By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Pioneer's overseas CE revenue increased by 8.2 percent during its first fiscal quarter, hitting $352.9 million, up from $317.5 million, helped by rising sales of plasma displays and DVD recorders, which offset falling sales of DVD players, audio products and cable set-top boxes.
Overall CE sales at Pioneer were flat in its fiscal first quarter, for the period ending June 30, up 1.7 percent to $481.2 million from $460.4 million in the same three months last year.
The operating loss for the first quarter in Pioneer's CE segment narrowed to $34.2 million, down from a loss of $39.3 million in the same three months a year earlier.
In Pioneer's car electronics segment, fiscal first-quarter overseas sales jumped 8.8 percent to $437.3 million from $391.1 million year-on-year, due mainly to the growth of car navigation systems in North America.
Overall first-quarter car electronics sales increased 6.4 percent, reaching $736.6 million, up from $673.7 million in the same three months a year ago.
However, operating income for the car electronics segment decreased nearly 21 percent during the first three months, down to $56.4 million from $71.3 million in the same period in 2003.
Consolidated Pioneer sales climbed 7.2 percent in the first quarter, hitting $1.5 billion, up from $1.4 billion year-over-year.
Operating income, however, decreased nearly 35 percent to $46.3 million, down from $69.2 million in the first three months of the previous year. Net income was nearly cut in half, sliding 49 percent to $13.9 million in the first quarter, from a year-over-year $26.5 million.
The drop in income, despite increased sales, was due primarily to increased competition and adverse effects of a stronger yen vs. major currencies. The average value of the yen was up 7.9 percent against the U.S. dollar and 1.8 percent against the euro in the three months.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.