Canon Inc. Reports Record Results for Fiscal Year 2004

Canon Europe Ltd., a subsidiary of Canon Inc. (NYSE: CAJ - news) and a leader in imaging technologies, today announced Canon Inc. fiscal-year 2004 consolidated net sales of 3,467.9 billion yen (EUR 24,422 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 (EUR 2,418 million), which represents a year-over-year increase of 24.5% and basic earnings per share of 387.80 yen (EUR 2.73).

Operating profit also advanced, improving 19.7% over fiscal year 2003. Canon reported fourth-quarter revenue of 981.1 billion yen (EUR 6,909 million), 9.6% higher than fourth quarter 2003 with net income of 80.8 billion yen (EUR 569 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 Mr 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.

"We're delighted that, for the fifth consecutive year, Canon Europe has reported growth in net sales and net income," says Peter Brown, Finance Director of Canon UK.  "Our own performance in the UK mirrors the company's successes across Europe and we've seen strong growth in both our consumer imaging and business solutions divisions. Increased use of Office Colour has resulted in strong growth in hardware and a significant increase in print output, contributing to top line growth and profitability. We see this accelerating in 2005, when we will be introducing even more imaging products, services and solutions that have been designed to make life for our customers easier, more efficient and increasingly profitable, both at home and in the workplace."

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