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B&O Preliminary Forth Quarter Financial Performance Report

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Keith Saunders
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Keith Saunders posted on Wed, Jun 5 2019 9:24 AM

For fourth Quarter 2018/2019 ending 31st May 2019

 


Regards Keith....

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Justasyou
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There is one Danisch multi billionaire  .

Let,s ask him if he want to save the company

I love the brand but not right now with the bad software models they bring out.

Get someone from Apple of MS to sort out the  software bugs and let them firestart this brand again.

(i will have a look on July 9th at the new tv from them but the price tag....... 20k !!!)

 

 

Jeff
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Jeff replied on Wed, Jun 5 2019 2:26 PM

Over here, at one time McIntosh was on the verge of bankruptcy, when they were bought originally by Clarion. Fortunately for McIntosh, their new owners, up to the present, were willing to allow McIntosh to be McIntosh, didn't try and force them to be something they never were. Unfortunately, even if a new supportive owner were found for B&O, B&O no longer remembers how to be B&O.

Jeff

I'm afraid I'm recovering from the BeoVirus. Sad

Sandyb
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Indeed - we can all agree that its hard to make products that remain relevant for 15 years in this age of feat evolving tech, and no physical media.

But, if B&O did more of what their long standing customers want they'd be OK. Look at Apple - yesterday they finally addressed, albeit belatedly, many if not most of the chief missing issues with their line-up, and surprise surprise, the tech community was overjoyed, and gave their WWDC keynote a very enthusiastic response. And there was nothing desperately revolutionary, just addressing the principal concerns the community had about shortcomings with its existing line up.

That all said, B&O are supposed to be coming with a sound bar (a simple one), and a more fully featured one / BS5, so they may get somewhere better line up wise. But its all so painfully slow - the centre speaker / BS5 product is not coming this year, so thats another 9-12m wait.

 

Duels
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Duels replied on Wed, Jun 5 2019 2:59 PM
w5bno123:

I believe the negative cash flow was partly caused to a share buy back. It’s doesn’t help that nothing other than the BS Edge was launched with a few colour variations

Free cash flow is actually calculated before taking account of the cash used for the share buyback.
Puncher
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Not being from a financial background, I have a naive question to ask - If I was considering dropping 15K for a TV or else 25K or 54K for a pair of speakers, should I be worried whether ill get full support for the entire duration of my warranty period for my new purchase?

i.e. for those that truly understand these numbers and in context of the companies performance and trends over the last few years, is there a real risk or is it still ok to splash out on the marquee products?

Ban boring signatures!

vikinger
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Puncher:

Not being from a financial background, I have a naive question to ask - If I was considering dropping 15K for a TV or else 25K or 54K for a pair of speakers, should I be worried whether ill get full support for the entire duration of my warranty period for my new purchase?

i.e. for those that truly understand these numbers and in context of the companies performance and trends over the last few years, is there a real risk or is it still ok to splash out on the marquee products?

Not being from a financial background either, I'd ask myself how good is the support right now whilst they are still in business? If they were to go bust, there would be no liability to honour any guarantees. If somehow, like with Saab, the spare parts section had been hived off into a separate company, spares would be available whilst there was sufficient demand, but I wouldn’t want to suggest that you could compare B&O modules with body panels.

I think that there will be a market for those with enough money not to care if their £25K TV fails after a couple of years and B&O are no longer in business. For most of us, though, the high price plus risk of B&O not surviving in a form that can honour guarantees will make us look elsewhere. The design USP, if there still is one, is no longer enough.

Graham

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Sandyb:
Indeed - we can all agree that its hard to make products that remain relevant for 15 years in this age of feat evolving tech, and no physical media.

Difficult yes, but its exactly what B&O used to do! The distinct design and virtually timeless design would offset many technical short comings.

Take the BL18 its origin is almost 30 years back! Beolab 17,- 20 years and the list goes on and on.

But if you remove the design aspect and still have the shortcoming why even bother?

Take the Core as an example, the only offering in the audio segment presented in a black plastic box? 

