1st Quarter Results

RNS Number:7998B
Nipro Corporation
10 August 2004


Summary Report of Consolidated Financial Results                August 10, 2004

For the Three Months Period ended June 30, 2004 
(Fiscal Year ending March 31,2005)

Company name: NIPRO CORPORATION     Code No.:8086   TSE/OSE-1st Section
(URL: http://www.nipro.co.jp/)

Representative: Minoru Sano, President and Representative Director

Contact:  Akihiko Yamabe, Director, General Manager of Accounting
          & Corporate Planning DivisionTEL(06)6372-2331

1.  Matters related to the preparation of quarterly financial summary

(1)Adoption of simplified accounting treatments: N/A

(2)Difference in the method of accounting recognition from the most
   recent fiscal year: N/A

(3)Changes in the scope of consolidation and application of the equity
   method:Adoption (Content: Consolidation (New) 1)

2.Business results and financial position for the three months ended June
  30, 2004 of the Fiscal Year ending March 31,2005.
  (From April 1, 2004 to June 30, 2004)

 (1)Results of Operations   (Note: Amounts are rounded off per one million yen)

               Net Sales        Operating       Recurring        Net (Quarter)
                                 Income          Income           Income 
               Millions         Millions         Millions        Millions 
               of yen     %      of yen      %   of yen      %    of yen     %

Three months   47,271   2.3       3,397  (9.0)    3,164  (2.5)     1,734  16.4
ended June
30,2004

Three months   46,191    -        3,731     -     3,243    -       1,490    -
ended June
30,2003

Fiscal Year   188,700            12,557           9,539            4,216
ended March 
31,2004

                            Basic Earnings           Diluted Earnings
                            per Share                per Share
                              Yen                      Yen

Three months ended           27.26                      -
June 30, 2004

Three months ended           23.41                      -
June 30, 2003

Fiscal Year ended            64.90                      -
March 31, 2004

(Note) Percentage for net sales, operating income, etc. represents the ratio of
       change over from same period of the previous fiscal year.

(Supplementary information on the consolidated results of operations)

The Japanese economy for this three months period generated the improved mood
of recovery, led by exports and capital investments, followed by the new
personal consumptions.

Under such conditions, Nipro has focused on sales activities to improve
business performance.

As a result, net sales for the three months ended June 30, 2004 increased by
2.3% from same period of the previous fiscal year to 47,271 million yen, 
primarily due to increase in sales of pre-filled syringes at the Pharmaceutical
division.

On the other hand, operating income decreased by 9.0% from same period of the
previous fiscal year to 3,397 million yen, due to the rise in the ratio of cost
of sales to net sales by intensification of price competition and the increase 
in selling, general, administrative expenses and recurring income decreased by
2.5% from same period of the previous fiscal year to 3,164 million yen.

Net (Quarter) income increased by 16.4% from same period of the previous fiscal
year to 1,734 million yen, mainly due to decrease in extraordinary losses.


(2)Financial Position

                Total Assets   Shareholders'   Ratio of        Shareholder'
                               Equity          Shareholders'   Equity per 
                                               Equity to       Share
                                               Total Assets               
                Millions       Millions              %               yen
                of yen         of yen

Three months     276,461         91,692            33.2          1,441.53
ended June 
30,2004

Three months     253,469         84,896            33.5          1,334.03
ended June
30,2003

Fiscal Year      279,701         94,711            33.9          1,487.50
ended March
31,2004

Cash Flows
                 Cash flows     Cash flows     Cash flows     Cash and cash
                 from           from           from           equivalents
                 operating      investing      financing 
                 activities     activities     activities
                 Millions       Millions       Millions       Millions 
                 of yen         of yen         of yen         of yen

Three months          488        (2,132)          1,873         42,441
ended June
30,2004

Three months        2,506        (3,120)            564         29,467
ended June
30,2003

Fiscal Year        15,432       (12,786)          10,400        42,228
ended March
31,2004

(Supplementary information on the changes in the financial position)

(1)Changes in the financial position

Total assets decreased by 3,239 million yen from the end of the fiscal year
ended March 31, 2004 to 276,461 million yen, mainly due to the decrease in 
investment securities as a result of fall in market prices of possessed stocks.

Liabilities decreased by 189 million yen from the end of the fiscal year ended
March 31, 2004 to 183,106 million yen. Shareholders' equity decreased by 3,019
million yen from the end of the fiscal year ended March 31, 2004 to 91,692
million yen,primarily due to the decrease in net unrealized gains (losses) on
securities.

(2)Cash flows

Net cash provided by operating activities was 488 million yen, primarily
reflecting the income before income taxes and depreciation and amortization.Net
cash used in investing activities was 2,132 million yen, mainly due to payments
for acquisition of fixed assets.Net cash provided by financing activities was 
1,873 million yen. This reflected mainly proceeds from long-term borrowings.


(Reference)

Consolidated Business Forecast for the Fiscal Year ending March 31, 2005
                                  (From April 1, 2004 to March 31, 2005)
           
                       Sales       Recurring    Net Income
                                   Income       
                       Millions    Millions     Millions 
                       of yen      of yen       of yen

Interim period           98,500       4,850        2,550
ending September
30, 2004

Fiscal Year             200,000      10,400        5,300
ending March 
31, 2005

(Reference) Projected Earnings per Share for the Fiscal Year ending
            March 31, 2005: 81.95 yen

(Supplementary information on the business forecasts)

The Japanese economy is anticipated to remain in the uncertainly, due to the
concern in appreciation of yen and rise of interest rate arising from the
expectation of economic recovery. Under such circumstances, we will strive to
improve the business performance by focusing on development of new products
continually and increasing and strength of productive capacity of each division.

 There is no amendment to the forecast announced on May 20, 2004.

 The above forecasts are based on the information available to the management
 as of the date of this report. The actual results may be different from these
 forecasts due to various factors occurring hereafter.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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