Reports $24.5 billion in net sales; $1.589 billion in net income
For Canon USA, a subsidiary of Canon, Inc., 2002 was a "very good year." With more than $25 billion in net sales, their year-over-year increase was 1.1% over fiscal year 2001. More significantly, net income was up 13.8% with a total of more than $1.5 billion. Operating profit also advanced, improving 22.9% over fiscal year 2001. But it was the fourth-quarter revenues that really helped push Canon over the edge "? net income was 100% higher than fourth quarter in 2001.
"We achieved double-digit growth in both operating profit and net income, despite the difficult economic climate," says Toshizo Tanaki, Senior Managing Director and Group Executive for Finance an Accounting Headquarters. "Boosted by this strong performance, we are able to report not only our third consecutive year of sales and profit growth, but also record annual sales and profits."
Do you equate Canon with cameras? Well, you're not alone because Canon expects a 36.6% sales increase in digital camera sales in 2003. "On a volume basis to 2002, we (Canon) aim to increase our worldwide share to 25%," notes Tanaki. (Canon, Inc., Lake Success, NY: www.canon.com)