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Toshiba Corp. (TOS)

  Print      Mail a friend       Annual reports

Monday 31 January, 2005

Toshiba Corp.

3rd Quarter Results

Toshiba Corporation
31 January 2005



FOR IMMEDIATE RELEASE



January 31, 2005





                     Toshiba Announces Consolidated Results

           for the Third Quarter of Fiscal Year Ending in March 2005



TOKYO--Toshiba Corporation today announced consolidated results for the third
quarter (October-December) and the nine months (April-December) of fiscal year
(FY) 2004, to the end of March 2005.



1) General Overview of Consolidated Results for the Nine Months Ended December
31, 2004



In Japan, capital expenditure increased and corporate profitability improved
during this period, though continued concern about employment and a slowdown in
the growth of consumer spending in the third quarter slowed the pace of the
upturn towards the end of the year. Overseas, the US continued its economic
expansion, as did China and other Asian countries, while Europe saw continuation
of its gradual recovery.



In these circumstances, Toshiba recorded consolidated sales of 4,151.8 billion
yen (US$39,921 million), an increase of 218.8 billion yen against the same
nine-month period of the previous year. Digital Products, Electronic Devices,
Social Infrastructure and Home Appliances all saw sales increases against the
year-earlier period.



Consolidated operating income increased by 49.6 billion yen against the same
period of the previous year to 51.6 billion yen (US$496 million). Digital
Products, Electronic Devices and Social Infrastructure all reported significant
improvement in operating income (loss), while Home Appliances saw a slight
widening of its operating loss.



Income before income taxes, minority interest and equity in earnings of
affiliates was 26.4 billion yen (US$254 million), an improvement of 34.6 billion
yen against the same period of the previous year. Net income improved by 51.4
billion yen to 10.0 billion yen (US$96 million).

2) Consolidated Results for the Nine Months to December 31, 2004 by Segment

                                                           (billion yen)
                                                    Net Sales                   Operating Income
                                                            Change (%)                       Change
Digital Products                              1,672.4          +12%              -1.6        +34.3
Electronic Devices                              981.7           +2%              72.6        +11.7
Social Infrastructure                         1,100.6           +5%             -22.0        +11.2
Home Appliances                                 488.1           +4%              -5.2         -0.2
Others                                          268.5          -25%               6.9         -8.1
Elimination                                    -359.5            -                0.9          -
Total                                         4,151.8           +6%              51.6        +49.6



Digital Products

Sales of Digital Products increased from the same period a year ago, on overseas
sales growth in personal computers and the start of operations at a joint
venture in optical disk drives with Samsung. The segment operating loss improved
significantly against the year-earlier period, as steady progress in
restructuring returned the PC business to profitability, though storage devices
was sluggish.



Electronic Devices

Electronic Devices increased sales and operating income against the same period
of the previous year. A strong performance in semiconductors and LCDs in the
first half of the fiscal year made up for a downturn in sales and operating
income in the third quarter, largely spurred by inventory adjustment at
manufacturers of digital consumer products.



Social Infrastructure

Social Infrastructure saw higher sales against the same period of the previous
year, mainly due to increased sales in the power plant business and sales growth
in Medical Systems and IT Solutions. The segment's operating loss improved
significantly against the year-earlier period.



Home Appliances

Sales of Home Appliances increased against the year-earlier period on higher
sales of medium- to large-sized air conditioners, though price erosion and
higher material costs in white goods, including refrigerators, produced a wider
operating loss.



Others

Others saw decreased sales and operating income as some consolidated
subsidiaries, including Shibaura Mechatronics Corporation and Toshiba Finance
Corporation, became affiliated companies accounted by the equity method.

3) Financial Position and Cash Flows



Total assets increased by 272.0 billion yen from the end of March 2004 to
4,734.2 billion yen (US$45,521 million). Shareholdersf equity increased by 8.2
billion yen to 763.2 billion yen (US$7,339 million) from the end of March 2004.
Total debt increased by 160.0 billion yen from the end of FY2003 to 1,359.5
billion yen (US$13,072 million). The debt to equity ratio was 178%, a 19-point
deterioration since the end of March 2004. Free cash flow decreased by 134.3
billion yen from the year-earlier period to minus 50.9 billion yen.



