Pioneer: Car Audio Sales Up, Earnings Down

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Pioneer Corporation reported that car electronics sales rose 41 percent over last year for the recent quarter ended June 30.  Car Electronics sales reached about $1 billion (81,042 million yen) due to an increase in OEM sales as well as an increase in  consumer car audio  sales in North America and Japan, said the company, Tuesday.

PioneerOEM sales accounted for 53 percent of total car electronics sales, up from 31 percent a year earlier (when the Japanese earthquake caused a decline in sales).

Overall, Pioneer Corporation posted a sales gain but a net income loss for the fiscal Q1 2013.

Sales were $1.4 billion, rising 13.6 percent over the period last year.

The company swung to a net loss of$3.5 million compared to a net gain last year of $3.7 million. This was due to lower gross margins, an increase in administrative expenses and an unfavorable foreign exchange rate, said Pioneer.

Source: Pioneer Corporation

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