Sony 2002 Annual Report Download - page 2

Financial Highlights
Sony Corporation and Consolidated Subsidiaries
Year ended March 31
Yen in millions Dollars in
except per share amounts and millions except
number of employees per share amounts
2001 2002 2002/2001 2002
FOR THE YEAR
Sales and operating revenue ¥7,314,824 ¥7,578,258 +3.6% $56,979
Operating income 225,346 134,631 –40.3 1,012
Income before income taxes 265,868 92,775 –65.1 698
Income before cumulative effect of
accounting changes 121,227 9,332 –92.3 70
Net income 16,754 15,310 –8.6 115
Per share data:
Income before cumulative effect of
accounting changes
—Basic ¥ 132.64 ¥ 10.21 –92.3% $ 0.08
—Diluted 124.36 10.18 –91.8 0.08
Net income
—Basic 18.33 16.72 –8.8 0.13
—Diluted 19.28 16.67 –13.5 0.13
Cash dividends 25.00 25.00 0.19
AT YEAR-END
Stockholders‘ equity ¥2,315,453 ¥2,370,410 +2.4% $17,823
Total assets 7,827,966 8,185,795 +4.6 61,547
Number of employees 181,800 168,000
Notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥133=U.S.$1, the approximate Tokyo foreign
exchange market rate as of March 29, 2002.
2. Cash dividends per share of common stock for the year ended March 31, 2002 include a dividend which is subject to approval of the
Ordinary General Meeting of Shareholders to be held on June 20, 2002.
3. In July 2001, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“FAS”) No.142
“Goodwill and Other Intangible Assets.” Sony adopted FAS No. 142 retroactive to April 1, 2001. As a result, Sony‘s operating income and
income before income taxes for the year ended March 31, 2002 increased by ¥20.1 billion ($151 million) and income before cumulative
effect of accounting changes as well as net income for the year ended March 31, 2002 increased by ¥18.9 billion ($142 million).
4. On April 1, 2001, Sony adopted FAS No. 133, “Accounting for Derivative Instruments and Hedging Activities” as amended by FAS No. 138
“Accounting for Certain Derivative Instruments and Certain Hedging Activities — an Amendment of FASB statement No. 133.” As a result,
Sony‘s operating income, income before income taxes and net income for the year ended March 31, 2002 decreased by ¥3.0 billion ($23
million), ¥3.4 billion ($26 million) and ¥2.2 billion ($16 million), respectively. Additionally, Sony recorded a one-time non-cash after-tax
unrealized gain of ¥1.1 billion ($8 million) in accumulated other comprehensive income in the consolidated balance sheet, as well as an
after-tax gain of ¥6.0 billion ($45 million) in the cumulative effect of accounting changes in the consolidated statement of income.
5. In June 2000, the Accounting Standards Executive Committee of the American Institute of Certified Public Accountants issued Statement
of Position (“SOP”) 00-2, “Accounting by Producers or Distributors of Films.” Sony adopted SOP 00-2 retroactive to April 1, 2000. As a
result, Sony’s net income for the year ended March 31, 2001 included a one-time, non-cash charge with no tax effect of ¥101.7 billion,
primarily to reduce the carrying value of its film inventory.
6. In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in
Financial Statements.” Sony adopted SAB No. 101 in the fourth quarter ended March 31, 2001 retroactive to April 1, 2000. As a result, a
one-time non-cash cumulative effect adjustment of ¥2.8 billion was recorded in the income statement directly above the caption of “Net
income” for a change in an accounting principle.
Percent change
Sony Corporation Annual Report 2002