4) Revised Forecast for Fiscal Year 2004



Toshiba has revised the full-year consolidated forecast for FY2004, announced on
October 29, 2004, primarily to reflect faster than anticipated price erosion in
semiconductors, due to rapid change in the digital consumer market. The revised
forecast is as below.



Consolidated forecast for FY2004 (Apr. 1, 2004 - Mar. 31, 2005)    (billion yen)

                                         Net Sales      Operating     Income Before Income     Net Income
                                                         Income     Taxes, Minority Interest
                                                                    and Equity in Earnings of
                                                                           Affiliates
(A) Revised Forecast  (Jan.31, 2005)      5,860.0         160.0                110.0               45.0
(B) Previous Forecast (Oct.29, 2004)      5,870.0         190.0                130.0               50.0
(A) - (B)                                   -10.0         -30.0                -20.0               -5.0
FY2003                                    5,579.5         174.6                145.0               28.8



Disclaimer:

This report of business results contains forward-looking statements concerning
future plans, strategies and the performance of Toshiba Group (hereinafter
Toshiba). These statements are based on managementfs assumptions and beliefs in
light of the economic, financial and other data currently available.
Furthermore, they are subject to a number of risks and uncertainties. Toshiba
therefore wishes to caution readers that actual results may differ materially
from our expectations. Major risk factors that may have a material influence on
results are indicated below, though the list is not necessarily exhaustive.



- Success or failure of alliances or joint ventures promoted in collaboration
with other companies;

- Success or failure of new businesses or R&D investment;

- Changes in political and economic conditions in Japan and abroad; unexpected
regulatory changes;

- Major disasters, including earthquakes and typhoons;

- Rapid changes in the supply/demand situations in major markets and intensified
price competition;

- Significant capital expenditure for production facilities and rapid changes in
the market;

- Changes in financial markets, including fluctuations in interest rates and
exchange rates.



Note: For convenience only, all dollar figures used in reporting fiscal year
2004 third quarter results are valued at 104 yen to the dollar throughout this
statement.



                                     # # #





                    Toshiba Corporation and its Subsidiaries

                       Consolidated Financial Statements

         For the Third Quarter and Nine Months ended December 31, 2004



1.Third Quarter Results

               (Yen in billions, US$ in millions, except for earnings per share)
                                                      Three months ended December 31
                                  2004(A)          2003(B)          (A)-(B)       (A)/(B)        2004
Net sales                             Y1,370.0         Y1,324.7            Y45.3      103%         $13,172.8
Operating income (loss)                    0.9             14.0           (13.1)        7%               8.9
Income (loss) before income                5.0              9.4            (4.4)       53%              47.8
taxes, minority
interest and equity in
earnings of affiliates
Net income (loss)                          1.6            (9.2)             10.8         -              15.1
Basic earnings per share                 Y0.49          Y(2.87)            Y3.36                       $0.00
Diluted earnings per share               Y0.45          Y(2.87)            Y3.32                       $0.00



2. Nine months results

                                                                      (Yen in billions, US$ in thousands)
                                                      Nine months ended December 31
                                  2004(A)          2003(B)          (A)-(B)       (A)/(B)        2004
Net sales                             Y4,151.8         Y3,933.0           Y218.8      106%         $39,920.9
Operating income (loss)                   51.6              2.0             49.6         -             496.3
Income (loss) before income               26.4            (8.2)             34.6         -             254.3
taxes, minority
interest and equity in
earnings of affiliates
Net income (loss)                         10.0           (41.4)             51.4         -              95.7
Basic earnings per share                 Y3.09         Y(12.88)           Y15.97                       $0.03
Diluted earnings per share               Y2.95         Y(12.88)           Y15.83                       $0.03


Notes:
1) Consolidated Financial Statements are based on generally accepted accounting principles in the U.S.
2) The company has 321 consolidated subsidiaries.
3) The U.S.dollar is valued at Y104 throughout this statement for convenience only.
4) The figures in the Consolidated Financial Statements are
unaudited.





