidated revenue was affected by the considerable appreciation of the yen against the U.S. dollar as well as by falls in selling prices owing to intensified competition in certain business fields, such as recording media. Despite this challenging environment, revenue rose to ¥611.8 billion (up 0.5% from the same period of the previous year), due to such positive factors as a large rise in flat panel display materials sales accompanying a surge in demand and the strength of digital color multifunction machine sales. Domestic revenue amounted to ¥309.1 billion (down 2.1%), while overseas revenue totaled ¥302.7 billion (up 3.4%). Regarding profitability, Fujifilm continued its measures to reduce costs by increasing manufacturing efficiency while focusing expenses on strategically important areas. However, the Company incurred temporary costs associated with such restructuring programs as those aimed at rebuilding domestic marketing and distribution systems, and it also increased its investment in R&D with the goal of creating new businesses. As a result, SG&A and R&D expenses both rose, restraining the level of operating income to ¥39.9 billion (down 15.2%), and income before income taxes amounted to ¥41.3 billion (down 13.3%). Reflecting a drop in the effective tax rate due to such factors as the expanded application of tax reductions associated with R&D activities, net income was ¥21.5 billion (down 7.7%).

In terms of exchange rates, the average rates of the U.S. dollar and the euro against the yen during the year were ¥110 and ¥132 respectively.

Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.

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