1999 Annual Report - Delta Electronics

DELTA ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS, EXCEPT EARNINGS PER SHARE DATA)
1999 1998
Amount % Amount
(Restated)
%
Operating revenues (Notes 2 and 5)
Sales revenue $ 40,060,275 101 $ 26,211,781 100
Sales returns ( 272,962) ( 1) ( 269,831) ( 1)
Sales allowances ( 324,866) ( 1) ( 119,745) -
Net sales revenue 39,462,447 99 25,822,205 99
Services revenue 206,357 1 313,677 1
Total operating revenues
Operating costs (Notes 2 and 5)
39,668,804 100 26,135,882 100
Cost of goods sold ( 31,553,703) ( 80) ( 20,650,761) ( 79)
Gross profit 8,115,101 20 5,485,121 21
Unrealized intercompany loss - - 1,657 -
Realized intercompany loss ( 1,657) - - -
Net gross profit
Operating expenses
8,113,444 20 5,486,778 21
Selling ( 1,822,040) ( 4) ( 1,159,080) ( 5)
Management and administrative ( 890,190) ( 2) ( 813,503) ( 3)
Research and development ( 1,851,520) ( 5) ( 1,272,394) ( 5)
Total operating expenses ( 4,563,750) ( 11) ( 3,244,977) ( 13)
Operating income
Non-operating income
3,549,694 9 2,241,801 8
Interest income 215,943 1 253,562 1
Gain on disposal of property, plant and equipment 45,706 - 12,556 -
Gain on disposal of investments 858,573 2 3,012 -
Foreign exchange gain - net 22,033 - 9,413 -
Reversal of allowance for doubtful accounts 32,061 - 3,257 -
Other income (Note 5) 381,597 1 468,049 2
Total non-operating income
Non-operating expenses
1,555,913 4 749,849 3
Interest expense ( 171,041) ( 1) ( 160,369) ( 1)
Investment loss ( 164,047) - ( 36,425) -
Loss on disposal of property, plant and equipment ( 32,409) - ( 7,771) -
Loss on physical count of inventory
Provision for decline in market value and
( 60,706) - ( 4,077) -
obsolescence of inventory ( 30,960) - - -
Other losses ( 173,025) ( 1) ( 109,404) -
Total non-operating expenses ( 632,188) ( 2) ( 318,046) ( 1)
Income before income tax 4,473,419 11 2,673,604 10
Income tax (Notes 2 and 4(15)) ( 659,762) ( 1) ( 384,929) ( 1)
Income after income tax 3,813,657 10 2,288,675 9
Minority interest in consolidated subsidiaries ( 165,771) ( 1) ( 53,304) -
Net income
Earnings per share (Note 4(16)) (In dollars)
$ 3,647,886 9 $ 2,235,371 9
Income before minority interest $ 5.35 $ 3.44
Minority interest in consolidated subsidiaries ( 0.23) ( 0.08)
Net income $ 5.12 $ 3.36
Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000.
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