Bridgestone Corporation announces 1994 results.

TOKYO--(AutomotiveWire)--Feb. 27, 1995--Bridgestone Corporation announced today that its consolidated, or worldwide, group sales in 1994 totaled 1,595,086 million Yen, dipping a slight 0.3 percent from the 1993 figure of 1,599,163 million Yen.

In dollar terms, sales increased from US$14,278 million (at 112 Yen = $1, the exchange rate at the end of 1993) to US$15,950 million (at 100 Yen = $1, the 1994 year-end rate).

Consolidated operating profit in 1994 increased 32.7 percent to 123,666 Yen ($1,236 million) from 1993's 93,162 million Yen ($831 million), while consolidated recurring profit bounded 105.2 percent, from 37,345 million Yen ($333 million) to 76,622 million Yen ($766 million).

Consolidated net earnings after tax grew 12.3 percent to reach 31,863 million Yen ($318 million), compared to 28,385 million Yen, ($253 million). Net earnings per share increased 11.2 percent in 1994, from 36.77 Yen from 40.87 Yen.

Bridgestone forecasts that consolidated sales for 1995 will total 1,640,000 million Yen ($16.4 billion at $1 = 100 Yen), recurring profit will amount to 90,000 million Yen ($900 million) and net earnings after tax will reach 45,000 million Yen ($450 million). Net earnings per share based on consolidated results in 1995 are forecast to increase to 57.73 Yen.

By industry segment, tire sales were 1,195,895 million Yen ($11,958 million), accounting for 75.0 percent of consolidated sales, and non-tire sales were 399,190 million Yen ($3,991 million).

By geographic segments, consolidated sales in Japan totaled 802,458 million Yen ($8,024 million), and accounted for 50.3 percent of the total. Consolidated sales outside Japan were 792,627 million Yen ($7,926 million). (Sales figures in Japan are those of Bridgestone Corporation and Japan-based subsidiaries to third parties. Sales figures outside Japan are those of foreign-based subsidiary companies to third parties).

Total overseas sales, including sales of foreign subsidiaries and export sales of Bridgestone Corporation and its Japan-based subsidiaries to third parties, amounted to 861,372 million Yen ($8,613 million), or 54.0 percent of consolidated sales.

Bridgestone's principal overseas subsidiary, Nashville-based Bridgestone/Firestone, Inc. (BFS), achieved sales of $5.67 billion, an 11 percent increase from $5.11 billion in 1993, reflecting higher market share and increased overall demand for tires in North and South America. BFS also benefited from sales growth and improved profitability in its non-tire operations, and achieved net earnings of $29 million.

Bridgestone/Firestone Europe (BFE) increased sales in dollar terms by almost 9 percent to $1.41 billion, and doubled net earnings to $31 million.

Bridgestone forecasts BFS sales in 1995 of $6.1 billion and net earnings of $50 million. BFE is expected to record sales of $1.5 billion and net earnings of $40 million.

Bridgestone Corporation, headquartered in Tokyo, is the world's largest tire and rubber company, and produces a complete line of tires which account for 75 percent of its sales worldwide. It also manufactures a wide range of diversified products, including industrial rubber and chemical products and sporting goods. Bridgestone products are sold in more than 150 nations and territories around the world.

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      Bridgestone Corporation - Consolidated Results and Forecasts

Japanese Yen (Y) millions

                      Operating      Recurring       Net Earnings
            Sales       Profit         Profit          After Tax

12/93     1,599,163     93,162         37,345            28,385
12/94     1,595,086    123,666         76,622            31,863
12/95F    1,640,000          -         90,000            45,000

          Bridgestone/Firestone, Inc. - Results and Forecasts

U.S. dollar ($) millions

            Sales      Net Earnings
                         After Tax

12/93       5,112            6
12/94       5,673           29
12/95F      6,100           50

CONTACT: Bridgestone/Firestone, Inc., Nashville

Trevor Hoskins, 615/872-1410

Alan Halbert, 615/872-1463

or 1-800-851-7000