Honda Q1 Sales

Press Release From Honda Motor Co.:

Tokyo, Japan - Honda Motor Co., Ltd., Tokyo, Consolidated net income for the fiscal first quarter ended June 30, 2003 totaled $850 million, a decrease of 5.4% from the same period in 2002.

Basic net income per Common Share for the quarter amounted to $0.88, compared to $0.92 for the same period in 2002. Two of Honda's American Depositary Shares represent one Common Share.
Unit sales in all Honda's business categories, namely motorcycles, automobiles and power products, increased for the quarter and consolidated net sales and other operating revenue (herein referred to as "revenue") totaled a record high $16.763 billion, an increase of 3.7% over the corresponding period in 2002.

Revenue included currency translation effects, which had a negative impact. Honda estimates that had the exchange rate of the yen remained unchanged from the same period in 2002, revenue for the quarter would have increased by approximately 8.2%.

Honda's motorcycle sales during the fiscal first quarter increased 9.5% to 2,001,000 units, due mainly to strong sales in Asian countries. However, revenue decreased 4.1%, to $2.016 billion due to the appreciation of the yen against the U.S. dollar, which had negative currency translation effects.

Consolidated operating income for the first quarter totaled $1.254 billion, a decrease of 12.1% compared to the same period in 2002. Honda says the decrease was primarily due to the appreciation of the yen and an increase in selling, general and administrative (SG&A) expenses, which offset increased revenue, Honda's ongoing cost reduction efforts as well as a decrease of research and development (R&D) expenses.

Consolidated income before income taxes for the quarter totaled $1.235 billion, a decrease of 9.6% from the same period in 2002.
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George Obradovich
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