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Best Buy unloads Musicland
Electronics retailer sells music unit to Sun Capital for debt and liabilities, but no cash.
June 16, 2003: 9:59 AM EDT
NEW YORK (Reuters) - Best Buy Co. said Monday it sold its Musicland Group Inc. unit to Sun Capital Partners, which will take on all of the music and movie retailer's liabilities but not put up any cash for the division.
A unit of Sun Capital will take over all of Musicland's operating assets, with the exception of an Indiana distribution center, Best Buy (BBY: up $1.24 to $43.00, Research, Estimates) said.
The Minneapolis-based company said in March it was looking to sell Musicland, which has about 1,100 stores, including the Sam Goody chain.
The ECLIPSE should make waves considering the lack of movement in this new auto market...and that hopefully is happening this summer.
Maybe we will get clarification on this in the next two weeks during the webcast.
The auto MP3 solution !!! And the "write back" feature should make this a standout and hopefully take this market by storm.
Well then friendly,
you better tell all those other consumer electronics firms to pack it in as the ipod is the only HDD MP3 player to be had.
Sorry, but long before Apple entered this market there were "others" who spotted the same opportunity.
Apple did a great job marketing, but by no means has the market cornered. They certainly are the most visible player at this moment in time which ultimately serves all CE companies well in this niche. The HDD player is a much better understood product as a result and this will ultimately benefit EDIG.
Marketing efforts on the Odyssey 1000 have yet to begin and EDIG doesn't need to do the gross numbers that Apple does. That can go a long way to even the playing field towards profitability.
ECLIPSE by Fujitsu-Ten...initial order: 4000 units.
I wonder how long before they will find it necessary to order more and what will the monthly sales numbers on that unit will be.
so friendly, you don't think a "single" product success, not unlike Apple's ipod, wouldn't have a turnaround effect on a small company like EDIG ?
EDIG has multiple products slated to come out which could also add to the growth factor.
(save it if you want to go on a distraction tirade about EDIG vs Apple...tired of people missing the point on purpose)
re: $1.1 million: "Funding to Accelerate New OEM Business Developments and Marketing of Odyssey 1000"
I am sure there are several good uses for that capital, marketing, debt reduction as well as general operations.
2.5 months left on RB.
One good thing ? How about $1.1 million and business projects moving forward as a result ?
RE: Equator...multiple compression standards ?
"This highly integrated device is adaptable to multiple industry compression standards"
**********************************************************
e.DIGITAL CORPORATION ANNOUNCES NEW OEM SOLUTION FOR
MULTI-CODEC HIGH DEFINITION VIDEO DEVICES
e.Digital To Use Equator Technologies’ BSP-15 Video-Centric SOC Chip to
Meet Growing Demand from OEM Customers and Licensees
(SAN DIEGO, CA - January 8, 2003) - e.Digital Corporation (OTC: EDIG) today announced a next generation, multi-codec, high definition, customizable video solution for OEM- branded home entertainment products. The solution incorporates Equator Technologies’ BSP-15 video centric system-on-a-chip video processor with e.Digital’s technology, design, and user interface. Products incorporating the e.Digital video solution will feature the ability to play DivX, MPEG-4 video, Microsoft’s Windows Media Video, and/or traditional DVD formats, and will play motion pictures from a DVD or built-in hard drive.
"This video platform has the potential to be the core of the next generation of home entertainment products with a flexibility and affordability not previously available," said Atul Anandpura, vice president of research and development for e.Digital. "Equator’s proprietary video processing chipset and our technology and engineering expertise are being combined to address the emerging OEM market for new home video products handling multiple codecs and featuring high definition capabilities. Our new, customizable solution is already attracting OEMs who have scheduled private demonstrations at the International Consumer Electronics Show in Las Vegas this week."
Right Sent. Last year they announced the webcast on the 21st of June for a July 1st webcast.
*******************
From last year...
