Earnings Release (Consolidated) : SEIREN Co., Ltd

Consolidated Financial Results

for the Fiscal Year Ended March 31,2004

(Millions of yen,millions of U.S.dollars,except per share data)

	Year ended March 31,2004	Year ended March 31,2003	Change	Year ended March 31,2004
	Yen		%	U.S.Dollars
Net sales	69,051	63,104	9.4	653.3
Operating income	4,142	2,394	73.0	39.2
Ordinary income	3,792	2,101	80.5	35.9
Net income	1,021	(865)	-	9.7
Total assets	70,157	65,891	6.5	663.8
Total shareholders' equity	31,813	31,398	1.3	301.0
Shareholders' equity/total assets	45.3%	47.7%	-	45.3%
Shareholders' equity per share (Yen/US$)	565.41	552.22	-	5.35
Net income per share (Yen/US$)	18.14	(15.07)	-	0.17
Net income per share,fully diluted (Yen/US$)	18.08	-	-	0.17

	Year ended March 31,2004	Year ended March 31,2003	Change	Year ended March 31,2004
	Yen			U.S.Dollars
Net cash provided by operating activities	5,031	2,340	2,691	47.6
Net cash used in investing activities	(6,537)	(5,468)	(1,069)	(61.9)
Net cash used in financing activities	1,506	467	1,039	14.3
Cash and cash equivalents, end of term	7,593	7,754	(161)	71.9

Notes:

The weighted average number of shares outstanding (consolidated): For the fiscal year ended March 31, 2004 56,335,212 shares For the fiscal year ended March 31, 2003 57,434,588 shares
The number of shares outstanding (Consolidated) as of March 31, 2004 and 2003 were 56,265,820 shares and 56,858,424 shares, respectively
U.S.dollar amounts represent translations using the approximate exchange rate on March 31, 2004, of 105.69 yen=US$1, and are included solely for the convenience of readers.
Yen amounts are rounded down to the nearest million.

Forecast of Consolidated Results

for the Six Months Ending September 30,2004 and the Year

Ending March 31,2005

(Millions of yen,millions of U.S.dollars,except per share data)

Notes:

Net income per share is computed based on the estimated weighted average number of shares outstanding during the fiscal year.

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