Business Forecast for the First Half of Fiscal 2005

For Immediate Release:

October 13, 2004

JVC Announces Revision of Business Forecast
for the First Half of Fiscal 2005

Reflecting our current severe business conditions, Victor Company of Japan, Limited (JVC) revised its earlier business forecast for the first half of fiscal 2005 (April 1, 2004 through September 30, 2004) as in the table below. Previous forecast was announced on April 27, 2004, along with business results for fiscal 2004.

1. Revision of consolidated business forecast for the first half of fiscal 2005, ending March 31, 2005 (April 1, 2004 through September 30, 2004).

Millions of yen

	Net Sales (Loss)	Ordinary Income (Loss)	Net Income (Loss)
Original Forecast (A) (Announced on April 27, 2004)	432,000	8,400	200
Revised Forecast (B)	410,000	3,000	(4,500)
(B-A)	(22,000)	(5,400)	(4,700)
Rate of Change (%)	(5.1%)	(64.3%)	---
First Half/ FY 2004	462,742	7,253	3,511

2. Reason for revision

In addition to a tough struggle in the consumer electronics division due to sluggish sales in Americas and Europe, there has been impact from changes in our line-up of offerings due to the cancellation or postponement of music CD releases.
Accordingly, our sales and profit targets for the first half of fiscal 2005 have been revised downward against the original forecasts.

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