Comparative Consolidated Statements of Operations

1. Third Quarter ended

                                                                      (Yen in billions, US$ in thousands)
                                                      Three months ended December 31
                                  2004(A)          2003(B)          (A)-(B)       (A)/(B)        2004
Sales and other income
Net sales                           Y1,369,974       Y1,324,672          Y45,302      103%       $13,172,827
Interest                                 1,094              689              405      159%            10,519
Dividends                                  567              518               49      109%             5,452
Other income                            19,658           21,734          (2,076)       90%           189,020
Costs and expenses                           
Cost of sales                        1,024,010          969,761           54,249      106%         9,846,250
Selling, general and                   345,034          340,877            4,157      101%         3,317,635
administrative
Interest                                 5,954            5,071              883      117%            57,250
Other                                   11,326           22,479         (11,153)       50%           108,904
Income (loss) before income              4,969            9,425          (4,456)       53%            47,779
taxes, minority
interest and equity in
earnings of affiliates
Income taxes                             2,634           11,563          (8,929)       23%            25,327
Minority interest in income              1,693            2,244            (551)       75%            16,279
(loss)  of
consolidated subsidiaries
Equity in earnings of                      932          (4,865)            5,797         -             8,962
affiliates
Net income (loss)                       Y1,574         Y(9,247)          Y10,821         -           $15,135



Note: Comprehensive loss for the third quarter of FY2004 and FY2003 was Y4,127
million and Y9,186 million, respectively.



2. Nine Months ended December 31

                                             (Yen in billions, US$ in thousands)
                                                      Nine months ended December 31
                                  2004(A)          2003(B)          (A)-(B)       (A)/(B)        2004
Sales and other income
Net sales                           Y4,151,775       Y3,932,988         Y218,787      106%      $39,920,913
Interest                                 2,976            2,212              764      135%           28,615
Dividends                                2,655            3,579            (924)       74%           25,529
Other income                            44,926           69,166         (24,240)       65%          431,981
Costs and expenses                          
Cost of sales                        3,067,290        2,888,530          178,760      106%       29,493,172
Selling, general and                 1,032,874        1,042,423          (9,549)       99%        9,931,481
administrative
Interest                                16,068           15,556              512      103%          154,500
Other                                   59,655           69,612          (9,957)       86%          573,606
Income (loss) before income             26,445          (8,176)           34,621         -          254,279
taxes, minority
 interest and equity in
earnings of affiliates
Income taxes                            12,391           21,394          (9,003)       58%          119,144
Minority interest in income              5,109              372            4,737         -           49,125
(loss) of
 consolidated subsidiaries
Equity in earnings of                    1,008         (11,480)           12,488         -            9,692
affiliates
Net income (loss)                       Y9,953       Y (41,422)          Y51,375         -          $95,702



Note: Comprehensive income for nine months ended December 31,2004 was Y24,792
million, and loss for nine months ended December 31,2003 was Y42,814 million,
respectively.



Comparative Consolidated Balance Sheets

                                                                 (Yen in millions, US$ in thousands)
                                        Dec. 31,2004    Sep.30,2004   (A)-(B)    Mar.31,2004  Dec. 31,2004

                                             (A)            (B)

Assets
Current assets                              Y2,587,894    Y2,400,185   Y187,709    Y2,352,419   $24,883,596
Cash and cash equivalents                      396,780       323,269     73,511       319,277     3,815,192
Notes and accounts receivable, trade           976,358       959,813     16,545     1,036,158     9,388,058
Finance receivables, net                        15,953        16,911      (958)        17,271       153,394
Inventories                                    793,936       700,255     93,681       629,044     7,634,000
Prepaid expenses and other current             404,867       399,937      4,930       350,669     3,892,952
assets
Long-term receivables                           19,597        19,585         12        21,808       188,433
Long-term finance receivables, net              31,423        31,065        358        29,887       302,144
Investments                                    394,018       385,837      8,181       389,292     3,788,635
Property, plant and equipment                1,139,435     1,142,441    (3,006)     1,118,245    10,956,106
Other assets                                   561,863       557,400      4,463       550,549     5,402,528
Total assets                                Y4,734,230    Y4,536,513   Y197,717    Y4,462,200   $45,521,442
Liabilities and shareholders' equity                                                          
Current liabilities                         Y2,468,737    Y2,208,476   Y260,261    Y2,199,628   $23,737,856
Short-term borrowings and                      664,273       457,341    206,932       497,532     6,387,240
 @current portion of long-term debt
Notes and accounts payable, trade              966,797       892,982     73,815       877,421     9,296,125
Other current liabilities                      837,667       858,153   (20,486)       824,675     8,054,491
Accrued pension and severance costs            599,397       596,501      2,896       601,566     5,763,433
Long-term debt and other liabilities           763,630       818,268   (54,638)       770,217     7,342,596
Minority interest in consolidated              139,224       139,211         13       135,799     1,338,692
subsidiaries
Shareholders' equity                           763,242       774,057   (10,815)       754,990     7,338,865
Common stock                                   274,926       274,926          0       274,926     2,643,519
Additional paid-in capital                     285,736       285,736          0       285,736     2,747,462
Retained earnings                              475,097       479,956    (4,859)       481,227     4,568,240
Accumulated other comprehensive loss         (271,055)     (265,354)    (5,701)     (285,894)   (2,606,298)
Treasury stock                                 (1,462)       (1,207)      (255)       (1,005)      (14,058)
Total liabilities and shareholders'         Y4,734,230    Y4,536,513   Y197,717    Y4,462,200   $45,521,442
equity


