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Pioneer Posts Higher Revenue, Reduces Loss For Fiscal Year

5/14/2007 10:28:00 AM Eastern

Tokyo — Pioneer Electronics reported slightly higher operating revenue and a reduced net loss for its fiscal year, ended March 31, due to higher sales of car navigation systems, DVD drives and a weaker yen.

Pioneer reported consolidated operating revenue rose 5.6 percent to $6.76 billion, despite a drop in sales of DVD recorders. Its net loss was $57.3 million, or 6.761 billion yen, dramatically lower than the previous year’s net loss of 487.23 billion yen due to losses on property, plant and equipment mainly for plasma displays.

Operating income was $105.8 million for the year vs. an operating loss of an equivalent magnitude for the previous fiscal year, Pioneer reported.

In-home electronics sales increased 3.9 percent to $3.12 billion. While plasma display sales were down slightly due to a drop in OEM sales, Pioneer reported that there was an increase it its own-brand sales in North America. Plasma display sales were 48 percent of the operation’s sales, while sales of DVD drives and related were up, sales of DVD recorders fell year on year.

The operating loss for fiscal 2007 was half of the previous year’s operating loss, or $137.6 million, the company said.

Car electronics sales increased 8.3 percent year-on-year to $3.03 billion due to higher car navigation system sales and car audio products. Operating income in this segment rose 26.5 percent to $187.4 due to sales growth and cost reductions achieved by reorganizing production sites.

For fiscal 2008 Pioneer is forecasting an operating income gain of 4.8 percent based on a large increase in plasma displays due to the launch of its new panel technologies and sees gains for its car electronics OEM business for car navigation systems overseas.

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