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

Consolidated Financial Results For the First Half of the Fiscal Year Ending March 31, 2003




Consolidated Financial Results

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

Income (loss) before cumulative
Effect of accounting change

Net income (loss)
In Billions of yen
2,173.8
26.7
20.3
 
1.0
 
1.0
In Billions of yen
2,468.0
5.3
(34.2)
 
(27.3)
 
(29.8)
%
(11.9)
401.0
-
 
-
 
-
Per share of common stock:
Income (loss) before cumulative
Effect of accounting change:
  Basic:
  Diluted:
Net income(loss):
  Basic:
  Diluted:
Yen
 


0.63
0.60
 
0.63
0.60
Yen
 


(16.50)
(16.50)
 
(18.07)
(18.07)
Yen
 


-
-
 
-
-

  As of September
30, 2002
As of September
30, 2001
Increase
(Decrease)
Total assets:
In Billions of yen
4,575.3
In Billions of yen
5,075.6
%
(9.9)
Employee number:
149,318
151,646
-

***


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. Number of consolidated subsidiaries and affiliated companies accounted for by the equity method:
  As of September30, 2002 As of September30, 2001
Consolidated subsidiaries 181   170  
Accounted for by the equity method 11   13  
3. 18 subsidiaries were newly consolidated and 6 consolidated subsidiaries were excluded, and 2 companies were excluded from affiliated companies accounted for by the equity method during the first half of the fiscal year ending March 31, 2003.

CAUTIONARY STATEMENTS:

The statements in this material with respect to plans, strategies and forecasts of NEC Corporation and its consolidated subsidiaries (collectively "NEC") are forward-looking statements involving risks and uncertainties. NEC cautions in advance you that actual results could differ materially from such forward-looking statements due to several factors. 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 and services in the marketplace; NEC's ability to continue to win acceptance of its products and services in these highly competitive markets; and movements in currency exchange rates, particularly the rate between the yen and the U.S. dollar. Among other factors, a worsening of the world economy resulting from the downturn in the IT industry, a worsening of financial conditions in the world markets, would cause actual results to differ from the projected results forecast.

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 3:00 am on October 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 Contacts:

Makoto Miyakawa, Chirs Shimizu, Daniel Mathieson
TEL: 03-3798-6511

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