Victor Company of Japan, Ltd. (JVC) reported business total sales for its 2007 fiscal year, which ended Mar. 31, 2007, were 742.6 billion yen (approx. US$6.1 billion), an 8% decrease year-on-year. Operating income posted a loss of 5.6 billion yen (approx. $46 million) during the period, an improvement of 1.2 billion yen (approx. $9.9 million) year-on-year. Net income posted a loss of 7.8 billion yen (approx. $64.1 million) during the period, an improvement of 22.8 billion yen (approx. $187.4 million) year-on-year.
Consumer electronics sales were sluggish. Camcorder sales were strong but JVC saw a sharp decline in TV sales in North America. In Japan, LCD TV customer interest was low while market-related costs were up.
JVC predicted its business environment will remain challenging and is undertaking a "radical" business restructuring, including a review of its struggling North American display business.
JVC predicts a loss for the first half of its 2008 fiscal year, which goes from April 1, 2007 through Mar. 31, 2008. However, JVC is forecasting total sales of 760 billion yen (approx. $6.2 billion), for the full fiscal year, for an operating income of 15 billion yen (approx. $123 million).
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