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Apr-28-2008In Realm Of Electronics, Matsushita Is King(topic overview)
CONTENTS:
- TOKYO (Reuters) - Panasonic maker Matsushita Electric Industrial Co and Sanyo Electric Co may tie up in the first reorganization move among Japan's top electronics makers, the Yomiuri newspaper reported on Monday, but the two companies quickly rejected the report. (More...)
- Profit increased 30 percent last fiscal year, also exceeding the median estimate in a Bloomberg survey of five analysts. (More...)
- In the fiscal year to March, Matsushita sold 4.25 million Viera-brand plasma TVs, up 21 percent from a year earlier, and 3.25 million LCD TVs, up 35 percent from a year earlier. (More...)
- Net profit at rose to 281.88 billion, or $2.7 billion, from 217.19 billion a year earlier, the maker of Panasonic brand products said in a statement. (More...)
- The profit projection is more than the 84.6 billion yen estimate in the analyst survey. (More...)
- Matsushita may buy preferred shares in Sanyo from the three financial institutions, with a possibility of combining the two businesses in the future, the paper added. (More...)
- The Osaka-based company is the maker of the Panasonic brand of consumer electronics products and National home appliances. (More...)
- U.S. gross domestic product data, due to be released April 30, may show the economy expanded at a 0.4 percent annual pace in the first quarter, the smallest gain in five years. (More...)
- Matsushita is planning to spend 300 billion to build a liquid crystal display panel plant in western Japan by 2010. (More...)
- Older TV sets will be unable able to receive over-the-air broadcasts next year unless consumers install one of the new digital converter boxes. (More...)
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TOKYO (Reuters) - Panasonic maker Matsushita Electric Industrial Co and Sanyo Electric Co may tie up in the first reorganization move among Japan's top electronics makers, the Yomiuri newspaper reported on Monday, but the two companies quickly rejected the report. Sanyo shares leapt 9.2 percent after the Yomiuri paper said a plan had been prepared for business and capital links between the two companies and they could merge in the future, with the main shareholders in struggling Sanyo looking to sell. Matsushita shares rose 1.2 percent, above a 0.9 percent rise in the benchmark Nikkei stock average Trading in both stocks were halted for a short time by the Tokyo Stock Exchange. Major shareholders, which also include Sumitomo Mitsui Banking Corp and Daiwa Securities SMBC, have judged it would take time for Sanyo to turn around its businesses itself, and have been looking for a major corporation with financial strength as a buyer, the newspaper said, quoting unidentified sources. Matsushita and Sanyo together have sales of some 11 trillion yen ($105 billion) and would create Japan's biggest electronics maker if they combined. Matsushita spokesman Akira Kadota denied that the company was considering such move. [1] TOKYO (Thomson Financial) - The Tokyo Stock Exchange on Monday halted trading in shares of Japanese consumer electronics maker Matsushita Electric Industrial Co. and struggling rival Sanyo Electric Co. following a report that the two companies may consider forming a business and capital tie-up.[2]
The three -- Sumitomo Mitsui Banking Corp., Daiwa Securities SMBC Co. and Goldman Sachs Group Inc. -- are likely to sell their stake in Sanyo to Matsushita, the Yomiuri Shimbun said. TSE briefly suspends trading in Matsushita, Sanyo on tie-up report TOKYO - The Tokyo Stock Exchange briefly suspended trading in Matsushita Electric Industrial Co. and Sanyo Electric Co. shares Monday morning to confirm the authenticity of a media report about their business tie-up. The Yomiuri Shimbun reported that as a step toward reconstructing struggling Sanyo, its three main creditor institutions are considering a business and capital tie-up with Matsushita and that their management integration is one of the options for future consideration.[3] Matsushita was up 0.5 percent at 2,130 yen. The Yomiuri Shimbun reported that Sumitomo Mitsui Financial Group Inc. Goldman Sachs Group Inc. (nyse: GS - news - people ) and Daiwa Securities Group Inc. which hold a combined 66.79 percent voting rights in Sanyo in the form of preference shares, may sell their stakes to Matsushita after March 2009 when limits on sales of shares will expire. Both Matsushita and Sanyo denied the report. 'It is not true that a tie-up with Sanyo is now under consideration,' Matsushita said in a brief statement to the Tokyo Stock Exchange. Sanyo, which has been selling non-core operations to turn around its business, also denied that it is looking at a tie-up with its bigger rival.[4] Trading in shares of Matsushita Electric and Sanyo will resume 30 minutes once the companies make an announcement, but the trading may be suspended for a full day, if no announcement is made before 2.30 p.m., the TSE said in a statement. The Yomiuri Shimbun reported, without citing sources, that Sumitomo Mitsui Financial Group Inc. Goldman Sachs Group Inc. (nyse: GS - news - people ) and Daiwa Securities Group Inc. which hold a combined 66.79 percent voting rights of Sanyo Electric in the form of preference shares, may sell their stakes to the Osaka-based Matsushita after March 2009 when limits on sales of shares will expire. Sanyo and Matsushita may also consider merging their operations in the future, according to the report.[2]
The news comes as Matsushita reported a 29.8 percent rise in annual net profit to a record high amid strong sales of digital cameras and flat televisions. The firm Sanyo has been under pressure from heavyweight institutional investors to restructure its business and return to profit. The company issued 300 billion yen (2.9 billion dollars) worth of shares to the Goldman Sachs group of the United States, Daiwa Securities SMBC and Sumitomo Mitsui Bank in March 2006 to shore up its capital base.[5] For the current fiscal year to March 2009, the company is expecting net profit of 310 billion yen, operating profit of 560 billion yen and revenue of 9.20 trillion yen. Matsushita plans to pay 45 yen per share in annual dividends this year. 'We believe that flat TVs will continue to drive profit growth in the current fiscal year, while such products as cellular phone handsets and air-conditioners are also seen serving as key growth drivers,' Uenoyama said. He said the company will be banking on further growth of these products and its rationalization efforts to overcome the difficult business environment posed by the appreciation of the yen and higher raw material costs. Assuming that the dollar will average 100 yen in the current fiscal year and the euro 115 yen, Matsushita estimates that the foreign exchange rate factor will subtract some 46 billion yen off its operating profit in the year to March 2009. The company said higher the purchasing cost of basic materials such as steels will take a further 36 billion yen off its annual profit, while falling prices of consumer electronics products will push down annual profit by a further 500 billion yen.[6] In the year to March 2007, the Osaka-based maker of Panasonic consumer electronics and National home appliances posted net profit of 217.19 billion yen, operating profit of 459.54 billion yen and revenue of 9.108 trillion yen. "The last fiscal year result came roughly in line with the company's projected level, as the growth momentum slowed somewhat in the fourth quarter to March due to a downturn of its electronics device and factory automation business," JP Morgan Securities analyst Yoshiharu Izumi said in a note to clients.[7]
