Sony 2002 Annual Report Download - page 69

Quarterly Financial and Stock Information
Sony Corporation and Consolidated Subsidiaries - Year ended March 31
(Unaudited)
Yen in billions except per share amounts
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2001 2002 2001 2002 2001 2002 2001 2002
Sales and operating revenue . . ¥1,565.1 ¥1,633.5 ¥1,690.9 ¥1,780.9 ¥2,129.6 ¥2,279.3 ¥1,929.2 ¥1,884.6
Operating income (loss) . . . . . . 30.6 3.0 53.1 (3.4) 144.8 158.6 (3.2)
(23.6)
Income (loss) before income
taxes . . . . . . . . . . . . . . . . . . . . . 36.9 (14.3) 76.9 0.6 136.2 119.3 16.0 (12.8)
Income taxes . . . . . . . . . . . . . . . 17.2 20.3 38.0 14.8 53.0 39.0 7.3 (8.9)
Income (loss) before cumulative
effect of accounting changes . . . 12.0 (36.1) 18.7 (13.2) 74.8 64.0 15.8 (5.5)
Net income (loss) . . . . . . . . . . . . (92.4) (30.1) 18.7 (13.2) 74.8 64.0 15.8 (5.5)
Per share data
Income (loss) before cumulative
effect of accounting changes
－Basic . . . . . . . . . . . . . . . . ¥ 13.21 ¥ (39.26) ¥ 20.43 ¥ (14.34) ¥ 81.72 ¥ 69.72 ¥ 17.20 ¥ (5.91)
－Diluted . . . . . . . . . . . . . . . 12.71 (39.26) 19.38 (14.34) 75.82 64.87 16.46 (5.91)
Net income (loss)
－Basic . . . . . . . . . . . . . . . . (101.48) (32.75) 20.43 (14.34) 81.72 69.72 17.20 (5.91)
－Diluted . . . . . . . . . . . . . . . (92.34) (32.75) 19.38 (14.34) 75.82 64.87 16.46 (5.91)
Depreciation and amortization* . ¥ 79.8 ¥ 80.0 ¥ 83.0 ¥ 87.5 ¥ 87.2 ¥ 94.6 ¥ 98.2 ¥ 92.0
Capital expenditures
(additions to fixed assets) . . . . 81.6 86.1 88.2 93.3 90.5 75.2 205.0 72.1
R&D expenses . . . . . . . . . . . . . . 90.3 103.2 108.1 123.2 100.0 98.9 118.3 107.9
Tokyo Stock Exchange price per
share of Common Stock**:
High . . . . . . . . . . . . . . . . . . . . ¥ 15,000 ¥ 10,200 ¥ 12,480 ¥ 8,150 ¥ 10,800 ¥ 6,200 ¥ 9,370 ¥ 7,200
Low . . . . . . . . . . . . . . . . . . . . . 9,490 8,100 9,900 4,210 7,560 3,980 8,040 5,540
New York Stock Exchange price
per American Depositary
Share**:
High . . . . . . . . . . . . . . . . . . . . $ 137.56 $ 85.50 $ 116.25 $ 65.75 $ 98.69 $ 49.86 $ 76.90 $ 56.59
Low . . . . . . . . . . . . . . . . . . . . . 90.25 65.80 90.44 33.20 69.38 33.72 65.95 41.00
* Including amortization expenses for intangible assets and for deferred insurance acquisition costs. *
** Stock price data are based on daily closing prices.
Notes: 1. In July 2001, the Financial Accounting Standard 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)
2. 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.
3. In the fourth quarter of the year ended March 31, 2002, Sony adopted Emerging Issues Task Force (“EITF”) Issue No. 00-25,
“Vendor Income Statement Characterization of Consideration Paid to a Reseller of the Vendor’s Products”, which was later codified
along with other similar issues into EITF Issue No. 01-09, “Accounting for Consideration Given by a Vendor to a Customer or
Reseller of the Vendor’s Products” (“EITF No. 01-09”), retroactive to April 1, 2001. As a result, Sony has restated sales and
operating revenue for the first three quarters of the year ended March 31, 2002.
4. 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.
5. 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 no-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 accounting principle. Sony has restated its financial results for the first three
quarters of the year ended March 31, 2001.
Quarterly Financial and Stock Information
67