Pioneer Posts Lower Sales In Fiscal 3rd Qtr.
By Steve Smith On Mar 12 2010 - 10:45am
TOKYO — Pioneer reported lower net
sales in its fiscal third quarter ended Dec.
31, 2009, and posted an operating profit
and an improved net loss for the period.
Consolidated net sales decreased 9.3
percent from the quarter of fiscal 2009 to
$1.29 billion. This was mainly the result
of lower sales in the plasma display business,
from which Pioneer will withdraw.
Pioneer recorded operating income of
1.003 billion yen or $10.9 million, compared
with an operating loss of 11.35 billion
in the third quarter of fiscal 2009.
This change primarily reflected improvement
in the gross profit margin and
lower selling, general and administrative
(SG&A) expenses, mainly owing to benefits from restructuring, despite the drop
in net sales, Pioneer said.
The net loss improved to 3.873 billion
yen ($42.1 million), compared with 29.9
billion yen in the third quarter of fiscal
2009. In addition to improved operating
profitability, the smaller net loss reflected
the absence of a loss on valuation of investment
securities recorded in the third
quarter of fiscal 2009, the company said.
Car electronics sales decreased 2.4 percent
year on year to $703.8 million because
of lower sales of car navigation systems, despite
higher car audio product sales. In car
navigation systems, consumer-market sales
declined year on year, mainly due to lower
sales in Japan.
Total OEM sales in this segment accounted
for approximately 47 percent of car electronics
sales. This segment recorded operating
income of 2.176 billion yen or $23.7 million,
compared with an operating loss of 1.2 billion
yen in the third quarter of fiscal 2009.
Home electronics sales decreased 24.4 percent
year on year to $422.3 million, due to lower
sales of plasma displays and DVD drives.
This segment recorded an operating
loss of 2.318 billion yen or $25.2 million,
compared with 9.752 billion yen in the
third quarter of fiscal 2009.