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Seiko Epson Annual Report 2006
50
Thousands of
Millions of yen U.S. dollars
Year ended Year ended
March 31 March 31,
2004 2005 2006 2006
Net sales ¥1,413,243 ¥1,479,750 ¥1,549,568 $13,191,181
Cost of sales 1,013,959 1,070,011 1,194,781 10,170,946
Gross profit 399,284 409,739 354,787 3,020,235
Selling, general and administrative expenses:
Salaries and wages 77,748 76,917 78,381 667,243
Advertising 30,854 32,522 31,643 269,371
Sales promotion 31,740 31,556 31,538 268,477
Research and development costs 41,139 42,903 44,570 379,416
Provision for doubtful accounts 414 112 66 562
Other 139,988 134,762 142,831 1,215,893
321,883 318,772 329,029 2,800,962
Operating income 77,401 90,967 25,758 219,273
Other income:
Interest and dividend income 1,684 2,457 3,751 31,932
Net gain on foreign exchange – – 425 3,618
Rental income 1,455 1,531 1,469 12,505
Gain on change in interest due to
business combination – – 12,424 105,763
Other 4,926 4,041 6,752 57,479
8,065 8,029 24,821 211,297
Other expenses:
Interest expenses 6,478 5,816 6,730 57,291
Net loss on foreign exchange 500 3,905 ––
Loss on disposal of fixed assets 3,711 3,312 2,331 19,844
Reorganization costs 2,044 4,608 45,532 387,605
Provision for litigation and related expenses – – 8,540 72,699
Prior pension costs for foreign subsidiaries – 2,285 ––
Other 7,675 5,423 7,493 63,787
20,408 25,349 70,626 601,226
Income (loss) before income taxes and
minority interest 65,058 73,647 (20,047) (170,656)
Income taxes:
Current 15,210 21,394 16,564 141,007
Deferred 11,363 (1,493) (7,377) (62,799)
26,573 19,901 9,187 78,208
Income (loss) before minority interest 38,485 53,746 (29,234) (248,864)
Minority interest in subsidiaries 454 (1,943) (11,317) (96,340)
Net income (loss) ¥ 38,031 ¥ 55,689 ¥ (17,917) $ (152,524)
Yen U.S. dollars
Per share:
Net income (loss) ¥204.70 ¥283.60 ¥(91.24) $(0.78)
Cash dividends ¥ 18.00 ¥ 22.00 ¥ 29.00 $ 0.25
The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Income
SEIKO EPSON CORPORATION AND SUBSIDIARIES