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Canon’s Profits Slip, But Forecasts Record-Breaking 2005 Earnings

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October 27, 2005 - Despite a 9.3 percent drop in quarterly operating profit and a 1.1 percent drop in net profit, Canon predicts that the last quarter of 2005 will yield a record net profit of 384 billion yen ($3.3 billion), up from an earlier estimate of 367 billion yen. Canon also estimates that sales of digital cameras will be largely responsible; it said that they now expect to sell 16.9 million units in 2005, rather than 16.8, thanks in part to their popular DSLRs and IXY ultra compact cameras (not available in the US).

"The IXY model sold well without steep discounts," said Canon Senior Managing Director Toshizo Tanaka at a press conference.

Canon is also considering their third quarter sales in this new estimate; though operating profits dropped, sales rose to 878.50 billion yen, an increase of 5 percent. Canon also projects that its sales for the whole year will reach an unprecedented 3.74 trillion yen ($32 billion) this year, rather than the previously suspected 3.68 trillion yen.

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