Annual Report 2004 [PDF/1.1MB]

CONSOLIDATED STATEMENTS OF OPERATIONS
Kawasho Corporation and Consolidated Subsidiaries
For the years ended March 31, 2004 and 2003
Millions of yen
2004 2003
Thousands of U.S.
dollars (Note 1)
2004
Net sales
¥ 1,179,430
¥ 1,156,796
$ 11,159,334
Cost of sales
1,119,692
1,097,730
10,594,115
Gross profit
59,738
59,066
565,219
Selling, general and administrative expenses
45,285
46,670
428,470
Operating income
14,453
12,396
136,749
Other income (expenses):
Interest and dividend income
1,306
1,449
12,357
Gain on reversal of allowance for doubtful receivables (Note 15)
1,144
Gain on sales of investments in securities (Note 3)
1,747
1,032
16,529
Equity in earnings of unconsolidated subsidiaries and affiliates
760
1,086
7,191
Gain on return of substitutional portion of welfare pension
fund plans (Note 6)
463
Loss on devaluation of investments in securities
(3,971)
Allowance for doubtful receivables
(3,061)
Interest expense
(4,294)
(5,029)
(40,628)
Loss on sales of investments in consolidated subsidiaries and affiliates
(7,990)
(75,598)
Loss on sales of property and equipment
(12,465)
(117,939)
Loss on revaluation of real estate held for sale
(1,987)
(18,800)
Other, net
264
111
2,497
(22,659)
(6,776)
(214,391)
(Loss) income before income taxes and minority interests
(8,206)
5,620
(77,642)
Income taxes (Note 7):
Current
1,595
1,454
15,091
Deferred
(5,400)
22
(51,092)
(3,805)
1,476
(36,001)
(Loss) income before minority interests
(4,401)
4,144
(41,641)
Minority interests
(601)
(485)
(5,686)
Net (loss) income
¥ (5,002)
¥ 3,659
$ (47,327)
See the accompanying Notes to Consolidated Financial Statements.
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