The firm benefited from buoyant global demand for flat-screen television sets and its own efforts to cut costs and streamline operations. The maker of the Panasonic brand of flat-panel TVs, digital cameras and other consumer goods, Matsushita said on Monday that its operating profit for the full fiscal year 2007-2008 rose to 519.48 billion yen ($4.98 billion), a 13% increase year on year, beating analysts' consensus forecast, despite a 0.4% decrease in sales, to 9.07 trillion yen ($86.9 billion).[8] "Flat TVs will continue to drive growth and we will keep expanding sales of mobile phones, digital cameras, and air conditioners," Makoto Uenoyama, Matsushita director in charge of financing and accounting, told a news conference. The company, which will change its name to Panasonic Corp on Oct 1, said it expected operating profit to grow 7.8 percent to 560 billion yen ($5.4 billion) in the current year to March 2009, beating a consensus of 527.98 billion yen in a poll of 18 analysts by Reuters Estimates.[9] Osaka-based Matsushita said it expects further growth in the current fiscal year through March 2009, aiming for a group net profit of 310 billion yen ($2.97 billion) on sales of 9.200 trillion yen ($88.04 billion). In January, the company announced it was changing its name to Panasonic, shedding the name of its charismatic founder, Konosuke Matsushita, in favor of its more internationally known brand.[10] As the company plans to boost sales in Russia, Brazil and India as well as the United States and Europe, it expected sales to grow to 9.2 trillion yen for the current fiscal year that ends in March 2009. Panasonic expected its net profit to rise to 310 billion yen for fiscal 2008.[11]
For the year ahead, the company is forecasting a net profit of 310 billion yen ($2.97 billion) and an operating profit of 560 billion yen ($5.4 billion), on sales of 9.20 trillion yen ($88.1 billion). On the same day, Japan's Yomiuri Shimbun reported that Matsushita might play the role of white knight to rescue its problem-plagued electronics peer Sanyo (other-otc: SANYY - news - people ).[8] Operating profit at Japan's Matsushita, the world's No.1 plasma TV maker ahead of Samsung Electronics Co Ltd (005930.KS: Quote, Profile, Research ) and LG Electronics Inc (066570.KS: Quote, Profile, Research ), came to 519.5 billion yen ($4.98 billion) in the year ended in March, up from 459.5 billion yen a year earlier. Besides robust demand for Lumix digital cameras and home appliances such as air-conditioners and refrigerators, Matsushita Electric Industrial Co Ltd saw higher sales of Viera flat-screen televisions.[12] TOKYO (Thomson Financial) - Japan's Matsushita Electric Industrial Co., the world's largest consumer electronics maker, is expected to report on Monday a higher operating profit for the fiscal year ended March, driven by brisk overseas sales of its digital cameras and white goods products and a recovery in plasma TV sales.[7] TOKYO (Thomson Financial) - Matsushita Electric Industrial Co., the world's largest consumer electronics maker, said Monday its net profit rose to a new record in the fiscal year ended March on brisk overseas sales of its flat television sets, digital cameras and white goods products.[6]
TOKYO, April 28 (Reuters) - Panasonic maker Matsushita posted on Monday a 15 percent rise in quarterly operating profit thanks to brisk sales of flat TVs, and forecast a larger-than-expected gain this year, with its mobile phones and DVD recorders also selling well. Matsushita Electric Industrial Co (nyse: MC - news - people ), the world's No.1 plasma TV maker ahead of Samsung Electronics Co Ltd and LG Electronics Inc, benefits from its large-scale, cost-efficient panel production facilities in western Japan.[9] Sales in the last fiscal year were marginally lower at 9.069 trillion from 9.108 trillion a year earlier, the company based in Osaka said. The company posted a 15 percent rise in quarterly operating profit because of brisk sales of flat-panel televisions and forecast a larger-than-expected gain this year, with its mobile phones and DVD recorders also selling well. Matsushita, the worlds leading maker of plasma TVs ahead of Samsung Electronics and LG Electronics, benefits from its large-scale, cost-efficient panel-production facilities in western Japan.[13]
Sales came to 4.25 million units for plasma display panel TVs and 3.25 million units for liquid crystal display TVs. But in value, the Matsushita group's flat-panel TV sales amounted to 888.5 billion yen, 1.0 pct higher than the targeted level, thanks to growing demand for large TV models, including 42-inch products. Matsushita's fiscal 2007 group sales inched down 0.4 pct to 9,068,928 million yen, since audio equipment maker Victor Co. of Japan ceased to be a Matsushita affiliate in August 2007 following its capital tie-up with Kenwood Corp. in the run-up to their envisaged business integration. For fiscal 2008, Matsushita, which will change its corporate name to Panasonic Corp. in October, estimates group net profit at 310 billion yen, up 10.0 pct year on year.[14] Annual net profit rose 30 percent to 281.88 billion yen on sales of 9.07 trillion yen, down 0.4 percent. Matsushita's earnings announcement follows that of rival Sharp Corp (other-otc: SHCAY.PK - news - people ), which on Friday posted its first annual profit fall in six years as it grapples with tough competition in the flat TV market.[9] The forecasts helped ease concern that a stronger yen will erode earnings after Sharp Corp. and Ricoh Co. predicted earnings that missed analysts' estimates. "It's a big surprise that the company managed to come up with a profit forecast that's so good'' under current economic conditions, said Koichi Hariya, an analyst with Mizuho Securities Co., who has a "hold'' rating on Matsushita. The challenge Matsushita faces is how the company will meet its target for flat-panel TV sales, he said. The company was expected to post net income of 270.4 billion yen and sales of 9.1 trillion yen this year, according to the survey.[15]
