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Go-Video’s 1st qtr 1994 net income increased 194% over the same period for 1993. The 1st qtr 1994 income was $510,716, compared to $174,158 in 1993. Sales increased 13% from $11.6 million in 1st qtr 1993 to $13.1 million in the same period 1994. CEO Roger Hackett believes that the increased revenues are largely due to the introduction of Go-Video’s dual deck video recorder.
Go-Video reported net income of $510,716 for the first quarter ended Oct. 31, an increase of 194 percent over the $174,158 in the comparable period last year. Sales rose 13 percent to $13.1 million from the $11.6 million recorded last year.
Roger Hackett, chairman and chief executive, said that the increase in first-quarter net income was the result of higher revenues generated by the introduction of the company’s 8mm VHS dual deck VCR as well as by an improved product mix which contributed to better gross margins. Another factor was the more favorable purchasing terms negotiated earlier with the manufacturer of Go-video’s products.
Hackett added that the company plans to introduce a more popularly priced product line in the next calendar year. This, together with the recently introduced multimedia and desk top video products, should enable the company to achieve improved revenue and profit levels. The results recorded in the first quarter are a reflection of the continued improvement in the company’s business, according to Hackett.
“These results indicate that our products continue to have strong appeal to a wide audience of consumers and retail customers. We believe we can gain even wider acceptance for dual deck VCRs with the introduction of a more popularly priced product line,” Hackett said.
The company recently reported its plans for entering the multimedia field which it has done with an upgraded version of its 8mm dual deck VCR. The new unit, model GV 8050, has a computer, port, built-in software and outboarded module which interfaces with a personal computer. It works in conjunction with the computer and permits the mixing and matching of “clips” from any number of tapes, placing and retrieving them in the order desired by the user. The unit also enables the user to add music, titles, fades and wipes. In addition, text can be typed in and features such as shadows or outlines can be added.
In addition to these applications, the model GV 8050 makes it possible to move titles across the television screen and to set up a data base library so that any clip can be accessed or transferred from any file to another. The suggested retail price of the dual deck is $1,099 and $249 for the module that interfaces with the PC.
Demonstrations are scheduled at the Consumer Electronics Show by Go-Video in the multimedia section. It will also be demonstrated in the Gold Disk, Adobe and Creative Lab exhibits.
In bringing out the GV 8050, Go Video is targeting a new consumer segment and a wider retail range of retailers, according to Hackett. A large and growing number of people are using the videocassette recorder for professional as well as leisure purposes. At the same time, these consumers are also involved with computers and shop for the products in computer stores and in the computer sections of electronics stores. As a result, Go-Video will be expanding its presence in such outlets.