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TDK Recording Media Segment Sales Off 6.8%

7/29/2004 02:04:00 PM Eastern

Tokyo — TDK’s recording media and systems segment sales declined during the company’s fiscal first quarter, dropping 6.8 percent to $253.9 million from $263.5 million in the year-ago period.

The segment, which includes sales of optical media, audio and video tape, among others, reported an operating loss of $8.4 million in the first quarter, a 16.5 percent higher figure than the $7 million loss recorded in the same three months last year.

Sales of blank tape declined year-on-year as demand continued to decrease due to structural changes in the market, said TDK. Despite this, the company said it maintained a high market share.

Sales of optical media increased as strong sales of DVDs, due to expanding demand, absorbed the effect of downward pressure on sales prices.

The Americas suffered sales decreases in TDK’s recording media segment during the first quarter, ended June 30. Overall TDK sales to the Americas decreased 8.5 percent in the first three months, down to $209.8 million, from $221.7 million the previous year. Operating income in the Americas slipped 66.6 percent, to $2.5 million in the first quarter, from $7.3 million year-on-year.

Even though TDK’s recording media and systems segment showed lower first-quarter sales and earnings, the company’s other major business segment — electronic materials and components, which includes materials, recording devices and semiconductors — recorded higher first-quarter sales and earnings.

This helped consolidated TDK sales rise 3.1 percent in the first three months, hitting $1.46 billion, up from $1.37 billion in the same period in 2003. Operating income jumped 37.8 percent, reaching $129.9 million, compared with a year-over-year $91.2 million. Net income was up 26.6 percent to $94.1 million from $71.9 million.

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