RNS Number:0682S
Nipro Corporation
14 November 2003


                                                               November 14, 2003



To Whom It May Concern:



                               Company name:   NIPRO CORPORATION
                               Representative: Minoru Sano, President 
                                               and Representative Director
                               (Code No: 8086 at the 1st Section of TSE and OSE)
                               Contact:        Akihiko Yamabe, Director, General
                                               Manager of Accounting Division
                                               (Phone: +81 (0)6 6372 2331)





   Notification of Revision of Projections for Business Results and Dividends



In view of the recent business performance and other factors, we hereby announce
that we have revised the projections for the business results and dividends,
which we announced on May 22, 2003.  The new projections are as follows:



1. Revisions of the Projections for the Consolidated Results for the Six-Month 
   Period of the Fiscal Year Ending March 31, 2004 (From April 1, 2003 to
   September 30, 2003)


                                                      (Unit: Millions of yen, %)
                                        Net Sales    Recurring       Net Income
                                                     Income
Previous Projections (A)                 96,000          6,900         3,650
Revised Projections (B)                  92,029          4,234         1,887
Increase (Decrease) (B-A)                (3,971)        (2,666)       (1,763)
Increase (Decrease) in Percent             (4.1)         (38.6)        (48.3)
(For reference)                          89,408          5,500         2,592
Six-Month Results for the Previous
Fiscal Year


2. Revisions of the Projections for the Non-consolidated Results for the
   Six-Month Period of the Fiscal Year Ending March 31, 2004 (From April 1, 2003
   to September 30, 2003)


                                                      (Unit: Millions of yen, %)
                                        Net Sales    Recurring       Net Income
                                                     Income
Previous Projections (A)                 51,500          5,250         2,750
Revised Projections (B)                  50,579          2,990         1,400
Increase (Decrease) (B-A)                  (921)        (2,260)       (1,350)
Increase (Decrease) in Percent             (1.8)         (43.0)        (49.1)
(For reference)                          49,566          4,450         2,525
Six-Month Results for the Previous
Fiscal Year



3. Revisions of the Projections for the Consolidated Results for the Fiscal Year
   Ending March 31, 2004 (From April 1, 2003 to March 31, 2004)


                                                      (Unit: Millions of yen, %)
                                   Net Sales     Recurring Income   Net Income
Previous Projections (A)            197,000           14,000           7,500
Revised Projections (B)             187,000            9,200           4,150
Increase (Decrease) (B-A)           (10,000)          (4,800)         (3,350)
Increase (Decrease) in Percent         (5.1)           (34.3)          (44.7)
(For reference)                     180,369           11,397           5,077
Results for the Previous Fiscal
Year

        (For reference) Projected Earnings Per Share: 63.48 yen





4. Revisions of the Projections for the Non-consolidated Results for the Fiscal 
   Year Ending March 31, 2004 (From April 1, 2003 to March 31, 2004)


                                                      (Unit: Millions of yen, %)
                                   Net Sales     Recurring Income   Net Income
Previous Projections (A)            105,000           10,900           5,800
Revised Projections (B)             103,000            8,000           4,100
Increase (Decrease) (B-A)            (2,000)          (2,900)         (1,700)
Increase (Decrease) in Percent         (1.9)           (26.6)          (29.3)
(For reference)                     100,664            8,851           4,105
Results for the Previous Fiscal
Year

        (For reference) Projected Earnings Per Share: 62.74 yen





5. Revisions of the Projections for Dividends



                            Interim          Year-End        Total
                            Dividends        Dividends       Dividends
                            per Share        per Share       per Share
Previous Projections        21.50 yen        24.00 yen       45.50 yen
(May 22, 2003)
Revised Projections         11.00 yen        20.00 yen       31.00 yen

(For Reference)             
Dividends paid per Share
for the Previous Fiscal     21.00 yen        11.00 yen       32.00 yen
Year




6. Reasons for the Revisions

(1) Revisions of the Projections for the Consolidated Results for the
    Six-Month Period of the Fiscal Year Ending March 31, 2004

Net Sales is lower than that of the previous projections, mainly due to the
delays in the openings of new stores and the effects of bad weathers, which
affected the Supermarket Division.

The lower Recurring Income is mainly due to the slumped sales of the Supermarket
Division that caused the decrease in operating income, losses incurred in the
domestic business of the Medical Division from adjustment of the distributors'
inventory, and the unfavourable foreign currency exchange results.

Net Income is also lower, due to the decreased Recurring Income and losses on
disposals of fixed assets.


(2) Revisions of the Projections for the Consolidated Results for the Fiscal
    Year March 31, 2004

The reasons for the revisions of the projections of Net Sales, Recurring Income
and Net Income are mainly the lower half-year resutls than the previous
projections.


(3) Revisions of the Projections for Dividends

Our policy provides that 50% of the non-consolidated net income be distributed
to the shareholders as dividends, and the revisions of the projected business
results have accordingly resulted in the revisions of the projections for
dividends.


(4) Supplementary Information

Based on the currently availble information, forecasts of the consolidated
business results for the fiscal year ending March 31, 2005 and 2006 are as
follows:

                                      (Unit: Millions of yen)
                      Fiscal Year ending      Fiscal Year ending
                      March 31, 2005          March 31, 2006
Net Sales             198,000                 210,000
Recurring Income       10,800                  14,200
Net Income              5,400                   7,350













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