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Pioneer Q2 Electronics Sales Rise 4.1%

11/01/2001 08:16:00 AM Eastern

Tokyo - Although North American electronics sales at Pioneer decreased in the fiscal second quarter, due to continued slow demand for audio/video products, overall company electronics sales, including audio/video products and car electronics, were up 4.1 percent.

Total Pioneer electronics sales reached $1.22 billion, compared with $1.17 billion in the same three months in 2000.

Overall audio/video sales in the second quarter, ending Sept. 30, rose 4.1 percent, to $383.2 million, compared with $368.2 million in the year-ago period. Overall car electronics sales climbed 4.3 percent, reaching $523.7 million, up from $502.1 million in the same quarter in 2000. Intensified competition in car audio products in North America, drove sales down in the second quarter.

Pioneer's overall sales in the second quarter rose 2.8 percent, hitting $1.34 billion, up from $1.25 billion in the same quarter in 2000. Net income for the quarter dipped to $15.3 million, compared with $28.8 million in the year-ago three months.

Pioneer posted an operating loss of $8.5 million in its electronics segment in the second quarter, compared with operating income of $22 million in the year-ago quarter.

For the six months, sales of electronics were about flat, eking out a 1.3 percent gain, to $2.30 billion, up from $2.27 billion in the same six months last year.

Audio/video products sales dipped nearly 4 percent in the six months, down to $666.9 million, compared with $694 million in the same six months last year. Sales of car electronics, however, climbed nearly 5 percent in the six-month period, reaching $1.06 billion, compared with $1.01 billion in the prior-year period.

For the six months, overall sales moved up 2.8 percent, to $2.49 billion, up from $2.42 billion in the first half of 2000. Net income for the six months dropped to $40.5 million, down from $52.4 million in the same six months last year.

Pioneer is forecasting a 5 percent gain in operating revenue for the current fiscal year. The company expects this to hit $5.71 billion, compared with $5.44 billion in fiscal 2001.

However, the company is predicting a 40 percent dive in net income for the current fiscal year. This should go down to $92.4 million, from $153.8 million in the previous fiscal year.

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