The stock led declines on the MSCI World Index. Yahoo Japan, one-third owned by Yahoo! Inc. of the U.S., reported net income of 62.6 billion yen ($598 million) for the year ended March 31, missing its forecast for 64.8 billion yen and up 8 percent from a year earlier. Operating profit was 124.8 billion yen, better than its 122.8 billion yen forecast, the Tokyo-based company said in a release after the stock market closed on April 25. "The share price no longer looks inexpensive following recent gains,'' said Credit Suisse analyst Takashi Murakami, who cut his rating on the company to "neutral'' from "outperform'' in a report dated the same day as the earnings report.[16] Matsushita was up 1.18 percent at 2,145 yen, outperforming the benchmark Nikkei-225 index which added 0.75 percent. The Tokyo Stock Exchange had earlier briefly suspended trading in the two companies pending their response to the report. Sanyo is due to report next month its earning results for the financial year which ended in March. It has previously forecast an annual net profit of 20 billion yen after a loss of 45.36 billion yen in the previous year.[5]
Analysts think the deal would be beneficial for Matsushita. 'Sanyo Electric holds some technological advantage in such areas as solar power cell or rechargeable batteries, which have some growth potential,' Tokai Tokyo Research Institute analyst Osamu Hirose said. 'If the deal is successfully closed, Matsushita Electric can save a considerable period of time in nurturing new businesses, while Sanyo can expect fresh capital that it needs to develop its new businesses and strengthen finances,' he said. Tokai Tokyo's Hirose said he views Matsushita's results in a positive light because the year to March 2008 profit exceeded his own estimate of 500 billion yen, and the projection for the current fiscal year also beat his estimate of 520 billion yen.[6] Izumi is expecting Matsushita Electric's operating profit to come in at 489.8 billion yen. Matsushita has enjoyed relatively solid sales for its flat TVs since the launch of its high-definition compatible new plasma display panel TVs in July last year.[7] Matsushita has come out with their latest revenue report and their profits have more than doubled in the first quarter of the year. The company gained from strong sales of their mobile phones and television sets. Matsushita Electric Industrial reported that their earnings were up at 61.6 billion yen from 23.4 billion yen in the same period last year.[17]
The world's largest consumer electronics company, Matsushita, reported a near 30% increase in net profit for the fiscal year that ended in March, taking it to another record of 281.9 billion yen ($2.7 billion).[8] Analysts in the survey estimated net income of 259 billion yen, operating profit of 498 billion yen and sales of 9.03 trillion yen for the 12 months ended March 31. The company remains committed to achieving its mid-term sales target of 10 trillion yen sales for the year ending March 2010 amid an "unclear'' business environment, President Fumio Ohtsubo said at a briefing in Tokyo.[15] Matsushita expects operating profit to grow 7.8 percent to 560 billion yen in the business year to March 2009, beating a consensus of 528 billion yen in a poll of 18 analysts by Reuters Estimates.[12] For the full year ended March 31, Matsushita said operating profit rose 13 percent to 519.5 billion yen.[9]
Net profit rose to 281.88 billion yen ($2.7 billion) from last year's previous record of 217.19 billion yen. Operating profit surged 13 percent to 519.48 billion yen, its highest in 22 years.[6]
Home appliance sales were almost flat. For the fiscal year through March, its profit rose 30 percent to 281.88 billion yen ($2.70 billion), up from 217.19 billion yen a year earlier.[10]
Matsushita (nyse: MC - news - people ) shares traded up by 0.7%, to close at 2,135 yen ($20.45). Over the course of the past year, Matsushita has embarked on several restructuring attempts, such as cutting its stake in its ailing Victor Co. of Japan unit, the manufacturer of JVC-branded equipment (see: "Market Frowns On JVC-Kenwood Deal" ), as part of its strategic plan to raise sales to 10 trillion yen ($95.8 billion) and return on equity to 10% by fiscal year 2010.[8] The consolidation, if achieved, will create Japan's largest electronics maker with sales of 11.3 trillion yen ($101.8 billion), surpassing Hitachi Ltd. (nyse: HIT - news - people ), which has annual sales of 10 trillion yen. Whether the tie-up or the consolidation talks go smoothly remains to be seen because Matsushita and Sanyo have many overlaps in their businesses. Officials of both Matsushita and Sanyo were not immediately available for comment on the report.[2]
The Panasonic maker hopes to boost global sales of plasma display panel TVs by about 40 percent to over 6 million units, while increasing sales of LCD (liquid crystal display) TVs by more than half to about 5 million units. Matsushita Electric plans to achieve its aim by expanding the production capacity of its factories in Russia and China, as well as boosting its sales network in the United States, the daily said. The company hopes to increase its total global sales for flat-panel TVs by 30 percent to 1.3 trillion yen ($12.45 billion), the daily said.[18] 'Although we struggled in the U.S. in the first half due to the delay in the launch of a high-definition broadcasting compatible model, we witnessed a turnaround in the second half, with our flat TV sales there growing 1.2-fold in the third quarter to December and 1.1-fold in the fourth quarter,' Minoru Uenoyama, Matsushita Electric's chief financial officer, said at a press conference. In a bid to prop up sales of its flat TVs in the U.S., Matsushita Electric also expanded its sales network to include regional retailers. It had previously relied on a network of powerhouse national retailers such as Best Buy Co Inc. (nyse: BBY - news - people ) to distribute its products. Although annual sales volume fell short of the targeted 9 million flat TVs, the sales value for this product rose 9 percent to 1.0 trillion yen.[6]
In the third quarter to December, Matsushita sold 1.57 million Viera-brand plasma TVs, up 40 percent from a year earlier, and 1.01 million LCD TVs, up 25 percent from a year earlier. Analysts said that in addition to the increased market share for PDP TVs, higher overseas sales of its digital cameras and white goods more than offset the sluggish performance of its units Matsushita Electric Works Ltd. and PanaHome. White goods are major household appliances such as air-conditioners and refrigerators. Matsushita Electric Works Ltd. makes housing equipment such as lighting systems, while PanaHome sells homes in Japan.[7] TOKYO (AFP) — Japan's Matsushita aims to boost its global sales of flat-panel televisions in the year to March 2009 by 40 percent from the previous year, fuelling industry competition, a report said Sunday. Matsushita Electric Industrial Co., best known for its Panasonic brand, targets global sales of 11 million units by raising production capacity in China and Russia, the Nikkei economic daily said. It also plans to step up efforts to expand its sales networks in the United States, it said without naming sources.[19] TOKYO (Reuters) - Matsushita Electric Industrial Co Ltd (6752.T: Quote, Profile, Research ) aims to raise global sales of flat-panel TVs to 11 million units in the year to end-March 2009, up more than 40 percent on a year earlier, a business daily said on Sunday.[18]