SAN DIEGO, CA - June 21, 2002) - e.Digital Corporation (OTC: EDIG) has scheduled a webcast for shareholders, investors, industry analysts, and members of the media to discuss the company’s fiscal year ended March 31, 2002, as well as current business. The event will be carried live via streaming audio beginning at 2:00 p.m. Pacific Daylight Time on Monday, July 1.
The financial reports for e.Digital’s Fiscal Year ended March 31, 2002 are scheduled to be filed on June 28, 2002. The July 1 webcast will provide investors, analysts, and shareholders with a recap of the Fiscal Year as well as a business update and revenue guidance.
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Time Price Volume Exchange Info
11:20:19 0.230 5000 OTCBB at Ask
11:12:48 0.215 3700 OTCBB at Bid
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11:00:48 0.215 6000 OTCBB at Bid
10:57:37 0.230 1000 OTCBB at Ask
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10:11:07 0.225 3000 OTCBB
E.DIGITAL CORPORATION ANNOUNCES $1.1 MILLION FINANCING
Funding to Accelerate New OEM Business Developments and Marketing of Odyssey 1000
Jo Ann Platt Appointed as Marketing Communications Manager
(SAN DIEGO, CA - June 10, 2003) - e.Digital Corporation (OTC: EDIG) announced today that it received over $1.1 million in funding through the sale of approximately six million common shares. The shares were sold at $0.19 to 18 investors. Many of these investors have purchased e.Digital shares on the open market and participated in prior equity and debt offerings. This transaction terminates the offering of shares by the Company pursuant to the prospectus dated April 23, 2002, as amended.
"We are on track to complete and deliver on three major OEM contracts (Softeq/Hewlett Packard, Eclipse by Fujitsu Ten and APS) this summer, with the Softeq/Hewlett Packard product scheduled for completion and delivery this month," said Fred Falk, CEO of e.Digital. "We and our customers are very excited about the function and look of these three state-of-the-art electronic products. All three contracts have the potential for larger follow-on orders and further product and business opportunities."
Falk continued, "We are also working on important new business developments. A rapidly growing number of companies are seeking a domestic solution for new product development. This financing improves our competitive position and we believe it will yield major new OEM business, increase corporate visibility, and support increasing quarterly revenues."
The Company also announced the appointment of Jo Ann Platt as Marketing Communications Manager to replace Wendy Ravenel. Ms. Ravenel resigned for personal reasons after almost nine years of service to e.Digital.
"We appreciate Wendy’s many years of dedication to e.Digital," said Robert Putnam, senior vice president of e.Digital. "We wish Wendy well in her future endeavors and we welcome Jo Ann to her new post with the Company."
Prior to joining e.Digital, Ms. Platt served as Director of Corporate Communications for Verance, the leader in digital audio watermarking technologies and broadcast monitoring and verification. Prior to working for Verance, she served as Director of Public Relations with CollegeClub.com and as Marketing Manager at InterVU. Ms. Platt’s tenure at InterVU began in the early days of the company and extended beyond its public offering and subsequent acquisition by Akamai Technologies. Ms. Platt is a graduate of San Jose State University with a Bachelor’s Degree in Communications.
EDIG webcast due in the next two weeks...
Date: 6/12/2003 9:03:39 AM Pacific Standard Time
From: robert@atcsd.com
To: XXXX
File: Unknown (1637 bytes) DL Time (TCP/IP): < 1 minute
Sent from the Internet (Details)
Thank you for your e-mail, XXXX. We are scheduling a webcast later this
month to provide an update on this, our other announced contracts and new
business developments.
Best regards,
Robert Putnam
Senior Vice President
Growth industries have been, and continue to be, the target for e.Digital's technology.
Beyond the MP3 player, the expansion into video, IFE, autoinfotainment, wireless, as well as who knows what else, continues to make this an attractive opportunity as these markets continue on their growth curves.
