MATSUSHITA REPORTS MARCH 2004 ANNUAL RESULTS - V-products, cost reduction efforts spur earnings increase - Consolidated group sales for fiscal 2004 edged up 1%, to 7,479.7 billion yen(U.S.$71.92 billion), from 7,401.7 billion yen in the previous fiscal year. The mainreasons cited by the company in explaining fiscal 2004 results were strong sales of “Vproducts,” particularly digital audiovisual (AV) products, cellular phones and factory automation (FA) equipment, which were sufficient to offset sales declines in the Components and Devices and JVC categories. Of the consolidated group total,domestic sales increased 1% to 3,477.5 billion yen ($33.44 billion), compared with 3,453.8 billion yen a year ago. Overseas sales were up by the same 1%, to 4,002.2billion yen ($38.48 billion), from 3,947.9 billion yen in fiscal 2003. Excluding the effects of currency translation, overseas sales increased 4% from a year ago on a local currency basis1.

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