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Pioneer: Lower Q3 Sales, Loss


Pioneer Electronics reported lower net
sales and an operating and net loss in its fiscal third
quarter, ended Dec. 31, 2011.

Reasons for its results were similar to other Japanese
CE manufacturers.

Consolidated net sales declined 13 percent year
on year to 101,829 million yen. Operating loss was
1,707 million, from the prior year’s 5,060 million yen
profit. There was a net loss of 8,078 million yen,
compared with a 2,668 million yen profit in the third
quarter of fiscal 2011.

While the fiscal year forecast of Pioneer for the
year ending March 31, 2012 is unchanged, it is still
disappointing compared with the prior year’s actual
results, with net sales predicted being down 3.8
percent, operating income down 30.5 percent and
net income down 90.3 percent.