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32 O LYMPUS 2 00 5
Thousands of
Millions of yen U.S. dollars
2005 2004 2003 2005
Net sales ................................................................................... ¥ 813,538 ¥ 633,6 22 ¥ 564,343 $ 7,395,800
Cost of sales............................................................................... 516,468 335,05 3 293,532 4,695,164
Gross profit................................................................................ 297,070 298,569 270,811 2,700,636
Selling, general and administrative expenses ................................... 273,917 235,572 208,465 2,490,154
O perating inco me ....................................................................... 23,153 62,997 62,346 210,482
O THER INCO ME (EXPENSES):
Interest expense, net .................................................................. (6,282) (4,62 1) (6,083) (57,109)
Gain (loss) on marketable and investment securities, net................... 1,640 1,749 (8,112) 14,909
Foreign currency exchange gain (loss), net .................................... (2,240) 1,123 (1,235) (20,364)
Net gain (loss) of investment in affiliated co mpanies
carried on the equity method ..................................................... (1,189) (1,57 0) 46 (10,809)
Gain on sale of property, plant and equipment............................... 1 ,2 4 7 ——11,336
Gain on the release from the substitutional portion o f
the government’s Welfare Pension Insurance Scheme ..................... —8,584 — —
Loss on settlement of swap contracts ............................................. —(5,447 ) — —
Provision for losses on business restructuring (Note 9)...................... (5,490) ——(49,909)
O ther, net ................................................................................ (4,865) (2,6 14) (3,968) (44,227)
Total ..................................................................................... (17,179) (2,7 96) (19,352) (156,173)
Income before provision for income taxes ........................................ 5 ,9 7 4 60,201 42,9 94 54,309
PRO VISIO N FO R INCO ME TAXES:
Current.................................................................................... 14 ,6 3 3 16,390 24,483 133,027
Deferred .................................................................................. 3,168 10,247 (5,837) 28,800
Total ..................................................................................... 17,801 2 6,637 18,646 161,827
Net income (loss) ........................................................................ ¥ (11,827) ¥ 33,564 ¥ 24 ,348 $ (107,518)
Yen U.S. dollars
AMO UNTS PER SHARE OF CO MMO N STO CK:
Earnings per share—Basic net income (loss) ................................... ¥(44.98) ¥126.96 ¥91 .88 $(0.409)
CASH DIVIDENDS, APPLICABLE TO THE YEAR
Actual ..................................................................................... ¥ 15.00 ¥ 15.0 0 ¥14.00 $ 0.136
See accompanying notes to consolidated financial statements.
CON SOLIDATED STATEMEN TS O F O PERATIO N S
O lympus Corpo ration and Consolidated Subsidiaries
For the years ended March 31 , 2005 , 2 004 and 200 3