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HITACHI RELEASES CONSOLIDATED FINANCIAL RESULTS

 TOKYO, Nov. 25 /PRNewswire/ -- Hitachi, Ltd. (NYSE: HIT) announced today that it registered sales of 3,733,107 million yen ($35,553 million) during the half year ending Sept. 30, a 1 percent decrease from the same period a year earlier.
 These consolidated business results are for Hitachi, Ltd. and its 838 subsidiaries, including 224 overseas corporations.
 Hitachi attributed the lower sales primarily to the sluggish Japanese economy. Net income decreased by 23 percent to 30,629 million yen ($292 million). This was mainly due to lower demand resulting from decreases in private investment in plant and equipment and the slow pace of consumer spending in Japan. Additionally, overseas operations were adversely affected by the unexpectedly rapid appreciation of the yen.
 In Information Systems & Electronics, semiconductors did well, buoyed by strong demand for memories. Sales of computers, however, were slowed by the deferring of investment in equipment by companies and the appreciation of the yen.
 In Power & Industrial Systems, the steady level of demand for power resulted in growth in sales of power systems. Combined with major shipments of industrial systems during the term, this enabled the sector to register an improvement compared with the preceding year.
 A slump in sales of air conditioners due to a cool summer, together with the impact the strong yen had on video equipment in overseas markets, caused a downturn in Consumer Products. Stagnant demand also resulted in lower sales in the Materials & Others sector.
 The company spent 239,069 million yen ($2,277 million) on research and development, 6 percent less than in the same period last year. R&D expenditures as a percentage of sales decreased from 6.8 percent to 6.4 percent.
 During the half year period, Hitachi's plant and equipment investment amounted to 357,369 million yen ($3,404 million), an increase of 17 percent from the same period a year earlier. Top priority was given to the electronics sector.
 All figures were converted at the rate of 105 yen equals US$1, the approximate exchange rate on the Tokyo Foreign Exchange Market on Sept. 30.
 HITACHI, LTD.
 Consolidated Financial Statements
 For the Half Year Ended Sept. 30, 1993
 Income Statements
 (105 Yen equals US$1)
 Yen U.S. Dollars Percent Increase
 (millions) (millions) (Decrease)
 Half years ended 1993 1992 1993 1992
 Net sales 3,733,107 3,764,871 35,553 35,856 (1)
 Cost of sales 2,715,405 2,704,220 25,861 25,755 0
 SG&A expenses 927,117 949,443 8,829 9,042 (2)
 Operating income 90,585 111,208 863 1,059 (19)
 Other income 61,250 78,201 583 745 (22)
 Other deductions 45,985 76,491 438 729 (40)
 Income before
 income taxes 105,850 112,918 1,008 1,075 (6)
 Income taxes 68,691 64,897 654 618 6
 Minority interests 3,560 8,215 34 78 (57)
 Cumulative effect
 of acctg. change(A) 2,970 -- 28 -- --
 Net income 30,629 39,806 292 379 (23)
 Net income per share 9.07 11.67 0.09 0.11 (22)
 (yen and dollars)
 NOTE: (A) Cumulative effect to April 1, 1993, of application of SFAS 109, Accounting for Income Taxes.
 Balance Sheets
 Percent
 9/30/93 3/31/93 9/30/93 3/31/93 Increase
 (Decrease)
 Current assets 5,583,809 5,674,670 53,179 54,045 (2)
 Noncurrent
 receivables and
 restricted funds 165,464 185,130 1,576 1,763 (11)
 Investments and
 advances 414,418 436,614 3,947 4,158 (5)
 Property, plant
 and equipment 2,297,731 2,203,834 21,883 20,989 4
 Other assets 272,799 247,523 2,598 2,357 10
 Total assets 8,734,221 8,747,771 83,183 83,312 0
 Current
 liabilities 3,415,072 3,554,815 32,524 33,855 (4)
 Noncurrent
 liabilities 1,718,894 1,591,356 16,370 15,156 8
 Minority interests 655,161 661,442 6,240 6,299 (1)
 Stockholders'
 equity 2,945,094 2,940,158 28,049 28,002 0
 Liabilities and
 stockholders'
 equity 8,734,221 8,747,771 83,183 83,312 0
 Segment Information
 Yen
 Half years ended (millions)
 Sept. 30, 1993 1992
 Information Systems
 & Electronics 1,271,499 (31 pct.) 1,328,169 (32 pct.)
