San Antonio — The Progressive Retailers Organization was at the Westin La Cantera Hill Coun
TOKYO — Citing a sharp decline in demand for information technology (IT)-related products, Victor Co. of Japan (JVC) said it now expects a deeper group net loss in its fiscal first half, ending Sept. 30. The Japanese consumer electronics maker, parent of Wayne, N.J.-based JVC Co. of America, now forecasts a group net loss of $161.2 million on group sales of $3.83 billion. These figures compare with an estimate of this past April, when JVC said it expected a group net loss of $42 million on group sales of $3.91 billion. JVC, which is a subsidiary of Japan's CE giant Matsushita Electric Industrial, said sluggish demand for its electronic devices used in such IT-related finished products as mobile phone handsets and personal computers, contributed to the wider loss outlook. In the fiscal first six months of 2000, JVC reported a group net loss of $47.3 million on group sales of $3.69 billion. JVC plans to announce a full-year earnings forecast when it reports its fiscal first-half results late in October.
BALA CYNWYD, PA. — Digital broadcast satellite (DBS) television provider Pegasus Communications reaffirmed previously issued guidance for subscriber growth and operating income before stock compensation expense, depreciation and amortization and nonrecurring expenses (EBITDA) for the full year 2001. This includes $75 million in DBS EBITDA and 150,000 net subscriber additions. Pegasus said DBS revenue guidance has been reduced to $840 million for 2001, down from previous guidance of $875 million. The company expects third-quarter DBS revenues of $206 million, DBS EBITDA of $25 million and 32,000 net subscriber additions.
MADISON, WIS. — The continuous slowdown of battery sales in the United States and Latin America has caused Rayovac to expect its sales for the fourth quarter will be flat to down slightly from the same period in 2000. Overall fourth-quarter U.S. battery sales have been affected by a slowdown in sales of the computer, electronic and telecommunication sectors, as well as a decline in consumer spending at retail, said Rayovac. The company said that U.S. battery sales, which have historically grown 5 percent to 7 percent annually, have slowed significantly over recent months, showing no growth in year-over-year comparisons. In addition, cautious inventory management by U.S. retailers, anticipating a difficult holiday season, is impacting battery orders, said Rayovac. The company expects industry growth to recover over the next 12 months, however, with low, single-digit growth in the near term. Rayovac expects company sales growth of 4 percent to 5 percent annually for fiscal 2002.
NEWTON, IOWA — Major appliance maker Maytag said its third-quarter sales will be up about 15 percent from the same period last year. The company also expects earnings to meet or exceed analysts' expectations in the period. Maytag attributes the positive results to strong operating performance of its recently acquired Amana majap business, continued market-share gains in high-end Maytag majaps and good performance in Hoover floor-care products. Said Ralph F. Hake, chairman/CEO, "[Amana's] rapid and aggressive improvements in production levels of refrigerators, plus cost reductions from day-one, have resulted in their generating positive earnings for us even more rapidly that we expected."