[opendtv] Micronas update
- From: "Manfredi, Albert E" <albert.e.manfredi@xxxxxxxxxx>
- To: <opendtv@xxxxxxxxxxxxx>
- Date: Thu, 15 Nov 2007 11:24:43 -0500
Not unusual for those who achieve a breakthrough to ultimately not
succeed in the marketplace. Micronas is the chip vendor that bought
Linx, in 2004, with their Casper friendly ghost 8-VSB demod design, the
first to convincingly demonstrate that ghost energy could be put to good
use.
In turn, Linx was a company of some 20 engineers, I think mostly
ex-Zenith types, who continued working on ATSC products after Zenith was
bought by LG.
And the original Zenith was one of the member companies in the Grand
Alliance.
Bert
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http://www.micronas.com/pressroom/press_releases/articles/156320/index.h
tml?back=%2Fhome%2Findex.html
Oct. 11, 2007 - Investor News - PR0714
Micronas: return to growth and profitability with a new strategy in the
Consumer division; Automotive a strong second pillar
Focusing in the Consumer division - streamlined research - further
development of Automotive business - third quarter 2007 exceeds
expectations - turnaround in 2008
Following a strategic review, the Micronas Group is to selectively
streamline its product portfolio in the Consumer division, significantly
reducing the complexity of the offering in the TV segment. A divestment
opportunity is being sought for the US subsidiary in view of its
critical market position. The Group's sales organization will be
streamlined to improve marketing and sales efficiency. Research and
development activities will be revamped to make them leaner and more
focused, economizing CHF 80 million through 2009. On the basis of the
restructuring measures and the resulting growth strategy, the Consumer
division is expected to generate additional revenues in the region of
CHF 110 million over the next two years. The turnaround at Micronas
should be achieved in the coming year. In terms of EBIT, a positive
result is expected for 2009. The projected costs of restructuring are
expected to be in the range of CHF 50 to 70 million. Of these, CHF 30 to
40 million are cash costs and a further CHF 20 to 30 million are
accounted for by loss provisions. As at September 28, 2007, Micronas had
shareholders' equity of CHF 443.2 million after book entry of goodwill
amortization of CHF 357.6 million and further loss provisions of CHF
87.4 million. In the third quarter of 2007, net sales reached CHF 186.5
million, 9 percent up on the previous quarter. The operating loss before
impairment was CHF 19.7 million compared with CHF 23.4 million the
previous quarter. The operating loss (EBIT) was CHF 409.7 million.
Dr. Thomas Lustenberger, Chairman of the Board of Directors, on the
planned drive to improve efficiency: "Over the last few months, the
Board of Directors and Management, supported by external experts, have
conducted a rigorous review of all the strategic options available to
secure a profitable future for the Micronas Group. The result is a
radical restructuring of the Consumer division which will enable
Micronas to bring its strengths to the market with a leaner organization
and generate vital growth stimuli."
[ ... ]
Future of US subsidiary in the balance
There is also a need for action at Micronas USA. The market serviced by
this subsidiary has proved more fragmented and volatile than was at
first assumed. Projected growth figures have not been borne out by
events. There has been a corresponding rise in the risks involved in
making these activities successful within the projected period.
In the course of the restructuring measures for the business as a whole,
it was decided to sell the US company. That would make it possible to
further develop the company's good IP basis and rich fund of know-how as
well as retain jobs.
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