Yamaha 1999 Annual Report Download - page 6

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YAMAHA CONSOLIDATED FINANCIAL REPORT 4
Thousands of
Millions of Yen U.S. Dollars (Note 2)
1999 1998 1999
Net sales ................................................................................................................... ¥563,751 ¥608,990 $4,676,491
Cost of sales .............................................................................................................. 402,239 416,435 3,336,698
Gross profit........................................................................................................... 161,511 192,556 1,339,784
Selling, general and administrative expenses (Note 6) ............................................... 161,608 168,452 1,340,589
Operating income (loss) ....................................................................................... (97) 24,103 (805)
Other income (expenses):
Interest and dividend income................................................................................ 1,070 2,074 8,876
Interest expense and discounts on notes ................................................................ (3,449) (3,181) (28,611)
Sales rebates .......................................................................................................... (4,155) (4,147) (34,467)
Loss on foreign exchange ...................................................................................... (121) (1,228) (1,004)
Gain on sale of marketable and investment securities, net ..................................... 138 1,880 1,145
Loss on sale or disposal of properties, net .............................................................. (1,963) (691) (16,284)
Equity in earnings of unconsolidated subsidiaries and affiliates (Note1(m))........... 3,366 —27,922
Early retirement benefit ........................................................................................ (1,517) —(12,584)
Other, net............................................................................................................. 196 183 1,626
.......................................................................................................................... (6,434) (5,108) (53,372)
Income before income taxes, minority interests,
amortization and equity in loss ......................................................................... —18,995 —
Income (loss) before income taxes, minority interests............................................ (6,532) —(54,185)
Income taxes ............................................................................................................. 8,869 9,982 73,571
Income before minority interests, amortization and equity in earnings.................. —9,013 —
Income (loss) before minority interests.................................................................. (15,401) —(127,756)
Minority interests in earnings of consolidated subsidiaries ........................................ 477 485 3,957
Amortization of excess of cost over net assets acquired (Note1(m)) ............................ —97 —
Equity in earnings of unconsolidated subsidiaries and affiliates (Note1(m))............... —5,046 —
Net income (loss).............................................................................................. ¥（15,879）¥ 13,475 $（131,721）
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
YAMAHA Corporation and Consolidated Subsidiaries
Years ended March 31, 1999 and 1998