JVC Fiscal Year Overseas Sales Increase 5.5%
Staff -- TWICE, 4/30/2001
YOKOHAMA, JAPAN — Victor Company of Japan (JVC) reported strong overseas sales growth for digital video camcorders, DVD players and other digital products, thanks to a booming U.S. economy in the first half of its fiscal year.
In the second half, overseas sales of these products were hurt by an economic slowdown, causing a production backlog resulting from component shortfalls and declining consumer spending.
Despite this, overseas sales were still strong over the full fiscal year ending March 31, up 5.5 percent to $4.8 billion, from $4.5 billion in fiscal 1999. JVC's overall sales of consumer electronics hit $3.2 billion in its fiscal year, up 7 percent from the $3 billion recorded in fiscal 1999.
Total company non-consolidated financial highlights saw fiscal year sales climb 4 percent to $4.6 billion, compared with $4.4 billion in fiscal 1999. Net income was $9.3 million on a non-consolidated basis, compared with a $21.2 million loss the previous 12 months.
In a forecast for the fiscal year ending March 2002, JVC said the U.S. economy will affect capital investments and exports around the world, helping the business environment to grow increasingly severe during the year. It expects fiscal 2001 non-consolidated sales to reach $4.8 billion on net profits of $16.1 million.
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