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Victor Company of Japan, Limited40.
Consolidated Statements of Operations
Victor Company of Japan, Limited and its consolidated subsidiaries
Years ended March 31, 2004, 2003 and 2002
Thousands of
U.S. dollars
Millions of yen (Note 1)
2004 2003 2002 2004
Net sales ¥921,978 ¥967,640 ¥954,172 $8,697,906
Costs and expenses:
Cost of sales 629,125 668,821 684,458 5,935,141
Selling, general and administrative expenses 267,702 276,520 281,808 2,525,491
896,827 945,341 966,266 8,460,632
Operating income (loss) 25,151 22,299 (12,094) 237,274
Other income (expenses):
Interest and dividend income 711 949 1,108 6,708
Unrealized loss from changes in fair market values of
trading securities ——(280) —
Equity in income (loss) of affiliated companies (24) 70 63 (226)
Interest expense (2,840) (3,403) (4,447) (26,792)
Gain on sales of investment securities 280 318 1,099 2,642
Gain on return of substitutional portion of Employees’
Pension Insurance —3,456 — —
Loss on liquidation of subsidiaries and affiliated companies (0) (170) (1,059) (0)
Restructuring charges (3,812) (3,785) (13,423) (35,962)
Loss from write-down of investment in securities (282) (5,408) (7,691) (2,660)
Prior period patent royalty (2,736) ——(25,811)
Other, net (2,342) (4,262) (1,722) (22,098)
(11,045) (12,235) (26,352) (104,199)
Income (Loss) before income taxes and minority interests 14,106 10,064 (38,446) 133,075
Income taxes (Note 7):
Current 4,814 6,706 7,438 45,415
Deferred (6,740) (3,138) (1,453) (63,585)
(1,926) 3,568 5,985 (18,170)
Income (Loss) before minority interests 16,032 6,496 (44,431) 151,245
Minority interests (423) (160) (141) (3,990)
Net income (loss) ¥ 15,609 ¥ 6,336 ¥ (44,572) $ 147,255
U.S. dollars
Yen (Note 1)
Amounts per share of common stock (Note 2):
Net income (loss) ¥ 61.1 ¥ 24.9 ¥ (175.3) $ 0.58
Diluted net income 57.9 23.5 — 0.55
Cash dividends applicable to the year 5.0 —— 0.05
See accompanying notes.