Hitachi Net Earnings Down 79% Feb 3, 2006

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Hitachi Ltd. said today that it recorded net income of 5.4 billion yen (approx. U.S. $47 million) with revenue of 2.258 trillion yen (approx. $19.1 billion) in its third quarter, ended December 31, 2005, for its fiscal year 2005. Sales were up 6 percent compared to the previous year, but net income fell 79 percent.

Hitachi reported that revenue for the quarter, compared to the previous year, was down 1 percent in its Electronic Devices business, up 6 percent in its Information & Telecommunications Systems business, and up 11 percent in its Digital Media & Consumer Products business. Earnings were impacted by hard disk drive and computer losses and by pension accounting changes.

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