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JVC Reports 7% CE Sales Increase During Fiscal Yr.

5/13/2002 02:00:00 AM Eastern

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 billion for the 12 months, up from $4.7 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, JVC said. However, the company's overall overseas sales rose 10 percent in the 12 months, reaching $4.9 billion, compared with $4.4 billion in the year-ago period.

Consolidated sales at JVC edged up 2.1 percent in fiscal 2001, hitting $7.4 billion, compared with $7.3 billion in the previous fiscal year.

The company reported an operating loss of $94.2 million for the 12 months, compared with operating income of $44.3 million 12 months earlier.

The company also recorded a net loss of $347 million for its most recent fiscal year, compared with net income of $19.4 million in the same 12 months the previous year.

Looking ahead, JVC anticipates a 3 percent year-over-year increase in consolidated sales, to $7.7 billion in fiscal 2002.

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