DIYbanter - View Single Post - Funai taking over Phillips brand name for tvs

Mark D. Zacharias[_2_]

"hr(bob) " wrote in message
...
SEE THE LAST PARAGRAPH - BAD NEWS

Stating that its results had been "clouded" by adversity in the
television market, Royal Philips Electronics this morning announced
that its core profit for the first quarter fell 28% on sales that
increased just over half a percentage point.

Overall EBITA (earnings before interest, taxes, and amortization) for
the company, which includes healthcare and lighting divisions in
addition to consumer products from electric toothbrushes to
televisions, fell to EURO 265 million ($420 million) from EURO 370 million
($586 million) a year ago. Overall sales ticked up slightly to EURO 5.965
billion ($9.46 billion), compared with EURO 5.930 billion ($9.40 billion)
a year ago. The company noted that first-quarter revenue last year had
enjoyed a EURO 733 million ($1.2 billion) bump from the partial sale of
Philips' stake in TSMC (Taiwan Semiconductor Manufacturing Corp).

The Consumer Lifestyle division, which includes domestic and cosmetic
appliances as well as music players and "connected
displays" (including televisions), turned in grim results, with EBITA
down 45% to EURO 77 million ($122 million) from EURO 141 million ($223
million) in Q1 2007; sales fell 5% from EURO 2.82 billion ($4.5 billion)
to EURO 2.66 billion ($4.2 billion). The company noted that EBITA for
connected displays dropped by EURO 44 million ($70 million).

Philips intends to sign a five-year deal with Japan's Funai, which
will take over sourcing, distribution, marketing, and sales of Philips-
branded televisions in North America effective in September. Last
month, Philips also announced a further reduction of its stake in LG
Display.

Any bad news for Philips is music to my ears.

Mark Z.