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Slow Economy Pressures Philips Sales
May 22, 2003
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According to Philips Electronics NV, a slow work economy and a declining dollar are putting pressure on revenues, especially at its consumer electronics and semiconductor units. But Philips is holding to its goals of returning its semiconductors division and consumer electronics activities to profitability in the U.S. by Q4 2003, according to Chief Executive Gerard Kleisterlee. Other company goals include gaining cost savings of one billion euros by the end of the year and 14-percent margin on earnings for the company’s medical systems unit before interest, taxes, and amortization in 2004. (Reuters)

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