{"id":88686,"date":"1999-12-31T00:20:00","date_gmt":"1999-12-30T13:20:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/ambertechs-shock-4-69-million-loss\/"},"modified":"1999-12-31T00:20:00","modified_gmt":"1999-12-30T13:20:00","slug":"ambertechs-shock-4-69-million-loss","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/ambertechs-shock-4-69-million-loss\/","title":{"rendered":"AmberTech’s Shock $4.69 Million Loss"},"content":{"rendered":"

AmberTech, who is struggling in both the consumer electronics and custom install markets, has delivered another shocking result, reporting a loss of $4.69m.<\/p>\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The consolidated loss for the Company between the 2011-12 financial year to June 30 was $4.69 million, it was announced today. <\/p>\n

This was down from a profit after tax of $126,000 in the previous period.<\/p>\n

Total revenues for the financial year decreased by 22.9% to $51.4m from $66.7 million the same time a year ago.<\/p>\n

The AV distributor has also been forced to borrow $400,000 during the year.<\/p>\n

The poor underlying result included one off costs relating to the move of Ambertech’s head office, restructure costs, significant bad debt and the impairment of goodwill. <\/p>\n

In a report to the Australian Securities Commission, the Company said its working capital, being current assets less current liabilities, has decreased by $3,69m to $12,8m at 30 June. <\/p>\n

Last month, Ambertech signed a contract with the ABC for the supply and support of file based studio record and source ingest systems worth over $4 million. It will supply ABC EVS, Snell, Telestream and Storage DNA sound equipment. <\/p>\n

The Company said they were banking on the release of a new range of Onkyo receivers with network capability and Spotify music streaming service to lift revenues in 2013.<\/p>\n

On the immediate horizon is a new Onkyo wireless dock which will transform any legacy home theatre receiver into a wireless receiver.<\/p>\n

The tech distribution giant Sonance business continued to grow with architectural speaker products and new outdoor Landscape Series contributing to their lifestyle division. <\/p>\n

Also contributing was the introduction of the iPort range of products, and Amber Directors also confirmed “an updated go to market strategy has seen Sonance flourish.”<\/p>\n

Another brand that Amber is banking on to deliver improved results is NHT speakers which will be sold online only. <\/p>\n

The Company is also partnering with Panasonic to sell their high bright projector and commercial flat panel TVs.<\/p>\n

The audio distribution giant cited other new product lines including the “fashionable” Zound Industries headphone, Pat Says Now cases and bags which it says has “positive feel throughout our sales force.”<\/p>\n

It also cited some “early signs that business and consumer confidence may be returning.”<\/p>\n

“We expect when this does happen, we will be in prime position to take full advantage of opportunities that may arise,” the company said in its Annual Report.  <\/p>\n

 <\/div>\n

In the broadcasting and pro front, the strong Aussie dollar, grey importing and Internet purchasing from overseas have all impact resellers. <\/p>\n

It also confirmed it has adjusted ordering and shipping policies to better compete, and is “working actively with major resellers to address the changing marketplace in online presence and purchasing.”<\/p>\n

Ambertech also lost major agency this financial year, blamed on its consolidation with a UK company which already had an office locally. <\/p>\n

Amber NZ sales were also “steady”, with the Pro Audio market in particular doing well and cited a ‘mini boom’ in the AV\/Custom Install market created by the Rugby World Cup last year and finished the financial year with a profitable result. <\/p>\n

2011-12 was a year of “consolidation and transformation” and expect to see “further consolidation of brands and are positioning ourselves to capitalise on this.”<\/p>\n

The company said remained operating cash flow positive for the financial year.<\/p>\n","protected":false},"excerpt":{"rendered":"

AmberTech, who is struggling in both the consumer electronics and custom install markets, has delivered another shocking result, reporting a loss of $4.69m.<\/p>\n","protected":false},"author":42,"featured_media":93192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,680],"tags":[],"class_list":["post-88686","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-archive","category-leadership","post_format-post-format-gallery"],"yoast_head":"\nAmberTech's Shock $4.69 Million Loss - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/ambertechs-shock-4-69-million-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AmberTech's Shock $4.69 Million Loss - 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