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Pioneer Back In Black In Fiscal '11

5/23/2011 12:01:00 AM Eastern
TOKYO – Pioneer reported turned a net profit and higher sales in its fiscal year ended March 31.

Net income of 10.4 billion yen ($128.7 million) on a 4.2 percent sales gain to 457.5 billion yen ($5.66 billion) compared with a year-ago net loss of 58.3 billion yen ($721.3 million).

The company’s two main business segments – home electronics and the combined OEM and aftermarket car electronics segment — posted operating incomes of 2.54 billion yen and 14 billion yen, respectively. The segments’ 2010 operating losses were 9.2 billion yen and 7.3 billion yen, respectively.

Consolidated sales rose 4.2 percent mainly because of Blu-ray Disc drive-related products, whose sales growth offset the negative impact of Pioneer’s withdrawal from the plasma display business in fiscal 2010, the Japanese yen’s appreciation, and the earthquake, Pioneer explained.

Sales in the car electronics segment posted a 1.9 percent gain to 254.1 billion yen, with OEM accounting for 43 percent of sales, down from 44 percent in fiscal 2010. Aftermarket sales rose by an unspecified amount, mainly due to growth in aftermarket sales in North America and Europe. OEM sales were also up an unspecified amount because of gains in North America and Japan, offsetting a decline in China.

Home electronics sales rose 16.2 percent to 157.6 billion yen because of a “large increase” in Blu-ray drive-related sales resulting from the launch of operations in an optical disc joint venture factory in the second half of the previous fiscal year, Pioneer said.

Separately Pioneer Electronics (USA) has named Junichi Naito as its new president and COO.

Naito replaces Kenji Murai, who has returned to Japan after six years with Pioneer Electronics (USA).

Naito will lead Pioneer’s business operations for branded products in the U.S. region, including car electronics, home electronics, DJ and computer drive products.

Since joining Pioneer in 1984, Naito has headed sales operations in other regions of the world, including Malaysia for six years and Hong Kong for five years.
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