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Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2007

*****For immediate use July 27, 2006

I. Consolidated Financial Results

  Three months
ended June 30,
2006
Three months
ended June 30,
2005
(Restated)
Change

Net sales
Operating income (loss)
Income (loss) from continuing
operations before income taxes
Net income (loss)
In billions of yen
1,018.4
14.7
12.9

11.5
In billions of yen
992.8
(9.9)
(15.8)

(5.3)
%
+2.6
-
-

-

Net income (loss) per share:
    Basic
  Diluted
Yen
 
5.47
5.12
Yen
 
(2.74)
(2.74)
Yen
 
-
-

  As of June 30,
2006
As of March 31,
2006
Change
Total assets
Shareholders' equity
In billions of yen
3,725.3
905.9
In billions of yen
3,895.8
890.9
%
-4.4
+1.7


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 (loss)" 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 (loss)" 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 (loss) before income taxes" or "net income (loss)" as determined in accordance with U.S. GAAP. Please refer to the condensed consolidated statement of operations for the calculation of operating income (loss).
  3. The number of consolidated subsidiaries and affiliated companies accounted for by the equity method is as follows:
      As of June 30, 2006 As of March 31, 2006 As of June 30, 2005
    (Restated)
    Consolidated subsidiaries 372 356 318
    Affiliated companies accounted for by the equity method 69 68 68

  4. In accordance with U.S. GAAP, a part of the consolidated financial information for the three months ended June 30, 2005 related to certain operations that were discontinued during the fiscal year ended March 31, 2006 has been reclassified.
  5. The consolidated financial results for the three months ended June 30, 2005 have been revised from those already announced, and restated based on U.S. GAAP.
  6. NEC changed its business segments from the three months ended June 30, 2006 in accordance with the reorganization of the company structure that became effective on April 1, 2006. The consolidated financial results for the three months ended June 30, 2005 have been reclassified in accordance with the new business segments.

Media Contact

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


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