THK Co Ltd

1st Quarter Results

THK Company Limited
11 August 2003




    Consolidated Financial Results for the First Quarter Ended June 30, 2003
                                                                                                         August 11, 2003

Tokyo, Japan - August 11, 2003 - THK CO., LTD. (Akihiro Teramachi, President and CEO; Tokyo Stock Exchange 6481)
reported its consolidated results in Japanese GAAP for the first quarter ended June 30, 2003.
Consolidated Financial Highlights (Unaudited)
                                                                                                       (Millions of yen)

                                                      First quarter ended June 30,    FY 2002 ended March 31, 2003
                                                                  2003
1. Consolidated Results of Operations
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Net sales                                                                     27,335                          94,599
Operating income                                                               2,888                           4,893
Ordinary income                                                                3,206                           4,827
Net income                                                                     1,586                           1,891
Net income per share (yen)                                                     13.41                           15.65
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2. Consolidated Financial Position                               As of June 30, 2003            As of March 31, 2003
--------------------------------------------------------------------------------------------------------------------
Total assets                                                                 188,513                         193,197
Total shareholders' equity                                                   102,427                         102,478
Total shareholders' equity/total assets                                        54.3%                           53.0%

Shareholders' equity per share (yen)                                          867.92                          860.80
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3. Consolidated Statements of Cash Flows                First quarter ended June 30,    FY 2002 ended March 31, 2003
                                                                                2003
--------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                      3,085                          16,012
Net cash used in investing activities                                         -2,619                          -3,909
Net cash used in financing activities                                         -9,540                           5,423
Cash and cash equivalents                                                     63,291                          72,533
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Notes to the Financial Information:

There was no change of accounting policy during the reporting period: from April 1 to June 30, 2003.
The company applied the simplified methods to the following points for this reporting:
1) calculating the income and business taxes
2) calculating and recognizing allowance for bad debts
No comparisons with the first quarter results of the previous year are available.

Supplementary Information

The following tables show financial information for the three months ended June 30, 2003, which are announced by the
Company.
Note that figures are in accordance with the Japanese GAAP and not audited.
1. Consolidated Balance Sheets
                                                                                                       (Millions of yen)

                                                      First quarter    Composition    FY 2002 ended    Composition
                                                         ended             %         March 31, 2003        %
                                                      June 30, 2003
                                                     ----------------                ----------------
Assets
Current assets                                                129,611           68.8          135,613           70.2
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  Cash and bank deposits                                       57,272                          66,459
  Accounts and notes receivables-trade                         38,365                          35,063
  Short-term investment in securities                           6,919                           7,003
  Inventories                                                  23,219                          23,747
  Other current assets                                          3,834                           3,339
Fixed assets                                                   58,902           31.2           57,583           29.8
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  Tangible assets                                              42,481           22.5           42,390           21.9
  Intangible assets                                             1,829            1.0            1,925            1.0
  Other                                                        14,591            7.7           13,266            6.9
Deferred assets                                                     -              -                0            0.0
--------------------------------------------------------------------------------------------------------------------
Total assets                                                  188,513          100.0          193,197          100.0
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Liabilities
Current liabilities                                            44,651           23.7           48,149           24.9
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  Accounts and notes payables-trade                            18,869                          16,960
  Short-term bank loans                                         1,795                           5,712
  Current portion of long-term debt                            14,905                          17,348
  Other current liabilities                                     9,081                           8,127
Long-term liabilities                                          41,119           21.8           42,259           21.9
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  Bonds                                                        38,000                          38,000
  Other long-term liabilities                                   3,119                           4,259
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Total liabilities                                              85,770           45.5           90,409           46.8
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Minority interests                                                315            0.2              309            0.2
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  Common stock                                                 23,106           12.2           23,106           12.0
  Capital surplus                                              30,962           16.4           30,962           16.0
  Retained earnings                                            49,348           26.1           48,686           25.2
  Net unrealized gain on other securities                        -142           -0.0             -355           -0.2
  Foreign currency translation adjustments                        819            0.4              481            0.2
  Treasury stock, at cost                                      -1,667           -0.8             -403           -0.2
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Total shareholders' equity                                    102,427           54.3          102,478           53.0
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Total liabilities, minority interests & shareholders'          188,513          100.0          193,197          100.0
equity
--------------------------------------------------------------------------------------------------------------------

2. Consolidated Statements of Income
                                                                                                       (Millions of yen)

                                                      Q1/FY2003          % to            FY2002             % to
                                                     April - June     net sales     April '02             net sales
                                                         2003                        -  March '03

