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Fujifilm Gains Revenue and Name Change in H1

Fujifilm Gains Revenue and Name Change in H1, Net Income Down in H1, Second Foundation, Vision 75

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November 1, 2006 – Fujifilm Holdings Corp. reported yesterday increased revenue and decreased net income after undergoing corporate structural changes in the first half of the fiscal year 2007. Fuji reported marketing and operational plans under its new holding company name.

The first half of the fiscal year, ending Sept. 30, showed a rise in revenue of 1.35 trillion yen ($11.5 billion USD) for the first two quarters, up from 1.3 trillion yen ($11.1 billion) this time last year. Net income, however, dropped to 23.8 billion yen ($203.4 million) from 33.1 billion yen ($282.7 million) last year.

As part of what Fuji calls the "Second Foundation" structural changes, Fuji underwent corporate names changes and management reform this year, according to yesterday's press release. Fujifilm also recently adopted a new corporate philosophy: "Our overarching aim is to help enhance the quality of life of people worldwide."

"The entire Fujifilm Group is transforming its operations and structure," stated the release. The Fujifilm Group shifted to a holding company structure and changed its name to Fujifilm Holdings Corp. and will be responsible for imaging and printing. In addition, Fuji Photo Film, Inc. was renamed Fujifilm Manufacturing U.S.A., Inc. As well as making cameras, the company also manufactures office devices and medical imaging equipment.

In April 2006, Fuji announced a revised VISION 75 management plan to end in March 31, 2009, the year of Fuji’s 75th anniversary. VISION 75 calls for "consolidated management," including personnel reductions and optimizing existing resources. Fuji accelerated imaging sectors to broaden demand for CTP (computer-to-plate) devices, flat panel displays, office devices, and medical equipment. Fuji this year also further promoted digital camera campaigns and the print-at-retail market.

While color film sales dropped 11.8 percent from the first half, Fuji’s color paper sales increased due to an improved print-at-retail market.

Fuji also reported strong sales with the FinePix F30 and FinePix Z3 digital cameras. To combat the North American digital camera price war, Fuji reported that the company will further promote their digital cameras with high ISO sensitivity ranges and face detection technology.

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