Consolidated Statements of Income and Retained Earnings
NEC CORPORATION AND CONSOLIDATED SUBSIDIARIES
For the years ended March 31, 1994, 1995 and 1996
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In thousands of
In millions of yen U.S. dollars (Note 3)
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1994 1995 1996 1996
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Sales and other income:
Net sales ..................................................Y 3,579,787 Y 3,769,357 Y 4,397,192 $41,095,252
Interest, gain on securities sold,dividends and other
(Notes 5 and 14)........................................... 72,714 60,181 30,080 281,122
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3,652,501 3,829,538 4,427,272 41,376,374
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Costs and expenses:
Cost of sales ............................................. 2,463,607 2,557,536 2,980,718 27,857,178
Selling, general and administrative (Notes 12 and 13) ...... 1,038,699 1,056,052 1,168,672 10,922,168
Interest ................................................... 88,009 81,865 69,793 652,271
Other (Note 14) ............................................ 37,076 59,361 56,771 530,570
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3,627,391 3,754,814 4,275,954 39,962,187
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Income before income taxes .................................. 25,110 74,724 151,318 1,414,187
Income taxes (Note 9) ....................................... 25,531 51,448 76,376 713,794
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Income (loss) before minority interest, equity in earnings of
affiliated companies and cumulative effect of change
in accounting for income taxes ............................ (421) 23,276 74,942 700,393
Minority interest in consolidated subsidiary companies ...... (1,718) (214) 4,029 37,654
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Income before equity in earnings of affiliated companies and
cumulative effect of change in accounting for income taxes. 1,297 23,490 70,913 662,739
Equity in earnings of affiliated companies (Note 4) ......... 6,912 11,826 6,253 58,439
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Income before cumulative effect of change
in accounting for income taxes ............................ 8,209 35,316 77,166 721,178
Cumulative effect of change in accounting for
income taxes (Note 9) ..................................... (1,603) ----- ----- -----
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Net income ................................................. 6,606 35,316 77,166 721,178
Retained earnings:
Balance at beginning of year ............................... 316,973 306,467 324,704 3,034,617
Cash dividends applicable to earnings for the year ......... (15,399) (15,408) (17,000) (158,879)
Transfer to legal reserve .................................. (1,713) (1,671) (1,969) (18,402)
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Balance at end of year .....................................Y 306,467 Y 324,704 Y 382,901 $ 3,578,514
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Yen U.S. dollars (Note 3)
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1994 1995 1996 1996
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Per share of common stock:
Income before cumulative effect of change
in accounting for income taxes ........................... Y 5.33 Y 22.92 Y 45.21 $ 0.423
Cumulative effect of change in accounting for income taxes . (1.04) ----- ----- -----
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Net income ................................................. Y 4.29 Y 22.92 Y 45.21 $ 0.423
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Cash dividends per share .................................... Y 10.00 Y 10.00 Y 11.00 $ 0.103
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The accompanying notes are an integral part of these statements.
