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JVC Reports Higher Q1 Sales, Wider Loss

7/25/2006 10:41:00 AM Eastern

Yokohama, Japan — Victor Company of Japan (JVC) reported slightly higher consolidated net sales, but a wider net loss for its fiscal first quarter, ended June 30.

JVC said that net sales during the quarter were $1.51 billion vs. $1.49 billion last year’s fiscal first quarter. However, the company’s consolidated net loss was reduced in the quarter to $29.3 million vs. the previous year’s $48.2 million.

In the consumer electronics segment, which is 75 percent of JVC’s business, sales in the quarter were basically flat with the previous year’s opening quarter at $1.14 billion. Operating income was $2.57 million in CE for the quarter, compared with a $12 million loss last year.

Sales in the Americas for CE declined year-on-year in local currency terms, JVC said. But sales of camcorders, D-ILA hybrid-projection TVs and LCD TVs increased, the company said, but it reported sales of CRT TVs declined sharply.

JVC reported that the CE segment in Japan declined year-on-year. The elimination of available DVD recorder models contributed to the decline, although sales of hard-disk-drive camcorders were up significantly. Its CE sales in Europe were up, and in Asia it was even year-on-year, the company noted.

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