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Oki Electric Industry Co., Ltd. Annual Report 2001 19
CONSOLIDATED STATEM ENTS OF OPERATIONS
Oki Electric Industry Co., Ltd., and consolidated subsidiaries
Years ended March 31, 2001, 2000 and 1999
Thousands of
Millions of yen U.S. dollars (Note 2)
.................................................................................................................................... 2001 2000 1999 2001
Common stock:
Balance at beginning of the year .......................................................................... ¥67,862 ¥(67,849 ¥(67,849 $547,277
Increase due to conversion of convertible bonds .............................................. —12 — —
Balance at end of the year .................................................................................. ¥67,862 ¥(67,862 ¥(67,849 $547,277
Additional paid-in capital:
Balance at beginning of the year .......................................................................... ¥71,150 ¥(71,138 ¥(71,138 $573,797
Increase due to conversion of convertible bonds .............................................. —12 — —
Balance at end of the year .................................................................................. ¥71,150 ¥(71,150 ¥(71,138 $573,797
Special reserves (Note 9):
Balance at beginning of the year .......................................................................... ¥11,587 ¥(13,436 ¥(20,311 $093,448
Decrease due to recognition of deferred income taxes ..................................... ——(9,685) —
Balance at beginning of the year, as adjusted ................................................... 11,587 13,436 10,626 93,448
Transfer from retained earnings ........................................................................ 203 142 6,261 1,640
Transfer to retained earnings ............................................................................. (1,957) (1,990) (3,451) (15,787)
Balance at end of the year .................................................................................. ¥09,833 ¥(11,587 ¥(13,436 $079,300
Retained earnings (accumulated deficit) (Note 9):
Balance at beginning of the year .......................................................................... ¥(8,036) ¥(11,142) ¥(37,817 $(64,806)
Increase (decrease) at beginning of the year of initially consolidated
subsidiaries ...................................................................................................... (351) (6) (499) (2,833)
Decrease due to exclusion of an affiliate from the equity method ................... ——(2,565) —
Adjustment for the cumulative effect on prior years of retroactively
recognizing deferred income taxes ................................................................. ——(3,111) —
Increase due to recognition of deferred income taxes ...................................... —— 9,685 —
Balance at beginning of the year, as adjusted .................................................. (8,387) (11,149) 41,325 (67,639)
Net income (loss) .............................................................................................. 8,944 1,146 (47,421) 72,129
Increase due to merger of a consolidated subsidiary with
unconsolidated subsidiaries ............................................................................ 87 136 — 705
Cash dividends paid .......................................................................................... ——(2,142) —
Bonuses to directors and statutory auditors ...................................................... —(18) (93) —
Transfer to special reserves ............................................................................... (203) (142) (6,261) (1,640)
Transfer from special reserves .......................................................................... 1,957 1,990 3,451 15,787
Balance at end of the year .................................................................................. ¥02,398 ¥0(8,036) ¥(11,142) $019,342
The accompanying notes are an integral part of these statements.
Thousands of
Millions of yen U.S. dollars (Note 2)
.................................................................................................................................... 2001 2000 1999 2001
Net sales ................................................................................................................... ¥740,250 ¥669,776 ¥ 673,170 $5,969,763
Cost of sales .............................................................................................................. 563,368 513,402 551,619 4,543,291
Gross profit .......................................................................................................... 176,882 156,374 121,551 1,426,471
Selling, general and administrative expenses ........................................................... 148,567 142,570 159,848 1,198,126
Operating income (loss)...................................................................................... 28,314 13,804 (38,297) 228,345
Other income (expenses):
Interest expense .................................................................................................... (10,426) (12,291) (13,305) (84,087)
Interest and dividend income ................................................................................ 2,812 2,625 2,733 22,679
Foreign exchange gain (loss), net ......................................................................... 1,881 (5,030) (1,311) 15,171
Other, net .............................................................................................................. (4,275) 7,407 (18,354) (34,477)
....................................................................................................................... (10,008) (7,288) (30,238) (80,714)
Income (loss) before income taxes, minority interests and equity in earnings
(losses) of affiliates ................................................................................................. 18,306 6,515 (68,535) 147,631
Income taxes (benefit) (Note 8):
Current .................................................................................................................. 3,466 2,429 2,434 27,955
Deferred ................................................................................................................ 6,762 2,626 (23,853) 54,536
....................................................................................................................... 10,228 5,056 (21,418) 82,491
Income (loss) before minority interests and equity in earnings (losses) of affiliates .. 8,077 1,458 (47,116) 65,139
Minority interests in (earnings) losses of consolidated subsidiaries ........................ 681 (257) (221) 5,497
Equity in earnings (losses) of affiliates .................................................................... 185 (55) (83) 1,492
Net income (loss) (Note 15) ............................................................................. ¥008,944 ¥001,146 ¥ (47,421) $0,072,129
The accompanying notes are an integral part of these statements.
CONSOLIDATED STATEM ENTS OF SHAREHOLDERS’ EQUITY
Oki Electric Industry Co., Ltd., and consolidated subsidiaries
Years ended March 31, 2001, 2000 and 1999