Offsetting those increases were lower sales of CE products due to the continuing shortage of LCD panels, which continued to impact sales of LCD TV’s, portable DVD’s and digital picture frames, the company said. Additionally, a decline in certain OEM programs and lower sales of mobile video and aftermarket security products impacted top-line growth, the company said. As a percentage of net sales, Electronics represented 72 percent compared to almost 97 percent in the comparable fiscal 2007 quarter.
Net income from continuing operations for the second quarter of fiscal 2008 was aabpit $3.7 million or $0.16 per diluted share. This compares to a net loss from continuing operations of $1.6 million or a net loss of $0.07 per diluted share in the second quarter of fiscal 2007.
The storied RCA electronics brand, long owned by General Electric, was broken up in the 1980s, with Thomson taking over its electronics brand and Bertelsmann Music Group (BMG) assuming its music holdings. With the new deal, Audiovox will control most electronics aspects of the RCA brand. The sale also represents Thomson’s exit from the non-European audio/video business.