Yamaha 2000 Annual Report Download - page 20

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18
CONSOLIDATED STATEMENTS OF OPERATIONS
YAMAHA CORPORATION and Consolidated Subsidiaries
Years ended March 31, 2000 and 1999
Thousands of
Millions of Yen U.S. Dollars (Note 2)
2000 1999 2000
Net sales............................................................................................................... ¥527,897 ¥563,751 $4,973,123
Cost of sales......................................................................................................... 371,758 402,239 3,502,195
Gross profit................................................................................................. 156,140 161,511 1,470,937
Selling, general and administrative expenses.......................................................... 148,057 161,608 1,394,790
Operating income (loss) ............................................................................. 8,082 (97) 76,138
Other income (expenses):
Interest and dividend income............................................................................ 957 1,070 9,016
Interest expense and discounts on notes............................................................ (2,968) (3,449) (27,960)
Sales rebates...................................................................................................... (4,188) (4,155) (39,454)
Loss on foreign exchange .................................................................................. (280) (121) (2,638)
Gain on sale of marketable and investment securities........................................ 12,247 138 115,374
Gain (loss) on sale or disposal of properties, net................................................ 1,820 (1,963) 17,146
Equity in earnings of unconsolidated subsidiaries and affiliates ......................... 4,209 3,366 39,651
Early retirement benefits................................................................................... (21,281) (1,517) (200,480)
Cumulative effect of accounting change with respect to
prior service cost of the pension plan .............................................................. (29,507) — (277,975)
Loss on disposal of discontinued operations...................................................... (17,368) — (163,618)
Other, net......................................................................................................... 675 196 6,359
............................................................................................................................. (55,684) (6,434) (524,578)
Loss before income taxes and minority interests....................................... (47,601) (6,532) (448,431)
Income taxes (benefit):
Current............................................................................................................. 2,947 6,128 27,763
Deferred ........................................................................................................... (10,167) 2,740 (95,780)
......................................................................................................................... (7,219) 8,869 (68,008)
Loss before minority interests........................................................................ (40,382) (15,401) (380,424)
Minority interests................................................................................................ 395 477 3,721
Net loss........................................................................................................ ¥ (40,777) ¥ (15,879) $ (384,145)
See notes to consolidated financial statements.