Yokohama, Japan — Victor Company of Japan cited weak sales of digital video cameras in the Americas, despite a solid business for car electronics, helped push overall consumer electronics sales for its 2 percent drop in sales in the company’s fiscal first quarter.
Sales dipped from $1.30 billion in the first three months of 2003 to $1.28 billion in the same time frame this year.
Overseas, JVC saw consolidated first quarter net sales fall 7.9 percent year-on-year, from $1.3 billion, to $1.2 billion, due to the slump in the United States and the impact of unfavorable exchange rates.
Although JVC’s consumer electronics business faired much better than all other company business segments in the first quarter, ended June 30, CE products sales could not stem a consolidated sales decline of 11 percent in the three months, down to $1.8 billion from $2 billion in the same period in 2003.
While JVC recorded first-quarter declines in sales volume and sales prices, company costs improved, fixed costs were pushed down and foreign exchange rates were more favorable — helping to bolster earnings.
Consolidated operating income during the period jumped 16 percent, hitting $25.9 million, compared to $22.4 million in the same three months a year ago. Net income in the first quarter soared to $9.5 million from $.07 million year-over-year.