Tokyo, Apr 28, 2008 (Jiji Press) - Matsushita Electric Industrial Co. said Monday that its group net profit in fiscal 2007 grew 29.8 pct from the previous year to a record 281,877 million yen.[14] Panasonic, formerly known as Matsushita Electric Industrial Co, saw its net profit rise 30 per cent to 281.88 billion yen (2.7 billion dollars) compared to a year before, thanks to a reduced tax payment.[11] Profit at Matsushita Electric Industrial Co. surged to 61.6 billion yen (US$589.47 million; 377.96 million) from 23.4 billion yen the same period the previous year, Matsushita spokesman Akira Kadota said.[20] Matsushita Electric Industrial Co., the maker of the Panasonic brand, said it earned 61.6 billion yen ($589.47 million) from 23.4 billion yen the same period the previous year.[10] TOKYO: Panasonic maker Matsushita Electric Industrial Co Ltd said on Monday it aims to ship 6 million plasma televisions in the year to March 2009, up from 4.25 million units sold a year earlier.[21] BEIJING, April 28 (Xinhuanet) -- Panasonic maker Matsushita Electric Industrial Co and Sanyo Electric Co on Monday both denied the report that they may consider a business and capital tie-up or a merger. The Japanese Yomiuri newspaper reported that a plan had been prepared for business and capital links between the two companies and they could merge in the future. "It is not true that a tie-up with Sanyo is now under consideration," Matsushita spokesman Akira Kadota said in a brief statement to the Tokyo Stock Exchange.[22] TOKYO, April 28 (Reuters) - Panasonic maker Matsushita Electric Industrial Co (6752.T: Quote, Profile, Research ) and Sanyo Electric Co (6764.T: Quote, Profile, Research ) denied on Monday a newspaper report that they may form a capital and operations tie-up. The Yomiuri daily reported the two companies had plans to form such a partnership, with the merger of their businesses a possibility in the future. Matsushita spokesman Akira Kadota denied that the company was considering such move.[23]
TOKYO (Thomson Financial) - Shares of struggling Japanese consumer electronics maker Sanyo Electric Co. jumped on Monday following a report that it may tie up or even merge with bigger rival Matsushita Electric Industrial Co. which raised hopes of a consolidation in the sector that could help turn around Sanyo's business.[4] TOKYO (AFP) — Japanese consumer electronics giant Matsushita Electric Industrial Co. denied a report on Monday that it may take an equity stake in Sanyo Electric Co. to help rehabilitate its smaller rival.[5]
April 28 (Bloomberg) -- Matsushita Electric Industrial Co., the world's largest maker of consumer electronics, forecast profit will climb 10 percent to a record, beating analysts' estimates, led by sales of Panasonic televisions and cameras.[15] TOKYO, April 28 (Reuters) - Panasonic maker Matsushita (6752.T: Quote, Profile, Research ) posted on Monday a 13 percent rise in annual operating profit on brisk sales of its digital cameras and home appliances, and forecast a larger-than-expected gain this year.[12]
Operating profit, or sales minus administrative expenses and costs of goods old, will probably rise 7.8 percent to 560 billion yen, surpassing analysts' expectations of 515 billion yen. The company also said it will spend as much as 100 billion yen to buy back its own shares.[15] Operating profit gained 13 percent to 519.5 billion yen, while sales declined 0.4 percent to 9.07 trillion yen.[15] Operating profit is forecast at 560 billion yen, up 7.8 pct, and sales are seen rising 1.4 pct to 9.2 trillion yen.[14]
Matsushita forecast the home appliance division's profit will increase 6.5 percent to 92 billion yen on sales that may climb 2.6 percent to 1.35 trillion yen.[15]
Sales in the last fiscal year was marginally down at 9.069 trillion yen (US$86.78 billion; 55.64 billion) from 9.108 trillion a year earlier, the Osaka-based company said. Matsushita President Fumio Otsubo told a Tokyo news conference that the company plans to focus on expanding sales overseas, mainly in emerging countries such as Russia, Vietnam and Brazil, where growing demands in digital electronics are expected.[20] The drop was largely due to an exclusion in group sales of revenue from Victor Company of Japan, whose status changed from subsidiary to affiliate last year, Matsushita spokesman Akira Kadota said. JVC had contributed sales of 600 billion yen for the last fiscal year, he said.[10] Matsushita said its cost-cutting and rationalization efforts boosted its annual operating income by a combined 434.3 billion yen. The company said it sold 7.28 million cellular phone handsets in the year to March 2008, up 30 percent from a year earlier, with a plan to sell 8.42 million handsets this fiscal year.[6] The company, which will change its name to Panasonic Corp. on Oct 1, said it expected operating profit to grow 7.8 percent to 560 billion in the current fiscal year, which ends March 2009.[13]
JP Morgan's Izumi sees a marginal rise in operating profit to 500 billion yen, assuming that the company's export hedging rate will average 100 yen. "It looks to be unavoidable for its digital camera division, as well as professional-use audiovisual products, home appliance and factory automation segments, which have led its growth in recent years, to see the adverse impact of a higher yen, slower consumer spending and higher procurement costs," Izumi said.[7] The company estimates that falling prices for consumer electronic products reduced third-quarter operating profit by about 449 billion yen.[6]
Profit at Matsushita's main consumer electronics business may rise 5.8 percent to 267 billion yen, beating the 248 billion yen median in the Bloomberg survey.[15]
The components division's profit will probably rise 7.6 percent to 113 billion yen, Matsushita said. That exceeds analysts' expectations of 100 billion yen.[15]
Matsushita said in January it was expecting operating profit of of 477 billion yen, net profit of 246 billion yen and revenue of 8.78 trillion yen.[6] Net income will rise to 310 billion yen ($2.97 billion) in the year ending March 2009 as revenue climbs 1.4 percent to 9.2 trillion yen, the Osaka-based company said today.[15] Quarterly sales dipped 4 percent to 2.199 trillion yen ($21.04 billion) from 2.282 trillion a year earlier, the company said.[10] Quarterly sales at the maker of Panasonic brand products dipped 4 percent to 2.199 trillion yen (US$21.04 billion; 13.49 billion) from 2.282 trillion a year earlier, the company said.[20]
