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30 Annual Report 2009
Millions of yen
Thousands of U.S.
dollars (Note 2)
2009 2008 2007 2009
Net sales ¥545,680 ¥719,677 ¥718,767 $5,568,163
Cost of sales 410,658 554,343 560,817 4,190,387
Gross profit 135,021 165,334 157,949 1,377,765
Selling, general and administrative expenses 134,611 159,134 163,359 1,373,581
Operating income (loss) 410 6,200 (5,410) 4,183
Other income (expenses):
Interest expense (6,098) (6,953) (6,820) (62,224)
Interest and dividend income 1,271 1,413 1,500 12,969
Royalty income from corporate brand 355 ——3,622
Foreign exchange gain (loss), net —(2,481) — —
Gain on sale of investments in unconsolidated subsidiaries and other
securities 509 4,238 3,362 5,193
Compensation received for relocation (Note 12) 455 ——4,642
Gain (loss) on sale and disposition of property, plant and equipment (1,701) 5,216 (785) (17,357)
Write-downs of investments in unconsolidated subsidiaries and other
securities (801) — (2,130) (8,173)
Provision of allowance for doubtful accounts (654) ——(6,673)
Loss on natural disasters (Note 13) (1,610) ——(16,428)
Gain on contribution of securities to a pension trust —3,822 — —
Special retirement expense (Note 7) (2,936) (1,380) (884) (29,959)
Write-downs of inventories (Note 14) (10,609) (3,407) — (108,255)
Business structure improvement expenses (Note 15) (574) — (2,335) (5,857)
Loss on transfer of business and other (Note 16) (5,217) ——(53,234)
Loss on disposition of foreign currency translation adjustments (Note 17) (7,361) ——(75,112)
Other, net (1,836) (1,805) (2,626) (18,734)
(36,810) (1,337) (10,720) (375,612)
Income (loss) before income taxes, minority interests and equity
in earnings (losses) of affiliates (36,400) 4,863 (16,130) (371,428)
Income taxes (Note 8):
Current 2,366 2,784 2,152 24,142
Deferred 5,410 1,281 17,813 55,204
7,776 4,065 19,966 79,346
Income (loss) before minority interests and equity
in earnings (losses) of affiliates (44,176) 797 (36,096) (450,775)
Minority interests in earnings of consolidated subsidiaries (487) (369) (274) (4,969)
Equity in earnings (losses) of affiliates (347) 140 (75) (3,540)
Net income (loss) (Note 21) ¥ (45,011) ¥ 567 ¥ (36,446) $ (459,295)
The accompanying notes are an integral part of these statements.
Consolidated Statements of Operations
Oki Electric Industry Co., Ltd. and consolidated subsidiaries
Years ended March 31, 2009, 2008 and 2007