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Nortek’s Struggling AV Division Forces Company to Book a $46.2 Million Q2 Net Loss; Burke is Out

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Sean Burke, Head of Technology Solutions Group is Leaving Company

Nortek LogoNortek Inc. released yesterday the financial results for their fiscal second quarter and first half showing a solid overall sales gain of 13.9% to $718.6 million, up from $630.7 million in the same quarter last year. Sales increased at a more moderate pace for the first half, coming in at $1.266 billion or 10.1% higher than the $1.149 booked last year.

But in a bit of a surprise, the company chose to break out the results of their AV division separately – clearly exposing what many had suspected for  a couple of years now – this division is in serious trouble. Even more surprising, in a filing with the SEC, the company revealed that Sean Burke, Group President of the Technology Solutions Group is leaving the company “to pursue other interests.”

See more on just what Nortek’s latest financial results show… [Read more…] about Nortek’s Struggling AV Division Forces Company to Book a $46.2 Million Q2 Net Loss; Burke is Out

Thiel’s New CEO Says Company ‘Struck a Chord’ Compelling Him to Join

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Thiel CEO John Wittman

In a telephone interview today, new Thiel Audio CEO John Wittman told us that the company “struck a chord with me personally,” virtually compelling him to take over as CEO after the owners’ invited him to look at the company last winter. Over the course of an interview that went on for more than a hour, Wittman candidly shared his thoughts and perspectives in an enthusiastic and – to the degree he felt appropriate – open manner.

See what Wittman had to say about where Thiel is at…and where it’s going… [Read more…] about Thiel’s New CEO Says Company ‘Struck a Chord’ Compelling Him to Join

Good News: Sharp is Forecast to Lose 2 Billion Yen in Fiscal 1st Quarter

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Photo of Sharp solar panelReport Says Sharp Plans to Withdraw from Consumer Electronics & Solar Businesses in Europe

In a new report out of Japan, the Nikkei is forecasting that Sharp Corp. will book a net loss of around ¥2 billion ($19.6 million) for their fiscal first quarter (April – June) this year. The report further says that the company plans to exit both the consumer electronics and solar panel businesses in Europe in order to refocus their efforts on other markets.

Why is a ¥2 billion loss good news? See more below… [Read more…] about Good News: Sharp is Forecast to Lose 2 Billion Yen in Fiscal 1st Quarter

Thiel Announces a Brand Relaunch…Again

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BREAKING NEWS

Thiel logoThiel Audio dealers were surprised to receive an email Wednesday from the company announcing plans to – in their words – “revitalize” the storied audio brand. We last reported in April that the company had finally acknowledged to its dealers that it was moving its operations to Nashville, TN – after 38 years in Lexington, KY. This acknowledgement came one week after we reported to Strata-gee readers that the company planned to move.

Since then, the company has been silent. Now, this announcement sets out a new agenda for change – and it is an ambitious one.

See the many changes announced at Thiel… [Read more…] about Thiel Announces a Brand Relaunch…Again

After Disappearing Completely, TiO Stages an Improbable Comeback

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Photo from TiO websiteIn what was a complete surprise to many last week, several industry reps and dealers received a letter from Audio Control Technology Partners (ACTP) CEO Mike Anderson that announced the return of Turn it On (TiO) to the market. TiO, as you might recall, lost funding back in May and ultimately disappeared from view…all before they shipped their first product.

A Strata-gee EXCLUSIVE: TiO’s Anderson shares the inside scoop on recent developments… [Read more…] about After Disappearing Completely, TiO Stages an Improbable Comeback

Marketers Continue to Shift B-to-B Advertising Dollars to Digital

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Advertising Age logoWhether you’re a manufacturer/brand, distributor, rep…or even an integrator selling largely commercial installations…you are a business-to-business or B-to-B marketer. And you’re going to want to pay attention to this new data on marketing trends for B-to-B marketers.

New data released by Advertising Age shows a continued swing away from traditional media to digital media spending by B-to-B marketers. Some of the numbers from this new survey are eye-popping.

See more on Advertising Age’s new B-to-B marketing trends from their latest “Fact Pack”… [Read more…] about Marketers Continue to Shift B-to-B Advertising Dollars to Digital

The One Buzzword That We Really Dislike

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Cover of new "Weird Al" Yankivic albumHave you seen any of the latest “Weird Al” Yankovic spoof videos from his newest album Mandatory Fun? One of them caught our eye as it was picked up by – are you ready for this – the Wall Street Journal. Set to one of our favorite Crosby, Stills, & Nash tunes, Suite: Judy Blue Eyes, this video, titled Mission Statement, unabashedly (and quite humorously) lampoons the ever-ubiquitous corporate-speak. [You can see the video below.]

But Weird Al missed a buzzword that we despise…and it is probably one you use… [Read more…] about The One Buzzword That We Really Dislike

Gibson Brands Opens Showroom in Tokyo

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Photo of exterior of Gibson's Tokyo ShowroomGibson Brands (née Gibson Guitars) announced last week that it has opened a showroom in Tokyo, Japan that it calls a “pioneering music lifestyle concept showroom.” Although Gibson Brands owns many different brands, this particular showroom focuses on just three of them: Gibson Guitars, TEAC and Onkyo.

See more on this unique showroom… [Read more…] about Gibson Brands Opens Showroom in Tokyo

Monster’s ‘Head Monster’ Talks Beats & Women at CE Week 2014

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Creating a Monster slideWhen the history of Monster Products is written some day in the future, there will be many legitimate highlights for their historian to ponder. First and foremost among these will be the fact that CEO Noel Lee (known as the Head Monster) virtually single-handedly created an industry when in the late 70s he popularized step-up, higher quality speaker cables that independent specialty retailers pushed like crazy over zip cord because it was much more profitable for them (and for Lee). And even though Monster Cable was more expensive for consumers, a clever Monster-created retail display demonstrated to them that they could indeed hear the difference with their own ears.

But we’re pretty certain one scene will not make Monster’s corporate history highlight reel – the company’s failure to continue to capitalize on its partnership with Beats by Dr. Dre. That partnership dissolved some two-plus years ago…with Beats going on to be purchased by Apple recently for $3.2 billion. Monster’s share of that eye-popping windfall: $0.

So why, in the wake of that loss, is Noel Lee talking about Beats to anyone who will listen??… [Read more…] about Monster’s ‘Head Monster’ Talks Beats & Women at CE Week 2014

Sony, Desperate to Cut Overhead, Launches Early Retirement Incentive

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Photo showing Sony logoSony Corp., the troubled Japanese giant consumer electronics company, has launched an internal early retirement program in a bid to cut overhead in its headquarters. The company has already announced major worldwide staff cutbacks, but it hopes this new incentive for headquarters staff will cut administrative costs by about 30%.

See more about this newly announced initiative… [Read more…] about Sony, Desperate to Cut Overhead, Launches Early Retirement Incentive