Nortek, Inc. reported their financial results from the first quarter of fiscal 2013 late last week. The results were mixed as the company deals with a struggling economy and a difficult internal restructuring that is impacting costs now, with any resulting benefits to be realized still down the road. But for the first time in several quarters, the company’s Technology Solutions Segment (TECH) actually offered a positive contribution with growth in both sales and profits offsetting losses in other divisions. But TECH’s success was largely due to a recent acquisition in the security business.
Strategy
Banks Throw Sharp a $1.5 Billion Lifeline
Two key banks in Japan announced yesterday that they will extend Sharp Corp. an additional line of credit of ¥150 billion ($1.5 billion) over and above all of their other financing. Mizuho Corporate Bank and Bank of Tokyo-Mitsubishi UFJ originally had considered a ¥100 billion line, but ultimately decided to up the ante with each bank kicking in ¥75 billion – a real lifeline to the struggling electronics manufacturer.
See more on this surprise announcement out of Japan… [Read more…] about Banks Throw Sharp a $1.5 Billion Lifeline
Kathy Gornik: Why I Sold Thiel…
*Strata-gee.com EXCLUSIVE*
Much has been written on the changes at Lexington, KY-based Thiel Audio Products Company (Thiel) in the wake of its purchase by a group of Tennessee investors that we first reported last November. Shortly after their acquisition, strata-gee.com was invited to speak with Bill Thomas – one of those Tennessee investors and now the new CEO of Thiel Audio. And a couple of months after that, we had the opportunity to speak with new Thiel interim COO and Board member Bob Brown.
But many Thiel-related reps and dealers kept asking us about co-founder and former President Kathy Gornik. Some of this curiosity was related to rumors that Gornik had been forcibly removed from the respected high-end loudspeaker company that she helped found. And some of the interest centered around an unanswered question, not covered by any of the press (including Strata-gee.com) as to why Gornik decided to sell the company.
Now, Gornik has granted Strata-gee.com an exclusive interview…to tell her side of the story… [Read more…] about Kathy Gornik: Why I Sold Thiel…
Though Fiscal 2013 Results are Better Than Expected, Yamaha Replaces President
Last week, Yamaha Corporation released its financial results for Fiscal Year 2013 (the period ending March 31, 2013) giving the stock market and financial analysts a pleasant surprise as final numbers handily beat both their February 6th revised forecast and last year’s results. Thanks to a strong fourth quarter, Yamaha hit sales for the year of ¥366.9 billion ($3.7 billion) or 2.9% more than last year’s ¥356.6 billion. Yamaha also reported increased operating income, ordinary income, and net income.
And yet, surprisingly, the company also announced it would replace its President and Representative Director at the upcoming directors meeting to be held on June 26, 2013. Why?
See more on Yamaha’s performance and the surprising reason they’ll replace their President… [Read more…] about Though Fiscal 2013 Results are Better Than Expected, Yamaha Replaces President
ACTP Launches TiO Home Automation – They Want You to Turn it On
Last month we told you about the [probably final] closing of 3vNet…the third or fourth time it – or more accurately, its predecessor company Colorado vNet – has gone through that process. At the same time CEO Mike Anderson announced that closing, he also announced the launch of a new company called Automated Control Technology Partners – a company that he said would ultimately have a stable of brands under its control.
With this week’s announcement of the launch of Turn it On (TiO) – we have the first of these brands… [Read more…] about ACTP Launches TiO Home Automation – They Want You to Turn it On
NAD – Pulling High Performance Digital Away From the MP3 Muck
Saying they want to move their traditional audiophile customers into the exciting new world of digital music – while at the same time offering higher sound quality solutions to attract the “digital native” computer music lover – NAD Electronics today in a press preview in New York launched three new digital audio products it calls “The New Digital Generation.” Staking out the high ground, NAD hopes to be able to offer affordable access to better quality digital music…while at the same time, offering an upgrade path to the ultimate digital system performance.
See more on this remarkable digital evolution by an upper mid-fi company… [Read more…] about NAD – Pulling High Performance Digital Away From the MP3 Muck
AudioXperts Goes Global
AudioXperts, a new luxury audio brand with a wide range of distinctly unique consumer solutions, announced today a major expansion in its global reach through a series of partnerships with international distributors in key markets around the world. These distributors will open new markets for the brand in a strategy that will offer their unique products to a whole new global audience – and at the same time, help scale the company’s business for greater efficiency.
See more on who these new international partners are… [Read more…] about AudioXperts Goes Global
Better Late Than Never? KEF Enters Headphone Market with New M Series
Well, it’s a pretty crowded business these days, but KEF, the U.K.-based company launched in 1961 by ex-BBC electrical engineer Raymond Cooke, has chosen to enter the headphone market now with two “M” series headphone models – the M500 over-ear model and the M200 in-ear model. Now over 50-years old, KEF (Kent Engineering & Foundry) has a long history as a respected loudspeaker innovator. These are, however, their first headphone designs.
See more about these two new headphone models joining the crowded headphone market… [Read more…] about Better Late Than Never? KEF Enters Headphone Market with New M Series
Layoffs Hit Panasonic Lithium Ion Battery Plant
Panasonic Corp. has laid off 20% of their workforce – or 600 employees – in its lithium ion battery operations, according to a report by the Nikkei yesterday in Osaka, Japan. The move was made in an attempt to help turn the division profitable. The company has also decided to restructure their manufacturing processes as the layoffs alone won’t likely be enough to achieve profitability.
See more on this dramatic restructuring from the struggling Japanese giant… [Read more…] about Layoffs Hit Panasonic Lithium Ion Battery Plant
WAVE Continues National Expansion with New Full Service Florida Location
WAVE Electronics (WAVE) announced this week that it has opened a new full service warehouse location in Dania Beach, FL, which is located in the more populous southern part of the state – just north of Miami between Hollywood and Ft. Lauderdale. Part of WAVE’s continuing national roll-out, just one month ago the company opened a new full service warehouse in New Jersey. This new Florida location brings their total to 10 locations.
