Pioneer Corporation On Track To Achieve Goals By 2005
Pioneer Corporation (NYSE: PIO), a leader in electronics for the consumer and business markets, reported today that they are on track to double overall revenues by 2005--a goal established last year in the company's ""Vision 2005."" President Kaneo Ito announced Pioneer's growth in core businesses, and revealed Pioneer Corporation's ""Digital Network Entertainmentô""-- Pioneer's vision for a ""go anywhere"" network of information and entertainment. In the year since announcing Vision 2005, Pioneer Corporation has almost doubled their global combined sales for their new core business domains - DVD, Navigation, Plasma Display and Digital Set Top Boxes, expecting to exceed $1.4 billion dollars by March 31, 2000. Aggressive sales, streamlined worldwide operations, enhanced customer service, and continued innovation in leading-edge convergence products, were the factors that contributed to the company's success. The new product categories alone account for 25 percent of worldwide consolidated sales. After committing themselves to be the technology and market leader in the DVD category, Pioneer has captured an impressive 20 percent share of the worldwide DVD video players market. Pioneer will continue to capitalize on this leadership and expand the portfolio of DVD products with line and product extensions. In addition, the company has invested millions of dollars and substantial engineering resources to develop a recordable DVD, and recently, Pioneer's proposed DVD-RW format was approved by the DVD-Forum. The company is confident that both the industry and the consumer will benefit from the de facto standard established for the DVD recorders. Pioneer has developed an entertainment concept that will help drive the future of consumer electronics and has trademarked the phrase ""Digital Network Entertainment"" (DNE) to demonstrate the company's foundation for a digital network future. DNE is Pioneer's vision of an entertainment platform, upon which to build a networked, anytime, anywhere environment, powered by an advanced user interface. Utilizing either IEEE1394, wireless Local Area Networks or Home PNA connectivity, an on-line digital network delivers digital contents throughout the home. An off-line digital network offers ""go anywhere"" versatility via recordable media, such as DVD-RW or flash memory. Interfacing both networks, a digital A/V station controls an entire household of AV products by storing and cataloging digital contents for distribution to remote locations throughout the house. The company expects to begin launching the DNE platform in 2001. In addition to network hardware, Pioneer will offer Web-based services to expand consumers' entertainment options to enhance their audio/video experiences at home or in the car. Poised For Growth In what Mr. Ito described as a three dimensional approach, the corporation has demonstrated company growth in three different areas: - In the area of products and services, core competencies have been redefined, with a majority of resources to assure its success. Pioneer Corporation's core business domains now encompass DVD business, next generation display business and the development of Pioneer unique technologies . - In sales and communications, the company has enhanced and upgraded corporate branding efforts. - In the area of business process reengineering, the company has begun a course of action to become a more efficient company. After changing the company's logo last year, Pioneer Corporation spent this year upgrading corporate branding efforts , consolidating corporate communications functions to unify all communications' with a consistent look. Branding campaigns featuring the company's CART racing sponsorship combined with key technology messages exemplified these efforts. Finally, as stated last year, the company has moved into the business of developing key technologies and has had a number of success stories including the sales of optical pickups for DVD products, custom chips for DVD drive mechanisms and a very successful OEM business in the car stereo market. About Pioneer Corporation Pioneer Corporation is a leader in consumer electronics and commercial video products, recognized around the world for its position at the forefront of optical disc technology, car electronics and consumer entertainment. With more than 20,000 employees and over $4.2 billion in yearly sales worldwide, Pioneer operates facilities in Japan, Europe, Southeast Asia, the United States, Canada and Mexico.