Emerson Fiscal Q4 CE Sales Climb 18%
By Staff -- TWICE, 8/5/2002
PARSIPPANY, N.J. — A recovering economy and retailer restocking initiatives helped Emerson Radio report a year -over-year consumer electronics revenue increase in the fourth quarter.
In the three months, ended March 31 — traditionally its weakest season for consumer electronics, according to the company — Emerson's CE business increased about 18 percent, to $28.8 million, up from $23.7 million in the same quarter of 2001.
Emerson reported its fourth quarter and year-end financials in mid-July.
For the 12 months, however, Emerson net revenue for its consumer electronics division declined about 18 percent, to $214.9 million, down from $264.3 million. The company attributed this dip primarily to a slowdown in the economy and decreased unit sales of audio products and microwave ovens.
CE net income for the 12 months, however, rose 53.1 percent, to $21.6 million, compared with $14.1 million in the previous year. CE gross margin increased 150 basis points for the 12 months, hitting 16.3 percent.
Overall fourth quarter revenue at Emerson — which does about half its business in sports-related equipment — reached $59.1 million, up from $56.1 million. Net income for the three months jumped to $8.3 million, up from $782,000 year over year.
For the 12 months, overall revenue dropped to $318.5 million, down from $377.4 million in the previous year. Net income, however, rose to $19.4 million, compared with $12.7 million a year earlier.
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