                                                                                                                        
                 ----------------                -------------------
Net sales                                                    27,335          100.0              94,599          100.0
Cost of sales                                                18,526           67.8              66,646           70.5
---------------------------------------------------------------------------------------------------------------------
Gross profit                                                  8,808           32.2              27,953           29.5
Selling, general and administrative expenses                  5,920           21.7              23,060          24.3
---------------------------------------------------------------------------------------------------------------------
Operating income                                              2,888           10.5               4,893            5.2
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Non-operating income                                            569            2.1               1,226            1.3
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    Interest and dividend income                                 61                                218
    Other                                                       508                              1,007
Non-operating expenses                                          250            0.9               1,291            1.4
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    Interest expense                                            143                                888
    Other                                                       107                                403
Ordinary income                                               3,206           11.7               4,827            5.1
---------------------------------------------------------------------------------------------------------------------
Extraordinary income                                             19            0.0                  56            0.0
Extraordinary loss                                              105            0.3               1,287            1.3
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Income before income taxes and minority interests             3,121           11.4               3,596            3.8
Income taxes                                                  1,529            5.6               1,773            1.8
Minority interests in loss of consolidated                        5            0.0                 -68           -0.0
subsidiaries
---------------------------------------------------------------------------------------------------------------------
Net income                                                    1,586            5.8               1,891            2.0
---------------------------------------------------------------------------------------------------------------------

Scope of consolidation:
The number of consolidated companies: 13
The number of equity method applied affiliated company: 1
There was no change in the number of consolidated companies or equity method applied affiliated company in the scope.

3. Consolidated Statements of Cash Flows
                                                                                                       (Millions of yen)
                                                                     Q1/FY2003                    FY 2002
                                                                 April - June 2003         April '02 -  March '03
                                                               ---------------------       ----------------------
Operating activities:
    Income before income taxes and minority interests                             3,121                        3,596
    Depreciation and amortization                                                 1,300                        6,163
    Increase/(decrease) in accounts and notes receivable                         -3,194                      -10,253
    Increase/(decrease) in inventories                                              692                        2,502
    Increase/(decrease) in accounts and notes payable                             1,769                        5,220
    Other                                                                          -605                        8,782
--------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities                                         3,085                       16,012
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Investing activities:
    Payments for purchase of investments in securities or                        -1,624                       -5,968
fixed assets
    Proceeded from sales of investments in securities or                             48                        1,580
fixed assets
    Other                                                                        -1,043                          477
--------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                            -2,619                       -3,909
--------------------------------------------------------------------------------------------------------------------
Financing activities:
    Increase/(decrease) in short-term bank loans                                 -1,757                       -2,887
    Increase/(decrease) in long-term debt                                        -5,781                       10,118
    Other                                                                        -2,000                       -1,807

    Net cash used in financing activities                                        -9,540                        5,423
--------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash                                    167                            0
equivalents
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents                             -9,241                       17,526
--------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, beginning of year                                     72,533                       55,007
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Cash and cash equivalents, end of year                                           63,291                       72,533
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4. Projected earnings for the Fiscal Year ending March 31, 2004
Consolidated basis                                                                                     (Millions of yen)
                                             Six months ending              Year ending March 31, 2004
                                            September 30, 2003
                                    ----------------------------        ----------------------------
-----------------------------------------------------------------------------------------------------------
Net sales                                                        51,600                             104,000
Operating income                                                  4,300                               9,000
Ordinary income                                                   4,300                               8,900
Net income                                                        2,350                               4,850
Net income per share (yen)                                            -                               40.80
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Stand-alone basis                                                                                     (Millions of yen)
                                             Six months ending              Year ending March 31, 2004
                                            September 30, 2003
                                    ----------------------------        ----------------------------
-----------------------------------------------------------------------------------------------------------
Net sales                                                        41,000                              83,000
Operating income                                                  4,400                               9,000
Ordinary income                                                   4,500                               9,200
Net income                                                        2,550                               5,200
Net income per share (yen)                                            -                               43.64
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The Company has not changed the projected figures which were announced on May 19, 2003.

Notice regarding forward looking statements

This release contains forward looking statements based on management's assumptions, estimates, and projections
at the time of release. The company cautions readers that actual results may differ materially from those projected or
implied in forward-looking statements made by or on behalf of the Company due to a variety of important factors, such
as, but are not limited to the risks and uncertainty associated with world wide economy, competitive activity, and
currency fluctuation.

Contact for Additional Information

Kotaro Yoshihara
Director/General Manager
Corporate Strategy Department
Phone: +81-3-5434-0300
Website: www.thk.co.jp



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