Pioneer Reports Overseas CE Sales Increased 11.3% In First Quarter
By Jeff Malester On Aug 8 2005 - 6:00am
Global growth in sales of plasma displays helped boost fiscal first-quarter home electronics segment overseas sales 11.3 percent at Pioneer, coming in at $410.9 million, up year-on-year from $369.1 million. The segment includes consumer electronics products.
Overall sales in Pioneer's home electronics segment rose 13.4 percent, hitting $562.6 million, up from $496.3 million the previous year.
Growth in sales of car audio products to automobile makers in North America, which also registered higher sales of car navigation systems, pushed up overseas car electronics segment sales at Pioneer by 10.7 percent, reaching $465.3 million, up from $420.4 million in the same period a year ago.
Overall sales in the company's car electronics segment increased by 3.3 percent in the first quarter, ended June 30, coming in at $731.8 million, up from a year-earlier $708.2 million.
Pioneer registered flat consolidated sales for its first quarter, at $1.46 billion, about 0.4 of 1 percent higher than the same period last year.
However, the company reported a consolidated operating loss of $78.9 million, compared with year-on-year operating income of $44.6 million, due mainly to decreased gross profit margins compiled because of the continuing decline in market prices of the company's major products.
Consolidated net loss hit $47.6 million in the first three months, compared with $13.3 million in net income for the corresponding period last year.