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Resideo, New Owner of Snap One & Control4, Reports Fiscal 2024 Q1 Results

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Resideo cover page for Q1 2024 results

Resideo & Snap One Deal Expected to Close Friday, June 14th

Resideo Technologies, Inc. (NYSE: REZI), a manufacturer and distributor of security and related products for business and home – and soon to be the new owner of Snap One and Control4 – announced its fiscal 2024, first quarter financial results. Considering the looming event that will make Resideo an important partner to many in the custom integration business – the closing of its acquisition of Snap One/Control4 on Friday, June 14, 2024 – I am launching a more detailed coverage of the company.

So…given that Resideo is about to spend $1.4 billion, or 20% of their gross revenues – to acquire Snap One, you’d think that things must be going really, really well for Resideo. But are they???

See how Resideo did in its first quarter of fiscal 2024

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ELAC Launches Debut 3.0 with Legendary Sound in Upgraded Style

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ELAC Debut 3.0 loudspeakers
The new Debut 3.0 loudspeaker line from ELAC [Click to enlarge]

High-performance, affordable speaker manufacturer ELAC announced this week that it is launching its Debut 3.0 line of loudspeakers. The Debut 3.0, the company says, is the perfect blend of legendary ELAC sound performance in a style that is upgraded over some of its previous designs.

Learn more about this all-new ELAC Debut 3.0 loudspeaker line…

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MESSY-mo! Masimo is a Mess – Proxy War, Board Battles, Spin-Off Conflict, Whole Co. Up for Sale, JV Partner Emerges, DOJ & SEC Investigations

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Masimo proxy cover image

The Future of Sound United Continues to Hang in the Balance

SEE STORY UPDATE NEAR END – It is total pandemonium in Masimo land as the company and Politan are engaged in a massive and really, really ugly proxy war ahead of the company’s annual meeting scheduled for July 25, 2024, at the Masimo headquarters in Irvine, CA. Details in dueling proxy filings so far have revealed many things we didn’t know up to now. And almost none of what has been revealed…is good.

Company CEO Kiani is in a fight for his professional life…Sound United is dangling in the wind of an uncertain future – and, frankly, even the entire company’s path forward is a question mark.

See More on matters at Masimo and the Sound United situation…

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Panasonic Decides to Exit High-End Projector Biz; Puts Biz Unit Up for Sale

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Panasonic puts its projector business up for sale

For many generations, Panasonic Holdings has been a leading global technology innovator and while its business model has shifted in the last few years, it still holds much respect around the world. Now we’ve learned that the company has decided to sell off its high-end projector unit in order to refocus its resources on digital supply chain systems.

See more on this consequential decision by Panasonic to drop projectors

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Due to Popular Demand, Cambridge Audio Adds VU Meters to CXN100

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Cambridge Audio CXN100

Cambridge Audio announced today that it is adding the ability to bring VU meters and a clock display to another company model, the CXN100 Network Player, via an over-the-air (OTA) software update. And why are they doing this? The company says that the decision to expand the number of models to gain this feature was made “due to popular demand.”

Learn more about the Cambridge Audio CXN100 gaining access to VU meters

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Parasound Appoints Final Link as Its Distributor for Australia & New Zealand

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Parasound JC1 designed by John Curl

Parasound has appointed Final Link Audio of Melbourne, Australia as its distributor for all of Australia and New Zealand. Final Link will offer all Parasound models, including their famous John Curl-engineered models.

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Will Sonos Ace Help the Company Return Its Business to Growth?

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Sonos launches new Sonos Ace headphones

Sonos, Inc. (Nasdaq: SONO) announced today the long-awaited launch of its secretive new product targeted for a “multi-billion dollar category,” as Sonos CEO Patrick Spence is wont to remind us of frequently. One of the worst-kept, leakiest of launch secrets (probably intentionally so) in the industry, the company announced a new over-the-ear wireless headphone model featuring Dolby Atmos immersive sound and active noise cancellation called Sonos Ace.

But did the company Ace the test for turning around its deteriorating financial performance?

See more on the Sonos Ace headphone

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Sonos Says Q2 Fiscal 2024 ‘Exceeded Our Expectations;’ Revenues -16.9%, Losses +127%

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Sonos Q2/FY2024 cover

Sonos, Inc. (Nasdaq: SONO) announced its financial performance for the second quarter of Fiscal 2024, the period that ended on March 30, 2024. The numbers, as we’re seeing more consistently across a wide variety of consumer brands, were rough…really rough. Revenues in the quarter declined a nasty 16.9% and the company’s Net Loss more than doubled, increasing by a scary 127%.

Yet CEO Patrick Spence claimed in a statement that “…we delivered results that slightly exceeded our expectations…” Either they were expecting a really devastating result, or I’ll have whatever he’s having!

See more on the Sonos Q2 Fiscal 2024 results

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Snap One Reports Results for Q1 of Fiscal 2024; Old Themes Continue

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Snap One booth at CEDIA Expo 2023

Snap One Holdings Corp, soon to be part of Resideo Technologies’ ADI distribution business, reported their financial performance for the first quarter of Fiscal 2024 yesterday. In the wash, it looks much like its other recent quarterly reports – sales decline, losses increase, sales shift from its own proprietary brands to third-party brands, etc. But a couple of things did change, starting with my assessment that much less effort than usual was expended in creating this pretty thin report than is typical for them…there isn’t even a quote from CEO John Heyman or anyone in management…and the company even chose not to hold an earnings conference call with analysts as they typically do every quarter.

I suspect that this is due to the fact that the entire company – and its investors – are simply waiting for the new owners to take over.

See more on the Snap One Q1 Fiscal 2024 financial results

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D-Day Arrives; Control4 Integrators Begin Turning Clients over to Snap One

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On Tuesday this week, a previously announced program being offered by Snap One – now Resideo – has begun. This program, called Control4 Connect, is a mandatory program that requires all integrators to connect all new client installations of Control4 products directly to Snap One’s central station for future software updates and data collection.

It is a new kind of transactional connection that establishes a direct relationship with the client for direct-to-user system updates and base-level client support supplied – not by the local integrator – but by Control4 support.

See more on this new industry scheme

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