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Pioneer Posts 20.4% Q1 Sales Increase

7/31/2006 12:21:00 PM Eastern

Tokyo — Pioneer reported a 20.4 percent gain in revenue and operating income of $61.5 million for the first quarter, ended June 30.

The company reported that its quarterly sales gain of 20.4 percent to $1.67 billion, compared with the same time last year, was mainly due to higher sales of plasma displays, car navigation systems and car audio products. Operating income was $61.5 million, compared with a loss of slightly more than that for the previous year’s first quarter. This was due to higher sales, as well as an improvement in the gross profit margin due to the benefits of business restructuring reforms started in the previous fiscal year and the weaker yen.

Home Electronics sales increased 32 percent year-on-year to $725.7 million. Plasma display sales rose by approximately 32 percent. This was mainly due to strong demand in Europe and North America for own-brand high-resolution models, which Pioneer is concentrating on, despite a drop in OEM sales. Sales of plasma displays accounted for approximately 47 percent of total home electronics sales. In addition, sales of recordable DVD drives increased.

The operating loss in this segment was $3.5 million vs. a loss of well over $100 million for the first quarter last year, a significant improvement due to the benefits of business restructuring reforms and efforts to strictly control costs and improve manufacturing efficiency, Pioneer said.

Car electronics sales increased 11.1 percent year-on-year to $794.2 million, reflecting higher sales of car navigation systems and car audio products. OEM sales in this segment accounted for approximately 33 percent of total car electronics sales. Operating income in this segment increased 41.7 percent year-on-year to $65.5 million due to the sales increase.

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