FINANCE

Rex Stores 2Q Profit Rises Sharply

BY CSA STAFF

Dayton, Ohio, Rex Stores Corp., an electronics and appliances retailer, said Wednesday that second-quarter earnings nearly quadrupled as the company booked a gain from its investment in synthetic-fuels businesses.

Net income in the quarter ended July 31 rose to $5.8 million from $1.5 million in the year-ago period. The latest period included a gain of $2.6 million from the sale of discontinued operations.

Earnings from continuing operations rose to $3.8 million from $1.6 million last year.

Rex also recorded $3.4 million in income from synthetic-fuel investments, up sharply from $723,000 last year. Sales fell to $56.3 million from $63.6 million last year. Same-store sales dropped 12%.

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Philips restructures sales teams

BY CSA STAFF

ATLANTA According to a report by This Week In Consumer Electronics, Philips has decided to restructure its sales, marketing and support teams at its North American consumer electronics operations. The company, TWICE reported, has eliminated 19 positions and that Paul Zeven, ceo of Philips North America will become ceo of consumer electronics in North America.

In addition, according to TWICE, Stewart Muller, president of Philips consumer electronics North America, will now be in charge of Philips North American connected displays team. Andy Mintz, senior vp of audio/video, telephony and Magnavox-branded products, will now lead the team in charge of other Philips and Magnavox A/V categories.

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Acer joins Blu-ray Disc Association

BY CSA STAFF

BERLIN Acer has become the newest company to join the Blu-ray Disc Association. The company joins more than 170 content providers, consumer electronic and computer companies.

“We’re delighted to welcome Acer to the Blu-ray Disc Association,” said Victor Matsuda, chairman of the BDA’s global promotions committee. “The addition of Acer provides one more sign of the growing momentum behind Blu-ray Disc and, more importantly, is a significant advantage for consumers, as it further expands the already broad options available to consumers in the personal computer space.”

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