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Canon Inc. Reports Results for First Half 2003

LAKE SUCCESS, N.Y. July 31, 2003--Canon U.S.A., Inc., a subsidiary of Canon Inc. (NYSE: CAJ - news) and a leader in imaging technologies, today announced Canon Inc. first half 2003 consolidated net sales of 1,535.6 billion yen (US$ 12,797 million), which represents a year-over-year increase of 10.9% over the first half of fiscal year 2002.
Canon reported first half net income of 127.8 billion yen (US$ 1,065 million), a significant increase of 74.5% over the same period last year and an earning per share of 145.55 yen (US$ 1.21).

Canon Inc. also reported second-quarter revenue of 804.0 billion yen (US$ 6,700 million), 9.6% higher than second-quarter 2002 with net income of 56.2 billion yen (US$ 468 million), 35.2% higher than second-quarter 2002.

"For the quarter, Canon posted sales and profits, which not only exceeded its results for the same period last year, but also its projection, continuing a trend set in the first-quarter," said Toshizo Tanaka, Senior Managing Director and Group Executive for Finance and Accounting Headquarters, Canon Inc.

"As for second-quarter digital camera sales, we recorded significant growth of 74.5 % on a year-on-year basis and also exceeded our projection. We are making steady advancement toward our goal of becoming No. 1 in the world."

For more detailed information and tables, please refer to our Announcement of First Half 2003 financial results at http://www.canon.com/finance/index.html.

Canon U.S.A., Inc. delivers consumer, business-to-business, and industrial imaging solutions. The Company is listed as one of Fortune's Most Admired Companies in America, and is ranked #43 on the BusinessWeek list of "Top 100 Brands." Its parent company Canon Inc. (NYSE:CAJ) is a top patent-holder of technology, ranking second overall in the U.S. in 2002, with global revenues of US$ 24.5 billion. Canon U.S.A. employs more than 10,000 people at over 30 locations. For more information, visit www.usa.canon.com.

This report may contain forward-looking statements, which reflect management's current views with respect to certain future events and financial performance. Actual results may differ materially from those projected or implied in any forward-looking statements. Further, certain forward-looking statements are based upon assumptions of future events, which may not prove to be accurate. (Cautionary Statements for Purposes of the Safe Harbor Provisions of the United States Private Securities Litigation Reform Act of 1995.)

Note: In this release, U.S. dollar amounts are translated from yen at the rate of US$ = JPY 120, the approximate exchange rate on the Tokyo Foreign Exchange Market as of June 30, solely for the convenience of the reader

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