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D&M Reports Higher '05 Operating Profit

5/18/2006 02:22:00 PM Eastern

Tokyo — D&M Holdings reported lower consolidated revenue but higher operating profit for the fiscal year, ended March 31.

D&M’s consolidated revenue for the fiscal year was $814 million, 2.6 percent lower than the previous year, due to discontinued operations at Rio. D&M owns the Denon, Marantz, McIntosh Laboratory, Boston Acoustics, Snell Acoustics, D&M Professional, ReplayTV and Escient brands. The shortfall from Rio during fiscal 2005 was “substantially offset” from Boston Acoustics and “the introduction of high-performance products with differentiated features and functions,” the firm said.

Operating profit was $32.8 million for the fiscal year; earnings before interest, taxes, depreciation and amortization (EBITDA) reached $52.9 million; and ordinary profit was $28.3 million. Operating profit was a whopping 287 percent higher than the previous fiscal year due to the “inclusion of Boston Acoustics results combined with improvement in the operating performance of the company’s premium A/V business and significantly reduced operating losses in the Digital Network operation,” D&M said.

Net income for the year was $21.9 million, a 292 percent gain from the previous year’s $5.6 million.

In the Premium AV segment sales were $770.3 million, a 12 percent increase vs. the previous year’s $689.2 million. Operating profit for the segment was $40.1 million, a 28.3 percent increase over the previous year’s $30.9 percent.

The Digital Network business, now without Rio, consists of Escient, ReplayTV and the Advanced Center for Technologies. Fiscal year revenue for the division was $43.8 million, a 70 percent drop year-to-year. But the operating loss was reduced 69 percent to $7.3 million.

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