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JVC Cuts Q2 Net, Operating Losses

7/28/2008 12:38:00 PM Eastern

Tokyo — Victor Company of Japan, marketer of the JVC brand in the United States, reported reduced operating and net income for its fiscal first quarter.

JVC’s operating loss was $12 million, compared with a loss of $46.4 million in its fiscal first quarter last year. The net loss was reduced almost by half vs. the previous year’s first quarter to $64 million.

Total sales for the company were down in the quarter by 17 percent to $1.23 billion. But in its prepared statement, JVC said its “key point” in the report “is that operating income improved in every business segment compared with the same period last year.

Consumer electronics, which represents 76 percent of total company sales, had operating income that “returned to the black due to the effect of structural reforms” even though sales were down 15.8 percent year-on-year to $928.5 million.

JVC reported that sales of LCD TVs and camcorders were good in the Americas on a local currency basis, and that work continues on the “management integration” with Kenwood that was announced in April and will be implemented by Oct. 1.

Beginning in the third quarter of this fiscal year, the joint holding company will announce the financial results.