 

beolion
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I cannot resist starting to see the board as not being able to manoeuvre the company in a proper way. I cannot say that any of the past ceo had the right competencies to make the required turnaround.

I wonder if the board has any idea of the future of B&O.

At the end of the day. B&O today is the result of decisions and directions made or approved by the board.

I surely hope for a resurrection of the company.

And I still love my old (ML based) products!

From my BV7-55, to my BS5 and even Beovox located outdoor.
cooldude
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Once the bean counters become ceo.... usually is game over. To me the CEO for a start is not even passionate about the products or the company.
The whole sales and marketing department is just totally chaotic and without direction.  
B&O lost almost all of the North American market at this point.

I have seen very few real new products that have been developed from the ground up in the past 3 years.. just saying. 
Nothing that wasn't already in development anyways...  Just more variations and colors of the same products.

To be honest we all know what products we would like to see from B&O, It  just seems that the people at Struer that are aware, don't have a say in anything anymore.  You can't do design and development by share holder committee .  All they want is money asap.

Sandyb
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Sandyb replied on Wed, Jun 5 2019 10:04 PM

I've got a financial background, having been an asset manager, though not an analyst per se.

I haven't looked closely at their accounts, but I dont think they are in financial peril at the moment by any means. Debt levels are not high, and the financial metrics look conservative. Therein lies part of the issue, in that they have plenty of cash on the balance sheet I think, but have been cautious in deploying it.  That can cause problems with respect to (low) investment, which can pave the way for future growth.

Long story short, they're financially ok at the moment. But equity markets will not fund any expansion cheaply if necessary, without any obvious and meaningful change in strategy. That doesn't look likely right now, but may come over the next year. 

The banks or debt markets are a source of funds too, but they aren't likely to be any more generous - they look at the equity cushion, which has suffered massive erosion over the last year. 

Anyway, I'd still bet on them having a future, but its likely to get worse before it gets better.  

Humble pie will need to be eaten first.

 

beolion
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Sandyb:

Anyway, I'd still bet on them having a future, but its likely to get worse before it gets better.

And the direction they take will be interesting - especially in regard to product launches!

I just cross my fingers that they finally have found the perfect ceo to lead the company.
Millemissen
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Sandyb:
 

Anyway, I'd still bet on them having a future, but its likely to get worse before it gets better.  

Humble pie will need to be eaten first.

So, after all it seems that you are a member of ‘the "stop being so negative" brigade’ yourself.

MM

There is a tv - and there is a BV.

DMacri
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DMacri replied on Thu, Jun 6 2019 12:31 AM
So what is the answer for B&O? Tue’s plan didn’t work, and they don’t seem to be going in the right direction now.

Maybe it depends on what you see as the Golden Age of B&O and if that is possible to bring back? The 70s, the 80s, the 90s, later?

Shooting for the upper 1% didn’t pan out because they might be drawn to style, but it still has to have a bragging factor - the performance issues are unacceptable at that price point.

So you have a brand with a great reputation in the past with recent missteps. You can’t compete with the low end of the market, you can’t seem to match the high end, what do you do? How can you make a go at the middle range? Is that even the right thing to do?

How does B&O recover? Can any of the past decades provide any guide to the way out, or is this such a new era as to require completely new ideas?

Dom

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Sandyb
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Ha! I'm part of no brigade, sensible realism would be as far as I would go.

As for the rest, history and this forum has recorded well who they are.

My point was that they will more likely than not still have a future - i.e. not disappear. But that's a low hurdle to clear.

 

Millemissen
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Sandyb:

Ha! I'm part of no brigade, sensible realism would be as far as I would go.

As for the rest, history and this forum has recorded well who they are.

My point was that they will more likely than not still have a future - i.e. not disappear. But that's a low hurdle to clear.

 

I am fine with that (sensible realism).

I don’t have to notice it, I guess - I am an optimist by nature, when it comes to B&O....they have overlived many a disaster in their history.

Whatever will be the outcome this time.....some will like it , others not, depending on their preferences and ‘way of viewing things’.

 

MM

There is a tv - and there is a BV.

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