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Sharp A/V Segment Sales Rise 3.9%

7/29/2003 08:32:00 AM Eastern

Osaka, Japan - Sales of LCD color televisions and camera-equipped mobile phones boosted fiscal first quarter sales 3.9 percent in the audio-visual and communications equipment segment at Sharp.

Sales for the quarter reached $1.6 billion, up from $1.5 billion in the year-ago period. In comparison, the company reported sales of conventional A/V products 'stagnated' during its first quarter.

Operating income for Sharp's A/V and communications segment enjoyed a 17 percent increase in the company's fiscal first quarter, ended June 30, hitting $59.1 million, compared with $50.6 million in the same quarter in 2002.

Led by declining sales of personal computers, dollar volume in Sharp's information equipment segment slipped 1.1 percent in the first quarter, down to $774.8 million, from $783.8 million in the same three months last year. However, operating income for the segment climbed 5.9 percent in the three months, to $38.2 million, up from $36.1 million year-on-year.

Sales in the small- and medium-size LCD product segment increased during the first quarter by 8.8 percent, hitting $718.7 million, up from $660.9 million in the first quarter last year. Operating income for the group, however, nose-dived 19.2 percent in the first quarter, down to $65.9 million, compared with $81.6 million in the same three months a year ago.

The U.S. economy failed to pick up in the first reporting period, said Sharp, but despite 'harsh conditions' the company 'strove to enhance its product business through sales of unique, 'one-of-a-kind' products, such as LCD color TVs and camera-equipped mobile phones.

As a result, overseas sales, including the United States, climbed 17.5 percent in the first quarter, reaching $2.1 billion, up from $1.8 billion in the same three months in 2002.

Consolidated net sales reached $4.3 billion in the first quarter, a 7.2 percent increase over the $4 billion reported a year earlier.

At the same time, Sharp recorded higher consolidated operating and net income for the first quarter. Operating income rose 12.1 percent, to $242.7 million, compared with $216.6 million in the first three months a year ago. Net income jumped 13.5 percent, hitting $117.7 million, up from $103.7 million year over year.

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