Business Notes
Staff -- TWICE, 6/25/2001
TDK Raises Prices For CD-R And CD-RW Blank Media
GARDEN CITY, N.Y. — TDK Electronics has raised prices on its CD-R and CD-RW blank media, effective June 1. The company blames the price hike on a consolidation of the product category's manufacturing base, which has led to a tightening of disc supply, as well as increases in CD-R production costs. Wholesale price increases of about 30 percent are expected. TDK's upward price adjustment follows announced expectations of higher prices at Maxell Corporation of America and Memtek Products, both of which said they had been receiving 30 percent increases from their media sources. TDK also announced the relocation of its California plant and regional sales office to 3190 E. Miraloma Ave., Anaheim, Calif.
Ingram Micro Adjusts Q2 Outlook For Revenue, Income
SANTA ANA, CALIF. — Global wholesale provider of technology products and supply chain management Ingram Micro has revised revenue expectations for the second quarter ending June 30. The company now expects revenue in the range of $5.8 billion to $6 billion, down from the previous estimates of $6.3 billion to $6.7 billion. Income before taxes and non-recurring items is expected to range from break-even to a loss of $10 million, down from the previous guidance which put an estimate for net income before any non-recurring items in a range of $11 million to $18 million (TWICE, June 11, p. 53). "We are adjusting our guidance to reflect a further reduction of U.S. revenue and the international sales slow-down," said Kent B. Foster, chairman/CEO.
Polaroid Restructuring Again, Reducing Workforce 25%
CAMBRIDGE, MASS. — Polaroid will phase out 25 percent of its global workforce of 8,000 over the next 18 months, including 1,000 employees in the United States. The company will also institute a restructuring program designed to save $175 million to $200 million by the end of 2003. It will also take a series of restructuring charges this year and next, totaling between $150 million and $175 million to reduce its cost base. The restructuring will include layoffs, as well as reduction and reconfiguration of Polaroid's global operations. Operating results for the second quarter ended June 30 are likely to be in the area of the operating loss reported in the first quarter, excluding potential one-time charges and real estate gains. Polaroid posted a loss of $38 million in the first quarter, compared with a $9 million profit in the same three months last year. Sales were down 18 percent in the first quarter, to $331 million, compared to the year-ago first quarter. Sales in the United States were off 2 percent in the first quarter, down to $199 million, compared with the same three months in 2000. During the first quarter, Polaroid announced its first restructuring plans, including a layoff of 950 employees, or 11 percent of the workforce.
Panja Changing Name Back To AMX By End Of Summer
RICHARDSON, TEXAS — Panja said it is changing its name back to AMX. This name is the one that the company said has always been associated with the high level of customer service and support upon which its business was founded. It also is considered to better represent the value of Panja's 20-year history in the marketplace and the company's accomplishments. The name symbolizes the core capabilities Panja is building in world-class control systems, and the vast array of professional services offered by its dealers, the company said. Final approval should come at Panja's annual meeting in late August. The company's NASDAQ ticker symbol will be changed from PNJA to AMXC.
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