1st Quarter Results

Maruwa Co Ld
02 August 2002

                                                                                                                      
  MARUWA CO., LTD.                                                2 August, 2002            
  3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044, Japan                                          

  FOR IMMEDIATE RELEASE                                                                                               

  Nagoya- MARUWA CO., LTD. today announced its consolidated business results for                                      
  the first quarter of fiscal 2003, the three-month period ended 30 June 2002 is 
  as follows;-                                                                                                          

  Note : Statements of income are unaudited.                                                                          

  Consolidated                                                                                                        

  1. Financial highlights                                                                   JPY million               

                                Current 1st Qt                 Previous 1st Qt              Changes       Changes %   
                                from 1st Apr. 2002             from 1st Apr. 2001                                     
                                to 31st June 2002              to 31st June 2001                                      
                                Amount          % per sales    Amount         % per sales   Amount        %           
  Net sales                     2,797           100.0%         3,276          100.0%        (479)         -15%        
  Cost of sales                 2,227           79.6%          2,399          73.2%         (172)         -7%         
  Gross profit                  570             20.4%          877            26.8%         (307)         -35%        
  SG&A expenses                 468             16.7%          548            16.7%         (80)          -15%        
  Operating income              102             3.6%           329            10.0%         (227)         -69%        
  Other income                  1               0.0%           133            4.1%          (132)         -99%        
  Ordinary income               103             3.7%           462            14.1%         (359)         -78%        
  Net income                    92              3.3%           397            12.1%         (305)         -77%        

  2. Current 1st quarter results and previous annual trend                                  JPY million               

                                Previous                                                    Current                   
                                1st Qt          2nd Qt         3rd Qt         4th Qt        1st Qt                    
  Net sales                     3,276           2,094          2,052          2,511         2,797                     
  Cost of sales                 2,399           1,929          1,510          3,108         2,227                     
  Gross profit                  877             165            542            (597)         570                       
  SG&A expenses                 548             540            521            578           468                       
  Operating income              329             (375)          21             (1,175)       102                       
  Other income                  133             (12)           24             (13)          1                         
  Ordinary income               462             (387)          45             (1,162)       103                       
  Net income                    397             (373)          (111)          (1,152)       92                        

  3. Sales breakdown                                           JPY million                                            

                                Current 1st Qt  Previous 1st   Changes        Changes %                               
                                                Qt                                                                    
  Circuit Ceramics              1,194           1,537          (343)          -22%                                    
  Machinery Ceramics            326             318            8              3%                                      
  Radio Frequency Products      421             221            200            90%                                     
  EMC Components                856             1,200          (344)          -29%                                    
  Total                         2,797           3,276          (479)          -15%                                    

  4. Current 1st quarter results and previous annual trend-Sales breakdown                  JPY million               

                                Previous                                                    Current                   
                                1st Qt          2nd At         3rd Qt         4th Qt        1st Qt        % to total  
                                                                                                          sales       
  Circuit Ceramics              1,537           669            577            970           1,194         42.6%       
  Machinery Ceramics            318             247            298            418           326           11.7%       
  Radio Frequency Products      221             315            303            271           421           15.1%       
  EMC Components                1,200           863            874            852           856           30.6%       
  Total                         3,276           2,094          2,052          2,511         2,797         100.0%      

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