Sony 2004 Annual Report Download - page 93

91
Yen in billions except per share amounts
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2003 2004 2003 2004 2003 2004 2003 2004
Sales and operating revenue . . . . . . . . . . . . . ¥1,721.8 ¥1,603.8 ¥1,789.7 ¥1,797.0 ¥2,307.7 ¥2,323.4 ¥1,654.4 ¥1,772.2
Operating income (loss) . . . . . . . . . . . . . . . . 51.9 16.7 50.5 33.2 199.5 158.8 (116.5) (109.8)
Income (loss) before income taxes . . . . . . . . 116.6 35.8 48.8 44.1 201.9 157.8 (119.7) (93.6)
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . 53.6 25.4 (14.9) 10.3 65.5 67.6 (23.4) (50.5)
Income (loss) before cumulative effect of
accounting changes . . . . . . . . . . . . . . . . . . 57.2 1.1 44.1 35.0 125.4 92.6 (111.1) (38.2)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . 57.2 1.1 44.1 32.9 125.4 92.6 (111.1) (38.2)
Per share data of common stock
Income (loss) before cumulative effect of accounting changes
—Basic . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 62.23 ¥ 1.24 ¥ 47.89 ¥ 37.99 ¥ 136.19 ¥ 100.16 ¥(120.47) ¥
(41.23)
—Diluted . . . . . . . . . . . . . . . . . . . . . . . 57.90 1.24 44.70 35.60 126.05 93.14 (120.47) (41.23)
Net income (loss) . . . . . . . . . . . . . . . . . . .
—Basic . . . . . . . . . . . . . . . . . . . . . . . . . 62.23 1.24 47.89 35.69 136.19 100.16 (120.47) (41.23)
—Diluted . . . . . . . . . . . . . . . . . . . . . . . 57.90 1.24 44.70 33.48 126.05 93.14 (120.47) (41.23)
Depreciation and amortization*. . . . . . . . . . . ¥ 83.3 ¥ 84.3 ¥ 83.7 ¥ 87.4 ¥ 88.7 ¥ 95.2 ¥ 96.2 ¥ 99.3
Capital expenditures
(additions to fixed assets) . . . . . . . . . . . . . . 60.7 81.0 67.0 90.0 56.9 97.6 76.6 109.6
R&D expenses. . . . . . . . . . . . . . . . . . . . . . . . 97.9 114.2 108.3 136.2 105.6 123.8 131.4 140.4
Tokyo Stock Exchange price per share of common stock**:
High . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 7,450 ¥ 4,190 ¥ 6,300 ¥ 4,410 ¥ 5,540 ¥ 4,200 ¥ 5,110 ¥ 4,660
Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,810 2,720 4,850 3,430 4,870 3,520 4,080 3,780
New York Stock Exchange price per American Depositary Share**:
High . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59.70 $ 35.51 $ 53.17 $ 38.30 $ 45.29 $ 37.96 $ 43.31 $ 42.36
Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.63 23.92 40.51 29.23 39.88 32.59 34.86 34.98
*Including amortization expenses for intangible assets and for deferred insurance acquisition costs.
** Stock price data are based on daily closing prices.
Notes: 1. U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥104=U.S.$1, the approximate Tokyo foreign exchange market rate as of March 31, 2004.
2. In January 2003, the FASB issued FIN No. 46, “Consolidation of Variable Interest Entities — an Interpretation of ARB No. 51”. FIN No. 46 addresses consolidation by a primary beneficiary
of a VIE. For VIEs created or acquired prior to February 1, 2003, Sony early adopted the provisions of FIN No. 46 on July 1, 2003. Under FIN No. 46, any difference between the net
amount added to the balance sheet and the amount of any previously recognized interest in the VIE shall be recognized as a cumulative effect of accounting changes. As a result of
adopting the original FIN No. 46, Sony recognized a one-time charge with no tax effect of ¥2,117 million ($20 million) as a cumulative effect of accounting change in the consolidated
statement of income, and Sony’s assets and liabilities increased by ¥95,255 million ($916 million) and ¥97,950 million ($942 million), respectively. These increases were treated as non-
cash transactions in the consolidated statement of cash flows. In addition, cash and cash equivalents increased by ¥1,521 million ($15 million). In December 2003, the FASB issued FIN
No. 46R, which replaces FIN No. 46. Sony early adopted the provisions of FIN No. 46R upon its issuance. The adoption of FIN No. 46R did not have an impact on Sony’s results of
operations and financial position or impact the way Sony had previously accounted for VIEs.
3. In November 2002, the FASB issued EITF Issue No. 00-21, “Accounting for Revenue Arrangements with Multiple Deliverables”. Sony adopted EITF Issue No. 00-21 on July 1, 2003. The
adoption of EITF Issue No. 00-21 did not have a material impact on Sony’s results of operations and financial position for the year ended March 31, 2004.
4. In May 2003, the FASB issued Statement of FAS No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity”. Sony adopted FAS No. 150 on
April 1, 2003. The adoption of FAS No. 150 did not have an impact on Sony’s results of operations and financial position for the year ended March 31, 2004.
5. In June 2002, the FASB issued FAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities” which nullifies EITF Issue No.94-3, “Liability Recognition for Certain
Employee Termination Benefits and Other Costs to Exit an activity (including Certain Costs Incurred in a Restructuring)”. Sony adopted FAS No. 146 on January 1, 2003. The adoption of
this statement did not have a material effect on Sony’s results of operations and financial position.
6. In April 2003, the FASB issued FAS No. 149, “Amendment of Statement 133 on Derivative Instruments and Hedging Activities”. Sony adopted FAS No. 149 on July 1, 2003. The adoption
of FAS No. 149 did not have an impact on Sony’s results of operations and financial position.
Quarterly Financial and Stock Information
Sony Corporation and Consolidated Subsidiaries – Year ended March 31
(Unaudited)