Toshiba Revises Downward '00 Sales, Earnings Forecasts
TOKYO —Lower shipments and price declines of personal computers in the U. S. market in the second half of its current fiscal year have caused Toshiba Corp. to revise downward its consolidated and non-consolidated business forecasts for the 12 months ending March 31. Toshiba also cites the consequences of the economic slowdown in the United States for its new, lower sales and earnings forecast. Toshiba said consolidated net sales in its revised forecast for its current fiscal year will hit $52 billion, about a 4 percent drop compared with the $54.1 billion initially forecast last Oct. 27, when the company announced its results for first-half fiscal 2000. In its revised forecast of fiscal-year consolidated net income, Toshiba expects to record $834.7 million, about a 40 percent dip compared with its initial forecast of $1.2 billion. In its non-consolidated forecast for fiscal 2000, Toshiba revised its net sales total to $32.3 billion, compared with the $34.1 billion predicted back in October. The revised forecast for non-consolidated net income in fiscal 2000 is $286 million, a significant drop from the $634.7 million predicted last October.
Recoton's New, Enhanced Website Goes Live
LAKE MARY, FLA. —Consumer electronics accessories maker Recoton has launched an interactive financial information website called www.rcot.com. The site features a menu bar that provides quick-and-easy access to the company's most requested information. Visitors to the investor relations website can access all kinds of company data, as well as view products being sold under the company's 23 brand names. The user-friendly environment will be continually updated to reflect Recoton news, which will evolve as the company expands its presence in the industry.
Telegen Offers Details On Stock Offering
SAN MATEO, CALIF. —Telegen, which invents, develops and commercializes solutions in the wireless and flat-panel display markets, said a private stock offering that began last year has closed with the company, raising $3.9 million in net proceeds. Telegen also announced that the majority of subscribers for the company's private offering have agreed to extend the deadline for registration of the resale of the subscribed shares and the closing of the offering until April 30.
Circuit City Stores Announces Quarterly Dividend
RICHMOND, VA. —Circuit City Stores Inc. has announced a quarterly dividend of 1.75 cents per share on the Circuit City Stores-Circuit City Group stock. The dividend was payable Jan. 12 to shareholders of record at the close of business on Dec. 29.
RadioShack Establishes New Share-Repurchase Program
FORT WORTH, TEXAS —RadioShack has announced plans to repurchase 10 million shares of its common stock. In fourth-quarter 2000, the retailer completed its existing share-repurchase program. The new authorization does not have an expiration date, and purchases will be made from time to time in the open market. "Our new share-repurchase authorization represents RadioShack's commitment to enhancing shareholder value," said chairman/CEO Len Roberts.
Audiovox Reaffirms Stock-Repurchase Commitment
HAUPPAUGE, N.Y. —Audiovox has repurchased 250,000 shares of its stock for an aggregate purchase price of $2.6 million. The board has authorized the company to repurchase up to 1 million shares on the open market or through private transactions. Chairman/CEO John J. Shalam said, "This announcement underscores our commitment to enhance long-term shareholder value and reflects our confidence in our operational performance and in the long-term prospects of our company."
Hughes Commences Tender Offer For Telocity Shares
EL SEGUNDO, CALIF. —Hughes Electronics, under the terms of an agreement announced in December, has commenced a cash tender offer through a subsidiary to purchase all outstanding shares of common stock of Cupertino, Calif.-based Telocity Delaware for about $178 million. Following the 60-day tender offer, Telocity will become a wholly owned Hughes subsidiary. Hughes is the parent of DirecTV, while Telocity is a provider of integrated residential broadband services. Telocity intends to expand its broadband services to packaged value-added services that may include secure telecommuting, home monitoring and automation, voice bundling and entertainment services. Teleocity currently provides high-speed broadband services through DSL technology.
TDK Changes Location To Accommodate Expansion
PORT WASHINGTON, N.Y. —TDK Electronics Corp., a producer of digital recording media and supplier of high-performance digital recording and playback hardware products, has moved to a new location—901 Franklin Ave., Garden City, N.Y.—which also houses the headquarters of TDK U.S.A. Corp., a holding company for all TDK operations in the United States. The move is designed to accommodate the company's growth from its traditional role as a recording media company to a supplier of hardware products in a diversity of categories. TDK has also established TDK R & D Corp. as a research and development subsidiary in the United States. Located in Phoenix, this wholly owned subsidiary of TDK U.S.A. will focus on technology and marketing to develop products suited to the U.S. market, including wireless LANs and antennas for wireless products.
Financial Survey Ranks Emerson Radio Top CE Company
PARSIPPANY, N.J. —Emerson Radio Corp. has been ranked as the No. 1 consumer electronics company by Investor's Business Daily . The financial publication offered a listing of 246 firms, with each ranked by the total of their earnings per share (EPS) and relative price strength (RS) ratings. The EPS rating measures a stock's short- and long-term earnings growth rate. Results are compared to all companies and ranked from 1 to 99, with 99 being the best. The RS rating measures a stock's relative price change in the past 12 months, compared with all other stocks. Results are the same 1 to 99 scale. The companies were arranged by their industry subgroups for more meaningful comparisons. Emerson, with an EPS rating of 78 and an RS rating of 98, was awarded the highest ranking in the CE sector, beating out such stalwarts as Best Buy and Circuit City for best performance.