JVC 2002 Annual Report Download - page 24

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ANNUAL REPORT 2 0 0 22 2
0
175
350
525
700
9 8 0 29 9 0 0 0 1
STOCKHOLDERS’ EQUITY/
TOTAL ASSETS
(Billions of yen)
Stockholders’ equity
Total assets
NET INCOME (LOSS)
(Billions of yen)
-5 0
-2 5
0
2 5
5 0
9 8 0 29 9 0 0 0 1
encoders and format converters from television
broadcasters. In contrast, JVC struggled with
weakening demand in the markets for professional
audio systems, karaoke systems and Direct-Drive
Image Light Amplifier (D-ILA) projectors. Overseas,
the Professional electronics segment was affected
by the deteriorating U.S. market, just as consumer
electronics were, with professional camcorders and
D-ILA projectors facing an uphill battle.
COMPONENTS & DEVICES
Components & Devices recorded a 19.2%, or ¥11.8
billion, decline in sales year on year, to ¥49.7 billion
(US$374 million), while operating income fell ¥8.9
billion to a loss of ¥4.7 billion (US$36 million). High-
density build-up multilayer printed wiring boards
(“VIL” PWBs), deflection yokes and other products
could not escape the impact of depressed mobile
phone and PC markets and falling prices. However,
there were a few bright spots—motors for hard disk
drives (HDDs) and optical disc products, and optical
pickups for car CD players.
ENTERTAINMENT SOFTWARES & MEDI AS
Sales in this segment fell 3.4%, or ¥6.3 billion, to
¥177.0 billion (US$1,331 million). Despite hit
records from artists such as Keisuke Kuwata and
Dragon Ash, sales fell due to the industry-wide
slump in softwares and medias. The segment posted
operating income of ¥3.2 billion (US$24 million),
¥1.2 billion less than in the previous fiscal year.
OTHER
Sales increased 11.4%, or ¥0.8 billion, to ¥7.9 billion
(US$59 million), while the operating loss increased
¥0.1 billion to ¥0.5 billion (US$3.6 million).
INCOM E (LOSS) BEFORE INCOME
TAXES AND M INORITY INTERESTS
Income before income taxes and minority interests
fell ¥47.9 billion year on year to a loss of ¥38.4
billion (US$289 million). This decline was primarily
due to restructuring charges and loss from write-down
of investment in securities.
NET INCOME (LOSS)
Net income fell ¥47.1 billion to a net loss of ¥44.6
billion (US$335 million). As a result, net income per
share of ¥9.8 in the previous fiscal year became a net
loss of ¥175.3. ROE was negative 27.3%, a deterio-
ration of 28.6 percentage points.
Consequently, the company made the difficult
decision not to pay a dividend for the year.
LIQUIDITY AND SOURCES OF FUNDS
ASSETS, LIABILITIES AND CAPITAL
Total assets as of March 31, 2002 stood at ¥513.4
billion (US$3,860 million), a 12.5%, or ¥73.3
billion decline from one year earlier. This was the
result of efforts to reduce assets by cutting back