Contents - MiTAC

MITAC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31,
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS,
EXCEPT EARNINGS PER SHARE)
2003 2002
Operating Revenues-net $ 45,514,663 $ 35,622,333
Operating Cost ( 42,343,444 ) ( 33,008,871 )
Gross Profit
Operating Expenses
3,171,219 2,613,462
Selling expenses ( 984,098 ) ( 762,808 )
Administrative expenses ( 626,065 ) ( 944,804 )
Research and development expenses ( 1,190,664 ) ( 874,246 )
( 2,800,827 ) ( 2,581,858 )
Operating Income
Non-operating Income and gains
370,392 31,604
Interest income
Investment income accounted for under equity method
7,699 5,003
(Note 4 (5))
- 47 -
754,099
1,081,684
Dividend income 47,403 35,642
Gain on disposal of property, plant and equipment 1,208 7,282
Gain on disposal of investment 144,103 400,574
Exchange gain, net 82,467 111,000
Other income 160,005 116,862
Non-operating Expenses and Losses
1,196,984 1,758,047
Interest expenses ( 298,465 ) ( 328,712 )
Other investment loss (Note 4 (5)) ( 66,903 ) ( 122,009 )
Loss on disposal of property, plant and equipment ( 18,121 ) ( 58,264 )
Loss on physical count of inventories
Loss on market value decline and obsolescence of
( 1,050 ) ( 1,947 )
inventories
-
( 160,372 )
Other losses ( 121,236 ) ( 252,334 )
( 505,775 ) ( 923,638 )
Income Before Income Tax and minority interest 1,061,601 866,013
Income Tax Expense (Note 4 (17)) ( 34,907 ) ( 7,847 )
Minority interest 24,779 6,738
Net Income $ 1,051,473 $ 864,904
Before
income tax
After
income tax
Before
income tax
After
income tax
Basic Earnings Per Share (in dollars) (Note 4 (18))
Income before income tax and minority interest $ 1.04 $ 1.01 $ 0.84 $ 0.83
Minority interest 0.02 0.02 0.01 0.01
Net income $ 1.06 $ 1.03 $ 0.85 $ 0.84
Diluted Earnings Per Share (in dollars)
Income before income tax and minority interest 0.96 0.94 0.76 0.77
Minority Interest 0.02 0.02 0.01 0.01
Net income $ 0.98 $ 0.96 $ 0.77 $ 0.78
Pro forma information of net income and earnings per
share disclosed as if the Company’s stock held by
subsidiaries was not recorded as treasury stock:
Net income $ 994,328 $ 959,421 $ 948,979 $ 941,132
Basic earnings per share (in dollars) $ 0.98 $ 0.95 $ 0.92 $ 0.91
Diluted earnings per share (in dollars) $ 0.90 $ 0.88 $ 0.84 $ 0.84
The accompanying notes are an integral part of the consolidated financial statements.
See report of independent accountants dated March 15, 2004.