JVC 2003 Annual Report Download - page 37

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Victor Company of Japan, Limited
Annual Report 2003 35
Other
Sales dropped 17.7%, or ¥1.4 billion,
to ¥6.5 billion, while operating in-
come grew ¥1.7 billion, to ¥1.2 bil-
lion, reversing the previous year’s
operating loss.
Income (Loss) Before Income Taxes
and Minority Interests
Income before income taxes and mi-
nority interests grew ¥48.5 billion year
on year, to ¥10.1 billion, due to the
turnaround in operating income and
lower restructuring charges.
Income Taxes
Income taxes fell 40.4%, or ¥2.4 bil-
lion, to ¥3.6 billion. This represented
an effective tax rate of 35.5%.
Net Income (Loss)
Net income was ¥6.3 billion, a ¥50.9
billion improvement from fiscal 2002’s
net loss. Consequently, the company
reversed the net loss per share of
¥175.3 in the previous fiscal year to
post net income per share of ¥24.9.
ROE also rose from negative 27.3% to
4.3% in the year under review. Despite
this improved performance, the com-
pany made the difficult decision not
to pay a dividend for fiscal 2003.
Components & Devices
Healthy sales of motors for electronic
devices could not cancel out the impact
of the protracted slump in the IT sector,
which continued to depress demand for
high-density build-up multilayer printed
wiring boards (“VIL” PWBs) and deflec-
tion yokes. As a result, this segment
posted a 4.2%, or ¥2.1 billion, decline
in sales, to ¥47.6 billion, and an oper-
ating loss of ¥0.7 billion.
Software & Media
Sales in this segment declined 5.4%,
or ¥9.5 billion, to ¥167.5 billion, while
operating income fell ¥1.9 billion, to
¥1.3 billion. Sales fell due to the
industry-wide downturn in software and
the effects of delays in the launch of
music content. The decline was checked
by higher sales of software and media
consigned from other companies.