Epson 2004 Annual Report Download - page 50

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48 SEIKO EPSON CORPORATION
Consolidated Statements of Income
SEIKO EPSON CORPORATION AND SUBSIDIARIES
Thousands of
Millions of yen U.S. dollars
Year ended Year ended
March 31 March 31,
2002 2003 2004 2004
Net sales ¥1,274,109 ¥1,322,453 ¥1,413,243 $13,371,587
Cost of sales 938,001 959,865 1,013,959 9,593,708
Gross profit 336,108 362,588 399,284 3,777,879
Selling, general and administrative expenses:
Salaries and wages 68,380 72,597 77,748 735,623
Advertising 28,765 30,138 30,854 291,929
Sales promotion 34,741 30,364 31,740 300,313
Research and development costs 40,998 42,787 41,139 389,242
Shipping costs 17,624 19,756 20,527 194,219
Provision for doubtful accounts 91 665 414 3,917
Other 119,313 116,921 119,461 1,130,296
309,912 313,228 321,883 3,045,539
Operating income 26,196 49,360 77,401 732,340
Other income:
Interest and dividend income 1,311 1,289 1,684 15,933
Gain on transfer to government of the substitutional
portion of pension liabilities – 17,577 ––
Reversal of specific warranty costs – 2,982 ––
Other 7,947 7,950 6,381 60,375
9,258 29,798 8,065 76,308
Other expenses:
Interest expenses 7,097 6,257 6,478 61,292
Net loss on foreign exchange 5,198 5,552 500 4,731
Loss on disposal of property, plant and equipment 7,484 3,233 3,711 35,112
Reorganization costs 4,865 23,955 2,044 19,340
Provision for specific warranty costs 21,797 – ––
Other 7,395 8,532 7,675 72,618
53,836 47,529 20,408 193,093
Income (loss) before income taxes and minority interest (18,382) 31,629 65,058 615,555
Income taxes:
Current 6,618 12,368 15,210 143,911
Deferred (6,948) 6,289 11,363 107,513
(330) 18,657 26,573 251,424
Income (loss) before minority interest (18,052) 12,972 38,485 364,131
Minority interest in subsidiaries 380 462 454 4,296
Net income (loss) ¥ (18,432) ¥ 12,510 ¥ 38,031 $ 359,835
Yen U.S. dollars
Per share:
Net income (loss) ¥(121.37) ¥81.08 ¥204.70 $1.94
Cash dividends ¥ 18.00 ¥18.00 ¥ 18.00 $0.17
The accompanying notes are an integral part of these financial statements.