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Pioneer: Lower Q3 Sales, Loss

2/13/2012 12:00:00 AM Eastern
TOKYO – Pioneer Electronics reported lower net sales and an operating and net loss in its fiscal third quarter, ended Dec. 31, 2011.

Reasons for its results were similar to other Japanese CE manufacturers.

Consolidated net sales declined 13 percent year on year to 101,829 million yen. Operating loss was 1,707 million, from the prior year’s 5,060 million yen profit. There was a net loss of 8,078 million yen, compared with a 2,668 million yen profit in the third quarter of fiscal 2011.

While the fiscal year forecast of Pioneer for the year ending March 31, 2012 is unchanged, it is still disappointing compared with the prior year’s actual results, with net sales predicted being down 3.8 percent, operating income down 30.5 percent and net income down 90.3 percent.
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