While Gateway has seen their margins on the typical computer drop from $500 to $50, peripheral portables look to have a continue growth pattern in the near term as new product innovations continue to be the focus of companies like Hewlett-Packard and Bang & Olufsen, among others.
What the ipod did for Apple, who knows what can happen to e.Digital.
Lots of great information in that article, such as;
"The automotive market is an important part of that growth, with U.S. sales of car stereos with digital audio rising from 3.1 million units last year to 14.6 million units by 2007. Part of the jump will come from carmakers themselves including CD players that can play compressed audio in their models.
"We expect to see more factory-installed car audio systems" with digital music features, Kevorkian said."
Last: 0.225/.23
Close: 0.225
High: 0.230
Low: 0.215
Open: 0.230
Change: -0.01
Volume: 457,200
Bid: 0.215
Ask: 0.235
Bid/Ask Size: 5,000 / 5,000
Market Data Powered By ComStock
06/12/03 - 4:23 p.m. Eastern -- No Quote Delay.
Last 10 trades
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15:59:38 0.225 1500 OTCBB
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NEWeLONG, what I think is
that I can't wait to hear more about the NEW BUSINESS prospects.
I do know that the IFE device has applications beyond the airline industry and locking new industries with this technology holds great promise down the road.
There is enough here to captivate most investors, especially with a PPS trading around 7/32.
Any one of these projects can make a tremendous difference to this company's balance sheet. Imagine if more than one hits during the same fiscal year.
Looking forward to a turn around in this improving business climate...and locking in low.
Volume~322,100... Last 10 trades
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Date: 6/12/2003 8:45:26 AM Pacific Standard Time
From: XXXX
To: robert@atcsd.com
Robert,
Regarding this statement: "PortalPlayer is bringing to us qualified customers who are interested in having products developed utilizing the PortalPlayer chipset and e.Digital’s proprietary and patented technologies. As a charter member of the PortalPlayer Design Partners program, e.Digital will perform development services and engineering services for our shared customers. e.Digital expects to derive NRE fees, licensing and royalty fees, and participate in revenue-sharing. "
Has this relationship brought EDIG any revenues to date ?
Thanks,
XXXX
******************************************
From: robert@atcsd.com
To: XXXX
File: Unknown (1637 bytes) DL Time (TCP/IP): < 1 minute
Sent from the Internet (Details)
Thank you for your e-mail, XXXX. We are scheduling a webcast later this
month to provide an update on this, our other announced contracts and new
business developments.
Best regards,
Robert Putnam
Senior Vice President
yannis, welcome back. This is too weird. Was just thinking about you this AM, wondering where you went.
Good timing to be back with things looking up.
DABOSS
.23...Last 10 trades
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11:28:26 0.230 10000 OTCBB
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11:27:28 0.225 600 OTCBB at Bid
11:24:35 0.230 10900 OTCBB
11:09:33 0.225 3000 OTCBB at Bid
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"We continue to cut costs. Since June 2002 we have reduced our monthly overhead by over 40%. Based on revenues recognized so far this quarter we expect revenues for our fiscal Q4 will exceed the Q3 revenues of $643,000. Based on expected increasing Odyssey 1000 sales as well as revenue derived from the Eclipse by Fujitsu Ten automotive stereo project, IFE systems, and other OEM projects and products, we expect revenues to significantly increase in the following quarter (fiscal Q1 2004).
Looking "perky" at .23...Last 10 trades
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10:44:17 0.230 1000 OTCBB
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"An early customer of the partnership is Hewlett-Packard, who is working with the companies to explore opportunities for future digital audio products."
