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Victor Company of Japan, Limited
40 Annual Report 2003
Consolidated Statements of Operations
Victor Company of Japan, Limited and its consolidated subsidiaries
Years ended March 31, 2003, 2002 and 2001
Thousands of
U.S. dollars
Millions of yen (Note 1)
2003 2002 2001 2003
Net sales ¥967,640 ¥954,172 ¥934,350 $8,063,667
Costs and expenses:
Cost of sales 668,821 684,458 641,209 5,573,509
Selling, general and administrative expenses 276,520 281,808 287,449 2,304,333
945,341 966,266 928,658 7,877,842
Operating income (loss) 22,299 (12,094) 5,692 185,825
Other income (expenses):
Interest and dividend income 949 1,108 2,509 7,908
Unrealized gain (loss) from changes in
fair market values of trading securities —(280) 9,749 —
Equity in income of affiliated companies 70 63 173 583
Interest expense (3,403) (4,447) (5,383) (28,358)
Gain on sales of investment securities 318 1,099 1,450 2,650
Gain on return of substitutional portion of
Employees’ Pension Insurance 3,456 ——28,800
Loss on liquidation of subsidiaries and
affiliated companies (170) (1,059) (656) (1,417)
Restructuring charges (3,785) (13,423) (2,197) (31,541)
Loss from write-down of investment in securities (5,408) (7,691) (739) (45,067)
Other, net (4,262) (1,722) (1,154) (35,516)
(12,235) (26,352) 3,752 (101,958)
Income (Loss) before income taxes and minority interests 10,064 (38,446) 9,444 83,867
Income taxes (Note 7):
Current 6,706 7,438 14,319 55,883
Deferred (3,138) (1,453) (7,081) (26,150)
3,568 5,985 7,238 29,733
Income (Loss) before minority interests 6,496 (44,431) 2,206 54,134
Minority interests (160) (141) 292 (1,334)
Net income (loss) ¥ 6,336 ¥ (44,572) ¥ 2,498 $ 52,800
U.S. dollars
Yen (Note 1)
Amounts per share of common stock (Note 2):
Net income (loss) ¥ 24.9 ¥ (175.3) ¥ 9.8 $ 0.21
Diluted net income 23.5 —— 0.20
Cash dividends applicable to the year ——3.0 —
See accompanying notes.