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Matsushita CE Sales Flat

10/28/2005 08:29:00 AM Eastern

Osaka, Japan — Matsushita Electric Industrial experienced favorable sales of digital A/V products exceeded declines in audio equipment and CRT televisions to produce mainly flat overall sales in its AVC networks business during its first half.

Sales in the AVC networks business, mainly consumer electronics, reached $14.4 billion in the first six months, ended Sept. 30, compared with a year-ago $14.38 billion. The video and audio equipment segment climbed 2 percent in the first half, hitting $6.13 billion, up from $6.03 billion year-on-year. The company’s information and communications equipment segment reported strong sales of PCs and automotive electronics, but sales downturns in cellular phones and fax machines produced a 1 percent decline in the six months, coming in at $8.26 billion, from $8.35 billion in the first half of last year.

Matsushita sales to the Americas in the first six months increased 4 percent to $5.5 billion, up from a year-earlier $5.3 billion. Americas profit in the six months slipped 22 percent, down to $74.2 million, from $94.8 million in the same period in 2004.

Total overseas sales for the six months declined 1 percent to $17.2 billion, from $17.4 billion in the same period the prior year.

In Matsushita’s fiscal second quarter, AVC networks sales edged downward 1 percent, reaching $7.81 billion from a year-ago $7.89 billion. The video and audio equipment segment climbed 3 percent to $3.38 billion, up from $3.35 billion, while the information and communications equipment segment was off 4 percent to $4.35 billion from $4.54 billion. Overseas sales in the second quarter increased 3 percent, coming in at $9.54 billion, from $9.24 billion in the same three months the previous year.

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Matsushita registered sales gains in A/V products during the second quarter, but also recorded sales declines in its information and communications equipment business, translating to consolidated company sales that remained flat in the period, hitting $19.1 billion, compared with a year-earlier $19.2 billion.

Consolidated net income in the second quarter climbed 33 percent to $268.2 million, from $202.3 million year-over-year, lifted by strong sales of flat-panel TVs, digital cameras and PCs.

For the six months, Matsushita enjoyed sales gains in digital A/V products, such as flat-panel TVs, recording a 1 percent dip in consolidated sales, down to $36.9 billion, from $37.4 billion in the same period last year. Net income for the six months jumped 15 percent to $557.8 million from $486.6 million.

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