*******************************
"We are on track to complete and deliver on three major OEM contracts (Softeq/Hewlett Packard, Eclipse by Fujitsu Ten and APS) this summer, with the Softeq/Hewlett Packard product scheduled for completion and delivery this month," said Fred Falk, CEO of e.Digital.
dougal, the names sound somewhat familiar, Bang & Olufsen, Hewlett-Packard...both who have paid EDIG for services and delivery on contractual agreements (or stuff like that for those who would try to make an issue whether it was an actual contract, then call me a liar for making that generalization in a chatroom...lol...idiots, the lot of them)
OT: seen "Italian Job" yet ? Several Napster references and even spotted an ipod on the table in one scene.
The world continues to go digital.
cass, what's your explanation
for a bounce off of .20 and a return back up with an increase in volume, maintaining a short, intermediate and long term bullish trend via www.stockta.com ?
You day trade phenoms crack me up.
http://www.stockta.com/cgi-bin/analysis.pl?symb=EDIG&num1=1&cobrand=
You must be very dumbfounded and depressed at the same time, considering you only have 3 months left on RB.
Gateway feels lure of consumer electronics
By John G. Spooner
Staff Writer, CNET News.com
June 11, 2003, 11:54 AM PT
NEW YORK--Gateway believes the key to ending its PC market funk is to become the next big consumer electronics brand in the United States.
The Poway, Calif., company is embarking on a new strategy that it hopes will take it from relying on sales of PCs and PC-related products to overseeing a consumer-electronics lineup with several new sources of income. The changes, though, may well open it to a new set of well-established competitors.
Moving toward a business model it calls "branded integrator," Gateway is preparing to unveil a wide range of consumer-electronics products that work together and share content. It is also designing services to help customers install and operate their new gear.
The effort, which the company began earlier this year, will include the launch of 50 products in 15 new categories by the middle of November. These products, organized under six or seven new product lines, will include a new line of plasma televisions, LCD televisions, DVD players, home theaters built around digital projectors and connectivity products, CEO Ted Waitt said in an interview Tuesday with CNET News.com. Gateway is also working on digital video gear and gaming products, which will take longer to come out.
New products introduced Wednesday, though, were on the PC side: a lightweight notebook and a tablet PC.
"Clearly we want to have everything ready for this holiday season," Waitt said. "But then we'll continue to move through 2004 with a stream of product announcements."
The company believes that it can gain a foothold and win a significant portion of a customer's future business by offering connectivity and ease of use, whether that customer buys a TV, a PC or some other electronics device.
Read more about Gateway
"The TV is the center of the living room in my opinion, rather than the PC," Waitt said. "The question is, what drives the content that goes to the TV? It comes from a variety of sources. You have stored digital content, you have content coming over a wire or satellite and you need some kind of (user interface) to navigate it."
Under the new plan, Gateway products would allow customers to present a slide show of digital photos on a digital television, for example, while playing music in the background, Waitt said. Various types of equipment could be operated by the same remote control--an important consideration for a consumer who opts to buy a TV, DVD player and other gear and expects to use them with digital cable or satellite television service.
Waitt--who rejoined the company as CEO during turbulent times in January 2002--said that by morphing itself, Gateway is setting out to lay claim to both the PC and the TV and many of the devices in between.
Three years, three different strategies
Ultimately, the shift in strategies, which will be coupled with a redesign of all of Gateway's retail stores, is an effort to boost sales and return the company to profitability, all while building a new name for itself as a consumer-electronics seller. The company has also begun an effort to cut costs, in part through layoffs and store closings.
But Gateway, whose consumer-electronics push is its third strategic shift in three years, still has much to prove, analysts said.
By mid-November, Gateway plans to launch 50 products in 15 new categories. An overview of what it's got and what's coming:
Computers
Gateway sells a variety of desktops, notebooks, tablets and servers for consumers and businesses. It is particularly proud of its Profile, an all-in-one desktop built around a flat-panel display. This year, it plans to add news desktops, a tablet and at least one new notebook to the mix.
Television sets
Gateway's only current television product is a 42-inch plasma TV. The company plans to add a number of new plasma and LCD panel TVs this year.
Multimedia
In the works are a number of new home theater packages, as well as products such as DVD players. It will also offer digital audio and later digital video products.
