JVC 2006 Annual Report Download - page 12

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“We Pledge to Return to Our Brand’s Roots and Make a Comeback.”
We are responsible for passing on the JVC brand to the next generation. Our corporate brand is
backed by sophisticated technological capabilities developed over the years and our constant pur-
suit of originality.
JVC’s strong emphasis on technology and originality, however, has tended to diminish the amount
of attention given to the time-to-market concept wherein frontline development, production, and
sales activities are connected to ensure the timely launch of products. It is vital that each employee
squarely faces his tasks, forges ahead with determination, and fulfills his responsibilities and that we
put into practice a customer-oriented management system that leverages the collective knowledge
of the Group via teamwork that pools individual strengths if we are to change this climate and strike
a balance between the time-to-market concept and originality.
Active communication throughout the entire Group and employees who take the initiative to put
forth innovative ideas will drive us ahead of the competition and put us on the path to victory in the
new era.
JVC is all about delivering truly moving experiences and total customer satisfaction through high-
quality sound and images. It is what customers have come to expect of us.
However, as a public institution using social infrastructure to generate profits, a corporation must
fulfill such social obligations as ensuring the safety of its products and minimizing the environmental
impact of its operations. In addition, a corporation is called upon to accurately assess and meet the
needs and expectations of society.
From this perspective, we need to transform the mind-sets of all employees by once again re-
inforcing management transparency and autonomous responsibility-based management, which are
critical steps toward achieving a turnaround in performance, and build on these changes to create a
new corporate culture.
In fiscal 2007, JVC projects, on a consolidated basis, net sales of ¥830.0 billion, operating income
of ¥10.0 billion, and net income of ¥2.0 billion. All of us at JVC will work together to meet these
forecasts and win back the market’s confidence by returning to profitability in one year.
In light of our performance, we have decided to waive dividends for the fiscal year under review.
This was an extremely difficult decision, and we will do everything in our power to resume dividend
payments as soon as possible.
Last, in 2007, JVC will celebrate its 80th anniversary. Going forward, we ask for your continued
support and understanding as we move resolutely ahead with management reforms to meet the
expectations of stockholders and all other stakeholders.
July 2006
Masahiko Terada
President
10 Victor Company of Japan, Limited