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Epidemic Engulfs Emerald Expositions; Reports Massive Q1 Loss of $570.1M

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CFO Admits Company Looking at Possibility of No More Shows in 2020 – and Fewer in 2021

Emerald Holding logo

Emerald Holding Inc., formerly Emerald Expositions Events, Inc. (NYSE:EEX), has released their fiscal 2020 first quarter results and the organization makes no bones about it – it has been hit, and hit hard, by the COVID-19 pandemic. The company announced that in the first quarter of fiscal 2020 – the period ending March 31, 2020 – sales declined 27.4% to $99.7 million and the company had the biggest net loss in its history, losing $570.1 million.

See more on the dire situation at Emerald…

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AXPONA is Canceled; But Its Promoter & Exhibitors are Still Battling

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Joel Davis of JD Events (JDE) announced a little more than a week ago that AXPONA, the high-end audio exposition scheduled to take place in Schaumburg, IL in August, is now canceled. Citing the health and safety of attendees, Davis’ letter said “we do not feel 100% confident that we can provide a safe environment for all of our customers and press…” But in a separate communication to exhibitors, Davis informed them the that JDE was in dire financial straits and unable to return their deposits – further angering the still unhappy AXPONA exhibitors.

See more on the AXPONA turmoil…

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Sonos Hits Sour Note – Fiscal Q2 Sales Drop 17%, Losses Hit $52.3 Million

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Photo of new Sonos Sub

CEO Says Direct-to-Consumer Sales Were Big, Launching Three New Models

Sonos Inc. announced Wednesday the results of their fiscal second quarter, a quarter that CEO Patrick Spence called “challenging.” The company saw a double-digit sales decline of 17% to $175.1 million from $210.2 million in the same quarter in 2019. Worse, net losses more than doubled to $52.3 million – 129% worse than the net loss of $22.8 million in Q2 last year.

Still, Spence sounded upbeat in a letter to investors and says he is “confident that the actions we are taking today will set us up for long-term success and the continued tremendous opportunity ahead.”

Learn more about the sour Sonos results in Q2…

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Strata-gee’s COVID-19 Impact on Tech II Survey: What a Difference a Month Makes!

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Strata-gee COVID-19 Impact on Tech II Survey

Now completed, Strata-gee’s COVID-19 Impact on Tech II Survey is a follow-up study to Strata-gee’s original survey, COVID-19 Impact on Tech. If you haven’t read those original results yet, I would suggest you start there by clicking on this link as it will add context to the follow-up survey discussed here. And this time we learn that things have definitely changed in just five short weeks. In a nutshell, survey respondents report that the impact of COVID-19 this time around is much greater than in March.

See more of what the Strata-gee COVID-19 Impact on Tech Survey is telling us…

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Tighten Your Harness, The Rocket Ship U.S. Economy is Coming Down Hard

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graph of economic downturn

You knew it was coming, but we just couldn’t see it until statistical data caught up with the rapidly changing U.S. economy. But now, we are getting a snapshot of these changes and they are breathtaking…and a little scary. Hold on tight…it’s going to get worse before it gets better.

See a selection of data showing the economy hitting the brakes…

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Fear Factor: Consumers’ Fear Suggests a Slow Recovery from Recession

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Photo from Manhattan showing stores closed due to recession and very few people on the street
[Photo: Juan Arredondo, New York Times]

COVID-19 Recession: Will Rebound be a V…U…or W?

The Coronavirus pandemic has hit America big time. With a head-spinning swiftness, the epidemic swept across the country with ruthless efficiency – first impacting densely populated urban areas (NYC, LA, Chicago), then spreading its tentacles throughout more sparsely populated regions of the country. It has extracted a devastating human toll, striking fear in the hearts of consumers, and brought a once bustling economy to a screeching halt…plunging it into recession.

We have never seen anything quite like this and for business owners and managers…we are truly in uncharted territory. With almost 85% of all Americans now subject to some form of Shelter-In-Place or Stay-At-Home order, everything except essential services, such as grocery stores and pharmacies, has been closed down – and most companies have seen their sales disappear. Will a fearful consumer complicate our recovery from this recession?

See more on what kind of rebound to expect…

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Melrose Suspends Dividends, Cuts Executive Pay

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Parent of Many Top CI Brands Steps in to Adjust for Impact of COVID-19

Melrose logo

Melrose Industries PLC has announced it will suspend the payment of its usual year-end dividend in the face of the deteriorating economic environment as a result of the global spread of Coronavirus (COVID-19). Melrose, the U.K. turnaround specialist that is parent company of the U.S. based Nortek has taken other actions to adjust operations at its operating companies in the face of COVID-19.

Learn more about Melrose’s actions to adjust to COVID-19…

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Stuck in COVID-19 Isolation? Country Music Star Says ‘Thank Goodness for Technology’

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'Thank goodness for technology' says country music star Miranda Lambert

An astonishing 283 million Americans are stuck in some form of self-isolation or self-quarantine due to the fact that most states and cities have imposed a “Stay-at-Home” rule in the fight to snuff out the COVID-19 pandemic. This new reality in which we find ourselves means that almost all businesses (except for a few essential services) are closed – and millions of Americans are stuck at home with little or nothing to do. But what role does their technology play in this situation?

Thanks to Technology, we can all be connected…

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Economic Data Deteriorates Rapidly in March

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Economic data declines, unemployment claims up
Business Change of job, unemployment, resigned concept.

Unemployment Claims Jump to 6.6M; Mortgage Applications Plunged 24%

We are now beginning to see a rapid deterioration in economic data in the wake of the impact of the Coronavirus COVID-19 epidemic sweeping the country. Stunning new numbers are dropping at a rate never seen before and suggest we may yet have a long road to recovery. Unemployment claims skyrocketed to 6.6 million new jobless claims at the end of the month, and mortgage applications plunged 24% in March year-over-year.

See more on rapidly descending data…

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As Overall Economy Hit by COVID-19, Layoffs Hit Tech as Well

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AudioQuest Announces Downsizing

AudioQuest logo

A relatively large number of readers and industry sources have reached out to Strata-gee with word of cutbacks and layoffs at various industry brands – as the impact of coronavirus (COVID-19) takes its toll on the U.S. economy. As was reported in a post just a few days ago, jobless claims jumped dramatically – by 33% in just one month – only to be exceeded a few days later by a massive jump in claims of 3 million more unemployed workers.

Now we are beginning to see layoffs in Tech…

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