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HITACHI POSTS LOWER PROFITS ON FLAT SALES

 HITACHI POSTS LOWER PROFITS ON FLAT SALES
 TOKYO, May 28 /PRNewswire/ -- Hitachi, Ltd. (NYSE: HIT) today


announced that its consolidated sales for fiscal 1991, which ended March 31, 1992, came to 7,765,545 million yen, ($58,388 million), more or less unchanged from the previous year, while net income came to 127,611 million yen ($959 million), a decrease of 45 percent. Net income per share decreased to 36.91 yen ($0.28) from the preceding year's figure of 65.96 yen ($0.50).
 This decrease can be attributed to a bleak economic operating climate brought about by the recessions in the U.S. and Europe and the slowdown in Japan's economy, price reductions in the computer market caused by intensified competition and the sluggish pace of demand for semiconductors and consumer products. The results are for 822 companies, including Hitachi, Ltd., 799 subsidiaries and 22 affiliates.
 In Information Systems & Electronics, the sluggish pace of computer and semiconductor sales resulted in slower growth. On an overall basis, Power & Industrial Systems registered steady growth, helped by the good results turned in by industrial systems-related products. In Consumer Products, the slow pace of consumer spending in Japan, combined with the effects of the economic recession in the United States and Europe, kept sales below the preceding year's level. In Materials & Others, there was little growth, especially in the cable, metals and chemicals categories.
 The company spent 519,525 million yen ($3,906 million) on research and development. This is 6 percent more than in the preceding year, and is equivalent to 6.7 percent of total sales, up from 6.3 percent a year earlier. Amid these severe conditions, investment in plant and equipment amounted to 757,389 million yen ($5,695 million), 3 percent less than in the preceding year. Most of this investment was channeled into the company's electronic's-related area of business.
 All figures were converted at the rate of 133 yen equal US$1, the approximate exchange rate on the Tokyo Foreign Exchange Market on March 31, 1992.
 HITACHI, LTD.
 CONSOLIDATED FINANCIAL STATEMENTS
 FOR THE YEAR ENDED MARCH 31, 1992
 (133 Yen equal US$1)
 Income Statements
 Pct. Incr.
 1992 1991 1992 1991 (Decr.)
 (Yen in millions) ($US in millions)
 Net sales 7,765,545 7,736,961 58,388 58,173 0
 Cost of sales 5,488,738 5,417,159 41,269 40,731 1
 S,G&A expenses 1,924,780 1,813,383 14,472 13,634 6
 Operating income 352,027 506,419 2,647 3,808 (30)
 Other income 187,798 204,917 1,412 1,541 (8)
 Other deductions 164,943 149,263 1,240 1,123 11
 Income before
 income taxes 374,882 562,073 2,819 4,226 (33)
 Income taxes 219,336 290,450 1,649 2,184 (24)
 Minority interests 27,935 41,438 211 311 (33)
 Net income 127,611 230,185 959 1,731 (45)
 Net income per share
 (yen and dollars) 36.91 65.96 0.28 0.50 (44)
 BALANCE SHEETS
 1992 1991 1992 1991
 Current assets 5,849,555 5,750,956 43,982 43,240 2
 Noncurrent receivables
 and restricted funds 172,427 155,680 1,296 1,171 11
 Investments and advances 436,498 420,178 3,282 3,159 4
 Property, plant
 and equipment 2,169,107 1,985,726 16,309 14,930 9
 Other assets 230,323 213,581 1,732 1,606 8
 Total assets 8,857,910 8,526,121 66,601 64,106 4
 Current liabilities 3,741,643 3,694,332 28,133 27,777 1
 Noncurrent liabilities 1,540,537 1,411,130 11,583 10,610 9
 Minority interests 657,779 609,518 4,946 4,583 8
 Stockholders' equity 2,917,951 2,811,141 21,939 21,136 4
 Liabilities and
 stockholders' equity 8,857,910 8,526,121 66,601 64,106 4
 Net Sales by Product Category
 (Yen in millions)
 1992 (percent) 1991 (percent)
 Information Systems
 and Electronics 2,920,815 (34) 2,781,351 (34)
 Power & industrial systems 2,459,352 (29) 2,357,892 (28)
 Consumer products 1,066,588 (12) 1,107,388 (13)
 Materials & others 2,105,379 (25) 2,100,870 (25)
 Subtotal 8,552,134 (100) 8,347,501 (100)
 Eliminations (786,589) (-) (610,540) (-)
 Total 7,765,545 (-) 7,736,961 (-)
 Overseas sales 1,843,993 (24) 1,855,390 (24)
 1992 1991 Pct. Incr.
 (Decrease)
 ($US in millions)
 Information Systems
 and Electronics 21,961 20,912 5
 Power & industrial systems 18,491 17,729 4
 Consumer products 8,020 8,326 (4)
 Materials & others 15,830 15,796 0
 Subtotal 64,302 62,763 2
 Eliminations (5,914) (4,590) (-)
 Total 58,388 58,173 100
 Overseas sales 13,865 13,950 (1)
 Operating Income by Product Category
 1992 (percent) 1991 (percent)
 (Yen in millions)
 Information systems
 & electronics 136,992 (39) 239,354 (47)
 Power & industrial systems 126,797 (36) 127,366 (25)
 Consumer products (14,611) (-4) 13,380 (3)
 Materials & others 102,849 (29) 126,319 (25)
 Total 352,027 (100) 506,419 (100)
 1992 1991 Pct. Incr.
 (Decrease)
 ($US in millions)
 Information systems
 & electronics 1,030 1,800 (43)
 Power & industrial systems 954 958 0
 Consumer products (110) 100 (-)
 Materials & others 773 950 (19)
 Total 2,647 3,808 (30)
 Forecast for fiscal 1992 Net sales Recurring Profit Net Income
 Millions of yen 7,800,000 315,000 110,000
 Millions of U.S. dollars 58,647 2,368 827
 -0- 5/28/92
 /CONTACT: Charlie Naito of Hitachi, (81-33) 258-2055, or Steve Silber of Burson-Marsteller, 212-614-5112, for Hitachi/
 (HIT) CO: Hitachi Ltd. ST: IN: CPR SU: ERN


PS-OS -- NY002 -- 4578 05/28/92 09:01 EDT
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