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Emerson Radio CE Sales Soar 30.4%

2/04/2005 01:25:00 PM Eastern

Parsippany, N.J. — Led by Emerson-branded and Nickelodeon-themed products, consumer electronics sales at Emerson Radio jumped 30.4 percent in the company’s fiscal third quarter, hitting $80.3 million, up from $61.6 million in the year-ago period.

 

Third quarter net income for CE products came in at $3 million, compared with a year-on-year $2.6 million.

Sales of Emerson-branded products rose 25.5 percent in the third quarter, ended Dec. 31, while sales of Nickelodeon items increased to $9.9 million, a 120 percent rise over the same three months in 2003. Licensing income moved up by $2.4 million in the third quarter and to $9.1 million for the nine months, 11.9 percent above the same period a year earlier.

CE sales for the nine months climbed 25.6 percent, to $188.1 million, up from $149.7 million in the same period a year ago. Net income for CE products in the nine months was $4.7 million, compared with a year-earlier $3 million.

Emerson, a CE distributor, recorded third quarter consolidated revenue of $94.7 million, a 24 percent rise over the $76.3 million posted year-over-year, while net income dropped 30 percent, to $2 million, from $2.8 million, mainly as a result of income from discontinued operations that was present in the prior year’s quarter and not in the current three months.

For the nine months, consolidated Emerson revenue moved up to $250.7 million, a 19.7 percent increase over the $209.4 million registered in the same period in 2003. Net income for the period was $4.7 million, compared with $3 million the previous year.

Emerson also derives revenue from its sporting goods business, which did $14.3 million in the third quarter, about flat with the previous year. The sporting goods business posted a loss of $1.9 million in the third quarter, compared with net income of $522,000 year-over-year.