Strategy in TECH...
Core Brands, a division of Nortek, Inc., will announce sweeping new structural and marketing initiatives this coming Tuesday, April 1st, Strata-gee.com has learned from multiple sources. In a recent post on parent company Nortek, we alluded to sources telling us about impending changes in what was to be a major announcement – literally a fundamental change in the way the company does business.
Clearwater, FL-Based Tech Data Corp. said today that it will restate some of its financial results for the period of time covering the fiscal years of 2011, 2012, and 2013. According to the company, it has discovered “improprieties” with how its U.K. subsidiary reflected vendor accounting.
In a recent fiscal year 2012 fourth quarter and full-year report, Nortek, Inc. showed a mixture of hit-and-miss results with fourth quarter sales dropping 5.6% to $505.4 million as compared to Q4 2011’s $535.2 million. Worse yet, the company’s Q4 net loss increased from last year’s $800,000 to a substantial $12.5 million. These results were in spite of the fact that this year’s calendar for the quarter had two more days in it than the quarter last year.
However, Nortek’s overall annual results showed a brighter picture with 2012 sales increasing to $2.2 billion, up 2.8% from the previous year’s $2.14 billion. Net profits in 2012 came in at $9.5 million – a substantial improvement over 2011’s net loss of $55.9 million.
Quadrant Solutions, a supplier of magnets and magnetic assemblies announced today that Kathy Gornik, former co-founder of high-end loudspeaker manufacturer Thiel Audio, has joined the company in a new business development role. Gornik’s appointment is effective immediately.
Foxconn International Holdings Ltd. (FIH), announced today that for fiscal year 2012 the company had the biggest loss ever since it listed its stock in 2005. FIH, which says it is the world’s largest contract manufacturer of cellphones, booked a net loss of $316.4 million for the year.
Nortek, Inc. announced today the sudden passing of its Senior Vice President and Treasurer Edward J. Cooney. Mr. Cooney had joined Nortek in 2001 after a 22-year career with Amtrol, Inc. Initially operating as the company’s Vice President and Treasurer, Cooney was named Senior Vice President in 2011.
We learned today that the upcoming CE Exchange event scheduled to be held at the Foxwoods Resort in Mashantucket, CT May 6-8, 2013 will be formally postponed today by its promoters EH Events and CEPro. The event, a more intimate and interactive alternative to typical industry trade shows, took a completely new and fresh approach by making the show regional with education, training, market data, etc. becoming more meaningful as it’s tailored for the local area.
A story that has stunned many in Japan, the partnership between two former arch-rivals Sharp Corp. and Samsung Electronics Co., continues to churn out surprising new details of the backroom drama worthy of the most melodramatic soap opera. As the Japanese press digs up more of these stories, it is clear that Sharp – as desperate as it had become – was nervous, measured, and a little tentative in approaching the new pact.
Imagine for a moment you owned a robot – a mobility robot – kind of a enclosed wheelchair with a windshield and roof. It comes when you call it – instantly at your disposal and ready for your next command. You tell it where you want to go…and it drives you there all by itself. Could you use a robot like that?
Home Entertainment Source announced today that it has added a total of fourteen new members during the time period of November 2012 to February 2013. A large class of new additions, the group says they had a strong finish for 2012 and kicked of 2013 with serious momentum. The buying group says they are now a total network of 500 dealers strong.
