Telephony market in USA and Japan

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nec system integration & construction ltd annual report 2003 year ended march 31 intelligence adds value added generates growth profile 1 our business concept 2 to shareholders 6 10 review of operations 14 management s discussion analysis 19 four summary selected financial data 20 section 34 directors and corporate auditors network 35 investor information contents cautionary statement with respect forward looking statements this contains concerning nesic its consolidated subsidiaries current plans projections strategies performance these are not historical facts rather they represent the assumptions beliefs based on currently available therefore wishes caution readers that actual results may differ materially from expectations subject a number risks or uncertainties highlights years has been driving force society as leading systems integrator since establishment in 1953 growing tandem telecommunications networks japan today offers