D-Link 2004 Annual Report Download - page 26

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See accompanying notes to consolidated financial statements.
D-LINK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Income
Years ended December 31, 2003 and 2004
(in thousands of New Taiwan dollars, except for net income per common share)
2003 2004
Sales (note 18) $ 25,016,221 32,245,237
Cost of goods sold (note 18) 17,201,907 21,437,524
7,814,314 10,807,713
Net changes in unrealized profit on inter-company sales 362 -
Gross profit 7,814,676 10,807,713
Operating expenses (note 18):
Selling 4,688,883 6,257,406
Administrative 585,967 664,930
Research and development 936,721 1,251,542
6,211,571 8,173,878
Operating income 1,603,105 2,633,835
Nonoperating income:
Interest income 36,329 86,277
Investment income on long-term investments under equity
method, net (note 7) 196,779 140,438
Gain on disposal of investments 311,732 1,056,218
Exchange gain, net 109,234 -
Rental income (note18) 21,024 30,105
Gain on bad debt recoveries - 50,149
Other income, net 28,598 81,914
703,696 1,445,101
Nonoperating expenses:
Interest expense (note 11) 157,974 193,136
Investment loss on long-term investments under cost method
(note 7) 174,799 132,495
Exchange loss, net - 128,411
Loss on inventory obsolescence and devaluation 419,383 374,366
Loss on idle assets’ valuation loss - 35,268
752,156 863,676
Income before income taxes and minority interest 1,554,645 3,215,260
Income tax expenses (note 16) 172,750 398,680
Income before minority interest 1,381,895 2,816,580
Net income attributed to minority interest (7,760) (215,645)
Net income $ 1,374,135 2,600,935
Net income per common share (note 15)
Before
taxes
After
taxes
Before
taxes
After
taxes
Basic earnings per common share $ 3.03 2.75 5.35 4.82
Diluted earnings per common share $ 2.87 2.59 5.32 4.80
Basic earnings per common share－retroactive $ 2.83 2.57
Diluted earnings per common share－retroactive $ 2.69 2.43