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Full Year Consolidated Financial Results for the Fiscal Year Ended March 31, 2006

*****For immediate use May 11, 2006

I. Consolidated Financial Results

  Fiscal Year
Ended March
31, 2006
Fiscal Year
Ended March
31, 2005
[Restated]
Change
Net sales
Operating income
Income from continuing
operations before income taxes
Net income
In billions of yen
4,824.9
95.4
83.3

12.1
In billions of yen
4,801.7
141.9
145.1

77.2
%
+0.5
-32.7
-42.6

-84.3
Net income per share:
  Basic
  Diluted
Yen
 
6.05
5.78
Yen
 
39.62
36.37
Yen
 
-33.57
-30.59
Total assets
In billions of yen
3,895.8
In billions of yen
3,982.5
%
-2.2
Number of employees
154,180
154,001
-

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. "Operating income" set forth above is a measure commonly used by other Japanese companies that report their financial results in accordance with generally accepted accounting financial reporting practices in Japan. "Operating income" is calculated by deducting cost of sales and selling, general and administrative expenses from net sales. Management believes this measure is useful to investors in comparing NEC's results of operations to those of other Japanese companies. This measure, however, should not be construed as an alternative to "income before income taxes" or "net income" as determined in accordance with U.S. GAAP. Please refer to the condensed consolidated statement of operations for the calculation of operating income.
  3. The number of consolidated subsidiaries and affiliated companies accounted for by the equity method is as follows:
      As of March 31,
    2006
    As of March 31,
    2005
    [Restated]
    Consolidated subsidiaries 356 317
    Affiliated companies accounted for by the equity method 68 69

  4. In accordance with U.S. GAAP, a part of the consolidated financial information for the fiscal year ended March 31, 2005 related to certain operations that were discontinued during the fiscal year ended March 31, 2006 has been reclassified.
  5. NEC adopted the Financial Accounting Standards Board ("FASB") Interpretation No.47 ("FIN47"), "Accounting for Conditional Asset Retirement Obligations, an interpretation of FASB Statement No. 143", at March 31, 2006.
  6. The consolidated financial results for the fiscal year ended March 31, 2005 were revised from those already announced, and restated based on U.S. GAAP. However, as restated figures are currently being audited by NEC's independent auditors, NEC will promptly disclose revised consolidated financial results for the fiscal year ended March 31, 2005 after the aforementioned audit is complete.

Media Contact

Diane Foley/Makoto Miyakawa
TEL: +81-3-3798-6511


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