JVC Kenwood Corporation released their year-to-date results for the first nine months (April 1, 2013 – December 31, 2013) of the current fiscal year at the end of last week. The results clearly portrayed a company in a struggle to turn their flagging business around. Although 9-month sales showed a 2.6% increase to ¥230.3 billion ($2.3 billion), up from ¥224.5 billion ($2.2 billion) last year…the company also booked a net loss that also increased more than four-fold – from ¥1.4 billion ($13.8 million) last year to ¥5.7 billion ($55.7 million) now.
Management
Taiwan’s Foxconn Looks to Build Factories in the U.S. – Six States Compete for Selection
Foxconn Technology Group, a Taiwanese company with manufacturing plants in China, and the world’s largest manufacturer of electronics – is looking to build one or more factories here in the U.S. The company, mostly known as the primary manufacturer of Apple’s popular iPhone, is in negotiations with Arizona and Colorado, according to a report by Bloomberg. But four other states have thrown their hats into the ring as well.
See more on this turn of events, a Taiwanese company building factories in the U.S…. [Read more…] about Taiwan’s Foxconn Looks to Build Factories in the U.S. – Six States Compete for Selection
Social Media’s Buzzing about Savant Systems’ New CEO
Savant Systems, LLC announced on Tuesday that it has hired William J. Lynch as its new CEO. Who is Lynch, you ask? He is the ex-Barnes & Noble CEO who left there in the middle of last year. The Savant announcement surprised many as, on paper, Lynch looks like an unlikely candidate for the role.
Since the announcement, social media has buzzed about this appointment. See more… [Read more…] about Social Media’s Buzzing about Savant Systems’ New CEO
Catalyst AV’s 1st Birthday: What a Difference a Year Makes
We first reported on the formation of a new distributor group called Catalyst AV almost exactly one-year ago in December 2012, just prior to their formal launch at the International Consumer Electronics show this past January. While the concept of a national association of regional distributors was not a new phenomenon – various groups started forming back in the mid- to late-1990s – this particular announcement had some added drama with several of the initial members unilaterally defecting from competitor DDG.
So what’s life like at 1-year old Catalyst AV? See details below… [Read more…] about Catalyst AV’s 1st Birthday: What a Difference a Year Makes
In Wake of Poor Results, JVC Kenwood Announces Major Cuts to Staff & Compensation
Just days after the JVC Kenwood Corp. announced their dismal fiscal first-half results and revealed dramatic revisions to their full-year forecast – including the surprising news that they would lose money this year – the company released a statement saying they would attack their performance shortcomings aggressively. A series of actions were outlined designed to mitigate the company’s projected loss…but they couldn’t say for sure at this time if these actions will have a material effect on the remaining fiscal period’s performance.
See the steps JVC Kenwood’s board of directors outlined to minimize their losses… [Read more…] about In Wake of Poor Results, JVC Kenwood Announces Major Cuts to Staff & Compensation
Nortek Q3 Results: The Road to Success Remains Really, Really Bumpy
On Thursday last week, Nortek, Inc. released the financial results for its third quarter (ending September 28, 2013) as well as their nine-month YTD results – and on the following Friday convened a conference call with analysts to discuss them. While management put a positive spin on these results, one didn’t have to look very hard to see some glaring bumps Nortek is experiencing on their challenging road to success through restructuring and reorganization.
You can almost hear it in Michael J. Clarke’s voice when he said: “Nortek’s net sales and underlying operating performance for the third quarter were consistent with our expectations.” Not exactly the rousing proclamation of success we typically hear on their conference call for industry analysts.
What are the “bumps” Nortek’s hitting on the road to success?… [Read more…] about Nortek Q3 Results: The Road to Success Remains Really, Really Bumpy
Promising Newcomer AudioXperts Abruptly Ceases Operations
BREAKING NEWS
After only a little more than one year in operation, AudioXperts – a new specialty brand of audio electronics targeted at the luxury consumer market – has closed down operations. According to AudioXperts President Eli Harary, the company was forced to shut down last Friday after a key investor stopped all funding.
See more details on this startling development from a new and innovative company… [Read more…] about Promising Newcomer AudioXperts Abruptly Ceases Operations
Buying Group Kerfuffle Continues to Smolder
Yesterday, we reported on an unusual flare-up involving Azione Unlimited, VIA International, and the Home Technology Specialists of America (HTSA) – initially fueled by a press release from Azione that announced VIA was resigning all buying groups. In the wake of this announcement, we contacted both VIA and HTSA, who suggested that Azione’s release was not accurate.
Our post yesterday reported what both sides were saying. But today, they said more…as the kerfuffle continues… [Read more…] about Buying Group Kerfuffle Continues to Smolder
Azione Notifies Market that VIA International Resigns from All Buying Groups – VIA & HTSA Respond
The new retail buying group Azione Unlimited announced today that VIA International – a new mega-integrator made up of six separate integration companies merged into one – has resigned from all buying groups, effective October 1st. The announcement caught our eye as it was only tangentially about Azione (who lost two members as a result), yet offered assertions about VIA’s actions with no apparent participation from anyone at VIA.
VIA…and HTSA…react to Azione’s press release… [Read more…] about Azione Notifies Market that VIA International Resigns from All Buying Groups – VIA & HTSA Respond
Gibson Brands Strikes Again – Seeks to Acquire Cakewalk from Roland
Gibson Brands announced this week that it it has signed a letter of intent with Roland Corp. and Cakewalk, Inc. to acquire Cakewalk Inc., a music software company, for an undisclosed amount. The deal is pursuant to the successful negotiation and execution of a definitive agreement.
And with acquisition, Gibson says it will launch a new brand, Tascam Professional Software to sell the Cakewalk product line. See more on this acquisition below… [Read more…] about Gibson Brands Strikes Again – Seeks to Acquire Cakewalk from Roland