Breakdown of accumulated other comprehensive income (loss)
Unrealized gains on securities

Foreign currency translation adjustments             Y27,912      Y25,723     Y2,189      Y26,825      $268,385

Minimum pension liability adjustment                (74,330)     (63,179)   (11,151)     (79,290)     (714,712)

Unrealized gains (losses) on derivative            (222,461)    (227,286)      4,825    (234,283)   (2,139,048)
instruments
                                                     (2,176)        (612)    (1,564)          854      (20,923)

Total debt                                        Y1,359,511   Y1,204,931   Y154,580   Y1,199,456   $13,072,221







Comparative Consolidated Statements of Cash Flows

1.       Third Quarter ended December 31

                                             (Yen in billions, US$ in thousands)
                                                                        Three months ended December 31
                                                                 2004(A)      2003(B)     (A)-(B)      2004
Cash flows from operating activities
Net income (loss)                                                    Y1,574     Y(9,247)    Y10,821     $15,135
Depreciation and amortization                                        60,713       63,181    (2,468)     583,779
Equity in loss of affiliates                                          1,302        5,219    (3,917)      12,519
(Increase) decrease in notes and accounts receivable, trade        (15,927)       10,418   (26,345)   (153,144)
Increase in inventories                                            (97,034)     (92,777)    (4,257)   (933,020)
Increase in notes and accounts payable, trade                        72,140      103,171   (31,031)     693,654
Others                                                             (31,083)      (6,830)   (24,253)   (298,875)
Adjustments to reconcile net income (loss) to net cash              (9,889)       82,382   (92,271)    (95,087)
provided by operating activities
Net cash provided by operating activities                           (8,315)       73,135   (81,450)    (79,952)
Cash flows from investing activities                                                               
Proceeds from sale of property and securities                        15,440       39,703   (24,263)     148,462
Acquisition of property, plant and equipment                       (54,641)     (46,026)    (8,615)   (525,394)
Purchase of securities                                              (4,858)      (3,911)      (947)    (46,712)
(Increase) decrease in investments in affiliates                    (5,786)       12,034   (17,820)    (55,635)
Others                                                             (11,241)     (10,323)      (918)   (108,086)
Net cash used in investing activities                              (61,086)      (8,523)   (52,563)   (587,365)
Cash flows from financing activities                                                               
Proceeds from long-term debt                                         13,407       72,711   (59,304)     128,913
Repayment of long-term debt                                        (43,991)     (96,930)     52,939   (422,990)
Increase (decrease) in short-term borrowings                        184,621       16,757    167,864   1,775,202
Dividends paid                                                      (5,991)        (544)    (5,447)    (57,606)
Others                                                              (2,875)        (726)    (2,149)    (27,644)
Net cash provided by (used in) financing activities                 145,171      (8,732)    153,903   1,395,875
Effect of exchange rate changes on cash and cash equivalents        (2,259)      (2,278)         19    (21,722)
Net increase in cash and cash equivalents                            73,511       53,602     19,909     706,836
Cash and cash equivalents at beginning of the period                323,269      291,099     32,170   3,108,356
Cash and cash equivalents at end of the period                     Y396,780     Y344,701    Y52,079  $3,815,192



