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Pioneer Overseas CE Sales Flat

10/28/2004 01:49:00 PM Eastern

Tokyo — Overseas sales in the home electronics segment at Pioneer decreased less than 1 percent in the fiscal second quarter to $468.9 million from $473.4 million.

This reflected a decline in sales of recordable DVD drives and audio products worldwide, as well as a contraction of digital cable TV set-top boxes in North America, which offset an increase in sales of home-use plasma displays and DVD recorders worldwide.

Overall home electronics segment sales increased 6.7 percent in the second quarter, ended Sept. 30, hitting $673.8 million, up from a year-on-year $631.5 million. Operating income in the second quarter decreased 57 percent in the home electronics segment to $3.8 million from a year-on-year $7.2 million.

In the car electronics segment, higher sales of car navigation systems in North America led to a 9.6 percent hike in overseas sales, hitting $425.8 million, up from $388.4 million in the second quarter of 2003. Overall car electronics sales rose 11.4 percent to $702.5 million in the three months, from $630.5 million the previous year. Operating income for the segment, however, decreased 25 percent in the quarter to $43.4 million from $58.3 million.

For the six months, overseas sales of home electronics edged upward nearly 3 percent, hitting $827 million, from $804.3 million in the same time frame last year. Overall home electronics segment sale climbed 4.6 percent in the first half to $1.2 billion from $1.1 billion.

In overseas sales of car electronics for the six months, business rose by 9.2 percent, reaching $869.5 million, up from $796.1 million. Overall car electronics sales for the six months moved up 8.8 percent to $1.5 billion from $1.3 billion.

Home electronics segment operating income for the six months posted a lower loss of $31.8 million, compared with a loss of $33.8 million in the first half of last year. The car electronics segment first-half operating income decreased 23 percent to $102.2 million from $132.6 million.

Pioneer’s sales to North America in the first half dipped 3 percent to $789.8 million from $814.5 million, while North American operating income took it on the chin, sliding 62 percent to $30.5 million from $80.9 million.

Consolidated second quarter sales at Pioneer rose 8.4 percent to $1.7 billion from $1.6 billion, while net income in the three months was off 65 percent, decreasing to $31.1 million from a year-ago $89.6 million.

For the six months, company revenue moved up 7.8 percent to $3.2 billion from $3 billion year-on-year, while net income also dropped substantially, down 61.5 percent to $45.2 million from $117.2 million.