Nortek’s AVC Segment Trims Losses in Q2 [TWICE]

The Second-Quarter and First-Half Operating Losses Shrank by 49 Percent
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Nortek’s audio, video and control solutions (AVC) segment shrank its second-quarter and first-half operating losses by 49 percent, with the quarter’s loss shrinking to $4.1 million from the year-ago $8.1 million loss, parent company Nortek reported.

The segment’s first-half operating loss fell to $6.5 million from $12.8 million. The segment’s sales also shrank in the quarter by 2.7 percent to $36 million and by 6 percent in the half to $68.5 million.

The sales drop reflected lower sales of professional video signal-management products, partially offset by strong year-over-year growth in the residential portion of AVC, the company said.

The AVC segment consists of Core Brands residential and commercial audio/video equipment (including architectural speakers and power conditioners) and home-control equipment, but it also includes TV One, which offers video signal-management solutions for the professional and broadcast video markets, and Gefen, which offers audio, video and computer signal-processing solutions for commercial and prosumer applications.

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