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Emerald Says Fiscal ’21 Q3 Revenues Up & Losses Down as Live Shows Restart

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CEDIA Expo 2021 staged by Emerald

But Were Things as Rosy as Its Report Suggests?

Emerald Holding, Inc. [NYSE:EEX] (Emerald), formerly Emerald Expositions and owner of the CEDIA Expo and CE Pro, announced this week that, thanks to the restart of live events in the third quarter of fiscal 2021, they were able to see a substantial reduction in their net losses on a significant revenue gain as compared to the same quarter in 2020 – the year of COVID shutdowns. While the company is still battling its event cancellation insurance providers in a California court for reimbursement for past canceled and impacted events, they say that they see the road to recovery ahead.

See more on the Q3 announcements from Emerald

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CEDIA 2019 IRS Filing Reveals a $3.7M Deficit; Org Dubs It a Transitional Year

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A past CEDIA Expo
A past CEDIA Expo, now owned by Emerald Expositions

CEDIA recently filed their Form 990 with the IRS – a required filing by non-profits disclosing key financial data – and for the first time in a while, I found some interesting and somewhat confusing things in there. Yes, I obtain the organization’s 990 filings every year just to get a sense of how things are going. Like all of us, the organization is filing for, at best, the previous year and often they request and receive an extension. Hence, we are just now getting a glimpse of their 2019 results…and it was an eye-opener.

See what the CEDIA interim co-CEOs told me about 2019

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Azione Unlimited Merges with Nationwide Marketing Group

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Azione logo

Azione Unlimited announced today that it has partnered with Nationwide Marketing Group, a group representing more than 14,000 storefronts made up largely of appliance, furniture, and electronics retailers. While Nationwide may not be an immediately obvious choice as a partner for Azione, the custom integration specialist group maintains that it makes perfect sense as they say integrators must be able “to address all of their clients’ needs, no matter the room in the home.”

See more on the merger of Azione Unlimited and Nationwide Marketing Group

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Well-Known Industry Vet Lawrence Davis Joins Vital

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logo for Vital

CI coaching business Vital announced this week that well-known industry veteran Lawrence Davis has joined the company as its new VP of Business Development. The company says that this move is “the first step in their growth plan.”

See more on Vital hiring Lawrence Davis

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Moody’s Upgrades Credit Rating of Once Bankrupt Guitar Center, Parent of AVDG

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Moody’s Investors Service, one of the nation’s largest credit rating agencies, announced last week that it has raised the credit rating of Guitar Center, the owner of custom integration company Audio Visual Design Group. Guitar Center has struggled for years, finally falling into bankruptcy – from which it emerged about ten months ago in December 2020.

Read more about Guitar Center & AVDG’s elevated rating

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Nortek Security & Control Acquired by Italy’s Nice

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Nice headquarters in Oderzo, TV, Italy

Nice, a global manufacturer of Smart Home, Security, and Home & Building Automation products based in Italy, announced today that it has acquired Nortek Security & Control – purchased from Melrose plc for $285 million. The move expands Nice’s portfolio and strengthens its North American presence.

See more on this new Italian home for Nortek Control

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Who Owns the CEDIA Expo? And Other Important Questions of Context

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CEDIA Expo 2021

As I am sure that most readers of this post will know, during CEDIA Expo at the beginning of September, I published a continuously updated post tracking which previously announced exhibitors subsequently made the decision to pull out of the event as the COVID Delta variant raged on. A remarkable realization occurred as I worked on that post, literally speaking with dozens, if not hundreds, of exhibitors and attendees for that event – many of them were confused about who owned the CEDIA Expo!

See why who owns the CEDIA Expo matters…

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Melrose Unloads Nortek Control for Just $285 Million

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Photo of Nortek facility, now part of Melrose

Only Ergotron Remains…for Now…from the Original Acquisition

Melrose PLC, the private equity turnaround expert that purchased the entirety of Nortek back in 2016, unceremoniously let it slip in a bullet point of a report on financial results, that it has found a buyer for the last remaining piece of the Nortek puzzle they have struggled to turn around over the years. Although they did not name the buyer, Melrose says a contract has been signed for a $285 million deal – remarkably low considering all the brands included in this transaction.

See more on the sale of Nortek Control by Melrose

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Snap One Reports 34% Increase in Q2 Sales, With a Reduced $1.1M Net Loss

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Snap One Holdings Corp. (NASDAQ: SNPO) announced the results of their fiscal second quarter, the period that ended June 25, 2021. This is the first official report to investors for the newly public company, and Snap One executives were excited to talk about all the positive milestones they achieved in the quarter – first and foremost, launching a successful public offering. Aside from a technical glitch in their conference call with analysts, it was all good news from the company.

See more details on the Snap One quarterly report

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Moody’s Raises Snap One’s Credit Rating in Wake of Its Successful IPO

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Moody's Investor

Moody’s Investors Service, one of the top global credit and bond rating agencies, announced last week that it has raised the credit rating on Wirepath LLC (dba Snap One) based on its successful completion of an initial public offering of shares of the company’s stock. This is good news for Snap One and potential investors.

Learn more about the new Snap One credit rating by Moody’s

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