3rd Quarter Results

RNS Number:2089V
Nipro Corporation
10 February 2004

                                                               February 10, 2004
Summary Report of Consolidated Financial Results
For the Nine Months Period ended December 31, 2003
(Fiscal Yearending March 31, 2004)

Company name: NIPRO CORPORATION                 (Code No.: 8086 TSE-1st Section)
(URL: http://www.nipro.co.jp/)
Representative: Minoru Sano, President and Representative Director
Contact: Akihiko Yamabe, Director, General Manager of Accounting Division
                                                (TEL: [phone])

1. Matters related to the preparation of quarterly financial summary
(1) Difference in the method of accounting recognition from the most recent
    fiscal year: N/A
(2) Changes of reporting entities: N/A

2. Business results and financial position for the Nine Months ended December 
   31, 2003 (From April 1, 2003 to December 31, 2003)

(1) Results of Operations
                       (Note: Amounts are rounded off per one million yen)
                    Net Sales       Operating      Recurring      Net Income
                                    Income         Income

                    Millions    %   Millions   %   Millions   %   Millions   %
                    of yen          of yen         of yen         of yen
Nine months ended    142,256    -    10,066    -     8,049    -     3,889    -
December 31, 2003
Nine months ended          -    -         -    -       -    -         -    -
December 31, 2002
Previous fiscal      180,369         14,899         11,397          5,077
year

                     Basic Earnings    Diluted Earnings
                     per Share         per Share

                 Yen               Yen
Nine months ended       61.13                  -
December 31, 2003
Nine months ended           -                  -
December 31, 2002
Previous fiscal year    84.25              78.48
(Note) Figures of the nine months period of the previous fiscal year and the
       ratios in comparison with the corresponding period of the previous fiscal
       year are not given, as the preparation of the consolidated quarterly
       financial statements was initiated in this fiscal year.


(Supplementary information on the consolidated results of operations)

The Japanese economy for this nine months period of the fiscal year ended
December 31, 2003 showed some signs of recovery in terms of increase in
production and capital investments.  However, individual income conditions were
continuously severe, and the mood of recession generally remained for the period
under review.

Under such conditions, Nipro has focused on Research and Development and
conducted active sales activities.

As a result, net sales for the nine months period ended December 31, 2003
amounted to 142,256 million yen, operating income amounted to 10,066 million
yen, recurring income amounted to 8,049 million yen and net income amounted to
3,889 million yen.


(2)Financial Position
                    Total Assets   Shareholders'  Shareholders'   Shareholders'
                                   Equity         Equity Ratio    Equity per 
                                      Share

                    Millions       Millions              %              Yen
                    of yen         of yen
Nine months ended   272,347          90,573            33.3         1423.59
December 31, 2003
Nine months ended        -             -                 -             -
December 31, 2003
Previous fiscal     252,847          83,532            33.0         1,310.72
year
(Note) Figures of the nine months period of the previous fiscal year are not
       given, as the preparation of the consolidated quarterly financial 
       statements was initiated in this fiscal year.

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

                      Millions      Millions       Millions     Millions
                      of yen        of yen         of yen       of yen
Nine months ended       7,926        (9,867)        13,642        40,937
December 31, 2003
Nine months ended        -               -             -             -
December 31, 2002
Previous Fiscal         5,453       (30,107)        11,469        29,393
Year
(Note) Figures of the nine months period of the previous fiscal year are not
       given, as the preparation of the consolidated quarterly financial
        statements was initiated in this fiscal year.

(Supplementary information on the changes in the financial position)

(1) Changes in the financial position

Total assets increased by 19,499 million yen from the end of the previous fiscal
year to 272,347 million yen.  Current assets increased by 11,406 million yen to
127,837 million yen, and fixed assets increased by 8,092 million yen to 144,509
million yen.  In the current assets, cash and bank deposits increased by 11,064
million yen.  In the fixed assets, investment securities increased by 7,269
million yen.  Liabilities increased by 12,471 million yen from the end of the
previous fiscal year to 180,018 million yen.  Current liabilities increased by
6,948 million yen to 95,837 million yen, and noncurrent liabilities increased by
5,523 million yen to 84,180 million yen.  In the current liabilities, current
portion of bonds increased by 8,000 million yen, and in the noncurrent
liabilities, convertible-bond-type bonds with stock acquisition rights increased
by 14,000 million yen.  Shareholders' equity increased by 7,040 million yen
from the end of the previous fiscal year to 90,573 million yen.  In this
section, earned surplus increased by 2,378 million yen to 30,283 million yen and
valuaton differences of other securities increased by 4,919 million yen to 7,770
million yen.

(2) Cash flows

Net cash provided by operating activities was 7,926 million yen, net cash used 
in investing activities was 9,867 million yen, net cash provided by financing 
activities was 13,642 million yen and cash and cash equivalents increased by 
11,544 million yen to 40,937 million yen.  Net cash used in investing activities
mainly reflected the purchases of fixed assets for 11,139 million yen, and net 
cash provided by financing activities was mainly due to proceeds from issuance 
of bonds for 13,921 million yen.

3. Projected Consolidated Financial Results for the Fiscal Year ending
   March 31, 2004 (From April 1, 2003 to March 31, 2004)
                       Net Sales     Recurring     Net Income    Net Income per
                                     Income                      Share

                    Millions of   Millions of   Millions of        Yen
                       yen           yen           yen
Fiscal year ending       187,000         9,200         4,150         63.48
March 31, 2004

(Supplementary information on the business forecasts)

The Japanese economy is anticipated to remain in the uncertainty, due to the 
concerns in appreciation of yen and rise of interest rate arising from the 
expectation of economic recovery.  Under such circumstances, we will strive to 
improvethe business performance by focusing on Research & Development and Sales
& Marketing.

There is no amendment to the forecast announced on November 25, 2003.

The projections shown above are prepared based on information available as of 
the issuing date of this report.  The actual results may differ from the 
projected figures due to various factors.



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