The division's revenue is projected to gain 7 percent to 4.62 trillion yen, accounting for 50 percent of the company's total. The company expects its plasma television shipments to climb to 6 million units this year from 4.25 million, and LCD-TV sales to increase to 5 million sets from 3.25 million last year.[15]
"We're not just seeing tough economic conditions worldwide, but we also see the Beijing Olympics as our biggest business opportunity and robust demand for large-sized plasma TVs in the Middle East and Russia,'' Ohtsubo said. The company has received "strong orders'' for its products in the U.S. despite economic uncertainties caused by the subprime mortgage loan issue, he said. The yen, currently at 104.47 to the dollar, has climbed 7.2 percent against the U.S. currency this year, adding to a 6.1 percent gain in 2007. The yen may strengthen to 100 versus the dollar in the second half of this year, according to the median of 34 estimates compiled by Bloomberg.[15]
JVC, car electronics maker Kenwood Corp, and the biggest shareholder in Kenwood, Sparx Group Co Ltd, announced in July an agreement to form a comprehensive capital and business alliance. Kenwood and JVC have also agreed to consider merging their operations, possibly under a holding company, as early as this year. While Matsushita Electric is expected to have performed fairly well in the past fiscal year, analysts generally warn of downside risks to its performance in the current fiscal year. "Its business climate is becoming more severe as rival LCD makers are stepping up their efforts to lure consumers to buy large-screen LCD TVs even in the high-end segment," Credit Suisse analyst Koya Tabata said.[7] April 28 (Bloomberg) -- Sanyo Electric Co., the world's largest maker of rechargeable batteries, climbed to the highest in almost two years after the Yomiuri newspaper reported Matsushita Electric Industrial Co. may invest in the company.[24] April 28 (Bloomberg) -- Matsushita Electric Industrial Co. and Sanyo Electric Co. were suspended from trading in Tokyo after the Yomiuri newspaper reported Matsushita may invest in its smaller rival.[25]
Sanyo Electric surged as much as 9 percent upon resumption of trade on media reports it may form a capital tie-up with the maker of the Panasonic label, Matsushita Electric Industrial. Although both firms rejected the report, investors still snapped up both stocks.[26] The company's shares rose 0.7 percent to close at 2,135 yen ($20.43) after a leading Japanese newspaper reported that the company and troubled electronics maker Sanyo Electric Co. were considering a major capital tie-up and an eventual future merger.[10]
Sanyo spokesman Hiroshi Tsuchiya also said the report was not true, adding there was no ongoing tie-up talks with Matsushita or any other companies. Sanyo issued 300 billion yen worth of preferred shares to Goldman, Sumitomo and Daiwa at a deep discount in 2006 to bolster its finances, giving them two-thirds of total voting rights if the shares were converted to common stock.[1] According to the report, Matsushita intended to buy the combined 66.79% voting rights in Sanyo held by Sumitomo Mitsui Financial Group (other-otc: SMFJY - news - people ), Goldman Sachs (nyse: GS - news - people ) and Daiwa Securities (other-otc: DSECY - news - people ). Even though both Matsushita and Sanyo denied the news, investors were unfazed, sending Sanyo's shares to their highest in nearly two years, closing at 254 yen ($2.43), a 6.7% surge.[8] Matsushita, the world's largest maker of consumer electronics, may buy shares of Sanyo from Goldman Sachs Group Inc., Daiwa Securities Group Inc. and Sumitomo Mitsui Financial Group Inc., the Yomiuri newspaper reported today, citing an unidentified person familiar with the situation.[24]
Banking groups Mitsubishi UFJ, Mizuho and Sumitomo Mitsui romped ahead in heavy turnover. Sanyo Electric hit a new year-to-date high after the major daily Yomiuri reported in its Monday morning edition that the struggling electric appliance maker may form a tie-up with industry giant Matsushita Electric for its turnaround.[27] Matsushita President Fumio Ohtsubo denied a Yomiuri newspaper report that it may tie up with struggling rival Sanyo Electric Co in the first reorganization move among Japan's top electronics makers.[28] The paper did not cite any named sources. According to the report, Sanyo's three major shareholders, including Sumitomo Mitsui Banking Corp., were likely to sell their combined 67-percent stake in the struggling Japanese electronics maker to Matsushita. Following the capital tie-up, Matsushita and Sanyo could integrate their management, the Yomiuri said.[29]
TOKYO (AP) — Japanese electronics maker Matsushita's profit more than doubled in the January-March quarter, buoyed by strong sales of cell phones, flat-panel TVs and DVD players, the company said Monday.[10] "My first impression is 'Well done'," said Motoo Kawasaki, an analyst at Daiwa Securities. "In this business environment where other home appliances makers are struggling with the higher yen and slow sales, their rather bullish outlook could have a big impact on the market." Matsushita is planning to spend 300 billion yen to build an LCD panel plant in western Japan by 2010 as it aims to boost its presence in the faster-growing LCD TV market, where it has not been able to break into the ranks of the top five.[9] If the consolidation was achieved, as the newpaper reported, it would create Japan's largest electronics maker with sales of 11.3 trillion yen (101.8 billion U.S. dollars), surpassing Hitachi Ltd., which has annual sales of 10 trillion yen.[22] The sales were however down from 2.282 trillion to 2.199 trillion yen. The company said that this was mostly due to exclusion of revenues of Victor Company of Japan which is now an affiliate company rather than a subsidiary.[17]
Sales at the business, which includes semiconductors used in TVs, mobile phones and cameras, may gain 2.2 percent to 1.43 trillion yen.[15]
Makoto Uenoyama, Matsushita director in charge of financing and accounting, said the company targets liquid crystal display (LCD) TV sales of 5 million units in the current business year, compared with 3.25 million units in the previous year.[21] Matsushita expects PDP TV sales to increase to six million units and LCD TV sales to five million units.[14]