Connection
To make sure the new products work together and share content, Gateway plans to offer products ranging from cables to home network setups and to provide services to help people set up and connect their new electronic devices.
Based on the success of its plasma TV, Steve Baker, an analyst with NPDTechworld, rates Gateway's chances as a 6 or a 7 on a scale of 1 to 10.
"The good part is that it's looking to access markets that have some life in them. These are categories that have a lot of opportunity. They're growing...and they have a lot of revenue attached as well," Baker said.
"The bad part," he said, is that Gateway is "expanding the number of companies it has to compete with. This is not an uncrowded space...and it puts (Gateway) squarely in the sights of companies like Samsung and Sony as well as Best Buy and Circuit City."
Sony, for one, isn't sitting still. The consumer-electronics giant is looking to revive its PC business and is testing the waters with new high-end products.
Gateway could use the change of scenery from the PC marketplace. Despite aggressive prices, aimed at beating rivals such as Dell Computer, Gateway's PC sales in 2002 did not meet its expectations, delaying a planned return to profitability. That year, the company shipped just over 2.7 million units, for a U.S. market share of 5.7 percent, according to IDC. Its goal had been to ship 1 million units per quarter, a figure it needed to hit to be profitable.
On the other hand, sales of a new product, Gateway's $3,000 plasma TV, exceeded its expectations. The sales success of the 42-inch television convinced the company that it should be doing more with consumer electronics, Waitt said.
"When we compared the success of our plasma television versus the success of our other branded products, it really showed us that the Gateway brand could really scale to a lot of different categories," he said.
With the plasma television, Gateway applied some lessons from the PC marketplace. It sold the device for a price that others found hard to meet--something it plans to do with its new products as well, Waitt said.
The business model, he said, will give the company the flexibility to hit lower prices on some new consumer-electronics products or adjust others to garner higher margins, on the road to market share gains in new areas and improved profitability.
"All of these are higher-margin categories (than PCs). They're all higher-growth than the PC business," Waitt said. "The PC business is going to shrink in terms of dollars between now and 2005, and we've gone from an environment where--way back, we used to sell $2,500 PCs with 20-point margins, so you had $500 worth of gross profit with each transaction. Now with $500 PCs, you're lucky if you get 10 points...(or) $50."
To help it tackle its new strategy, Gateway has hired a number of new executives. Its latest hire, announced Wednesday, was former Mazda executive Kristen Simmons. Simmons, formerly vice president of marketing at Mazda North America, will become Gateway's new senior vice president of consumer marketing. There, she will be responsible for helping Gateway change its marketing plan and alter its brand to fit its new strategy.
Cafe Gateway
Gateway's stores will be central to the consumer-electronics pitch. The company plans to make over all 192 of its remaining stores by the holiday season.
The makeovers will increase the amount of selling space from 45 percent of a given store to 75 percent, and couches and chairs at the center of the store will be used to create the open, airy feeling of a living room. Various sections of each store will be dedicated to new product lines, such as audio, while the amount of floor space dedicated to PCs will be reduced. Five stores, located mostly in southern California, will be used to pilot new concepts.
Despite all of the talk about televisions and other consumer-electronics devices, Waitt stressed that Gateway isn't getting out of the PC business. The company is working on a new line of lower-priced desktops for consumers and new versions of its Profile line of all-in-one desktops
On Wednesday, Gateway launched a new lightweight notebook and a new tablet PC. The 4.3-pound notebook, the Gateway 200, incorporates Intel's Pentium-M processor and a 14.1-inch screen. It will start at $1,599. The new tablet also uses the Pentium-M chip, pairing it with a 12-inch screen for a starting price of $2,399, the company said in a statement.
Meanwhile, about half of Gateway's sales come from businesses buying PCs or servers. Many of the new 50 new products planned for this year will be aimed at expanding its offerings for those businesses. Gateway plans to launch new network storage products, for example. It has also said it would deliver servers with the Linux operating system pre-installed.
