Philips CE Sales Rise 18% In 2000
Staff -- TWICE, 2/12/2001
AMSTERDAM, THE NETHERLANDS -Led by televisions, branded monitors and more-than-doubled sales in DVD-Video, Royal Philips Electronics posted an 18 percent increase in overall consumer electronics sales in 2000, to $13.8 billion.
Income from CE operations edged up 2.5 percent to $351.1 million for the year, compared with $242.1 million in 1999.
Philips' overall sales for the year grew 20 percent to $35.5 billion, up from $29.5 billion in 1999. Net income reached $9 billion in 2000, compared with $1.7 billion in 1999.
Overall fourth-quarter sales hit $10.3 billion, a 15 percent increase over the same three months last year. Net income for the fourth quarter reached $2.6 billion, compared with $645 million in the year-ago period. An after tax gain of $1.04 billion is included in the current fourth-quarter income.
Royal Philips also announced the reallocation into other entities of a number of businesses in the Specialty Products group of Consumer Electronics. The move is intended to create synergies leading to improved efficiencies and better market coverage.
Four businesses-speaker systems, remote controls, creative display solutions and PC cameras-have been transferred from the Specialty Products group to Components. The Accessories and Institutional Television businesses have been transferred from Specialty Products to Mainstream Consumer Electronics.
Specialty Products was set up in early 2000 as a holding company encompassing a number of consumer electronics businesses and operated in a stand-alone mode. Its main task was to evaluate the future of these businesses and their positioning inside or outside of Philips.
The remaining businesses of Specialty Products are Broadband Networks, Marantz and part of Satellite Master Antennas TV. The future of these groups is being evaluated.
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