2. Nine Months ended December 31

                                                                           (Yen in millions, US$ in thousands)
                                                                      Nine months ended December 31
                                                              2004(A)      2003(B)     (A)-(B)       2004
Cash flows from operating activities
Net income (loss)                                                 Y9,953    Y(41,422)    Y51,375       $95,702
Depreciation and amortization                                    173,934      180,949    (7,015)     1,672,442
Equity in loss of affiliates                                       4,060       15,787   (11,727)        39,039
Decrease in notes and accounts receivable, trade                  72,775      223,562  (150,787)       699,760
Increase in inventories                                        (160,205)    (185,921)     25,716   (1,540,433)
Increase in notes and accounts payable, trade                     79,066       35,661     43,405       760,250
Others                                                          (63,287)     (29,007)   (34,280)     (608,529)
Adjustments to reconcile net income (loss) to net cash           106,343      241,031  (134,688)     1,022,529
 provided by operating activities
Net cash provided by operating activities                        116,296      199,609   (83,313)     1,118,231
Cash flows from investing activities
Proceeds from sale of property and securities                     46,791       88,836   (42,045)       449,913
Acquisition of property, plant and equipment                   (181,812)    (150,591)   (31,221)   (1,748,192)
Purchase of securities                                           (9,518)     (45,441)     35,923      (91,519)
(Increase) decrease in investments in affiliates                 (3,631)       22,029   (25,660)      (34,914)
Others                                                          (18,996)     (31,039)     12,043     (182,654)
Net cash used in investing activities                          (167,166)    (116,206)   (50,960)   (1,607,366)
Cash flows from financing activities
Proceeds from long-term debt                                     201,888      212,554   (10,666)     1,941,231
Repayment of long-term debt                                    (126,777)    (222,711)     95,934   (1,219,010)
Increase (decrease) in short-term borrowings                      72,751     (36,040)    108,791       699,529
Dividends paid                                                  (16,368)     (11,420)    (4,948)     (157,385)
Others                                                           (7,724)      (1,154)    (6,570)      (74,269)
Net cash provided by (used in) financing activities              123,770     (58,771)    182,541     1,190,096
Effect of exchange rate changes on cash and cash                   4,603      (7,029)     11,632        44,260
equivalents
Net increase in cash and cash equivalents                         77,503       17,603     59,900       745,221
Cash and cash equivalents at beginning of the period             319,277      327,098    (7,821)     3,069,971
Cash and cash equivalents at end of the period                  Y396,780     Y344,701    Y52,079    $3,815,192



Industry Segment Information
1. Third Quarter ended December 31

                                                                      (Yen in millions, US$ in thousands)

                                            Three months ended December 31
                                  2004(A)      2003(B)       (A)-(B)       (A)/(B)    2004                              
                                                                                                                        
              
Net sales      Digital Products       Y607,538   534,502        73,036        114%  $5,841,711                          
                 
                                         (41%)     (37%)          (4%)                                                  
          
(Share of                                                                                                               
                            
total          Electronic Devices      297,921   337,879       (39,958)        88%   2,864,625
sales)                                                                                                                  
                                         (20%)     (23%)          (-3%)

               Social Infrastructure   335,279   314,432        20,847        107%   3,223,837
                                                                                                                        
                                         (22%)     (22%)            (-)
 
               Home Appliances         158,076   154,082         3,994        103%   1,519,962
                                                                                                                        
                                         (11%)     (11%)            (-)
          
               Others                   88,590   104,965       (16,375)        84%     851,827
                                                                                                                        
                                          (6%)      (7%)          (-1%)

               Total                 1,487,404 1,445,860         41,544       103%  14,301,962
                                                                                                                        
                                        (100%)    (100%)
 
              Eliminations           (117,430) (121,188)          3,758         -  (1,129,135)

              Consolidated         Y1,369,974 1,324,672         Y45,302       103% $13,172,827
                                                                                                                        
                        
Operating     Digital Products         11,204   (7,793)          18,997         -      107,731
income    
(loss)        Electronic Devices        5,182   34,351          (29,169)       15%      49,827
          
              Social Infrastructure   (13,290) (18,066)           4,776         -     (127,789)
          
              Home Appliances          (5,196)    (253)          (4,943)        -      (49,962)
          
              Others                    2,767    5,786           (3,019)       48%      26,606

              Total                       667   14,025          (13,358)        5%       6,413
                                                            
              Eliminations                263        9              254         -        2,529

              Consolidated              Y930   Y14,034         Y(13,104)        7%      $8,942
                                                                                                                        
                                  





