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THK Co Ltd (47WH)

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Monday 16 February, 2004

THK Co Ltd

3rd Quarter Results

THK Company Limited
16 February 2004


FOR IMMEDIATE RELEASE (PROVISIONAL TRANSLATION)

Consolidated financial results for the third quarter ended December 31, 2003

Tokyo, Japan - February 13, 2004 - THK CO., LTD. (Akihiro Teramachi, President and CEO;Tokyo Stock Exchange 6481)
reported its consolidated results in Japanese GAAP for the third quarter ended December 31, 2003.

Net sales for the nine month period ended December 31, 2003 are 85,933 million yen. Solid sales growth in the domestic
machine tools and general machinery sectors including chip mounter machine and injection molding machine were mainly
responsible for driving revenue. Increased third quarter sales in the electronic sector were also evident. Outside Japan
sales growth in Asian market remained consistently solid due to LCD related manufactures demands. Sales in Europe and
the United States are showing gradual improvement.

Consolidated financial highlights (unaudited)
                                                                                                    (Millions of yen)

                                                    Nine months ended December 31,       For the year ended March 31,
                                                                              2003                               2003
1. Consolidated results of operations

Net sales                                                                   85,933                             94,599
Operating income                                                            11,473                              4,893
Ordinary income                                                             11,263                              4,827
Net income                                                                   6,067                              1,891
Net income per share - EPS (yen)                                             51.35                              15.65


                                                           As of December 31, 2003               As of March 31, 2003
2. Consolidated financial positions

Total assets                                                               183,398                            193,197
Total shareholders' equity                                                 106,255                            102,478
Total shareholders' equity ratio (%)                                         57.9%                              53.0%

Book value per share (yen)                                                  900.34                             860.80


                                                    Nine months ended December 31,       For the year ended March 31,
                                                                              2003                               2003
3. Consolidated statements of cash flows

Net cash provided by operating activities                                   11,961                             16,012
Net cash used in investing activities                                      (3,654)                            (3,909)
Net cash provided by (used in) financing                                  (26,945)                              5,423
activities
Cash and cash equivalents at end of period                                  53,638                             72,533



Notes to the financial information: There was no change of accounting policy during the reporting period: from April 1
to December 31, 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 some allowance items No comparisons with the
third quarter results of the previous year are available. Scope of consolidation: The number of consolidated companies:
14 The number of equity method applied affiliated companies: 2 Change in the scope of consolidation: 1 additional
consolidated subsidiary and 1 additional equity method applied company: The investment in SAMICK LMS CO., LTD. has been
accounted for by the equity method and the account of THK FRANCE S.A.S. has been included in the scope of consolidation
from the beginning of the nine month period ended December 31, 2003. All figures in these statements which are less than
1 million yen have been rounded down. This is summarized and translated information that the Company posted to the Tokyo
Stock Exchange in accordance with their rules that governs the disclosure of financial information. The Company makes
available free of change on the website its financial information. These information translated in English language will
be disclosed as soon as reasonably practicable after disclosing materials in Japanese language. In the event of any
deviations to these translated materials due to a different language translation, the Japanese language should prevail
in all respects.

Supplementary information

The following tables show financial information for the nine months ended December 31, 2003 which are announced by the
Company. Note that figures are in accordance with Japanese GAAP and unaudited.

1. Consolidated balance sheets
                                                                                                  (Millions of yen)

                                      Nine months ended      Composition %   For the year ended       Composition %
                                      December 31, 2003                          March 31, 2003
Assets
Current assets                                  123,690                67.4             135,613                70.2
Cash and bank deposits                           53,387                                  66,459
Accounts and notes receivables -                 42,800                                  35,063
trade
Short-term investments in                           280                                   7,003
securities
Inventories                                      23,084                                  23,747
Other current assets                              4,137                                   3,339
Fixed assets                                     59,707                32.6              57,583                29.8
Property, plant and equipment                    42,695                23.3              42,390                21.9
Intangible fixed assets                           1,579                 0.9               1,925                 1.0
Other fixed assets                               15,432                 8.4              13,266                 6.9
Deferred assets                                       -                   -                   0                 0.0
Total assets                                    183,398               100.0             193,197               100.0
Liabilities
Current liabilities                              35,625                19.4              48,149                24.9
Accounts and notes payables -                    22,946                                  16,960
trade
Short-term bank loans                               200                                   5,712
Current portion of long-term debt                     -                                  17,348
Other current liabilities                        12,479                                   8,127
Long-term liabilities                            41,172                22.5              42,259                21.9
Bonds                                            38,000                                  38,000
Other long-term liabilities                       3,172                                   4,259
Total liabilities                                76,798                41.9              90,409                46.8
Minority interest                                   345                 0.2                 309                 0.2
Common stock                                     23,106                12.6              23,106                12.0
Additional paid-in capital                       30,962                16.8              30,962                16.0
Retained earnings                                53,320                29.0              48,686                25.2
Net unrealized gain on other                        464                 0.3               (355)               (0.2)
securities
Foreign currency translation                       (47)               (0.0)                 481                 0.2
adjustments
Treasury stock                                  (1,551)               (0.8)               (403)               (0.2)
Total shareholders' equity                      106,255                57.9             102,478                53.0
Total liabilities, minority                     183,398               100.0             193,197               100.0
interest & shareholders' equity


