Listed company name: YASKAWA Electric Corporation
http://www.yaskawa.co.jp/en/
President: Koji Toshima
Stock exchange listings: Tokyo, Fukuoka
Stock ticker number: 6506

1. Summary of Results for the First Quarter of Fiscal Year 2004
  (March 21, 2004 to June 20, 2004)
  (Quarterly results will be released beginning this year, meaning previous year results and ratios
  are currently unavailable)

(1) Summary of Consolidated Statements of Income
	(Millions of yen, except ratio and per share data)
	3 months ended June 20, 2004	3 months ended June 20, 2003	Year ended March 20, 2004
Net sales	64,035	-	263,045
Operating income	1,165	-	12,407
Ordinary income	1,013	-	12,010
Net income	(386)	-	5,819
Earnings per share (basic)	(1.67)	-	24.80
Earnings per share (diluted)	-	-	23.32

The Japanese economy in the first quarter experienced an increase in exports and domestic capital expenditures, leading to improved corporate results and a strengthening of the recovery from the latter half of last year. Under these conditions, the Company plans this year to increase added-value and expand businesses through market strategy and innovation.

In the first quarter, beginning March 2004, strong growth was exhibited in the semiconductor-, LCD- and electronic component-related markets, and the automobile-related market also continued to expand. As a result, Motion Control and Robotics Automation segments both experienced high growth. Net sales for the quarter were 64,035 million yen. While ordinary income ended at 1,013 million yen, there was a net loss of 386 million yen due to extraordinary losses, such as employee retirement-related expenses.

Concerning the Company's sales, a trend exists for shipment and delivery dates to be concentrated in September and March, especially in the System Engineering segment. As a result, first quarter results will be relatively lower when compared to second and fourth quarter results.

(2) Summary of Consolidated Financial Position
	(Millions of yen, except ratio and per share data)
	3 months ended June 20, 2004	3 months ended June 20, 2003	Year ended March 20, 2004
Total assets	252,011	-	249,829
Shareholders' equity	35,698	-	36,715
Shareholders' equity ratio (%)	14.2	-	14.7
Shareholders' equity per share	154.32	-	158.35

(3) Summary of Consolidated Statements of Cash Flows
	(Millions of yen)
	3 months ended June 20, 2004	3 months ended June 20, 2003	Year ended March 20, 2004
Net cash provided by (used in) operating activities	(92)	-	18,504
Net cash provided by (used in) investing activities	(3,543)	-	1,118
Net cash provided by (used in) financing activities	3,752	-	(18,877)
Cash and cash equivalents at end of period	17,198	-	17,098

While trade receivables slightly decreased this quarter, inventories were expanded to meet the expected increase in sales for the second quarter. Combined with the payment of corporate taxes, first quarter cash flows from operating activities ended at a negative 92 million yen.

Cash flows from investing activities ended at a negative 3,543 million yen due to the acquisition of fixed assets and investment securities. Free cash flow for the quarter ended at a negative 3,635 million yen.

Although short-term debt supplied 5,425 million yen, the repayment of long-term debt and the payment of dividends lowered cash flows from financing activities to a positive 3,752 million yen.

As a result of these activities, cash and cash equivalents increased 100 million yen over last fiscal year to end at 17,198 million yen.

2.Projected Consolidated Results for the Fiscal Year Ending March 20, 2005

	(Millions of yen)
	6 months ending September 20, 2004	Year ending March 20, 2005
Net sales	139,000	295,000
Ordinary income	4,400	18,000
Net income	1,000	8,000
Note: Earnings per share is estimated to be 34.58 yen at the end of the fiscal year

The consolidated projected results presented herein are unchanged from those presented in the May 6, 2004 statement.

Note:*
A subsidiary of the Company, Synetics Solutions, Inc., has filed for registration with the Securities and Exchange Commission on April 30 of this year relating to an initial public offering of shares of its common stock to be listed on the U.S. NASDAQ index.

Synetics Solutions, Inc. intended to go public this July, but due to external economic and market conditions, this plan has been changed. A listing date and price along with the influence of the listing on the Company's financial position are undetermined at the current time. The projected results contained herein have thus excluded any influence of Synetics Solutions, Inc. going public.

Profile of Synetics Solutions, Inc.

* This information is not intended to be a persuasive investment offering. In the case that a security offering
  occurs, a prospectus in accordance to the U.S. Securities Act of 1933 will be prepared.

Warning
The information within this document is made as of the date of writing. Any forward-looking statements are made according to the assumptions of management and are subject to change as a result of risks and uncertainties. YASKAWA Electric undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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