By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Chicago – Cobra Electronics reported higher sales, but slightly lower net income for the third quarter, ended Sept. 30.
Net income was $394,000 as compared to net income of $564,000 for the third quarter of 2012. In addition, there was operating income of $124,000 for the current quarter compared to operating income of $304,000 in the same quarter last year.
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Osaka, Japan – Sharp Electronics reported an increase in net sales, a reduced net loss and a turnaround in operating income for its fiscal first half ended Sept. 30.
Compared year on year net sales were up 21.5 percent to 1,342 billion yen, operating income was 33.8 billion yen versus a prior year loss of 168.9 billion yen, and a net loss of 4.3 billion yen compared with a prior year net loss of 387.6 billion yen loss.
Osaka, Japan — Panasonic officially announced its end of plasma display panel production by the end of the year, as it reported higher sales, operating profit and net profit in its fiscal second quarter while it emphasizes more B-to-B categories.
Panasonic said it would end production of plasma panels in December, blaming the “rapid development of large-screen LCDs,” and “severe price competition” due to the stock market crash and recession that began in September 2008.
Shizuoka, Japan – Yamaha Corp. boosted first-half global sales, operating income and net income.
Yamaha said global sales increased by 11.8 percent to 197.7 billion yen ($2.01 billion, operating income by 100.7 percent to 13.7 billion yen ($139.2 million), and net income by 273.4 percent to 12.5 billion yen ($12.7 million) for the fiscal first half ended Sept. 30.
Tokyo — Sony reported higher operating revenue but lower operating income, due to its movie business, and a higher net loss in its fiscal second quarter.
The decrease in operating income was due to a “significant decline” in its pictures segment, which offset “significant improvement” in its mobile products and communications (MP&C) segment, reflecting strong smartphone sales, favorable foreign exchange rates and an improvement in its TV operations.
Stamford, Conn. – Harman International started off its 2014 fiscal year with double-digit sales gains in all three of its operating divisions, but consolidated net income fell 15 percent from the year-ago period to $46 million.
Consolidated sales rose 17 percent (including currency changes) to $1.17 billion, with operating income falling 12 percent to $69 million in the quarter, which ended Sept. 30.
Indianapolis — h.h.gregg said a precipitous drop in its TV business, and reduced revenue from mobile phones and notebook computers, led to sales and earnings declines in its fiscal second quarter.
Net income slipped 2 percent to $3.7 million for the three months, ended Sept. 30, while net sales decreased 3.3 percent to $568.3 million.
Comp-store sales fell 6.2 percent on a double-digit comp sales decline in TV caused by a strategic decision to offer fewer opening price point models, while computer and wireless comps fell 7.2 percent year over year.
Overland Park, Kan. — Operating losses in Sprint’s wireless business grew in the third quarter compared with the year-ago period but shrank on a sequential and year-to-date basis.
Wireless revenues were flat in the quarter compared with the year ago and up only 1 percent for the year to date.
During the quarter, Sprint sold almost 5 million smartphones, nearly 1.4 million of which were iPhones. The iPhone count is down from the year-ago 1.5 million.
Schaffhausen, Switzerland – GPS supplier Garmin posted a 4 percent decline in consolidated sales in the third quarter to $643.6 million and a 5.2 percent drop in operating income to $151.8 million.
Thanks to an income tax benefit of $26.9 million, third-quarter net income soared 33.7 percent to $187.7 million.
Sales declined in its auto/mobile and outdoor segments but rose in its fitness, marine, and aviation segments.
Amsterdam, The Netherlands — North American PND sales at the retail level fell 28 percent in the third quarter to 1.1 million units from the year-ago period, GPS supplier TomTom said in its latest financial report.
The decline followed a second-quarter 27 percent decline to 1.3 million units and a first-quarter decline of 27 percent to 1.1 million units, previous financial reports stated.