Earnings Briefs

Tokyo — Sales in the recording media and systems division at TDK moved up 1.5 percent during the first half of the company's fiscal year, hitting $506.1 million, compared with $498.5 million in the same six months last year. At the same time, TDK's recording media and systems division substantially narrowed its operating loss, reaching a negative $5.7 million during the first six months of 2002, ended Sept. 30, compared with an operating loss of $17 million in the year-ago period. Consolidated sales for the fiscal first half at TDK showed a 9.5 percent jump, to $2.4 billion, up from $2.2 billion in the same six months last year. Net income also improved, reaching $37.9 million for the six months, up from $14.9 million in the first half of 2001. Looking at full fiscal year projections, TDK said it anticipates consolidated sales for the 12 months, ending in March of 2003, of $4.8 billion, a 2.5 percent increase over the $4.6 billion recorded for the previous full fiscal year, ending last March. Net income is expected to go black for the current 12 months, hitting $105.9 million, compared with a 2001 net loss of $209.5 million.

Cupertino, Calif. — Putting the blame on several one-time items, Apple Computer recorded a $45 million net loss in its fiscal fourth quarter, its first negative net in nearly two years. In the same quarter in 2001, Apple registered a net profit of $66 million. Revenue for the fourth quarter, ended Sept. 28, was flat, compared with the year-ago three months. Net sales dipped from $1.44 billion in the fourth quarter this year, down from $1.45 billion in the year-ago period. Gross margin also dropped in the fourth quarter, sliding 370 basis points, to 26.4 percent. Excluding one-time items, Apple net profit for the fourth quarter would have been $7 million. Apple said it shipped 734,000 Macintosh computers during the three months, down 14 percent from the 850,000 shipped in the same period last year. For the 12 months, Apple registered net income of $65 million, up from a loss of $25 million the previous year. Revenue for the 12 months hit $5.7 billion, compared with $5.4 billion year over year.

Dallas — Blockbuster, which this year has added CE video products in all its 5,000-plus outlets throughout the United States to its basic lineup of rentals and game entertainment, recorded a 9.6 percent increase in revenue in the third quarter. This hit $1.4 billion, up from $1.3 billion in the year-ago period. Same-store worldwide revenue climbed 6.9 percent in the quarter ended Sept. 30. Net income for the three months reached $51 million, compared with a net loss of $224.9 million year-on-year. The company took charges of $312 million in the third quarter of 2001. For 2003, the company expects revenue to grow in excess of 10 percent.

Washington— High-end audio products and electronic systems maker Harman International Industries enjoyed a 23 percent increase in sales in its fiscal first quarter, with its infotainment and audio programs for auto customers driving both sales and earnings. Sales came in at $490.8 million in the quarter ended Sept. 30, up from $399 million in the year-ago period. Net income was $9.8 million for the first quarter, almost double the $5 million posted in the same three months in 2001. Harman reports consumer audio product sales of $73.6 million were 6 percent above last year.