Annual Report 2002 [PDF/1.6MB]

CONSOLIDATED STATEMENTS OF OPERATIONSKawasho Corporation and Consolidated SubsidiariesFor the years ended March 31, 2002 and 2001Millions of Yen2002 2001Thousands of U.S.Dollars (Note 1)2002Net sales¥ 1,125,930¥ 1,280,937$ 8,449,756Cost of sales1,065,2801,204,7897,994,597Gross profit60,65076,148455,159Selling, general and administrative expenses51,59667,170387,212Operating income9,0548,97867,947Other income (expenses):Interest and dividend income1,9132,97114,356Interest expense(6,089)(8,430)(45,696)Gain on donation34,500258,912Gain on sales of investment securities3949,1612,957Loss on devaluation of land held for sale(19,138)(2,148)(143,625)Loss on sales of investments in a consolidatedsubsidiary and an affiliate(13,284)(99,692)Loss on devaluation of tangible assets(11,483)(86,176)Loss on devaluation of investments in securities(4,702)(2,786)(35,287)Provision for doubtful receivables(1,696)(18,630)(12,728)Loss on devaluation of golf memberships(1,545)(2,306)(11,595)Loss on sales of investments in securities(107)(7,731)(803)Lump-sum amortization of consolidation difference(2,561)Expenses on special retirement payments(2,249)Loss on dissolution of a subsidiary(327)Equity in earnings of unconsolidated subsidiariesand affiliates1832021,373Other, net1,39693610,477(19,658)(33,898)(147,527)Loss before income taxes and minority interests(10,604)(24,920)(79,580)Income taxes (Note 7):Current1,4121,50510,597Deferred(270)(10,427)(2,026)1,142(8,922)8,571Loss before minority interests(11,746)(15,998)(88,151)Minority interests(125)838(938)Net loss¥ (11,871)¥ (15,160)$ (89,089)Amounts per shareYenU.S. Dollars (Note 1)Net loss¥ (88.37)¥ (115.63)$ (0.66)See the accompanying Notes to Consolidated Financial Statements.32