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THK Co Ltd (47WH)

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Monday 16 August, 2004

THK Co Ltd

1st Quarter Results

THK Company Limited
16 August 2004


                                                                                                   August 9, 2004
Consolidated Financial Review for the First Quarter Ended June 30, 2004

Company Name:                                            THK CO., LTD.
Head Office:                                             Tokyo, Japan
URL :                                                    http://www.thk.com
Stock exchange listing:                                  Tokyo Stock Exchange 1ST Section
Code number:                                             6481
Representative:                                          Akihiro Teramachi, CEO and President
Contact:                                                 Kotaro Yoshihara, Director/General Manger Corporate
                                                         Strategy Department Telephone: +81-(0)3-5434-0300

1.Matters relating to prepare quarterly consolidated financial statements
a)   Adoption of simplified accounting method         : Yes
     The company applied the simplified methods to the following points for this reporting
     -calculating the income and business taxes
     -calculating and recognizing standard for allowance items
b)   Changes in the accounting method from the most   : None
     recent fiscal year
c)   Changes in scope of consolidation and            : None
     application of the equity method
d)   No comparison with the 1st quarter of FY03(ended March 31, 2003) are available

2.Consolidated Financial Highlights (Unaudited) Note: All figures are rounded down to nearest million yen.

(1) Consolidated results of operation
                                       Net sales       Operating income     Ordinary income         Net income
First quarter ended June 30, 2004 Millions          % Millions          % Millions          %   Millions          %
First quarter ended June 30, 2003  of yen              of yen              of yen                of yen
                                     37,672      37.8     8,385     190.4     8,867     176.5       5,531     248.5
                                     27,335        -      2,888        -      3,206        -        1,586        -
Year ended March 31, 2004            119,253              16,231              15,892                 8,583

                                  Net income per share   Fully diluted net
                                                         income per share
First quarter ended June 30, 2004                  Yen                  Yen
First quarter ended June 30, 2003        46.79                41.86
                                         13.43                11.84
Year ended March 31, 2004                72.27                63.69
Note: Percentages for net sales, operating income, ordinary income and net income indicated changes from the first
quarter of the previous term.

(2) Consolidated Financial positions
                                      Total assets     Shareholders' equity    Equity ratio      Shareholders' equity
                                                                                                       per share
As of June 30, 2004 As of June         Millions of yen      Millions of yen                   %                     Yen
30, 2003                                195,805              113,109               57.8                 956.84
                                        188,513              102,427               54.3                 867.92
As of March 31, 2004                    191,105              109,181               57.1                 923.35

(Consolidated statements of cash flow)
                                       Net cash provided   Net cash used in   Net cash used in       Cash and cash
                                         by operating         investing          financing       equivalents at end of
                                          activities          activities         activities             period
As of June 30, 2004 As of June 30,        Millions of yen    Millions of yen    Millions of yen         Millions of yen
2003                                         (135)             (1,747)             (891)                54,146
                                             3,085             (2,619)            (9,540)               63,291
As of March 31, 2004                        15,735             (3,681)            (27,132)              57,037

(Reference) Forecasted results for the fiscal year ending March 31, 2005 (April 1, 2004 to March 31, 2005)
                                          Net sales       Operating income    Ordinary income         Net income
Six months ending September 30, 2004     Millions of yen     Millions of yen    Millions of yen         Millions of yen
Year ending March 31, 2005                  74,000             13,500              13,500                7,600
                                           142,000             24,000              24,000               13,600
For reference: Forecasted net income per share for the year ending March 31, 2005: 114.65 yen (Calculated based on
estimated average number of common stock outstanding during the period.)

Note: The company has not changed the forecasted figures which were announced on May 20, 2004.
      However, this release contains forward-looking statements that are based on available data at the time of
      release.
      Some factors could cause actual results to differ from expectations.

(Reference) 1. Non-Consolidated Financial Highlights (Unaudited) Note: All figures are rounded down to nearest million
yen.
(1) Results of operations
                                          Net sales       Operating income     Ordinary income        Net income
First quarter ended June 30, 2004    Millions          % Millions          % Millions          %  Millions           %
First quarter ended June 30, 2003     of yen              of yen              of yen               of yen
                                        31,348      40.0     7,439     114.7     7,940     103.1      4,909      123.8
                                        22,390        -      3,464        -      3,909        -      2,193          -
Year ended March 31, 2004                97,740              16,186              16,099                8,831

                                        Net income per    Fully diluted net
                                            share         income per share
First quarter ended June 30, 2004                    Yen                 Yen
First quarter ended June 30, 2003           41.48               37.12
                                            18.51               16.30
Year ended March 31, 2004                   65.39               74.18
Note: Percentages for net sales, operating income, ordinary income and net income indicated changes from the first
quarter of the previous term

