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30 Annual Report 2008
Millions of yen
Thousands of U.S.
dollars (Note 2)
2008 2007 2006 2008
Net sales ¥719,677 ¥718,767 ¥680,526 $7,196,770
Cost of sales 554,343 560,817 514,483 5,543,430
Gross profit 165,334 157,949 166,043 1,653,340
Selling, general and administrative expenses 159,134 163,359 155,449 1,591,340
Operating income (loss) 6,200 (5,410) 10,593 62,000
Other (expenses) income:
Interest expense (6,953) (6,820) (6,171) (69,530)
Interest and dividend income 1,413 1,500 1,837 14,130
Foreign exchange (loss) gain, net (2,481) — 1,403 (24,810)
Gain on sale of investments in securities 4,238 3,362 8,043 42,380
Write-downs of investments in unconsolidated subsidiaries and other
investments in securities
—(2,130) — —
Gain (loss) on sale and disposition of property, plant and equipment 5,216 (785) 1,045 52,160
Loss on impairment of fixed assets (Note 12) —— (2,973) —
Loss on natural disaster (Note 13) —— (856) —
Gain on contribution of securities to a pension trust 3,822 — — 38,220
Write-downs of inventories (3,407) — — (34,070)
Special retirement payments (1,380) (884) (1,442) (13,800)
Loss on business restructuring (Note 14) —(2,335) — —
Other, net (1,805) (2,626) (1,019) (18,050)
(1,337) (10,720) (133) (13,370)
Income (loss) before income taxes, minority interests and equity
in earnings (losses) of affiliates 4,863 (16,130) 10,460 48,630
Income taxes (Note 8):
Current 2,784 2,152 1,579 27,840
Deferred 1,281 17,813 3,773 12,810
4,065 19,966 5,352 40,650
Income (loss) before minority interests and equity
in earnings (losses) of affiliates 797 (36,096) 5,107 7,970
Minority interests in earnings of consolidated subsidiaries (369) (274) (211) (3,690)
Equity in earnings (losses) of affiliates 140 (75) 161 1,400
Net income (loss) (Note 18) ¥ 567 ¥ (36,446) ¥ 5,058 $ 5,670
The accompanying notes are an integral part of these statements.
Consolidated Statements of Operations
Oki Electric Industry Co., Ltd. and consolidated subsidiaries
Years ended March 31, 2008, 2007 and 2006