Tokyo: April 28, 2000 --- Fujitsu Limited, the global leader in Internet-based information technology solutions, today reported consolidated net
sales of 5.26 trillion yen for fiscal year 1999 (April 1, 1999 - March
31, 2000). Converted into dollars*, this represents approximately
$49.6 billion, and is essentially unchanged from the 5.24 trillion yen
recorded for the previous fiscal year.
Despite some improvement in Japanese consumer spending on PCs, strong
economies in the US and Europe, and healthier economic conditions in
Asia, growth in consolidated net sales was restrained due to such
factors as the slow pace of overall economic recovery in Japan and
Y2K-related constraints on IT investment worldwide. While these
conditions adversely impacted results in the services & software and
information processing sectors, strong US demand for fiber optic
transmission systems and robust sales of flash memory and logic ICs
helped drive double-digit increases in sales of communications systems
and electronic devices, respectively
Despite lower sales in information processing and services & software
due to the aforementioned factors, as well as price erosion in the
small form factor hard disk drive business, vigorous cost-cutting
efforts and the return of the company's semiconductor operations to
profitability helped boost consolidated operating income to 150.0
billion yen ($1.4 billion), up 13% over the previous fiscal year.
Moreover, while negatively impacted by retirement benefit restructuring
costs as well as the influence of the high yen, a reduction in
extraordinary losses and other factors enabled a recovery in
consolidated net income to 42.7 billion yen ($403 million), versus a
consolidated net loss of 13.6 billion yen in fiscal 1998.
* Note: all yen figures have been converted to U.S. dollars for convenience only at a uniform rate of $1 = 106 yen.
Full tables and Supplementary Figures - see Investor Relations.