At the end of last week, Nortek, Inc. reported their financial results for the fiscal second quarter and first half. While at first blush the overall numbers look good – sales up 9% in Q2 and 8% in 1st Half and returning to profitability for both periods – digging deeper shows that their technology business unit (TECH) and residential ventilation business unit (RESV) are not yet participating in the company’s turnaround. Given the significant amount of restructuring of their TECH segment, this result is troubling. [Read more…] about Nortek Financial Results Show That, Despite Best Efforts, TECH Remains Troubled
Industry Trends
Former Retail Shining Star Vann’s Declares Bankruptcy
Based in Missoula, Montana, Vann’s Inc. has been a shining star of the retail business – for years a hearty player in a rugged part of the country where only the strong survive. Founded in 1961 by Pete Vann, the company has steadily grown over the years – adding locations, diversifying retail formats, and even expanding into online sales. But signs of stress began to emerge this year with the company closing one location in February, then replacing long-time CEO George Manlove in June with a CEO from outside the company, losing the support of a key lender in July, and finally declaring bankruptcy just a little over one week ago.
How did this all happen?…. [Read more…] about Former Retail Shining Star Vann’s Declares Bankruptcy
After Surprising Analysts with Initial Downgraded 2012 TV Sales Forecast, Sony & Sharp Stun Again with Deeper Cuts
The Nikkei Reported today that both Sony Corp. and Sharp Corp. have further reduced their original forecast for fiscal year 2012 flat-panel HDTV sales in the wake of a worldwide slowdown in demand. The move surprised analysts, as both companies had forecast weaker demand as part of their initial 2012 forecast. But, as we’ve been reporting for months, sales of flat-panel TVs in Japan’s domestic market have fallen off a cliff as previous government rebate programs meant to encourage consumers to switch to a new digital TV system, as well as to more energy-efficient TVs and appliances, came to an end. Now, manufacturers are experiencing slack demand around the world, including a slowdown in the market they had been counting on to provide substantial growth – China. [Read more…] about After Surprising Analysts with Initial Downgraded 2012 TV Sales Forecast, Sony & Sharp Stun Again with Deeper Cuts
Did AudioXpert’s Launch Succeed in ‘Exceeding Expectations’ as Their Tag Line Promises?
AudioXperts
Last month, we reported on the pre-launch of a new brand…the rather boldly named AudioXperts – founded by well-known industry veteran, Eli Harary and the team of sales, marketing, engineering, and product specialists he assembled. This pre-launch announcement was then followed-up by an official launch at a press event in Manhattan on Tuesday of this week. For a lot of reasons, this was a notable event – not the least of which is that there are very few new companies launching in the current incredibly difficult industry environment. But this “birth of a brand” also – for a number of reasons – set a very high bar for expectations related to its launch, which drew a substantial press contingent.
Did AudioXperts live up to their “exceeding expectations” tag line?… [Read more…] about Did AudioXpert’s Launch Succeed in ‘Exceeding Expectations’ as Their Tag Line Promises?
Best Buy Founder Schulze Rounds Up the Old Gang for One Last Try
Bloomberg News reported on Monday that the Best Buy Co. board of directors has received a letter with an offer from company founder and former chairman Richard Schulze to acquire all outstanding shares of the company stock and take it private. Schulze is said to have the support of at least two private equity companies and an investment bank that is confident it can arrange adequate financing. Schulze also says several former Best Buy executives are interested in joining him in the process of reinvigorating the company.
Analysts are skeptical… [Read more…] about Best Buy Founder Schulze Rounds Up the Old Gang for One Last Try
Grace Motif’s John Caldwell to Handle U.S. Sales for Indy Audio Labs’ Acurus & Aragon Brands
In an association that is somewhat unique in our industry, Indy Audio Labs, LLC, (IAL) the company that manufacturers the Acurus & Aragon high-end brands, has hired John Caldwell, founder and CEO of Grace Motif to handle sales for the IAL brands. Interestingly, they have awarded Caldwell the title of Vice President of Sales for IAL while he retains his title and functions at Grace Motif. [Read more…] about Grace Motif’s John Caldwell to Handle U.S. Sales for Indy Audio Labs’ Acurus & Aragon Brands
After 62 Years, New Jersey’s M. Rothman & Company Sold to Z. Reiss
>BREAKING NEWS<
In news that is likely yet another indicator of the depths of the struggles of the consumer electronics industry, M. Rothman & Company, Inc. – a large consumer electronics distributor based in Ramsey, New Jersey and a one-time powerhouse supplier of a wide variety of electronics and appliances for the entire New York Metropolitan marketplace, has been sold to Z. Reiss & Associates. While rumors have been circulating about Rothman for some weeks – we have only now been able to confirm the company is in fact been sold to another New York-based distributor. [Read more…] about After 62 Years, New Jersey’s M. Rothman & Company Sold to Z. Reiss
Does the Headphone Market Know No Bounds? MartinLogan Joins the Fun with New Earbuds
MartinLogan, well-known in the high-end audio community as a manufacturer of large, expensive electrostatic line source loudspeakers, announced this week that it is entering the headphone market with a new in-ear headphone called the Mikros 70. According to MartinLogan, these in-ear headphones were designed by their engineering team – presumably as compared to other companies who buy off-the-shelf from China and stamp their logos on them.
If its MartinLogan, you know it must be different…and it is… [Read more…] about Does the Headphone Market Know No Bounds? MartinLogan Joins the Fun with New Earbuds
Onkyo Jumps Into Streaming
Onkyo announced on Tuesday that they have jumped into streaming big time by upgrading their iOS and Android apps to add high-quality streaming capability via a wireless network to Onkyo network receivers. The company has also announced a Bluetooth USB adapter that allows any Bluetooth enabled device to stream to the consumer’s Onkyo network receiver.
But Onkyo didn’t just add “plain vanilla” streaming, they added quality streaming… [Read more…] about Onkyo Jumps Into Streaming
If You Want Real Unity – You’ve Got to Get Engage[d]
One of the more interesting stops we made during our rounds at last month’s 2012 CEA Line Show was to see a new company with a brand new product not yet on the market…but coming soon. That company, Engage Audio Design, has announced and shown a simplified total home theater package called Unity Home Theater. If the actual shipping product adheres closely to the prototype shown at the show – they just may have a real winner on their hands!
What’s so great about Unity? You’ve got to read on…
[Read more…] about If You Want Real Unity – You’ve Got to Get Engage[d]