Profit increased 30 percent last fiscal year, also exceeding the median estimate in a Bloomberg survey of five analysts. Matsushita projected its flat-panel television shipments will rise 47 percent this fiscal year, spurred by the Beijing Olympics as it boosts sales outside the Americas region to counter a slowing U.S. economy. [15] Matsushita Logs Record Net Profit in FY 2007 said Monday that its group net profit in fiscal 2007 grew 29.8 pct from the previous year to a record 281,877 million yen.[14] Matsushita's group operating profit in the year that ended in March increased 13.0 pct to 519,481 million yen, growing for the sixth straight year[14] Quarterly operating profit totalled 134.1 billion yen in the three months to March, calculated by deducting nine-month profits from annual results, up from 116.32 billion yen a year earlier.[9] Quarterly operating profit totaled 134.1 billion in the three months to March, up from 116.32 billion a year earlier. Matsushitas earnings announcement follows that of its rival, Sharp, which on Friday posted its first decline in annual profit in six years.[13]
Three analysts polled by Thomson Financial News forecast operating profit of 502.2 billion yen ($4.8 billion).[7] The results beat the 502.2 billion yen average operating profit forecast by analysts polled by Thomson Financial.[6]
Despite rising oil prices and other raw materials costs, Panasonic's operating profit jumped 13 per cent to 519.5 billion yen for fiscal 2007.[11]
Profit rose 30 percent to 281.88 billion yen (US$2.70 billion; 1.73 billion), up from 217.19 billion yen a year earlier, the company said in a statement.[20] Matsushita said net income rose to 281.9 billion yen, or 132.90 yen per share, in the fiscal year just ended, from 217.2 billion yen, or 99.50 yen.[15] Shares in Matsushita closed up 0.7 percent at 2,135 yen ahead of the announcement, outperforming the Tokyo stock market's electrical machinery subindex IELEC, which rose 0.3 percent. Matsushita shares have lost 8 percent so far this year through Friday, performing slightly better than the 11-percent slide in the subindex over the same period.[30] The shares fell 9.5 percent to close at 47,150 yen on the Tokyo Stock Exchange, the biggest drop since Jan. 18, 2006.[16]
Matsushita and Sanyo later issued separate statements denying the Yomiuri Shimbun report, and the Tokyo Stock Exchange briefly suspended trading shares in the companies.[29] Matsushita may buy preferred shares in Sanyo from the three financial institutions, with a possibility of integrating the two companies' businesses in the future, the paper added. The preferred shares that Goldman, Sumitomo, and Daiwa hold are equivalent to 66.97 percent voting rights if they were converted to common stock.[23]
Shares of Matsushita gained 0.7 percent to close at 2,135 yen before earnings were reported, reducing the loss for the year to 7.8 percent.[15] Ahead of the announcement of the result, Matsushita Electric shares closed Monday up 0.7 percent at 2,135 yen.[6]
Confident about sustained profit growth, the company is proposing an annual dividend of 35 yen per share for the fiscal year just ended, compared with 30 yen per share it paid in the year to March 2007.[6] Analysts warn of slower profit growth in the current fiscal year due to the adverse impact of a strong yen and rising purchasing costs for basic materials.[7]
In the fiscal year to March, Matsushita sold 4.25 million Viera-brand plasma TVs, up 21 percent from a year earlier, and 3.25 million LCD TVs, up 35 percent from a year earlier. [6] In the current year to March 2009, Matsushita plans to sell some 6 million plasma TVs and 5 million LCD TVs.[6]
The repurchase of up to 50 million shares, or 2 percent of Matsushita's outstanding total, will take place from April 30 until March 2009, the company said.[15] Citing an anonymous source, the Yomiuri Shimbun reported Monday that three financial firms that control Sanyo have been seeking to sell shares to a major company in the same industry. Matsushita could use Sanyo's technology in rechargeable batteries, the daily said, adding that the two firms may eventually merge their operations.[5] The company, after issuing a denial earlier in the day, said no more about a Yomiuri newspaper report that it might merge with the smaller rival, Sanyo Electric, in what would be the first reorganization move among the top Japanese makers of electronics.[13] Matsushita Comments on Media Reports about Possible Alliance with SANYO Electric Co., Ltd. OSAKA, Japan--( BUSINESS WIRE )--Matsushita Electric Industrial Co., Ltd. (MEI)(NYSE:MC), best known for its Panasonic brand, commented on the media reports of April 28 in Japan about a possible alliance with SANYO Electric Co., Ltd. These reports are not based on any official announcement by MEI, and there is no fact that MEI is considering on the alliance.[31] Tokyo, April 2008 Pioneer Corporation (TSE: 6773) and Matsushita Electric Industrial Co., Ltd. (TSE: 6752/NYSE: MC), best known for its Panasonic products, today reached a basic agreement on a comprehensive PDP business alliance to further progress and reinforce the PDP businesses.[32]
Net profit at rose to 281.88 billion, or $2.7 billion, from 217.19 billion a year earlier, the maker of Panasonic brand products said in a statement. [13] Tokyo - Japanese home electronics company Panasonic reported a record net profit for the year that ended in March, the company announced Monday.[11]
April 28 (Bloomberg) -- Yahoo Japan Corp. fell the most in two years in Tokyo trading after full-year profit was less than forecast and Credit Suisse Group cut its rating on the stock.[16] In the first 15 minutes of trading, the 225-issue Nikkei Stock Average gained 69.35 points, or 0.50 percent, from Friday to 13,932.82. Dollar trades at upper 104 yen level in early Tokyo deals TOKYO - The U.S. dollar traded at the upper 104 yen level early Monday in Tokyo, slightly up from its levels Friday in New York.[3] Sanyo gained 6.7 percent to close at 254 yen on the Tokyo Stock Exchange, the highest since June 7, 2006.[24] After the report, Sanyo leapt 9.2 percent on the Tokyo Stock Exchange, the highest since June 6, 2006.[22]
Matsushita rose 1.2 percent, above a 0.9 percent rise in the benchmark Nikkei stock average. Trading in both stocks were halted for a short time by the Tokyo Stock Exchange.[22]
The Nikkei 225 Stock Average rose 0.2 percent. Matsushita and Sanyo, both based in Osaka, denied the report.[24]
If achieved, the global sales would push Matsushita from sixth to third place in the market after South Korea's Samsung Electronics Co. and Japan's Sony Corp., the report said. As Sony plans to hike its global sales of flat-panel televisions by 50 percent, industry competition is likely to intensify further, it added.[19] PanaHome is believed to have been hit by a drop in housing investments following the introduction of tighter building regulations last June. The de-consolidation of the company's struggling consumer electronics making unit, Victor Co of Japan Ltd. (JVC), also helped improve Matsushita's performance after it cut its stake in JVC to 36.9 percent in August from 52.7 percent previously.[7] Revenue slipped 0.4 percent to 9.07 trillion yen following the deconsolidation of Victor Co of Japan Ltd (JVC). Matsushita cut its stake in JVC to 36.9 percent in August from 52.7 percent previously.[6]
