Consumer Electronics Industry Snapshot Philips
Gary Lafferty, Senior Vice President, Retail Sales - Philips Consumer Electronics
1) How did 1998's financial turmoil affect your business?
It obviously affected us. More specifically in the VCR categories, products of our competitors and manufactures' capabilities VCR was affected more dramatically than any product that we have. We've recovered since then. That was early in the spring and the summer, where we failed to react to the rapid price reduction. Principally, that's the only significant impact that it's had on our business. There were a few other categories such as monitors and pc peripherals where you had similar challenges,but we addressed that, and it has not affected our busienss.