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In September 1945, Masaru Ibuka returned to Tokyo to begin work in the war-damaged capital. a narrow room with a telephone switchboard located on the third floor of the Shirokiya Department Store (Tokyu Department Store which closed on January 1999) in Nihombashi became the new workshop for Ibuka and his group. Having barely survived the war fires, the building had cracks all over its concrete exterior. without windows, the new office was small and bleak. Gradually, the office environment started to improve as the silicon steel boards, drilling machines and other equipment were transported from the Suzaka factory, and the personnel who had been tying up loose ends there joined the Shirokiya staff.In October, Ibuka and his group established a new facility, called "Tokyo Tsushin Kenkyujo"(Totsuken), or "Tokyo Telecommunications Research Institute." although everyone was eager to work for the new company and to help rebuild post-war Japan with their engineering know-how, no one knew what to do at first. Most of the salaries were paid out of Ibuka's small, and dwindling, savings. To stay in business, they had to do something. after the war, the Japanese were hungry for news around the world. Many had war-damaged radios, or ones that had had the shortwave unit disconnected by the military police to prevent from tuning into enemy propaganda. Ibuka's factory repaired radios and made shortwave converters or adapters that could easily make medium-wave radios into superheterodyne, or all-wave receivers. Demand for such radios was rapidly increasing.

The shortwave adapters attracted wide attention, and the Asahi Shimbun featured them in its "Blue Pencil" column. as a result, demand increased even further. this article also brought Ibuka and Akio Morita back together again(*). as the war ended, Morita was back home at Kosugaya, in Aichi Prefecture. one day, he read the column that mentioned Ibuka's name, and he wrote to his friend immediately. Ibuka replied at once, urging Morita to come to Tokyo. Since he had been offered a job as a lecturer at the Tokyo Institute of Technology (Tokodai), Morita wasted no time in moving to Tokyo and in renewing their acquaintance.(*) Ibuka and Morita, the founders of Sony, first encounterd each other at the meetings of the Wartime Research Committee that was studying new types of weapons during the war. the two men became close friens, thought Ibuka was more than a dozen years older.In addition to work, radio repairs brought employees an extra reward as well. they often received rice from houses they visited on service calls, in addition to a normal service fee. this was treasured during a time of serious food shortages.Subsequently, Ibuka's factory worked on an electric rice cooker.as the war plants had closed down, there was more electricity than was needed at the time. this surplus fed Ibuka's desire to produce items which were needed for everyday life. the electric rice cooker, made by merely interlocking aluminum electrodes which were connected to the bottom of a wooden tub, was a primitive product. the result depended heavily on the kind of rice used and the weight of the water. tasty rice was a rarity, as the rice cooker produced mostly undercooked or overcooked rice. it was a memorable first failure for Ibuka and his staff.

What Was Sony's First Ever Product?

May 11, 2010, 7:37 PM EDT

May 12 (Bloomberg) -- Yang Shibo, a 50-year-old farmer in China’s Shandong Province, bought a refrigerator to keep vermin away from his family’s meat and vegetables. the government eased his purchase by knocking 13 percent off the price.

“We see a lot of rats running around, they run around on the ceilings, they eat our food,” Yang, who grows peanuts, said as he swatted flies in his kitchen. “We didn’t have a fridge before. It’s much more convenient now.”

Farmers are benefitting from more than 15 billion yuan ($2.23 billion) in subsidies this year for appliance purchases by rural residents as the government tries to boost domestic consumption and ease a reliance on infrastructure spending and exports. That more than doubled first-quarter profit at Qingdao Haier Co., part of China’s biggest appliance maker. TCL Multimedia Technology Holdings ltd., part of China’s biggest consumer-electronics maker, said net profit rose 69 percent.

Farmers using subsidies bought 41.7 billion yuan in household appliances during the first four months of this year, a 510 percent increase from a year ago, the government said.

Manufacturers shipped about 163 billion yuan worth of products under the program last year.

Sales Surge

“The subsidy program has imposed a remarkable growth in household-appliance sales,” said Zhu Jianfang, a Beijing-based economist at Citic Securities Co. ltd. “This is one of the policies that is driving consumption growth in China.”

Local governments reimburse farmers for televisions, refrigerators, washing machines and computers. the Ministry of Commerce started a provincial subsidy program in 2007 and expanded it nationwide in February 2009.

Farmers bought 20.8 million household appliances with subsidies from January through April, a 370 percent increase from a year earlier, the Ministry of Commerce said May 7. the top-selling brand in April was Haier.

Qingdao Haier, the Qingdao-based air-conditioner and refrigerator unit of Haier Group Corp., said April 29 that first-quarter net income rose to 358.4 million yuan from 138.2 million yuan a year earlier. Sales rose 45 percent to 13.3 billion yuan.