2. Nine Months ended December 31

                                                                           (Yen in millions, US$ in thousands)
                                                               Nine months ended December 31
                                                2004(A)          2003(B)        (A)-(B)   (A)/(B)      2004
Net sales       Digital  Products                 Y1,672,407        1,491,295     181,112     112%  $16,080,836
(Share of                                              (37%)            (35%)        (2%)
total sales)    Electronic Devices               981,652              965,346      16,306     102%    9,438,962
                                                       (22%)            (22%)         (-)
                Social  Infrastructure             1,100,634        1,044,466      56,168     105%   10,583,019
                                                       (24%)            (24%)         (-)
                Home  Appliances                     488,059          467,549      20,510     104%    4,692,875
                                                       (11%)            (11%)         (-)
                Others                               268,544          357,826    (89,282)      75%    2,582,154
                                                        (6%)             (8%)       (-2%)
                Total                              4,511,296        4,326,482     184,814     104%   43,377,846
                                                      (100%)           (100%)
                Eliminations                       (359,521)        (393,494)      33,973        -  (3,456,933)
                Consolidated                      Y4,151,775       Y3,932,988    Y218,787     106%  $39,920,913
Operating       Digital  Products                    (1,634)         (35,942)      34,308        -     (15,712)
income          Electronic Devices                   72,603           60,946       11,657     119%      698,106
(loss)          Social  Infrastructure              (21,971)         (33,197)      11,226        -    (211,260)
                Home  Appliances                     (5,203)          (4,962)       (241)        -     (50,029)
                Others                                 6,891           14,993     (8,102)      46%       66,260
                Total                                 50,686            1,838      48,848        -      487,365
                Eliminations                             925              197         728        -        8,895
                Consolidated                         Y51,611           Y2,035     Y49,576        -     $496,260


Notes:    
1) Segment information is based on Japanese accounting standards.
2) Segment sales totals include intersegment transactions.



3. Geographic Segment Information

1. Third Quarter ended December 31

                                             (Yen in millions, US$ in thousands)
                                                              Three months ended December 31
                                                2004(A)          2003(B)        (A)-(B)   (A)/(B)      2004
Net sales       Japan                             Y1,142,694        1,144,502    (1,808)      100%  $10,987,442
(Share of                                              (61%)            (64%)       (-3%)        
total sales)    Asia                                 341,683          309,127      32,556     111%    3,285,414
                                                       (18%)            (17%)        (1%)        
                North America                    208,315              183,736      24,579     113%    2,003,029
                                                       (11%)            (10%)        (1%)       
                Europe                               167,584          139,091      28,493     120%    1,611,385
                                                        (9%)             (8%)        (1%)        
                Others                                17,115           12,033       5,082     142%      164,567
                                                        (1%)             (1%)         (-)       
                Total                              1,877,391        1,788,489      88,902     105%   18,051,837
                                                      (100%)           (100%)                    
                Eliminations                       (507,417)        (463,817)    (43,600)        -   (4,879,010)
                Consolidated                      Y1,369,974       Y1,324,672     Y45,302      103% $13,172,827
Operating       Japan                                (8,905)            5,565    (14,470)        -     (85,625)
income          Asia                                   6,845            6,979       (134)      98%       65,817
(loss)          North America                           4166             3302         864     126%       40,058
                Europe                                    81            (318)         399        -          779
                Others                                    93            (573)         666        -          894
                Total                                  2,280           14,955    (12,675)      15%       21,923
                Eliminations                         (1,350)            (921)       (429)        -     (12,981)
                Consolidated                            Y930          Y14,034   Y(13,104)       7%       $8,942



2. Nine Months ended December 31


                                                                           (Yen in millions, US$ in thousands)
                                 Nine months ended December 31
                                      2004(A)     2003(B)     (A)-(B)  (A)/(B)       2004
                                                                                                                        
                                            
Net sales      Japan                 Y3,534,751   3,447,135    87,616    103%   $33,987,990
(Share of                                                                                                               
                                         (63%)       (66%)     (-3%)       

total          Asia                  1,039,470      867,469   172,001    120%    9,994,904

sales)                                   (18%)       (16%)      (2%)       
           
               North America           557,957      516,830    61,127    112%    5,557,279
                                                                                                                        
                                         (10%)       (10%)       (-)        
   
