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Message from the President
Annual Report 2003 1
Kazuo Kashio,
President and CEO
Income Rebounds
In fiscal 2003, ended March 31, 2003, private capital spending was on a down-
trend, stock prices flagged, and few signs of a pickup in economic activity
emerged in Japan. The economies of other industrialized nations were also
generally stagnant. Consumer spending in the United States, for example,
deteriorated in fiscal 2003, undermining the strength of the economy. In
Europe, the economies of Germany, France, and other nations were sluggish.
Overall, the global economic environment remained challenging.
To steer through the current business environment, the Casio Group boost-
ed revenues and increased profitability through activities focused on three
strategic businesses: timepieces, digital cameras, and Mobile Network Solutions
(MNS). By focusing on these three key target markets, we enhanced product
appeal and significantly upgraded value added in a variety of ways. As a result,
net sales for fiscal 2003 climbed 15.3% year on year, to ¥440,567 million.
To ensure sales translated into healthy profit performance, Casio reorgan-
ized its business structure to boost management efficiency overall, improve
capital efficiency, and extensively cut fixed costs. Operating income rose to
¥17,914 million in fiscal 2003, up ¥28,332 million compared with the previous
fiscal year. Net income for fiscal 2003 jumped to ¥5,647 million, up ¥30,575
million over the loss in fiscal 2002.