Matsushita, which makes Panasonic brand products, finished the morning trading session 1.2 percent higher at 2,145 yen (US$20.55; euro13.18).[29] By developing PDPs and modules that are eco-friendly and excel in performance and picture-quality, Pioneer and Matsushita will contribute to further growth of plasma TVs in the flat-panel TV market. In collaboration with Pioneer, Matsushita will develop and manufacture PDPs and modules on which their technological strengths are concentrated. Matsushita plans to start supplying these newly-developed PDPs and modules in time for Pioneer's release of new PDP products which will be available in the autumn of 2009. By promoting the integration of their PDP technologies and sharing the same PDP, Pioneer and Matsushita intend to increase efficiency in panel development and production and boost their cost competitiveness in the flat-panel TV market.[32] Matsushitas products cover a wide range of electronic goods and appliances, but it has recently been focused on flat-screen TVs, becoming one of the worlds largest manufacturers of the product. The company sells both plasma and liquid crystal display models and is boosting production.[20]
Matsushita Electric used to sell a plasma TV with a screen size of over 40-inches, while it sells LCD TVs with a screen size of below 40-inches.[7] As for the size of panels, the two companies will discuss details in consideration of customer demand, market competitiveness and the size of panels currently marketed by Pioneer. Pioneer and Matsushita will continue to supply their own plasma TVs to meet growing consumer demand worldwide by taking advantage of their proprietary image processing technologies as well as the fruits of this business alliance. Related Links Source This news content was configured by WebWire® editorial staff.[32] The two companies will discuss further detail and conclude a formal agreement on the PDP business alliance around May 2008. Pioneer and Matsushita have been serving the market with high-performance, high-quality plasma TVs under their respective brands "KURO" and "VIERA" exploiting the advantages of the PDP devices as self-emitting displays and their own video technologies. They have won high praise from consumers and audiovisual specialists.[32]
'While the average selling price fell by 20 percent, greater sales of bigger-screen TVs helped us achieve a higher sales value,' Uenoyama said. Although its rival flat TV maker Sharp Corp. (other-otc: SHCAY.PK - news - people ) recently claimed that U.S. consumers have been shifting their preference to smaller-screen TVs, 'we take a different approach to the U.S. market as we put a higher emphasis on big-screen TVs when selling plasma TVs there,' he said.[6]
Sales of video and audio equipment rose 5 percent from a year ago, mainly on the back of strong sales in flat-panel TVs and DVD players, Kadota said.[10] Sales of flat-panel TVs totaled 7.5 million units, coming short of the company's target of nine million units.[14] The brisk earnings estimates reflect increases in sales of flat-panel TVs, mobile phones and air conditioners.[14]
"Flat TVs will continue to drive growth and we will keep expanding sales of mobile phones, digital cameras, and air conditioners," Makoto Uenoyama, director in charge of financing and accounting for Matsushita, said during a news conference.[13]
Sales remained almost unchanged at 9.1 trillion yen, down 0.4 per cent, mainly due to increasing competition in digital products.[11] While domestic sales fell 2 per cent to 4.54 trillion yen, overseas sales were up 1 per cent to 4.52 trillion yen.[11]
The profit projection is more than the 84.6 billion yen estimate in the analyst survey. [15] On the earnings front, Elpida Memory slid 3.9 percent after the chipmaker posted a 29 percent quarterly loss on Friday, in line with analyst estimates. Kyocera jumped 6 percent, the highest intraday level since Dec. 28, after the ceramic maker's better-than-expected earnings forecasts eased investors' worries over its outlook. Honda Motor drove higher despite a sharp decline in quarterly profit while NTT DoCoMo shares slipped 3.8 percent at the finish line, as its profit forecast fell short of expectations.[26] The stock tumbled more than 5.1 percent on concerns over a prolonged memory chip glut while rival Samsung Electronics hit a two-year high on a strong earnings outlook. Separately, shares in broadband provider hanarotelecom and Ssangyong Motor both fell on disappointing earnings.[26]
In the near term, market players are likely to keep close tabs on Japanese companies' earnings reports for the fiscal year that ended in March, Yutaka Miura, equity manager at Shinko Securities Co., said. Because stocks have already rallied in recent weeks, "some issues may prove to be no bargain based on earnings figures," he cautioned.[27] "We're not considering the matter,'' the Osaka-based companies said in separate statements to the Tokyo Stock Exchange in response to the report, without being more specific.[25]
Sanyo spokesman Hiroshi Tsuchiya also said the report was not true, adding there was no tie-up talks with Matsushita or any other companies. Sanyo has been restructuring with the help of shareholder Goldman Sachs (GS.N: Quote, Profile, Research ) after its bottom line was hit hard by hefty costs of cutting thousands of jobs, steep price falls and damage from an earthquake to its microchip plant.[23] The three firms now have nearly 70 percent of voting rights, according to a Sanyo spokeswoman. The three major shareholders reportedly believe it would take too long for Sanyo to recover from its financial troubles on its own. After reporting three straight annual net losses, Sanyo has been divesting its non-core operations and increasing its focus on rechargeable batteries, which have been a bright spot in an otherwise lacklustre performance. The Osaka-based company, which started out making bicycle lamps after World War II, has slashed thousands of jobs as it seeks to streamline its operations.[5]
Financials continued to advance, with Macquarie Group jumping 5.7 percent at the close. Retailer Wesfarmers jumped as much as 6 percent in the session but closed 1.9 percent higher, after it sold new shares to raise A$2.6 billion (US$2.4 billion) while insurer IAG fell 2 percent after it lowered its insurance premium forecast.[26] Japanese banking shares like Mitsubishi UFJ Financial and Sumitomo Mitsui Financial rallied as much as 10 percent on Monday, while exporters like Hitachi received a boost from the weaker yen.[26]
Shares in Sanyo Electric Co. soared 4.2 percent to 248 by the lunch break following the report.[5] Uenoyama reiterated that his company is not discussing right now with smaller rival Sanyo Electric Co. about possible a business tie-up or a future integration of their operations.[6]
