Casio 2003 Annual Report Download - page 36

34 CASIO COMPUTER CO., LTD.
16STOCK OPTION
By special resolution at the 46th annual shareholders’ meeting held on June 27, 2002, the Company introduced a stock
option plan in accordance with Article 280-20, 21 of the Commercial Code in Japan, and granted stock purchase rights at
advantageous terms to directors, corporate auditors and employees of the Company and subsidiaries, as of June 27,
2002.
The stock purchase rights can be exercised at a price of ¥699 ($5.82) per share in the period from July 1, 2004 to June
30, 2009, and a total of 1,270 thousand shares of common stock could be issued by the exercise of these rights. The exer-
cise price of stock purchase rights would be adjusted, if the Company issues new shares at a price below the market price.
By special resolution at the 47th annual shareholders’ meeting held on June 27, 2003, the Company introduced a stock
option plan in accordance with Article 280-20, 21 of the Commercial Code in Japan, and granted stock purchase rights at
advantageous terms to directors, corporate auditors and employees of the Company and subsidiaries, as of June 27,
2003.
The stock purchase rights can be exercised at a price, which is determined by the average of each day closing price dur-
ing the previous month before the issue of stock options, in the period from July 1, 2005 to June 30, 2010, and a total of
500 thousand shares of common stock could be issued by the exercise of these rights. The exercise price of stock purchase
rights would be adjusted, if the Company issues new shares at a price below the market price.
17GAIN ON SALES OF INVESTMENT SECURITIES IN CONSOLIDATED SUBSIDIARIES
Initial public offering of Casio Micronics Co., Ltd. In August 2001, Casio Micronics Co., Ltd., a consolidated subsidiary,
completed its initial public offering in Japan. In conjunction with such public offering, Casio Micronics Co., Ltd. issued new
shares to third parties. The issuance of these shares was regarded as a sale of a part of the Company’s interest in Casio
Micronics Co., Ltd. resulting in a gain of ¥1,578 million. As a result, the Company’s shareholdings in Casio Micronics Co.,
Ltd. declined from 92.6% to 85.4%.
18RESTRUCTURING CHARGES
Restructuring charges for the year ended March 31, 2002 were due to the restructuring of business based on the aggres-
sive redefinition of the Group’s business strategy. They included loss on unutilized assets, extra personnel expenses such as
retirement expenses and other expenses necessary for reorganizations of the business.
19EARNINGS PER SHARE
Effective April 1, 2002, the Company adopted the new accounting standard for earnings per share and related guidance
(Accounting Standards Board Statement No. 2, “Accounting Standard for Earnings Per Share” and Financial Standards
Implementation Guidance No. 4, “Implementation Guidance for Accounting Standard for Earnings Per Share”, issued by
the Accounting Standards Board of Japan on September 25, 2002).
Earnings per share for the year ended March 31, 2002 would have been reported as follows, if this new accounting
standard were applied retroactively.
U.S. dollars
Yen (Note 1)
Net loss per share:
Basic................................................................................................................................................. ¥(91.84) $(0.77)
Diluted ............................................................................................................................................. — —
20SUBSEQUENT EVENTS
At the annual shareholders’ meeting held on June 27, 2003, the Company’s shareholders approved the payment of a cash
dividend of ¥12.50 ($0.10) per share aggregating ¥3,375 million ($28,125 thousand) to shareholders of record as of
March 31, 2003.