【JP:E04736】

Market cap

P/E ratio

	Dec 31, 2012	Dec 31, 2013
Net sales	428	445
Beginning goods	2	1
Cost of purchased goods	29	29
Total	31	30
Ending goods	1	1
Cost of goods sold	30	29
Gross profit (loss)	398	416
Salaries and allowances	74	75
Caddies' salaries	36	36
Other salaries	19	22
Legal welfare expenses	21	20
Repair expenses	7	6
Taxes and dues	17	16
Depreciation	32	17
Utilities expenses	28	31
Course administrative expense	19	20
Other	82	92
Selling, general and administrative expenses	334	335
Operating income (loss)	64	81
Interest income	0	0
Commission fee	0	0
Subsidies for employment adjustment	2	-
Insurance income	1	-
Interest on securities	-	0
Miscellaneous income	0	0
Non-operating income	4	1
Interest expenses	6	5
Miscellaneous loss	1	1
Non-operating expenses	7	6
Ordinary income (loss)	61	75
Extraordinary losses	1	1
Income (loss) before income taxes	59	74
Income taxes - current	21	28
Income taxes - deferred	3	0
Income taxes	25	28
Net income (loss)	35	46