2. Consolidated statements of income
                                                                                                   (Millions of yen)

                                      Nine months ended      % to net sales  For the year ended      % to net sales
                                      December 31, 2003                          March 31, 2003

Net sales                                        85,933               100.0              94,599               100.0
Cost of sales                                    56,129                65.3              66,646                70.5
Gross profit                                     29,804                34.7              27,953                29.5
Selling, general and                             18,331                21.4              23,060                24.3
administrative expenses
Operating income                                 11,473                13.3               4,893                 5.2
Non-operating income                                679                 0.8               1,226                 1.3
Interest and dividend income                         98                                      18
Other                                               580                                   1,007
Non-operating expenses                              889                 1.0               1,291                 1.4
Interest expenses                                   384                                     888
Other                                               504                                     403
Ordinary income                                  11,263                13.1               4,827                 5.1
Extraordinary income                                 64                 0.0                  56                 0.0
Extraordinary loss                                  270                 0.3               1,287                 1.3
Income before income taxes and                   11,057                12.8               3,596                 3.8
minority interest
Income Taxes                                      4,953                 5.8               1,773                 1.8
Minority interest in (income)/loss                   36                 0.0                (68)               (0.0)
of consolidated subsidiaries
Net income                                        6,067                 7.0               1,891                 2.0

3. Consolidated statements of retained earnings
                                                                                                    (Millions of yen)

                                                    Nine months ended December 31,       For the year ended March 31,
                                                                              2003                               2003

Additional paid-in capital
At beginning of period                                                      30,962                             30,962
At end of period                                                            30,962                             30,962

Retained earnings
At beginning of period                                                      48,686                             48,585
Net income                                                                   6,067                              1,891
Increase from investment in an affiliate
newly accounted for by the equity method                                       378                                  -
Cash dividends                                                             (1,782)                            (1,790)
Director's bonuses                                                            (30)                                  -
At end of period                                                            53,320                             48,686

4. Consolidated statements of cash flows
                                                                                                    (Millions of yen)

                                                    Nine months ended December 31,       For the year ended March 31,
                                                                              2003                               2003

Operating activities:
Income before income taxes and minority interest                            11,057                              3,596
Depreciation and amortization                                                4,084                              6,163
Increase/(decrease) in accounts and notes                                  (7,802)                           (10,253)
receivable
Increase/(decrease) in inventories                                             435                              2,502
Increase/(decrease) in accounts and notes payable                            6,062                              5,220
Other                                                                      (1,876)                              8,782
Net cash provided by operating activities                                   11,961                             16,012
Investing activities:
Payments for purchase of investments in securities                         (3,802)                            (5,968)
or fixed assets
Proceeded from sales of investments in securities                            1,223                              1,580
or fixed assets
Other                                                                      (1,075)                                477
Net cash used in investing activities                                      (3,654)                            (3,909)
Financing activities:
Increase/(decrease) in short-term bank loans                               (3,310)                            (2,887)
Increase/(decrease) in long-term debt                                     (20,741)                             10,118
Other                                                                      (2,893)                            (1,807)
Net cash provided by (used in) financing                                  (26,945)                              5,423
activities
Effect of exchange rate changes on cash and cash                             (256)                                  0
equivalents
Net increase/(decrease) in cash and cash                                  (18,895)                             17,526
equivalents
Cash and cash equivalents at beginning of period                            72,533                             55,007
Cash and cash equivalents at end of period                                  53,638                             72,533


5. Forecasted results for the fiscal year ending March 31, 2004

Consolidated (group)
                                                                                                    (Millions of yen)

                                                                                   For the year ending March 31, 2004

Net sales                                                                                                     116,000
Operating income                                                                                               14,400
Ordinary income                                                                                                13,700
Net income                                                                                                      7,100
Forecasted net income per share - EPS (yen)                                                                     59.85

Stand-alone (parent)
                                                                                                    (Millions of yen)

                                                                                   For the year ending March 31, 2004

Net sales                                                                                                      95,000
Operating income                                                                                               15,500
Ordinary income                                                                                                15,000
Net income                                                                                                      8,300
Forecasted net income per share - EPS (yen)                                                                     69.81

The Company has not changed the forecasted figures which were announced on November 19, 2003.

Notice regarding forward looking statements

This release contains forward looking statements based on the management's assumptions, estimates, and projections at
the time of release. The Company cautions readers that actual results may differ materially from those forecasted 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                

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