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JVC Fiscal Year CE Sales Climb 7%

4/25/2002 09:32:00 AM Eastern

Yokohama, Japan - Led by increased volume of DVD players, car audio, color televisions and digital video cameras, overall sales of consumer electronics jumped 7 percent at Victor Company of Japan (JVC) in the fiscal year ended March 31.

The company said CE sales climbed to $5.1 billion for the 12 months, up from $4.8 billion the previous year.

Sales to the United States were lower in fiscal 2001, due to the impact of the economic slowdown and terrorist attacks, said JVC. However, the company's overall overseas sales rose 10 percent in the 12 months, reaching $5 billion, compared with $4.5 billion in the year-ago period.

Consolidated sales at JVC edged up 2.1 percent in fiscal 2001, hitting $7.6 billion, compared with $7.5 billion in the previous fiscal year.

The company reported an operating loss of $96.8 million for the 12 months, compared with operating income of $45.5 million 12 months earlier.

The company also recorded a net loss of $356.6 million for its most recent fiscal year, compared with net income of $20 million in the same 12 months the previous year.

Looking ahead, JVC anticipates a 3 percent year-over-year increase in consolidated sales, to $7.9 billion in fiscal 2002.

The company expects to report consolidated net income of $35.2 million in the coming 12 months, up $381 million year-over-year.

JVC said it has plans to pursue a high-definition home theater strategy in the current fiscal year. It will also develop a full DVD lineup strategy - including DVD audio, standard units, compound units and DVD recorders. Plans are in the works to develop a full digital video camera lineup strategy - including multi-function, high-resolution models; compact, lightweight models; and high cost-performance models.