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TDK Blank Media 1st Half Sales Edge Up

10/31/2002 07:46:00 AM Eastern

Tokyo - Sales in the recording media and systems division at TDK moved up 1.5 percent during the first half of the company's fiscal year, hitting $506.1 million, compared with $498.5 million in the same six months last year.

At the same time, TDK's recording media and systems division substantially narrowed its operating loss, reaching a negative $5.7 million during the first six months of 2002, ended Sept. 30, compared with an operating loss of $17 million in the year-ago period.

Overall TDK sales to the Americas increased by 16 percent in the first half, coming in at $458.7 million, up from $411.2 million in the first six months of 2001.

Consolidated sales for the fiscal first half at TDK showed a 9.5 percent jump, to $2.4 billion, up from $2.2 billion in the same six months last year. The company reported an operating gain of $81.6 million in the first half, compared with an operating loss of $22.9 million year-on-year. Net income also improved, reaching $37.9 million for the six months, up from $14.9 million in the first half of 2001.

Looking at full fiscal year projections, TDK said it anticipates consolidated sales for the 12 months, ending in March of 2003, of $4.8 billion, a 2.5 percent increase over the $4.6 billion recorded for the previous full fiscal year, ending last March.

The company expects to show operating income of $163 million for the 12 months, compared with an operating loss of $356.3 million on the books for the previous fiscal year.

Net income also is expected to go black for the current 12 months, hitting $105.9 million, according to TDK projections. This compares with a net loss of $209.5 million in the previous 12 months.

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