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JVC Kenwood Posts First Annual Profit

4/27/2012 11:57:36 AM Eastern

Tokyo - JVC Kenwood reported lower sales and but a net
profit for its fiscal year, ended March 31, the first annual profit since the
company was formed in 2008.

Net sales were 320.7 billion yen, down 9 percent from the
prior year, and the company reported a net profit of 6.03 billion yen compared
with the prior year's net loss of 4.02 billion yen, its first year-on-year net
profit since JVC Kenwood was formed in October 2008.

The company blamed the Great East Japan earthquake of last
March and floods in central Thailand for much of its woes, along with a higher
yen and a slow recovery of the U.S. economy and fiscal problems in Europe.

In car electronics, sales were down 1.1 percent to 107.2
billion yen and had an operating loss of 1.5 billion yen.

Home and mobile sales were down 22.5 percent to 77.5 billion
yen, but operating profit was 1.73 billion yen, reversing the prior year's 835
million yen loss.