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Pioneer Overseas CE Segment Sales Slide

10/30/2003 10:12:00 AM Eastern

Tokyo - Despite an increase of plasma display sales in North America, a simultaneous drop in worldwide sales of DVD players, digital cable-TV set-top boxes and audio products in North America pushed overseas sales at Pioneer down 24.6 percent in its fiscal second quarter.

Overseas sales dropped to $252.8 million, down from $343.9 million in the year-ago period.

Pioneer’s overall home electronics sales, primarily consumer electronics, decreased 17.8 percent in the company's fiscal second quarter, ended Sept. 30, to $379.8 million, compared with $473.9 million in the year-ago period.

Pioneer's car electronics sales faired somewhat better in the second three months, with overseas sales sliding 5.7 percent, to $372.4 million, down from a year-earlier $405.1 million. The company said the drop was due primarily to a decrease in North American sales of car audio products.

Overall car electronics sales in the second quarter slipped 2.1 percent, to $604.5 million, down from $633.2 million in the second three months in 2002.

Pioneer increased its home electronics operating loss in the second quarter, to $32.5 million, compared with a year-over-year loss of $18.7 million. Operating income for car electronics in the second quarter decreased to $57.3 million, from $81.4 million in the same quarter a year ago.

Although Pioneer sales to North America decreased 11 percent, to $800.9 million in the six months, ended Sept. 30, from $900 million, half-year operating income for North America jumped 40.2 percent, to $79.5 million, compared with $56.7 million in the same period a year ago.

Six-month overseas home electronics sales dropped 21.1 percent, to $490.8 million, down from $621.9 million year on year. Overall home electronics sales in the first six months decreased 17.2 percent, to $740.5 million, from $894.2 million in the same period in 2002.

In the six months, Pioneer reported a $93.7 million operating loss for its home electronics segment, a wider loss than the $31.1 million recorded in the same period in 2002.

Overseas car electronics sales suffered a smaller decrease in the first half, down 7.9 percent, to $782.9 million, from a year-ago $849.9 million. Overall car electronics sales for the first half edged downward 2 percent, to $1.31 billion, from $1.34 billion in the same time frame a year earlier.

Car electronics found its operating income decrease 15.1 percent in the six months, down to $130.4 million, from $153.6 million in the year-ago first half.

Consolidated Pioneer revenue for the second quarter climbed 5.6 percent, reaching $1.5 billion, up from $1.47 billion in the second quarter of last year. Operating income for the period soared 77.7 percent, to $88.9 million, from $51.3 million a year ago. Net income increased to $85.9 million, compared with a year-over-year $27.4 million.

For the six months, Pioneer consolidated revenue was about flat at $3 billion, up from $2.95 billion in the first half of 2002. Operating income rose 33.5 percent, to $162.5 million in the six months, from $121.7 million in the same time from a year ago. Six-month net income more than doubled, to $115.3 million, from a year-earlier $52.3 million.

Pioneer anticipates 12-month revenue of $6.7 billion, for the period ending in March 2004. Operating income is anticipated at $406.5 million for the year, while net income should come in at $231 million.

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