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LCD, Plasma TVs Push Up Sharp Sales

2/07/2003 01:27:00 PM Eastern

Osaka, Japan - Demand for LCD and plasma televisions pushed up sales in Sharp's A/V and communication equipment product group by 26.8 percent, to $1.9 billion for its third fiscal quarter.

Operating income for this consumer electronics group soared 63.4 percent, reaching $84.7 million in the three months, ended Dec. 31. Sharp said sales of LCD televisions climbed above $482.4 million for the nine months, leading the company to believe it would top $682 million in sales of LCD sets for the full year.

Cellphone sales for the nine months rose above $1.6 billion, with the 12-month sales target set at $1.8 billion. In the previous fiscal year, cellphone sales hit $1.3 billion. Sharp also reported healthy demand for camera-equipped mobile phones.

For the nine months, sales in Sharp's A/V and communication equipment product group increased 13.7 percent, reaching $4.9 billion. Operating income for this group jumped 33.9 percent, to $171.5 million, in the nine months.

Sharp, which is positioned as Japan's largest producer of LCD displays, also received a sharp profit boost from this product group in the third quarter. Sales were up 70.1 percent, to $866.9 million, in the third quarter, while group operating profit rose 108.2 percent, to $50.2 million.

For the nine months, the LCD group recorded $2.6 billion in sales, a 41 percent increase, while operating profit moved up 82.5 percent, reaching $197.5 million.

Consolidated net sales at Sharp in the third quarter climbed 12.7 percent, to $4.4 billion. Consolidated operating income for the three months soared 94.2 percent, hitting $242.9 million, while net income jumped 209 percent, to $116.2 percent.

For the nine months, Sharp consolidated sales moved up 12.7 percent, to $12.5 billion. Operating income increased 30.9 percent, hitting $649.5 million and net income climbed 77.1 percent, reaching $306.6 million.

Looking ahead, Sharp did not revise predicted 12-month financial results, with anticipated sales remaining at $16.6 billion, 10.9 percent over the previous fiscal year. Operating income was anticipated at $748.6 million for the 12 months, 22.3 percent better than fiscal 2001. Net income was expected to more than triple, compared with a year earlier, to $307.7 million.

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