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Thomson: CE Sales Plunge 36%

8/04/2003 02:00:00 AM Eastern

A difficult U.S. market environment in the second quarter impacted overall consumer products segment sales at Thomson, with revenue sliding 36 percent, to $787.5 million, down from 1.2 billion in the year-ago period.

Thomson's consumer products segment reported a 33 percent decline in first half revenue, hitting $1.6 billion, down from $2.4 billion in the first six months of 2002. Revenue fell by 24 percent, to $1.8 billion at a constant exchange rate, in the same period.

The French manufacturer's consumer products segment recorded an operating loss of $91.8 million in the first half, compared with a loss of $57.8 million in the same six months a year earlier.

Consolidated Thomson second quarter revenue — driven by the U.S. slowdown, as well as heavy price pressure in all segments, underscored by strong competition from Asia — decreased to $2.2 billion, down from $2.8 billion year-on-year. Excluding the significant impact of currency changes of $298 million, or 14 percent, second quarter consolidated net sales showed a decrease of 13 percent.

Consolidated sales in the first half decreased to $4.2 billion, down from $5.6 billion year-on-year. Currency translation reduced first half sales by $616.4 million, or 14 percent. At constant rates, first half consolidated sales showed a decrease of 12 percent.

First half consolidated operating income slipped to $162 million, down from $279.9 million in 2002. Thomson reported a consolidated net loss of $104.2 million in the first half, compared with net income of $139.4 million in the first six months of last year. The full half year net result includes a restructuring charge of $124.6 million.

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