Pentax 2002 Annual Report Download - page 7

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Outlook
In the first half of the fiscal year ending March 31, 2003, it is predicted that markets will take a mild
upswing, but will enter a period of little or no growth in the second half. Rapid changes such as those
seen in the fiscal year under review are not expected. However, as mentioned above, a variety of struc-
tural changes will be seen. We must be prepared to respond to fluctuations in the markets as well as
advances in technological development.
In accordance with these changes, the Company will be required to alter its existing businesses.
Hoya believes that the changes to its business structure implemented in the fiscal year ended March 31,
2002 will allow the Company to remain highly competitive in this endlessly shifting economic environment.
At the same time, it is essential that the Company enter new fields of business. The creation of
new business to drive revenue growth is a perennial topic, and the Company must not neglect the
reform of its business portfolio. Noteworthy in this connection are the investments Hoya is making in
the development of next-generation products in the Information Technology field. Development of
next-generation products in fiber-optic communications is progressing, but there will be some time
before that market recovers. Still, fiber optics has significant potential, and may evolve into one of the
Company’s principal engines of growth.
Hoya’s growth in sales and income was interrupted by the deteriorating external conditions in
the fiscal year under review. At the same time, however, our speed in grasping changes in the environ-
ment and our employment of the complementary characteristics of the two internal companies to
enhance efficiency allowed us to ameliorate the downturn to some extent.
Hoya continues to implement the best and most appropriate policies possible to support rev-
enue maintenance and growth. We ask the continued support of our shareholders in this endeavor.
June 21, 2002
Hiroshi Suzuki, President and CEO
tion and marketing locations, the balance of investments, and R&D from a global, medium- to long-
term standpoint, we must boost our competitiveness and break with our past mindset, taking a manage-
ment posture that holds the maintenance and growth of revenues to be indispensable. Our commence-
ment of these reforms was a significant achievement in fiscal 2002. The implementation of structural
reforms will continue indefinitely.
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