1999 Annual Report - Delta Electronics

DELTA ELECTRONICS, INC.
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 %
Operating revenues (Note 5)
Sales revenue $ 19,597,569 89 $ 10,935,029 88
Sales returns ( 92,710) - ( 124,858) ( 1)
Sales allowances ( 150,525) ( 1) ( 85,685) ( 1)
Net sales revenue 19,354,334 88 10,724,486 86
Services revenue 2,531,157 12 1,760,805 14
Total operating revenues
Operating costs
21,885,491 100 12,485,291 100
Cost of goods sold (Note 5) ( 18,864,681) ( 86) ( 10,057,977) ( 81)
Gross profit 3,020,810 14 2,427,314 19
Unrealized intercompany profit ( 2,601) - ( 1,710) -
Realized intercompany profit 19,938 - 59,958 1
Net gross profit
Operating expenses
3,038,147 14 2,485,562 20
Selling ( 746,510) ( 4) ( 663,774) ( 6)
Management and administrative ( 604,404) ( 3) ( 534,463) ( 4)
Research and development ( 1,610,416) ( 7) ( 1,248,615) ( 10)
Total operating expenses ( 2,961,330) ( 14) ( 2,446,852) ( 20)
Operating income 76,817 - 38,710 -
Non-operating income
Interest income 168,718 1 146,311 1
Investment income 3,142,754 15 2,360,275 19
Gain on disposal of property, plant and equipment 43,965 - 12,556 -
Gain on disposal of investments 826,432 4 3,012 -
Foreign exchange gain, net 53,247 - 5,583 -
Reversal of allowance for doubtful accounts - - 34,000 1
Other income (Note 5) 266,481 1 280,116 2
Total non-operating income
Non-operating expenses
4,501,597 21 2,841,853 23
Interest expense ( 158,788) ( 1) ( 156,601) ( 1)
Loss on disposal of property, plant and equipment
Provision for decline in market value and
( 11,705) - ( 5,887) -
obsolescence of inventory ( 29,364) - - -
Other losses ( 71,367) - ( 102,289) ( 1)
Total non-operating expenses ( 271,224) ( 1) ( 264,777) ( 2)
Income before income tax 4,307,190 20 2,615,786 21
Income tax (Note 4(16)) ( 659,304) ( 3) ( 380,415) ( 3)
Net income
Earnings per share (Note 4(17)) (In dollars)
$ 3,647,886 17 $ 2,235,371 18
Net income $ 5.12 $ 3.36
Please refer to the accompanying notes and PricewaterhouseCoopers' audit report dated February 23, 2000.
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