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Toshiba Q1 CE Sales Increase 18%

7/30/2002 01:35:00 PM Eastern

Tokyo - Jump started by overseas sales of PCs and video products, including televisions and DVD players, the digital media segment at Toshiba registered an 18 percent increase on sales of $3.1 billions during the company's fiscal first quarter.

The digital media segment, which includes consumer electronics products, reported operating income of $6.3 million for the first quarter, ended June 30, reversing what was a $60.9 million operating loss in the first quarter of 2001.

Toshiba enjoyed a 16 percent increase in overall sales to North America during its fiscal first three months, hitting $1.7 billion for the period, compared with $1.5 billion in the similar three months the previous year.

Overall sales for Toshiba in the first three months edged up 2 percent, to $9.9 billion, compared with $9.7 billion in the same quarter in 2001.

Blaming its depressed earnings on the slowdown in the United States and Japan, Toshiba recorded an operating loss of $218.8 million in the first quarter. But this figure was down substantially from the $334.7 million first quarter operating loss it reported in the year-ago three months.

The company's net loss also was lower than 2001, with $156.6 million rung up in the first quarter of this year, compared with a $278.3 million net loss in the same three months last year.

The company remained firm on its forecast to return to profitability in the current fiscal year, ending in March 2003. It predicted a fiscal year profit of $191 million on sales of $49 billion, mainly due to improving sales influenced by an economic recovery in the United States.