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Bridgestone Corporation Announces Financial Projections

15 December 2000

Bridgestone Corporation Announces Financial Projections

                Bridgestone Chairman Projects Firestone Return
                To Operating Profitability By End of Year 2001

    NASHVILLE, Tenn., Dec. 14 Yoichiro Kaizaki, Chairman of
Bridgestone Corporation, today announced that the company's financial
projections call for Bridgestone/Firestone, Inc. (BFS) to return to operating
profitability in the second half of fiscal year 2001, with the expectation
that BFS will post a second half operating profit.
    Kaizaki stated that year 2000 sales for Bridgestone/Firestone are
projected to total about $7.5 billion, approximately the same level as 1999,
though lower than the company's original target of $8 billion. For 2000, it is
anticipated that Bridgestone/Firestone, Inc. will post an after-tax net loss
of approximately $500 million, which includes provisions for the cost of the
voluntary recall and possible legal liabilities. Concerns associated with the
recall of certain Firestone tires have contributed to the sales decline in the
replacement passenger and light truck tire segments, though the company's
commercial tire business, including its truck, mining and agricultural tire
business, has not been affected by the recall. In addition, OE sales remain
strong and ahead of last year.
    In addition to releasing forecasts for its US subsidiary, Bridgestone
announced newly revised projections for its consolidated and non-consolidated
performance for the year 2000.
    Consolidated net sales by the Bridgestone Group overall are projected at
2,000 billion Yen (18,692 million US dollars), which is 4 percent less than
consolidated net sales in 1999. Consolidated after-tax net earnings are
projected at 13 billion Yen, reflecting an anticipated 80.2 billion Yen (750
million US dollars) special provision for recall costs and possible legal
liabilities of Bridgestone/Firestone, Inc.
    Non-consolidated sales are projected at 715 billion Yen (6,682 million US
dollars), reflecting an anticipated 3 percent decline in sales from 1999.
After-tax non-consolidated earnings are projected at 60 billion Yen (561
million US dollars), an increase of 17 percent over 1999 results.
    "The effect of the recall on fiscal results at the parent company, on a
non-consolidated level, will be extremely minor," said Kaizaki.
    All figures for the year 2000 are based on projections. Bridgestone's
fiscal year 2000 closes at the end of December. Final figures will be
announced in February 2001.