(2) Financial position
                                         Total assets       Shareholders'       Equity ratio     Shareholders' equity
                                                               equity                                  per share
As of June 30, 2004 As of June 30,       Millions of yen     Millions of yen                  %                     Yen
2003                                       186,873             109,718              58.7                927.11
                                           178,531             99,124               55.5                837.55
As of March 31, 2004                       181,983             105,760              58.1                893.23

2. Forecasted results for the fiscal year ending March 31, 2005 (April 1, 2004 to March 31, 2005)
                                          Net sales       Operating income    Ordinary income         Net income
Six months ending September 30, 2004     Millions of yen     Millions of yen    Millions of yen         Millions of yen
Year ending March 31, 2005                  61,000             12,500              12,500                7,200
                                           115,000             22,000              22,000               12,700
For reference: Forecasted of net income per share for the year ending March 31, 2005: 106.89Yen (Calculated based on
estimated average number of common stock outstanding during the period.)

Note: The company has not changed the forecasted figures which were announced on May 20, 2004.
      However, this release contains forward-looking statements that are based on available data at the time of
      release.
      Some factors could cause actual results to differ from expectations.




                                     Consolidated Balance Sheets (Unaudited)



                                                                                                      (Millions of yen)
                                As of  June 30, 2004    As of  June 30, 2003 Increase (Decrease)   As of  March 30, 2004

                          Amount     Compo-sition Amount  Compo-sition Amount     Rate of    Amount     Compo-sition
                                                                                        change
        Assets                                     %                    %                     %                       %
           Current assets
             Cash on hand and       53,695               57,272                 (3,576)      (6.2)     56,550
             in bank
             Notes and accounts     52,384               38,365                  14,019       36.5     46,285
             receivable-trade
             Short-term                450                6,919                 (6,469)     (93.5)        516
             investment in
             securities
             Inventories            23,657               23,219                     438        1.9     23,108
             Other                   5,154                3,834                   1,319       34.4      4,246
           Total current assets    135,341         69.1 129,611         68.8      5,730        4.4    130,706       68.4
           Fixed assets
             Tangible fixed         42,779         21.8  42,481         22.5        297        0.7     42,982       22.5
             assets
             Intangible fixed        1,358          0.7   1,829          1.0      (471)     (25.8)      1,482        0.8
             assets
             Investments and        16,325          8.4  14,591          7.7      1,734       11.9     15,933        8.3
             other
           Total Fixed assets       60,463         30.9  58,902         31.2      1,561        2.7     60,398       31.6
           Total assets            195,805        100.0 188,513        100.0      7,291        3.9    191,105      100.0
           Liabilities
           Current liabilities
             Notes and accounts     27,500               18,869                   8,630       45.7     24,219
             payables-trade
             Short-term debt             -                1,795                 (1,795)    (100.0)          -
             Current portion of          -               14,905                (14,905)    (100.0)          -
             long-term debt
             Other current          13,511                9,081                   4,430       48.8     16,098
             liabilities
           Total current            41,012         20.9  44,651         23.7    (3,639)      (8.2)     40,318       21.1
           liabilities
           Long-term
           liabilities
             Bonds                  38,000               38,000                       -          -     38,000
             Other long-term         3,304                3,119                     185        5.9      3,247
             liabilities
           Total long-term          41,304         21.1  41,119         21.8        185        0.5     41,247       21.6
           liabilities
           Total liabilities        82,316         42.0  85,770         45.5    (3,454)      (4.0)     81,565       42.7
           Minority
           interests
             Minority                  378          0.2     315          0.2         63       20.2        357        0.2
             interests
           Shareholders' equity
             Common stock           23,106         11.8  23,106         12.3          -          -     23,106       12.0
             Capital surplus        30,962         15.8  30,962         16.4          -          -     30,962       16.2
             Earned surplus         60,430         30.9  49,348         26.2     11,081       22.5     55,836       29.2
             Net unrealized            713          0.4   (142)        (0.1)        855    (600.9)        721        0.4
             gain (loss) on
             other securities
             Foreign currency        (775)        (0.4)     819          0.4    (1,595)    (194.6)      (120)      (0.0)
             translation
             adjustments
             Treasury stock        (1,326)        (0.7) (1,667)        (0.9)        340     (20.4)    (1,324)      (0.7)
           Total shareholders'     113,109         57.8 102,427         54.3     10,682       10.4    109,181       57.1
           equity
           Total liabilities,      195,805        100.0 188,513        100.0      7,291        3.9    191,105      100.0
           minority interest
           and shareholders'
           equity
           Note: All figures are rounded down to nearest million yen.



