Earnings briefs

By Staff On May 8 2006 - 6:00am

JVC CE Volume Off 4%

Yokohama, Japan — Although the camcorder and car electronics business continued to be stable at Victor Company of Japan (JVC) in the past 12 months, the company reported a “tough struggle” for its consumer electronics segment. CE segment sales for the fiscal year, ended March 31, slipped 4 percent to $5.2 billion from a year-on-year $5.5 billion. The slide in JVC's CE business was, in part, caused by a decline in sales of DVD equipment, due to quality issues and the resulting elimination of available models, said the company. Added to this, were delays in product development for LCD televisions during the first half of the fiscal year, said JVC. JVC overseas sales slid 3 percent in the 12 months, down to $4.8 billion from $5 billion.

Mitsubishi's CE Sales Up 3%

Tokyo — Mitsubishi Electric's home appliance business, which includes consumer electronics, reported fiscal year 2006 sales of $7.82 billion, a 3 percent increase vs. the previous year. During the fiscal year, that ended March 31, operating income decreased to $130 million from the previous year's $223.5 million. Sales increased due to greater demand for LCD TVs, as well as a variety of major appliance products. In its information and communications systems sector sales increased $5.62 billion, a 5 percent increase, while operating income grew almost 100 percent to $179.8 million.For its electronic devices business, which includes LCD panels and red laser diodes for recordable DVD players, sales reached $1.48 billion during the year, a 4 percent increase, while operating grew to $117.8 million, more than a 50 percent gain vs. the last fiscal year. Overall net sales for the fiscal year were $31.5 billion, a 6 percent increase, with operating income at $1.38 billion worldwide, a 31 percent gain, and 35 percent growth in net income, to $95.6 million.

TDK Media Sales Fall 4.6%

Tokyo — Recording media sales at TDK declined 4.6 percent to $918. 2 million during the fiscal year, ended March 31, while the segment recorded a loss of $118.0 million, 79.6 percent higher than the previous fiscal year. Lower CD-R sales were offset by higher sales of DVDs driven by increasing demand. Blank audio and video tape sales continued its decline as consumers switched to optical media. Reported by Jeff Malester and Steve Smith (For more on these and other quarterly financial reports, visit www.TWICE.com.)

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