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JVC Reports 7% Drop In CE Segment Sales

Tokyo — Sales in the Americas climbed year-on-year, due mainly to growth of sales in rear projection televisions and camcorders, said Victor Company of Japan (JVC) in reporting its fiscal first quarter financial results.

However, the up-tick in the Americas did not prevent JVC’s consumer electronics segment from recording a 7 percent drop in first quarter sales, down to $1.18 billion from a year-ago $1.27 billion. JVC’s overseas sales declined 14 percent in the first three months, ended June 30, down to $1.1 billion, from $1.2 billion the previous year.

The consumer electronics segment improved its year-on-year performance in Japan, due to a “significant” rise in sales of LCD televisions and new digital products such as hard disk camcorders and D-ILA rear-projection TVs, said the company. However, the CE segment declined year-over-year in markets outside of Japan.

Consolidated first-quarter sales at JVC decreased 11 percent, reaching $1.6 billion, from $1.7 billion a year ago, due mainly to delays in releasing new display products and DVD recorders in Europe and to a lack of countermeasures for a drop in selling prices.

JVC recorded a consolidated operating loss for the first quarter, hitting a negative $24.6 billion, compared with operating income of $25.7 million in the first quarter last year. Net income also turned up on the negative side of the ledger, coming in at a loss of $50 million for the first three months, compared with income of $9.5 million year-on-year. Much of the negative news is attributed to a drop in selling prices in the CE segment and a decrease in sales income from markets outside of Japan.