3rd Quarter & 9 Mths Results

Maruwa Co Ld
8 February 2002


  MARUWA                                                                                        February 8th,2002
  3-83, Minamihonjigahara-cho,Owariasahi-city, Aichi-pref.,488-0044, Japan

  FOR IMMEDIATE RELEASE

  Nagoya -   MARUWA Co.,Ltd  today announced its consolidated business results for
  the 3rd quarter of fiscal 2002, the nine-month period ended December 31,2001 is as follows;-

  Note : Statements of income are unaudited.

  Consolidated

  1. Financial highlights
                                                                                                       (JPY million)
                                  Current 1st to 3rd Qt           Previous 1st to 3rd Qt        Changes
                                  from  1st.Apr. 2001             from  1st.Apr. 2000
                                  to    31st.Dec.2001             to    31st.Dec.2000
                                  Amount          % per sales     Amount         % per Sales    Amount         %
  Net sales                       7,422           100.0%          12,253         100.0%         (4,831)        -39%
  Cost of sales                   5,838           78.7%           7,984          65.2%          (2,146)        -27%
  Gross profit                    1,584           21.3%           4,269          34.8%          (2,685)        -63%
  SG&A expenses                   1,609           21.7%           1,335          10.9%          274            21%
  Operating income                (25)            -0.3%           2,934          23.9%          (2,959)        -101%
  Other income                    145             2.0%            92             0.8%           53             58%
  Income before income taxes      120             1.6%            3,026          24.7%          (2,906)        -96%
  Net income                      (87)            -1.2%           3,449          28.1%          (3,536)        -103%

  2. Current Annual Trend - Total
                                                                                                (JPY million)
                                  1st Qt          2nd Qt          3rd Qt         4th Qt         Total
  Net sales                       3,276           2,094           2,052          0              7,422
  Cost of sales                   2,399           1,929           1,510          0              5,838
  Gross profit                    877             165             542            0              1,584
  SG&A expenses                   548             540             521            0              1,609
  Operating income                329             (375)           21             0              (25)
  Other income                    133             (12)            24             0              145
  Income before income taxes      462             (387)           45             0              120
  Operating income                397             (373)           (111)          0              (87)

  3. Sales breakdown
                                                                                 (JPY million)
                                  Current         Previous        Changes        Changes %
                                  1st to 3rd Qt   1st to 3rd Qt
  Circuit Ceramic Products        2,783           5,785           (3,002)        -52%
  Machinery Ceramic Products      863             1,199           (336)          -28%
  High Frequency Products         839             978             (139)          -14%
  Capacitor Products              2,937           4,291           (1,354)        -32%
  Total                           7,422           12,253          (4,831)        -39%

  4. Current Annual Trend - Sales breakdown
                                                                                              (JPY million)
                                  1st Qt          2nd Qt          3rd Qt         4th Qt         Total   Composit.ratio
  Circuit Ceramic Products        1,537           669             577            0              2,783          37.5%
  Machinery Ceramic Products      318             247             298            0              863            11.6%
  High Frequency Products         221             315             303            0              839            11.3%
  Capacitor Products              1,200           863             874            0              2,937          39.6%
  Total                           3,276           2,094           2,052          0              7,422          100.0%

  End.



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