NEC Corporation



Press Release
Media Contact:
Daniel Mathieson
TEL: 03-3798-6511
*****For immediate use July 27, 2001

Consolidated Financial Results For The First Quarter Of The Fiscal Year Ending March 31, 2002




NEC Corporation (NEC) will begin releasing quarterly consolidated financial results starting this fiscal year. NEC will continue to disclose semi-annual and annual financial results and forecast information in accordance with the Tokyo Stock Exchange disclosure rules. NEC will release quarterly financial results in order to support a global standard of disclosure and to meet shareholders' and investors' demands for more timely and transparent disclosure of information.

. Consolidated Financial Results


Three months
ended June 30,
2001
Three months
ended June 30,
2000
Increase
(Decrease)

Net sales
Operating income
Income before income tax
Income before cumulative effect
of accounting change[*See Note 4]
Net income
In billions of yen
1,124.6
3.7
3.3
3.4

0.8
In billions of yen
1,062.3
12.5
3.1
3.0

3.0
%
6%
(70)
4
13

(72)

Per share of common stock:
Income before cumulative
effect of accounting change:
  Basic:
  Diluted:
Net income:
  Basic:
  Diluted:
Yen



2.07
2.03

0.50
0.49
Yen



1.85
1.85

1.85
1.85
Yen



0.22
0.18

(1.35)
(1.36)


As of June 30,
2001
As of March 31,
2001
Increase
(Decrease)

Total assets
Shareholders' equity
In Billions of Yen
5,271.6
915.1
In Billions of Yen
4,823.6
915.0
%
9 %
0

***


Note:

1. The consolidated financial statements of NEC are prepared in accordance with accounting principles generally accepted in the U.S., or U.S. GAAP.
2. Operating income is displayed in conformity with the accounting principles generally accepted in Japan.
3. Starting this quarter, NEC has consolidated NEC Leasing, Ltd., a financing subsidiary. As a result, total assets increased by 580.1 billion this quarter and interest-bearing debt increased by 586.0 billion.
4. On April 1, 2001, NEC adopted SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities"and SFAS No. 138 "Accounting for Certain Derivative Instruments and Certain Hedging Activities - an amendment of FASB statement No. 133."These statements require an entity to recognize all derivatives as either assets or liabilities in the balance sheet and to measure those instruments at fair value. The cumulative effect from the adoption of these statements is disclosed as "cumulative effect of accounting change, net of tax" in the condensed statements of operations.

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NEC Corporation