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Focusing on higher-margin and better performing audio and accessories product lines, Recoton Corp. said its year-end and fourth-quarter financial results were highlighted by improved earnings in these two product segments. The company also reported increased operating margins in 2000, despite lower total revenue.
Recoton's audio segment contributed about $17.3 million in earnings before interest and taxes (EBIT) during 2000, compared with an EBIT loss of $5.3 million in 1999. The company's accessories segment contributed nearly $30.8 million of EBIT during 2000, a nearly fourfold increase from the $7.6 million in EBIT reported the previous year.
"The turnaround experienced by these two businesses and their importance to Recoton's overall results and future strategy cannot be stressed enough," said president/CEO Bob Borchardt.
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