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14 Brother Annual Report 2008
CONSOLIDATED STATEMENTS OF INCOME
Brother Industries, Ltd. and Consolidated Subsidiaries
Years ended March 31, 2008 and 2007
Thousands of
U.S. dollars
Millions of Yen (Note 1)
2008 2007 2008
NET SALES ¥ 566,379 ¥ 562,273 $ 5,663,790
COST OF SALES (Note 11) 326,374 334,926 3,263,740
Gross profit 240,005 227,347 2,400,050
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Note 11) 186,502 176,092 1,865,020
Operating income 53,503 51,255 535,030
OTHER INCOME (EXPENSES):
Interest and dividend income 3,148 2,338 31,480
Interest expense (727) (1,228) (7,270)
Sales discount (3,145) (3,016) (31,450)
(Loss) Gain on sales and disposals of property, plant and equipment, net (199) 386 (1,990)
Foreign exchange loss (5,947) (4,297) (59,470)
Loss on impairment of long-lived assets (Notes 2(7) and 5) (28) (46) (280)
Reversal of bad debt allowance 125 548 1,250
Gain on transfer of at-home sales business (Note 2(15)) — 312 —
Retirement benefit cost (192) (938) (1,920)
Other, net (256) 474 (2,560)
Other expenses, net (7,221) (5,467) (72,210)
INCOME BEFORE INCOME TAXES AND MINORITY INTERESTS 46,282 45,788 462,820
INCOME TAXES (Note 10):
Current 13,239 17,756 132,390
Deferred 5,957 (872) 59,570
Total income taxes 19,196 16,884 191,960
MINORITY INTERESTS IN NET INCOME (24) 29 (240)
NET INCOME ¥ 27,110 ¥ 28,875 $ 271,100
PER SHARE OF COMMON STOCK (Note 14): Yen U.S. Dollars
Basic net income ¥ 98.46 ¥ 104.82 $ 0.985
Diluted net income 98.44 104.82 0.984
Cash dividends applicable to the year 22.00 20.00 0.220
See notes to consolidated financial statements.