JVC 2004 Annual Report Download - page 5

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3.
Message From the President
Profits up Despite a Dip in Sales
In fiscal 2004, ended March 31, 2004, JVC (the Victor Company
of Japan, Limited) reported a 12.8% increase in operating
income to ¥25.2 billion, and a 146.4% jump in net income to
¥15.6 billion. This improved profitability was achieved despite a
4.7% decline in net sales year on year, to ¥922.0 billion. The
Consumer Electronics segment, which generates the lion’s share
of JVC’s sales, achieved an operating margin of 4.0%,
up from 3.7% in the previous year. This performance
gives me confidence that we are in reach of
attaining our overall operating margin target of
5.0% or greater.
Masahiko Terada
President