The company had issued a denial earlier in the day but Sanyo's stock price nevertheless shot up almost 7 percent.[28] The company aims to sell more than 10 million digital cameras for the full year, equivalent to about 12 percent of the global market.[6]
If it meets the target, the Japanese electronics company will have the third-largest share of the global flat-panel TV market, after South Korea's Samsung Electronics Co (005930.KS: Quote, Profile, Research ) and Japan's Sony Corp (6758.T: Quote, Profile, Research ), the Nikkei daily said. It currently has the sixth-largest share.[18] Rivals Sony Corp. and Sharp Corp. are releasing bigger LCD TVs with a screen size of over 40-inches, in an effort to capture some of Matsushita' share of the large screen flat TV segment.[7] Pioneer and Matsushita have agreed on a plasma panel display business alliance, a move that is seen as an effort to cope with the intense price war in the flat TV market.[33]
Matsushita may buy preferred shares in Sanyo from the three financial institutions, with a possibility of combining the two businesses in the future, the paper added. [1] Shares of Qantas Airways took off after the airline said fundamentals looked strong and that it was optimistic of meeting guidance for pretax earnings to be up at least 40% for the 2008 financial year. Qantas also said it would suspend its share buyback program and is raising fares to offset rising price of jet fuel.[26] Financials were also the star performers there, with Wing Lung Bank up 2.4 percent and HSBC gaining more than 1 percent. China Construction Bank, the country's second-biggest lender by assets, climbed 2.2 percent as investors cheered its first quarter earnings of $4.6 billion.[26]
CHICAGO (Reuters) - M&M;'s candy maker Mars Inc has teamed up with billionaire Warren Buffett to buy No. 1 chewing gum manufacturer Wm Wrigley Jr Co (WWY.N) for $23 billion, creating the world's largest confectionery company. The deal could force Mars rival Hershey Co (HSY.N) and Britain's Cadbury Schweppes Plc (CBRY.L) into a deal of their own.[34] NEW YORK (Reuters) - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect. Buffett made his comments on CNBC television after his Berkshire Hathaway Inc (BRKa.N) (BRKb.N) agreed to invest $6.5 billion in the takeover of chewing gum maker Wm Wrigley Jr Co (WWY.N) by Mars Inc in a $23 billion transaction.[34]
The Osaka-based company is the maker of the Panasonic brand of consumer electronics products and National home appliances. [6] Retail Sales Leader Details:. nearly 200 countries and territories and generate sales at the retail level of about. variety of needs and preference -- from fun-for-you. world's premier consumer products company.[28]
U.S. gross domestic product data, due to be released April 30, may show the economy expanded at a 0.4 percent annual pace in the first quarter, the smallest gain in five years. [15]
Sanyo finished the session 4.2 percent higher at 248 yen (US$2.38; euro1.53).[29] Sinopec dropped more than 3 percent as the refiner posted a 69 percent fall in first-quarter net profit.[26]
Matsushita is planning to spend 300 billion to build a liquid crystal display panel plant in western Japan by 2010. [13] Matsushita also posted gains. Fujitsu faltered after the company postponed its earnings announcement.[27]
Older TV sets will be unable able to receive over-the-air broadcasts next year unless consumers install one of the new digital converter boxes. [3] At 9 a.m., the dollar traded at 104.62-67 yen against 104.38-48 yen in New York and 104.70-72 yen in Tokyo at 5 p.m. Friday.[3] The TOPIX index of all first-section issues was up 25.52 points at 1,365.43 at the morning close, after soaring 32.34 points in the previous market session. Investors continued to draw encouragement from Wall Street's recent stability and the dollar's steady moves against the yen, which are both taken as signs that the global credit crunch stemming from the U.S. subprime mortgage meltdown has passed its worst phase. Backed by major U.S. financial companies' improving business prospects, players here flocked to financial names such as banks, brokerages and insurance firms as well as real estate developers, brokers said. The Nikkei average failed to maintain strength above the 14,000 line due to subdued activity before Tuesday's Japanese holiday and caution that the market may have risen too quickly, they said.[27]
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1. Japan's Matsushita, Sanyo in tie-up plan - media | Deals | Reuters
2. Tokyo exchange suspends trading in Matsushita, Sanyo on tie-up/merger report - Forbes.com
3. Kyodo economic news summary+
4. Japan's Sanyo jumps on report of possible tie-up, merger with Matsushita - Forbes.com
5. AFP: Japan's Matsushita, Sanyo deny tie-up report
6. Matsushita Electric sets new FY net profit record on strong sales - UPDATE - Forbes.com
7. Business finance news - currency market news - online UK currency markets - financial news - Interactive Investor
8. In Realm Of Electronics, Matsushita Is King - Forbes.com
9. Matsushita Q4 profit up 15 pct, sees further gain - Forbes.com
10. The Associated Press: Matsushita profit surges on sales of cell phones, TVs
11. Panasonic's net profit hits record high for fiscal 2007 - Business
12. Matsushita 07/08 oper profit up, sees more gains | Markets | Markets News | Reuters
13. Matsushita Electric profit rises after cost-cutting and lower tax payment - International Herald Tribune
14. Matsushita Logs Record Net Profit in FY 2007
15. Bloomberg.com: Japan
16. Bloomberg.com: Worldwide
17. Matsushita reports improved profits
18. Matsushita eyes 40 percent flat-panel TV sale hike: Nikkei | Technology | Reuters
19. AFP: Japan's Matsushita targets 40 percent boost in flat-tv sales: report
20. Matsushita says quarterly profit surged 160 percent on strong sales of flat TVs, cell phones - International Herald Tribune
21. Matsushita aims to ship 6 mn plasma TVs in 08/09- International Business-News-The Economic Times
22. Matsushita, Sanyo deny report over tie-up_English_Xinhua
23. Japan's Matsushita, Sanyo deny report of tie-up | Markets | Markets News | Reuters
24. Bloomberg.com: Japan
25. Bloomberg.com: Japan
26. Asian Markets Are Mostly Higher, Financials Rally - Market Overview * Asia * News * Story - MSNBC.com
27. Nikkei Briefly Tops 14,000 in Morning on Sustained Optimism
28. Matsushita Q4 profit up 15 pct, sees further gain | Industries | Consumer Goods & Retail | Reuters
29. The Hindu News Update Service
30. Matsushita Q4 profit up 15%, sees further gain - INQUIRER.net, Philippine News for Filipinos
31. Matsushita Comments on Media Reports about Possible Alliance with SANYO Electric Co., Ltd.
32. Pioneer and Matsushita Reach Basic Agreement on PDP Business
33. Log on in EE Times-Asia, keeping ahead of the curve of electronics design
34. Reuters Business Summary - washingtonpost.com
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