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JVC Sees Sales Increase 2.5 Percent In Fiscal First Half, But Posts Loss

12/04/2000 02:00:00 AM Eastern

EDITOR'S NOTE: The following is a corrected story about Victor Company of Japan's financial performance during its first half. The original story appeared on page 4 in the Nov. 6 print edition of TWICE and on our website, www.TWICE.com. TWICE regrets the error.

YOKOHAMA, JAPAN -A 1 percent rise in international sales helped Victor Company of Japan Ltd. attain consolidated sales of $4.1 billion for the first six months of fiscal 2000.

Although the figures represent a 2.5 percent gain over the $4 billion rung up in fiscal 1999's first six months, JVC's net consolidated loss nonetheless reached $53.1 million for the half ended Sept. 30, compared with a $40.5 million loss for the same period last year.

Internationally, JVC's Consumer Products division was adversely affected by the higher yen but gained some support from sales of camcorders and DVD players.

Consolidated sales of consumer electronics gained 2.6 percent in the fiscal first six months, climbing to $2.65 billion from $2.58 billion in the year-ago six months.

The Consumer Products division as a whole continued to struggle in the face of a general industry decline caused by sluggish consumer spending and the impact of falling prices.

JVC's export sales were hurt by the higher yen but still rose 7.3 percent from the past midterm report, thanks to continued strength in the U.S. economy and solid economics in Europe and Asia. Export sales hit $1.7 billion, better than a 7 percent rise from the $1.6 billion recorded in the first half of fiscal-year 1999.

For the second half, JVC expects a "soft landing" in the U.S. economy and continued unfavorable trends in foreign exchange rates and component supplies.

Consolidated sales are forecast at $8.7 billion and net income at $28 million for full fiscal 2000.

JVC is positioning itself in fiscal 2000 as a digital and network company, with its highest priority given to original, innovative entertainment communications and services that are compatible with and make use of digital and networking technologies.

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