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*****For immediate use July 25th, 2002

Consolidated Financial Results for the First Quarter of The Fiscal Year Ending March 31, 2003




I. Consolidated Financial Results

  Three months ended June 30, 2002 Three months ended June 30, 2001 Increase(Decrease)
Net sales
Operating income (loss)
Income before income taxes

Income before cumulative effect of accounting change
[*See Note 3]

Net income
In Billions of Yen
yen1,021.2
(7.0)
19.8
 
7.2
 
 
7.2
In Billions of Yen
yen1,124.6
3.7
3.3
 
3.4
 
 
0.8
%
(9.2)
-
497.3
 
110.9
 
 
767.0
Per share of common stock:
  Income before cumulative effect of accounting change:
  Basic:
Diluted:
Net income:
  Basic:
Diluted:
yen
 


yen4.37
4.06
 
4.37
4.06
yen
 


yen2.07
2.03
 
0.50
0.49
yen
 


yen2.30
2.03
 
3.87
3.57

  As of June 30,2002 As of March 31, 2002 Increase(Decrease)
Total assets
In Billions of Yen
yen4,652.9
In Billions of Yen
yen5,010.8
%
(7.1)
Shareholders' equity
535.0
564.9
(5.3)

***


Notes:

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 (loss) is displayed in conformity with the accounting principles generally accepted in Japan.
3. 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.

CAUTIONARY STATEMENTS:

The following forecasts in this material are forward-looking statements involving risks and uncertainties. The important factors that could cause actual results to differ materially from such statements include, but are not limited to, general economic conditions in NEC's markets, which are primarily Japan, North America, Asia and Europe; demand for, and competitive pricing pressure on, NEC's products in the marketplace; NEC's ability to continue to win acceptance of its products and services in highly competitive markets; and movements in currency exchange rates, particularly the rate between the yen and the U.S. dollar in which NEC makes significant sales. Among other factors, a worsening of the world economy resulting from the ongoing downturn in the IT industry, a continuing worsening of financial conditions in the U.S., Japanese, European and/or Central and South American markets, would cause actual results to differ from the projected results described above.

In case where the information contained in this press release falls within the definition of "Material Information" under Paragraph 2 of Article 166 of the Securities and Exchange Law of Japan, if you (and directors or employees of your company if the content of this press release comes to their knowledge in connection with their duty) read this press release before the time of "Publication" (which is defined under the Securities and Exchange Law of Japan and its Enforcement Ordinance as twelve hours after its release; i.e., approximately 3:30 am on July 26, 2002 (JST)), you (and directors or employees of your company if the content of this press release comes to their knowledge in connection with their duty) may be prohibited from purchasing, selling, or making other transactions of shares of stock or other securities of NEC before the time of Publication.


Media Contact:

Daniel Mathieson
TEL: 03-3798-6511

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