 Power and
 Industrial
 Systems 1,251,389 (31) 1,178,259 (29)
 Consumer Products 414,673 (10) 464,333 (11)
 Materials & Others 1,139,947 (28) 1,160,106 (28)
 Subtotal 4,077,508 (100) 4,130,867 (100)
 Eliminations (344,401) -- (365,996) --
 Total 3,733,107 -- 3,764,871 --
 Overseas Sales 834,100 (22) 922,258 (24)
 U.S. Dollars
 Half years ended (millions)
 Sept. 30 1993 1992
 Information Systems
 & Electronics 12,109 12,649
 Power & Industrial Systems 11,918 11,222
 Consumer Products 3,949 4,422
 Materials & Others 10,857 11,049
 Subtotal 38,833 39,342
 Eliminations (3,280) (3,486)
 Total 35,553 35,856
 Overseas Sales 7,944 8,783
 NOTE: Starting form this term, sales of Hitachi Credit Corporation and its subsidiaries are included in the Materials & Others segment information. Figures of each segment for fiscal 1992 have been adjusted to reflect this reclassification.
 Forecast For Fiscal 1993
 Net sales Income Before Net income
 Income Tax
 Millions of Yen 7,300,000 210,000 60,000
 Millions of
 U.S. Dollars 69,524 2,000 571
 HITACHI, LTD. AND SUBSIDIARIES
 Consolidated Financial Statements
 For The Half Year Ended Sept. 30, 1993
 The consolidated financial statements presented herein are expressed in yen, and solely for the convenience of the reader, have been translated into United States dollars at the rate of 105 yen equals U.S.$1, the approximate exchange rate as of Sept. 30, 1993.
 Summary
 In millions of yen and U.S. dollars, except net income per share and net income per American Depositary Share.
 The half years ended Sept. 30, 1993 and 1992.
 Yen U.S. Dollars (A)/(B)
 (millions) (millions) X100
 First Half First Half First Half First Half
 1993(A) 1992(B) 1993 1992
 Net sales 3,733,107 3,764,871 35,553 35,856 99
 Income before
 income taxes 105,850 112,918 1,008 1,075 94
 (33,599) (320) (84)
 Net income 30,629 39,806 292 379 77
 (9.91) (0.09) (85)
 Net income per
 share 9.07 11.67 0.09 0.11 78
 (99) (0.94) (85)
 Net income per ADS
 (representing
 10 shares) 91 117 0.87 1.11 78
 Total
 assets 8,734,221 8,788,453 83,183 83,700 99
 NOTE: Figures in parentheses denote net income and net income per share before cumulative effect of accounting change.
 Consolidated Statements of Income
 The half years ended Sept. 30, 1993 and 1992
 Yen U.S. Dollars (A)/(B)
 1993(A) 1992(B) 1993 1992 X100
 First half First half First half First half
 Net sales 3,733,107 3,764,871 35,553 35,856 99
 Cost of
 sales 2,715,405 2,704,220 25,861 25,755 100
 Gross profit 1,017,702 1,060,651 9,692 10,101 96
 Selling, general &
 admin. 927,117 949,443 8,829 9,042 98
 Operating
 income 90,585 111,208 863 1,059 81
 Other income 61,250 78,201 583 745 78
 (Interest and
 dividends) 54,247 75,735 516 721 72
 (Other) 7,003 2,466 67 24 284
 Other
 deductions 45,985 76,491 438 729 60
 (Interest) 40,847 59,309 389 565 69
 (Other) 5,138 17,182 49 164 30
 Income before
 income taxes 105,850 112,918 1,008 1,075 94
 Income taxes 68,691 64,897 654 618 106
 Income taxes
 before minority
 interests 37,159 48,021 354 457 77
 Minority
 interests 3,560 8,215 34 78 43
 Income before
 cumulative effect
 of accounting
 change 33,599 39,806 320 379 84
 Cumulative effect
 of accounting
 change(A) 2,970 -- 28 -- --
 Net income 30,629 39,806 292 379 77
 NOTE: (A) Cumlative effect to April 1, 1993 of application of SFAS 109, Accounting for Income Taxes.
