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Ricoh Company, Ltd. and Consolidated Subsidiaries

FLASH REPORT (Consolidated. Year ended March 31, 2004)

Date of approval for the financial results for the year ended March 31, 2004,
at the Board of Directors' meeting:April 28, 2004

1. Results for the period from April 1, 2003 to March 31, 2004

(1) Operating Results (Millions of yen)
Year ended
March 31, 2004
Year ended
March 31, 2003
Net sales 1,780,245 1,738,358
(% change from the previous fiscal year) 2.4 3.9
Operating income 150,006 133,654
(% change from the previous fiscal year) 12.2 3.1
Income before income taxes 143,063 123,470
(% change from the previous fiscal year) 15.9 8.4
Net income 91,766 72,513
(% change from the previous fiscal year) 26.6 17.7
Net income per share-basic (yen) 123.63 99.79
Net income per share-diluted (yen) - 96.81
Return on equity (%) 12.6 11.2
Income before income taxes on total assets (%) 7.7 6.6
Income before income taxes on net sales (%) 8.0 7.1

Notes:
i. Equity in income of affiliates: ¥2,065 million (¥2,403 million in previous fiscal year)
ii. Some changes in accounting method have been made.
iii. Average number of shares outstanding (consolidated): 742,292,806 shares (726,659,698 shares in previous fiscal year)
iv. Net income per share is calculated as required by SFAS No. 128.

(2) Financial Position (Millions of yen)
March 31, 2004 March 31, 2003
Total assets 1,852,793 1,884,922
Shareholders' equity 795,131 657,514
Equity ratio (%) 42.9 34.9
Equity per share (yen) 1,076.11 885.41

Note:Number of shares outstanding as of March 31,2004: 738,894,891 shares (742,608,635 shares as of March 31, 2003)

(3) Cash Flow (Millions of yen)
Year ended
March 31, 2004
Year ended
March 31, 2003
Cash flows from operating activities 154,911 185,742
Cash flows from investing activities -63,383 -98,199
Cash flows from financing activities -74,835 -67,143
Cash and cash equivalents at end of period 203,039 189,243

(4) Items relating to the scale of consolidation and the application of the equity method:
Number of consolidated subsidiaries: 321; nonconsolidated subsidiaries: 39; affiliated companies: 21

(5) Changes relating to the scale of consolidation and the application of the equity method:
Consolidated subsidiaries: 1 addition; 14 removals
Companies accounted for by the equity method: 2 additions; 3 removals

Notes:
Consolidated financial statements of the Company and its consolidated subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America.

2. Forecast of operating results from April 1, 2004 to March 31, 2005 (Millions of yen)
Half year ended
September 30, 2004
Year ended
March 31, 2005
Net sales 895,000 1,810,000
Operating income 78,000 175,000
Income before income taxes 74,500 165,000
Net income 43,800 95,000

Note:Net income per share (Consolidated) 128.57 yen

In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the fiscal year ending March 2005. These forecast are forward-looking statements based on a number of assumptions and beliefs in light of the information currently available to management and subject to significant risks and uncertainties.