JVC 2005 Annual Report Download - page 38

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36 Victor Company of Japan, Limited
SEGMENT INFORMATION
Consumer Electronics
Sales in this segment edged down 1.7%, to ¥627.3 billion,
and operating income declined 59.8%, to ¥10.4 billion. In
Japan, sales greatly outstripped those of the previous fiscal
year, thanks to the robust performance of LCD TVs and
DVD recorders, the launch of hard disk camcorders, and
expanded sales of audio products. In Asia excluding Japan,
sales of car electronics and displays gained ground. In the
United States, sales of D-ILA rear projection TVs, car elec-
tronics, and LCD TVs grew, but those of camcorders and
other products were sluggish, resulting in an overall decline
in sales. In Europe, a rise in sales of LCD TVs and DVD
recorders was hampered by the weak performance of
home theaters and camcorders, leading to a decrease in
total sales.
As for other income (expenses), the Company posted a
¥3.9 billion gain on sales of investment securities, special
retirement payments associated with structural reform of
¥6.5 billion, and an interest expense of ¥3.1 billion. Income
before income taxes and minority interests totaled ¥4.7 bil-
lion, down 66.5%.
Income taxes amounted to ¥6.2 billion, representing a
high effective tax rate of 131.1%, mainly due to the elimina-
tion of dividend income, and the Company recorded a net
loss of ¥1.9 billion for the fiscal year under review, com-
pared with net income of ¥15.6 billion in fiscal 2004.
Despite the Company’s weak fiscal 2005 performance,
JVC has decided to pay cash dividends of ¥5 per share in
line with its goal of maintaining stable dividends.
’01 ’02 ’03 ’04 ’05 ’01 ’02 ’03 ’04 ’05’01 ’02 ’03 ’04 ’05
Net Sales
(Billions of yen)
250
0
500
750
Net Income (Loss)
(Billions of yen)
-40
-60
-20
20
0
Operating Income (Loss)
(Billions of yen)
-10
-20
10
0
20
Overseas
Domestic