twice connect

JVC CE Sales Down 13.3%

7/29/2003 02:23:00 PM Eastern

Tokyo - Victor Company of Japan (JVC) reported a 13.3 percent decrease in overall consumer electronics division sales in the company’s fiscal first quarter due to what it called 'struggles' in the CRT TV, VCR and VHS-C camcorder categories.

CE product category sales hit $1.2 billion, down from $1.4 billion in the year-ago period, but JVC said it enjoyed increased sales in DVD players, projection televisions and digital video cameras.

In JVC's software and media products division — which includes music and video CDs, videodiscs, prerecorded music and video tapes and blank media — first quarter sales climbed 2 percent, reaching $301.5 million for the three months ended June 30, compared with $295.3 million year-on-year. The company said the division enjoyed major hits and strong growth.

With JVC reporting a year-on-year decline in local currency-denominated sales in the Americas, total overseas first quarter revenue dropped 7.6 percent, down to $1.3 billion, from $1.4 billion in the same three months in 2002.

War in Iraq, as well as other factors, caused U.S. consumer spending to slump, said JVC, with this down trend contributing to a 7 percent drop in first quarter consolidated sales. This hit $1.8 billion, compared with $2 billion in the same period the previous year.

JVC did report consolidated improvement in profitability during the first three months, with operating income increasing 51 percent, to $20.9 million, up from $13.8 million in the same quarter a year ago. The company also moved into the black in the quarter, but barely, recording net income of $619,869, compared with a net loss of $15.1 million in the first quarter of 2002.

Looking ahead to mid-year, JVC anticipates 6-month sales of $4.1 billion, down 1 percent year over year. It expects net income of $25.1 million, up $13.4 million from the same six months last year.

For the 12 months, JVC is looking for $8.4 billion in sales, an increase of 3 percent, compared with the previous fiscal year. It anticipates 12-month net income of $92.1 million, up $39.4 million year over year.

ProSource Meeting Filled With Optimism

San Antonio — Optimism reigned at ProSource’s

Ingram Draws 500 To Spring Vendor Expo

Scottsdale, Ariz. — Ingram Micro Consumer

CEA Holds ’14 Digital Patriots Dinner

Washington — CEA held its annual Digital Patriots’

8 Technology Accessories For a Greener Earth

An Earth Day review of Earth-friendly products, by

BrandSource Shows Diverse Product Selection

BrandSource’s Summit show at the Marriott World

Scenes From Toy Fair

By Lisa Johnston

ADL Honors Morales, Bilas, Paull, Weedfald At Annual Dinner

New York — The Anti-Defamation League’s National