>Overall margins are razor thin in this business at 6%.
>Pgs.10,11- Total U.S. HT growth is flat vs. Europe, Japan. Receiver sales decline overall while DVD and Flat Panel business is up.
>Pgs.12,14- Receiver/amp/tuner (A/V Specialty Channel), U.S. Market Share: Yamaha is the single brand platform leader; Sony share is limited; NAD, conspicuously absent along with Harman Kardon. In the European Market Share, H/K is specifically cited along with Kenwood, Panasonic, Philips; NAD, presumably, is marginally included once again in "others".
>Pge.20- Close to the audio buff's heart, McIntosh is cited in integration "Execution #1".
Hopefully, this is more than a numeric priority.
>Pge.23- A massive plant being built in China addressing cost efficiencies and global expansion.
>Pgs.45,47- Bad news, overall, D&M lost money; Good news, "Premium A/V Business" shows an operating profit.
All in all, a behind the scenes snapshot into marketing, strategy, vision, product synergy of several prominent A/V brands.
Here's hoping that D&M can remain financially viable to maintain their products, technologies, service and warranty infrastructure for their loyal Denon/Marantz owner base. All consumers benefit from the competition of broad brand availability.
An American icon's future, McIntosh, is now directly dependent upon D&M's overall success or failure.