RNS Number:1547O
Toshiba Corporation
30 July 2003

FOR IMMEDIATE RELEASE

July 30, 2003



                     Toshiba Announces Consolidated Results

           for the First Quarter of Fiscal Year Ending in March 2004



TOKYO--Toshiba Corporation today announced its consolidated results for the
first quarter (April-June) of fiscal year (FY) 2003 to March 2004.

1) General Overview of the First Quarter of FY 2003

The first quarter of fiscal year 2003 opened under a cloud of uncertainty about
the impact of the war in Iraq on the U.S. economy and the impact of SARS on
Asian markets. Signs of economic recovery emerged as the quarter progressed, but
the overall business environment remained severe, as global deflation continued,
corporate capital expenditure failed to gain momentum, and domestic consumption
remained sluggish.



In Electronic Devices, sales of NAND flash memory saw robust growth, though
total segment sales declined slightly, due to the transfer of cathode-ray tube
business to a joint venture. Sales of Digital Products declined 34.9 billion yen
against the same period a year ago, largely as a result of lower sales from
personal computers in overseas markets, despite increased unit sales. Social
Infrastructure saw sales decline by 36 billion yen from the year-earlier period,
on sluggish sales for plant maintenance in Japan and declines in sales of power
equipment in North America. The sector's decrease also reflected the transfer of
the power transmission and distribution business to a joint venture.



Toshiba's overall consolidated sales were 1,117.2 billion yen (US$9,310
million), a decrease of 73.9 billion yen from the same period of the previous
year. Of this decline, 60%, approximately 41.5 billion yen, was attributable to
transfers of businesses from the parent company to joint ventures or other
companies that are not consolidated in Toshiba's results.



Operating income (loss) declined by 15 billion yen from a year earlier to minus
41.3 billion yen (minus US$344 million). Electronic Devices increased operating
income by 13.1 billion yen against the year-earlier period, but operating income
for Digital Products declined by 20 billion yen, largely as a result of
significant sales price erosion. Social Infrastructure and Home Appliances also
saw operating income (loss) decline.

2) Breakdown by Industry Segment

Digital Products:

           Net Sales                   Operating Income (Loss)
     431.1       (-7%)                  -17.3          (-20.0)

(billion yen; figures in parenthesis indicate year-on-year comparison)



Domestic sales of personal computers were flat compared to the same period a
year ago and decreased significantly overseas, largely as a result of severe
price erosion that could not be offset by increased unit sales both in Japan and
overseas. Sales of television sets also declined, as prices of projection
televisions substantially fell in North America and domestic sales declined.
Overall sales of cellular phones increased slightly over the same period a year
ago, as cellular phones with cameras saw growth in Japan that compensated for
lower sales in North America.



Electronic Devices:


           Net Sales                   Operating Income (Loss)
     287.0       (-3%)                   7.0           (+13.1)

(billion yen; figures in parenthesis indicate year-on-year comparison)



Semiconductor sales increased 7 billion yen over the same period a year ago to
192.5 billion yen, on the strength of continued healthy demand for NAND flash
memory and growing demand for multi-chip packages memories for cellular phones.
Sales of LCDs increased 11.2 billion yen to 67.6 billion yen, thanks to growth
in the area of Toshiba's main product focus, small- to medium-size high
resolution low temperature polysilicon LCDs.



The decline in net sales reflects the absence of the cathode-ray tube business,
which has been transferred to a joint venture with Matsushita Electric
Industrial Co., Ltd. In the same period last year, the CRT business contributed
sales of 23.5 billion yen. Net sales from other businesses reported in the
segment actually increased by approximately 15 billion yen against the same
period a year ago. Segment operating income increased by 13.1 billion yen, as
operating income from semiconductors climbed by 13.6 billion yen to 15.9 billion
yen.



Social Infrastructure:


           Net Sales                   Operating Income (Loss)
     265.7       (-12%)                 -32.2          (-3.8)

(billion yen; figures in parenthesis indicate year-on-year comparison)



Sales of Industrial and Power Systems & Services decreased by 45.2 billion yen
against the same period a year ago to 121.8 billion yen. Demand for upgrades and
maintenance of power plants in Japan remained sluggish, and sales of thermal
power plant in North America were lower. The net sales decline also reflects a
12 billion yen reduction resulting from the transfer of the power transmission
and distribution business to TM T&D Corporation, a joint venture with Mitsubishi
Electric Corporation.



e-Solutions decreased 1.4 billion yen in sales from the year-earlier period to
49.7 billion yen, due to lower sales to customers in banking, government and
public infrastructure. In Medical Systems, sales of multi-slice CT system and
diagnostic X-ray equipment increased from the same period in previous year.
Sales of elevators and escalators saw slight decrease.



Overall operating income (loss) for the segment as a whole decreased by 3.8
billion yen, on declines in Industrial and Power Systems & Services and
e-Solutions and despite increases in Medical Systems and Elevators and
Escalators.



Home Appliances:


           Net Sales                   Operating Income (Loss)
     155.9       (-3%)                   -1.5          (-4.0)

(billion yen; figures in parenthesis indicate year-on-year comparison)



A decline in net sales and operating income is largely attributable to sluggish
demand and price erosion in air conditioners and refrigerators.



3) Forecast for FY2003

The consolidated forecast for FY2003 remains unchanged from the projection
released on April 25, 2003.





Note: For convenience only, all dollar figures used in reporting fiscal year
2003 first quarter results are valued at 120 yen to the dollar.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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