D&M Posts Lower Consumer A/V Sales

By Steve Smith On Nov 19 2007 - 8:00am

D&M Holdings reported a 21 percent gain in first-half sales corporately, but consumer A/V sales were lower and a loss was posted for the half.

The company's consolidated revenue for the first half of fiscal year, ended Sept. 30, totaled $446.1 million, up 20.5 percent from first-half fiscal year 2006. Net profit for the first half was $2.6 million.

In its consumer A/V segment, revenue for the fiscal first half was $297.1 million, down 5 percent from the year-ago period. The company reported an operating loss of $2.24 million in its fiscal first half compared with a gain of $3.98 million last year.

The delay of key AVR product introductions and additional product development expenses contributed to the decrease in 2007, D&M reported; however, the company has already successfully shipped the new upgraded AVR models. The new products have been favorably received and contributed to the largest September sales on consumer products in the company's history, the company said.

The delay is not anticipated to impact full-year operating results. In addition, as explained in prior disclosures, 2006 profits were higher than normal as a result of two nonrecurring events, the company reported.

D&M also reported that it has completed its acquisition of Calrec Audio of West Yorkshire, England. Calrec is a maker of audio products.

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