Nortek, Inc. reported their financial results from the first quarter of fiscal 2013 late last week. The results were mixed as the company deals with a struggling economy and a difficult internal restructuring that is impacting costs now, with any resulting benefits to be realized still down the road. But for the first time in several quarters, the company’s Technology Solutions Segment (TECH) actually offered a positive contribution with growth in both sales and profits offsetting losses in other divisions. But TECH’s success was largely due to a recent acquisition in the security business.
Brands
NAD – Pulling High Performance Digital Away From the MP3 Muck
Saying they want to move their traditional audiophile customers into the exciting new world of digital music – while at the same time offering higher sound quality solutions to attract the “digital native” computer music lover – NAD Electronics today in a press preview in New York launched three new digital audio products it calls “The New Digital Generation.” Staking out the high ground, NAD hopes to be able to offer affordable access to better quality digital music…while at the same time, offering an upgrade path to the ultimate digital system performance.
See more on this remarkable digital evolution by an upper mid-fi company… [Read more…] about NAD – Pulling High Performance Digital Away From the MP3 Muck
Better Late Than Never? KEF Enters Headphone Market with New M Series
Well, it’s a pretty crowded business these days, but KEF, the U.K.-based company launched in 1961 by ex-BBC electrical engineer Raymond Cooke, has chosen to enter the headphone market now with two “M” series headphone models – the M500 over-ear model and the M200 in-ear model. Now over 50-years old, KEF (Kent Engineering & Foundry) has a long history as a respected loudspeaker innovator. These are, however, their first headphone designs.
See more about these two new headphone models joining the crowded headphone market… [Read more…] about Better Late Than Never? KEF Enters Headphone Market with New M Series
Core Brands to Significantly Downsize Their Sales Rep Network
BREAKING NEWS *EXCLUSIVE*
Just three weeks ago, we had the opportunity to speak with Core Brands Senior Vice President of Marketing Paul Starkey, who confirmed information we had received from multiple sources about an impending announcement of significant changes in the way the company planned to go to market. Starkey confirmed much of the information we had uncovered, especially changes to systems and processes.
But regarding one major initiative we asked Starkey about – that of an extensive restructuring of its sales representative network – he was not able to confirm…at that time.
But that changed last Friday when the company told reps of a major sales force restructuring… [Read more…] about Core Brands to Significantly Downsize Their Sales Rep Network
Ube Successful in Getting Smart Dimmer Funded on Kickstarter
BREAKING NEWS
Ube, a start-up company that combines the processing power of your mobile device with the capability of cloud-based software to create a new level of affordability in home automation products for the rest of us, has successfully completed a funding project on the crowdfunding site Kickstarter. As a result, the company’s first product, a Wi-Fi-enabled smart dimmer, is fully funded and will be built and shipped in just a matter of a few months.
See more on this exciting development and on Ube… [Read more…] about Ube Successful in Getting Smart Dimmer Funded on Kickstarter
First Onkyo – Now Gibson Guitar Acquires Majority of Teac; Can Gibson Put the Pieces Together?
Gibson Guitar Corp. announced last Friday morning at 4:00AM EDST that it would acquire a controlling interest in Japan’s Teac Corp, extending it’s entré into consumer electronics market via newly affordable, if struggling, Japanese companies. Last year, Gibson took a significant minority stake in Onkyo Corp., and additionally purchased a majority share of Onkyo’s American subsidiary, Onkyo USA. Teac, with both a consumer business under the Teac and Esoteric brands, and a professional business under the Tascam brand, broadens Gibson’s consumer and pro initiatives.
Can Gibson put the pieces together into a cohesive – and profitable – group?… [Read more…] about First Onkyo – Now Gibson Guitar Acquires Majority of Teac; Can Gibson Put the Pieces Together?
Electronics Expo Falls into Bankruptcy
Wayne, NJ-based Electronics Expo, an independent regional retail chain selling quality A/V electronics, has entered bankruptcy as of March 31st. The company, which at one time had as many as eight locations at its peak, is now down to two showrooms and one outlet center at its offices, according to a report by NorthJersey.com. Electronics Expo is owned by Leon Temiz, once a partner with family members in another regional player, Sixth Avenue Electronics.
See the “Who’s Who” list of vendors who were hit in this most recent bankruptcy… [Read more…] about Electronics Expo Falls into Bankruptcy
Nortek’s TECH Segment’s Troubled Transformation
In a recent fiscal year 2012 fourth quarter and full-year report, Nortek, Inc. showed a mixture of hit-and-miss results with fourth quarter sales dropping 5.6% to $505.4 million as compared to Q4 2011’s $535.2 million. Worse yet, the company’s Q4 net loss increased from last year’s $800,000 to a substantial $12.5 million. These results were in spite of the fact that this year’s calendar for the quarter had two more days in it than the quarter last year.
However, Nortek’s overall annual results showed a brighter picture with 2012 sales increasing to $2.2 billion, up 2.8% from the previous year’s $2.14 billion. Net profits in 2012 came in at $9.5 million – a substantial improvement over 2011’s net loss of $55.9 million.
But one other thing came through loud and clear…Nortek’s TECH segment remains troubled… [Read more…] about Nortek’s TECH Segment’s Troubled Transformation
Ube Announces It Has Expanded the Capabilities of Its New Smart Dimmer
Ube – a start-up company that offers new ways to implement the processing power of smartphones interlinked with cloud-based software to bring new possibilities to consumers at affordable prices – announced today that it has expanded the capabilities of its first product, a smart dimmer. This announcement was made in conjunction with the company’s launch of their smart dimmer project on crowdfunding site Kickstarter.
See the expanded capabilities of Ube’s smart dimmer, and the progress of its project, below… [Read more…] about Ube Announces It Has Expanded the Capabilities of Its New Smart Dimmer
Monster Creates $30K ‘Crown Jewel’ Headphone for Harrods of London
Monster Products announced late today that it has created a one-of-a-kind “crown jewel” headphone based on its Diamond Tears model as redesigned by Korean artist and jewelry designer Sally Sohn for the exclusive Harrods of London department store. The new headphones feature 5.56 carats of black diamonds and plenty of 18k gold…oh, and it comes with a hefty price tag of £20,000. That’s $30,000 in good old U.S. greenbacks.