                               Consolidated Statements of Income  (Unaudited)



                                                                                            (Millions of yen)
                                            Three months     Three months    Increase        Year ended March
                                            ended June 30,   ended June 30,  (Decrease)      31, 2004
                                            2004             2003
                                            Amount  Ratio to Amount Ratio to Amount Rate of  Amount  Ratio to
                                                       net             net          change             net
                                                    sales           sales                            sales
                                                          %               %               %                 %
                   Net sales                 37,672  100.0   27,335  100.0   10,336   37.8   119,253   100.0

                   Cost of sales             22,825   60.6   18,526   67.8    4,298   23.2    77,932    65.4

                   Gross                     14,846   39.4    8,808   32.2    6,038   68.5    41,321    34.6
                   profit

                   Selling, general and     6,460     17.2    5,920   21.7    540      9.1    25,090    21.0
                   administrative expenses
                   Operating income         8,385     22.2    2,888   10.5    5,497  190.4    16,231    13.6

                   Non-operating income       585      1.6    569      2.1     16      2.8   1,070       0.9
                      Interest and             40              61             (20)   (33.5)    147
                      dividends income
                      Other                   545             508              36      7.2     922
                   Non-operating              104      0.3    250      0.9   (146)   (58.5)  1,409       1.2
                   expenses
                      Interest expenses        39             143            (103)   (72.4)    493
                      Other                    64             107             (43)   (40.1)    916
                   Ordinary income          8,867     23.5    3,206   11.7    5,660  176.5    15,892    13.3

                   Extraordinary gain          21      0.1     19      0.0      1      6.2      68       0.1
                   Extraordinary loss          10      0.0    105      0.3    (95)   (90.4)    439       0.4
                   Income before income     8,878     23.6    3,121   11.4    5,757  184.4    15,520    13.0
                   taxes and minority
                   interest
                   Income taxes and other   3,334      8.9    1,529    5.6    1,805  118.1   6,926       5.8

                   Minority                    13      0.0      5      0.0      7    145.3      10       0.0
                   interests in
                   loss (gain) of
                   consolidated
                   subsidiaries
                   Net income               5,531     14.7    1,586    5.8    3,944  248.5   8,583       7.2

                   Note: All figures are rounded down to nearest million yen.



                                Consolidated Statements of Retained Earnings



                                                                                            (Millions of yen)
                                                                              Three      Three      Year ended
                                                                              months     months     March 31,
                                                                              ended June ended June 2004
                                                                              30, 2004   30, 2003
                                                                              Amount     Amount     Amount
                              Capital surplus
                              Consolidated Capital surplus at beginning of      30,962     30,962     30,962
                              period
                              Consolidated Capital surplus at  end of period    30,962     30,962     30,962
                              Earned surplus
                              Consolidated Earned surplus at beginning of       55,836     48,686     48,686
                              period
                              Increase in earned surplus
                               Net income                                        5,531      1,586      8,583
                              Increase from investment in an affiliate newly         -          -      378
                              accounted for by the equity method
                              Decrease in earned surplus
                              Dividends                                            887        895      1,782
                              Bonuses to directors                                  50         30         30
                              Consolidated Earned surplus at end of period      60,430     49,348     55,836

  Note: All figures are rounded down to nearest million yen.



                           Consolidated Statements of Cash Flows (Unaudited)



                                                                                      (Millions of yen)
                                                                Three months Three months Year ended
                                                                ended June   ended June   March 31, 2004
                                                                30, 2004     30, 2003
                                                                Amount       Amount       Amount
     Operating activities :
          Income before income taxes and minority interest           8,878        3,121         15,520
          Depreciation and amortization                              1,284        1,300          5,566
          Increase (decrease) in accounts and notes receivable      (6,232)      (3,194)       (11,293)
          Increase (decrease) in inventories                          (749)         692            395
          Increase (decrease) in accounts and notes payable          3,425        1,769          7,337
          Other                                                       (318)       1,039            655
          Subtotal                                                   6,287        4,730         18,182
          Income taxes paid                                         (6,423)      (1,645)        (2,446)
     Net cash provided by operating activities                        (135)       3,085         15,735
     Investing activities :
          Payments for purchases of tangible fixed assets,          (1,774)      (1,624)        (5,415)
          marketable securities and investment securities

          Proceeds from sales of tangible fixed assets,                 12           48          2,782
          marketable securities and investment securities
          Other                                                         15       (1,043)        (1,048)
     Net cash used in investing activities                          (1,747)      (2,619)        (3,681)
     Financing activities :
          Increase (decrease) in short-term bank loans                    -      (1,757)        (3,303)
          Increase (decrease) in long-term debt                           -      (5,781)       (20,932)
          Other                                                       (891)      (2,000)        (2,895)
     Net cash used in  financing activities                           (891)      (9,540)       (27,132)
     Effect of exchange rate changes on cash and cash                 (116)        (167)          (418)
     equivalents
     Net increase(decrease) in cash and cash equivalents            (2,891)      (9,241)       (15,496)
     Cash and cash equivalents, beginning of period                 57,037       72,533         72,533
     Cash and cash equivalents, end of period                       54,146       63,291         57,037

     Note: All figures are rounded down to nearest million yen.


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