               Europe                  444,602      357,897    86,705    124%    4,275,019
                                                                                                                        
                                          (8%)        (7%)      (1%)        

               Others                  47,958        42,355     5,603    113%      461,135
                                                                                                                        
                                          (1%)        (1%)       (-)        
          
               Total                5,644,738     5,231,686   413,052    108%   54,276,327
                                                                                                                        
                                        (100%)      (100%)       

               Eliminations        (1,492,963)   (1,298,698) (194,265)      -  (14,355,414)

               Consolidated         Y4,151,775   Y3,932,988  Y218,787    106%  $39,920,913


Operating      Japan                    26,403       (6,780)    33,183      -      253,875

income         Asia                     17,166       10,457      6,709   164%      165,058

(loss)         North America            10,948        3,032      7,916   361%      105,269
          
               Europe                      618      (3,111)      3,729     -         5,942
                                               
               Others                      305      (1,035)      1,340     -         2,933

               Total                    55,440       2,563      52,877     -       533,077

               Eliminations             (3,829)       (528)     (3,301)    -       (36,817) 
              
               Consolidated            Y51,611      Y2,035     Y49,576     -      $496,260

Notes:
1) Segment information is based on Japanese accounting standards.
2) Segment sales totals include intersegment transactions.



Net sales by Region

1. Third Quarter ended December 31

                                                                 (Yen in millions, US$ in thousands)
                                                                Three months ended December 31
                                                  2004(A)       2003(B)       (A)-(B)    (A)/(B)      2004
                 Japan                             Y703,284      Y751,553     Y(48,269)      94%    $6,762,346
                                                      (51%)         (57%)         (-6%)
                 Overseas                           666,690       573,119        93,571     116%     6,410,481
                                                      (49%)        (43%)           (6%)
                 Asia                                224,816       216,098         8,718     104%     2,161,692
                                                      (17%)        (16%)           (1%)
                 North America                       223,240       187,571        35,669     119%     2,146,538
                                                      (16%)        (14%)           (2%)
                 Europe                              173,819       143,828        29,991     121%     1,671,337
                                                      (13%)        (11%)           (2%)
                 Others                               44,815        25,622        19,193     175%       430,914
                                                        (3%)          (2%)          (1%)
Net Sales                                         Y1,369,974    Y1,324,672       Y45,302 103%       $13,172,827
                                                      (100%)        (100%)



2. Nine Months ended December 31

                                             (Yen in millions, US$ in thousands)
                                                                Nine months ended December 31
                                                  2004(A)       2003(B)       (A)-(B)    (A)/(B)      2004
Japan                                             Y2,206,349    Y2,345,437    Y(139,088)      94%   $21,214,894
                                                       (53%)         (60%)         (-7%)
Overseas                                           1,945,426     1,587,551       357,875     123%    18,706,019
                                                       (47%)         (40%)          (7%)
                 Asia                                714,943       606,715       108,228     118%     6,874,452
                                                       (17%)         (15%)          (2%)
                 North America                       618,814       532,381        86,433     116%     5,950,134
                                                       (15%)         (14%)          (1%)
                 Europe                              447,986       366,461        81,525     122%     4,307,558
                                                       (11%)          (9%)          (2%)
                 Others                              163,683        81,994        81,689     200%     1,573,875
                                                        (4%)          (2%)          (2%)
Net Sales                                         Y4,151,775    Y3,932,988      Y218,787     106%   $39,920,913
                                                      (100%)        (100%)


Notes:
1) Segment information is based on Japanese accounting standards.
2) Net sales by region is determined based upon the locations of the customers.



Forward-looking Statement

This announcement contains forward-looking statements concerning Toshibafs
future plans, strategic and performance. These forward-looking statements are
not historical facts, rather they represent assumptions and beliefs based on
economic, financial and competitive data currently available. Furthermore, they
are subject to  a number of risks and uncertainties that, without limitation,
relate to economic conditions, worldwide mega-competition in the electronics
business, customer demand, foreign currency exchange rates, tax rules,
regulations and other factors. Toshiba, therefore, wishes to caution that actual
results may differ materially from our expectations.



For contact: IR Group, Corporate Communications Office, Toshiba Corporation

           Phone: 81 3457 2096   Facsimile: 81 5444 9202

           e-mail:ir@toshiba.co.jp


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            The company news service from the London Stock Exchange