 Consolidated Balance Sheets
 Yen $U.S. (A)/ Pct.
 (millions) (millions) (B) to
 As of As of X Total
 9/30/93 3/31/93 9/30/93 3/31/93 100 (A)
 Total assets 8,734,221 8,747,771 83,183 83,312 100 100
 Current assets 5,583,809 5,674,670 53,179 54,045 98 64
 Cash (1) 1,255,230 1,220,827 11,955 11,627 103 14
 Marketable
 securities (2) 832,978 786,551 7,933 7,491 106 10
 Trade receivables
 (Notes and
 accounts) 1,684,678 1,766,456 16,044 16,823 95 19
 Inventories 1,513,075 1,605,178 14,410 15,288 94 17
 Other current
 assets 297,848 295,658 2,837 2,816 101 4
 Noncurrent
 receivables and
 restricted funds 165,464 185,130 1,576 1,763 89 2
 Investments and
 advances 414,418 436,614 3,947 4,158 95 5
 Property, plant
 and equipments 2,297,731 2,203,834 21,883 20,989 104 26
 Other assets 272,799 247,523 2,598 2,357 110 3
 Liabilities and
 stockholders'
 equity 8,734,221 8,747,771 83,183 83,312 100 100
 Current
 liabilities 3,415,072 3,554,815 32,524 33,855 96 39
 Short-term bank
 loans and current
 installments of
 long-term debt 893,470 928,163 8,509 8,839 96 10
 Trade payables
 (notes and
 accounts) 856,933 887,757 8,161 8,455 97 10
 Other current
 liabilities 1,664,669 1,738,895 15,854 16,561 96 19
 Noncurrent
 liabilities 1,718,894 1,591,356 16,370 15,156 108 20
 Minority
 interests 655,161 661,442 6,240 6,299 99 7
 Stockholders'
 equity 2,945,094 2,940,158 28,049 28,002 100 34
 Capital 270,923 270,918 2,580 2,580 100 3
 Capital surplus 437,456 436,819 4,166 4,161 100 5
 Legal reserve
 and retained
 earnings 2,299,437 2,287,422 21,900 21,785 101 27
 Foreign currency
 translation
 adjustments (62,722) (55,001) (597) (524) (-) (1)
 (1) and (2) -- "Cash" and "marketable securities" include balance of "cash and cash equivalents" 1,353,744 million yen ($12,893 million) and 1,368,270 million yen ($13.031 million) at Sept. 30, 1993, and March 31, 1993, respectively.
 SEGMENT INFORMATION
 The half years ended Sept. 30, 1993 and 1992.
 (1) Sales by Industry Segments
 Yen $U.S. (A)/(B)
 (millions) (millions) X100
 First half First half
 1993(A) 1992(B) 1993 1992
 Information systems
 and electronics 1,271,499 1,328,169 12,109 12,649 96
 (31 pct.) (32 pct.)
 Power and industrial
 systems 1,251,389 1,178,259 11,918 11,222 106
 (31 pct.) (29 pct.)
 Consumer products 414,673 464,333 3,949 4,422 89
 (10 pct.) (11 pct.)
 Materials and others 1,139,947 1,160,106 10,857 11,049 98
 (28 pct.) (28 pct.)
 Subtotal 4,077,508 4,130,867 38,833 39,342 99
 (100 pct.) (100 pct.)
 Eliminations (344,401) (365,996) (3,280) (3,486) (-)
 Total 3,733,107 3,764,871 35,553 35,856 99
 Note: Starting from this term, sales of Hitachi Credit Corporation and its subsidiaries are included in the Materials and Others segment information. Figures of each segment for fiscal 1992 have been adjusted to reflect this reclassification.
 (2) Sales by market
 Domestic sales 2,899,007 2,842,613 27,609 27,073 102
 (78 pct.) (76 pct.)
 Overseas sales 834,100 922,258 7,944 8,783 90
 (22 pct.) (24 pct.)
 Total 3,733,107 3,764,871 35,553 35,856 99
 (100 pct.) (100 pct.)
 -0- 11/25/93
 /CONTACT: Ken Mizoguchi, 914-333-2902, or Lisa Karasic, 212-614-4312, both for Hitachi/
 (HIT)


CO: Hitachi Ltd. ST: IN: CPR SU: ERN

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Date:Nov 25, 1993
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