But Waitt, sitting at a meeting room table at New York's Four Seasons hotel, is visibly much more interested when discussing the new consumer electronics. "I like the digital television business," he said.
Brooks Gray, analyst with Technology Business Research, gives Gateway points for originality. But whether the company can turn consumer-electronics tire kickers into PC buyers remains to be seen.
"I believe Gateway's strategy of leveraging attractive consumer-electronics systems as a lead generator to some extent is a unique strategy versus traditional PC vendors," Gray said. "Gateway may be successful in reaching high-level management and executives with the real buying power and also consumers, but that may not translate to add-on sales of PCs, especially where those executives are really looking at controlling costs."
Gateway is basically turning its old PC-centered business proposition upside down. Because of the rock-bottom prices many consumer PCs sell for and the tiny margins they offer manufacturers, low-end consumer PCs are primarily loss leaders for large PC manufacturers and retailers to sell other products or services, Waitt said.
"So for us, does it become a loss leader? Or...is the PC actually an up-sell? 'Oh by the way, would you like a PC with that?' Waitt said. "We'll see what happens."
dougal,
Didn't catch it and I can only find Monday and today's paper.
If you can link it, it would be much appreciated.
Thanks
Latest Quote/Last 10 Trades**Volume: 1,009,300
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15:46:54 0.230 13000 OTCBB
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Volume: 820,800 Latest Quote
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talons, real companies are investing their new product development in EDIG. That's a start. Should these products meet with success I think acquiring investment dollars will take care of itself.
We launched with Bang & Olufsen and now have Hewlett-Packard about to announce who the "other" major OEM will be.
"Falk continued, “We are also working on important new business developments."...
Always looking for new applications for the proprietary technology, very much part of why this company garners such interest. It doesn't live or die by one product or product category.
CDR, I suppose it all depends on this...
"All three contracts have the potential for larger follow-on orders and further product and business opportunities.”
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Sent, thank you for coming to her defense. I wouldn't want her position misunderstood by investors in this stock. lol.
But if you read below you will see to the contrary.
Posted by: Cassandra
In reply to: DABOSS who wrote msg# 37737 Date:6/9/2003 6:03:45 PM
Post #of 38059
DABOSS: You are partially correct on that. I did predict that EDIG would be out of business by September 2003 and said that I would never post on RB about EDIG again if it were still in business by that date. I will stand by that promise.
I am still fully convinced that e.Digital is on a clear path to extinction (while preserving the shell so it can be part of a reverse merger someday), but the willingness of some EDIG longs to continue to pour money into this sink hole has truly surprised me.
Unfortunately, I am convinced that those who continue to buy the stock without swing trading it, are only adding to their eventual loss while artificially keeping the company alive on life support.
You have been promoting the significance of every press release and rumor for the last 5 years, but have never discussed the realities of a company that is in such dire financial straights.
Some may still think that those who seem to remain optimistic and continue to hype the incredible future of this stock are heros, but in the end, they may come to realize that those who warned them about the harsh realities of the financial situation were indeed acting in their best interest.
Others, who are clueless, may blame those who warned them for the eventual demise.
~Cassandra
CDR, EDIG has greatly diminished their overhead, are operating leaner and are focused on continuing to increase their quarterly revenues while increasing new business and products in multiple industries, all based on their patents.
One significant deal and this company turns around, very different than the companies you mentioned.
negative for cassandra because she predicted EDIG to be gone by the end of summer...EDIG doing business with major OEMs, with news of the first OEM due out sometime in the next 2.5 weeks, puts a little crimp in her prediction.
Positive: "This financing improves our competitive position and we believe it will yield major new OEM business, increase corporate visibility, and support increasing quarterly revenues"
lol, let's see, raise capital to increase business opportunities with major OEMs or sit idle...tough call.