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*****For immediate use July 31, 2003

Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2004




I. Consolidated Financial Results

  Three months ended June 30, 2003 Three months ended June 30, 2002 Increase
(Decrease)
Net sales
Operating income (loss)
Income before income taxes
Net income
In billions of yen
1,030.7
12.0
9.8
0.7
In billions of yen
1,021.2
(7.0)
19.8
7.2
%
0.9
-
(50.2)
(90.3)
Per share of common stock:
Net income:
    Basic:
  Diluted:
Yen


0.42
0.40
Yen


4.37
4.06
Yen


(3.95)
(3.66)

  As of June 30,
2003
As of March 31,
2003
Increase
(Decrease)
Total assets
Shareholders' equity
In billions of yen
3,983.3
378.6
In billions of yen
4,103.3
358.4
%
(2.9)
5.6

***


(Notes)

1. The consolidated financial statements of NEC are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.
2. Number of consolidated subsidiaries and affiliated companies accounted for by the equity method:

  As of June 30,2003 As of March 31,2003 As of June 30,2002
Consolidated subsidiaries
194
183
179
Affiliated companies accounted for by the equity method
17
17
11

CAUTIONARY STATEMENTS:

The statements in this press release with respect to the 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 and telecommunications industries, a worsening of financial conditions in the world markets, and a deterioration in the domestic and overseas stock markets, would cause actual results to differ from the projected results forecast.

In cases 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 August 1, 2003 (JST)), you (and directors or employees of your company if the content of this press release comes to their knowledge in connection with their duties) 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:

Diane Foley
TEL: 03-3798-6511

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