Olympus announced that its camera business’ losses had been reduced significantly, but its PEN sales had failed to meet expectations. The company said that its PEN sales had fallen 12% in the first quarter; however, it expected the net annual income from mirrorless models to be in tune with last year’s figure of 9 billion yen (about US$90 million). The lacklustre sales performance is believed to be caused by the company’s delay in releasing the EP-5 model; but, the financially embattled company said that its camera business looked set to be able to break even in the current financial year.