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Recoton Expects 4th-Qtr. Shortfall For Video Games

Staff -- TWICE, 1/22/2001

LAKE MARY, FLA. -Recoton Corp. said that although it expects strong sales results from accessories and mobile/home audio, in its video game segment it is anticipating a fourth-quarter revenue shortfall that would range 20-25 percent below results in fourth-quarter 1999.

"We, and others," said Recoton president/CEO Robert L. Borchardt, "are very disappointed in the reduced deliveries of Sony's PlayStation2 gaming system and with the sales of all video game platforms, which appear to be down this holiday season, causing a major gaming market revenue shortfall."

But, he continued, "We anticipate a strong rebound in 2001 for our video gaming segment, based on the expected regular deliveries of PlayStation2 and PlayStation1, combined with the introduction and delivery during 2001 of the new Nintendo Game Boy Advance, Gamecube and Microsoft Xbox systems. This, coupled with continued positive growth from our CE accessories and audio segments, gives us strong expectations for improved performance in 2001."

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