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Canon Net Sales Rise in Q3

Canon Net Sales Rise in Q3

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October 26, 2006 *– Canon Inc. reported today its net sales rose 12.5 percent in the third quarter due to digital camera and laser printer sales.

In the three-month quarter starting July and ending Sept. 30, Canon reported net sales of 988 billion yen ($8.37 billion USD), up from 878 billion yen ($7.41 billion) this time last year, according to a Canon Consolidated Results report released today.

"Within the camera segment, demand for digital single-lens reflex (SLR) cameras and compact digital cameras continued to realize healthy growth during the term," stated the Canon report.

Canon’s digital camera sales increased by 30 percent year-over-year. Since its release in August, the consumer EOS Digital Rebel XTi DSLR has been well received. Canon’s PowerShot SD700 IS, PowerShot SD630, and PowerShot SD600 Digital ELPH point-and-shoots, introduced in February, have also been in "healthy demand,' according to the Canon report. Other factors of the rising net sales include significant sales of interchangeable lenses.

The successful sales also translated into higher net income for the manufacturer. Canon reported its net income of 115.6 billion yen ($976 million), up from last year’s third quarter net income at 100.6 billion yen ($849 million).

Despite a skeptical outlook on the world’s economy with raw material costs, crude oil prices, exchange rates, and rising conflicts in the Korean Peninsula, according to the Canon report, the manufacturer reinforced its predictions for the 2006 fiscal year, forecasting consolidated sales of 4,140 billion yen ($35 billion). Canon has already reached 2,940 billion yen ($24.8 billion).

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