‘Rodent-Proof’ Fridge

Haier Group targets rural customers with refrigerators featuring metal plates to cover holes on the back and thicker, “bite-proof” wiring, Philip Carmichael, president of Asia Pacific operations, said in Hong Kong.

“When you plug in a refrigerator in the countryside and the compressor goes on, that’s like a beacon for rodents to build their nests,” Carmichael said. “That’s what makes us think about making it rodent-proof.”

those features helped convince Yang, who bought Haier’s 1,600 yuan, two-door model.

Refrigerators were the top subsidized purchase in 2009, with sales of 32 billion yuan, Commerce Ministry data showed.

TCL Multimedia, the Hong Kong-listed arm of TCL Corp., said first-quarter net income was HK$44 million ($5.66 million), a 69 percent increase from a year earlier. Sales of liquid-crystal display televisions rose 61 percent to 1.93 million.

the company said 43 percent of those sales involved subsidies. Its 65-inch (165-centimeter) flat-screen TV sells for 39,959 yuan at a Suning Appliance Co. outlet in Langfang, Hebei.

bigger TVs

“Rural customers always go big on sizes,” said Li Lu, deputy general manager of TCL Multimedia’s China unit. “They even asked us to widen the plastic borders because it makes the TVs look bigger and helps showcase wealth.”

Suning, China’s biggest electronics retailer by market value, applies the subsidies to retail prices and files for reimbursement. Monthly sales in Langfang are up 10 percent to an average 4 million yuan since the program started, store manager Li Hongjie said.

yet some farmers still can’t afford to participate. Wei Yanhua, 60, who earns 4,200 yuan growing corn in Hebei, is saving to cement her courtyard.

“I can barely feed my family of nine, let alone spend a few thousand yuan to buy a new television set,” she said.

Mark Williams, senior China economist for Capital Economics ltd. in London, called the subsidies “a short-term fix.” the government instead should boost employment and incomes to ensure long-term economic growth, he said.

“What China needs really is not these short-lived schemes, but a more fundamental look at how it can boost consumer spending over the long term,” he said.

Rural Living Standards

the government wants to raise rural living standards after state-run China Daily reported the income gap with urban areas grew to its widest ever last year. Almost 16 percent of Chinese live on less than $1.25 a day, according to the UN Human Development Report.

China paid about 7.54 billion yuan in subsidies in 2009, and this year may pay 15.2 billion yuan, Finance Ministry data showed. each rural household can buy two products in a category, the government said.

This year, price caps on eligible products were raised to broaden the selection. the limit for television sets doubled to 7,000 yuan, and gas stoves, electric cookers and DVD players were included.

Wei Jiushan, who farms a 0.8-acre cornfield in Hebei province outside Beijing, said he would continue taking advantage of the program after buying his family’s first washing machine. his father bought a subsidized, 650-yuan Hisense Electric Co. refrigerator in March.

“A television is definitely next on my list,” Wei said, mentioning a 22-inch LCD model. “I will buy the appliances in stages and getting some subsidy is better than nothing.”

--With assistance from Stephanie Wong in Shanghai, Yanping Li in Beijing, Wendy Leung and Sophie Leung in Hong Kong. Editors: Frank Longid, Michael Tighe.

To contact the reporter on this story: Wing-Gar Cheng in Hong Kong at wgcheng@bloomberg.net

To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net

China's Rat-Proof Fridge Subsidies Create Appliance Boom

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NEW YORK, may 10, 2010 /PRNewswire via COMTEX/ --Revenues of $23.9 million, an increase of 248% from Q1/09

Net income of $4.04 million, an increase of 515% from Q1/09

Fully diluted EPS (Earnings per Share) of $0.12, an increase of 300% from EPS $0.03 in Q1/09

Strong balance sheet: $75.3 million in cash (approximately $2.31 per common share in cash) without any long term debts or bank borrowing

High margin China domestic sales increased 1305% to 27% of revenue in Q1/2010

Expanded gross profit margin to 28.8%, compared to 24.2% in Q1/09

Expanded operating margin to 20%, compared to 16% in Q1/09

Expanded net income margin to 16.9%, compared to 9.6% in Q1/09

Anticipates the high margin China domestic sales to exceed 40% of revenues in 2010, compared to 17.6% in 2009

Sees record earnings growth momentum to continue in 2010

Sees positive impact to earnings from China's current macro economic environment

Deer Consumer Products, inc. /quotes/comstock/15*!deer/quotes/nls/deer (DEER 8.47, 0.00, 0.00%) , one of the world's largest vertically integrated designers and ODM/OEM manufacturers of home and kitchen electronics marketing to both global and China domestic consumers, announced today record financial results for the quarter ended March 31, 2010. Deer's senior management will host an investor conference call today at 8:30 am Eastern Daylight Time to discuss first quarter results.

Financial Summary for Q1/2010 versus Q1/2009:

YoY% Q1 2010 Q1 2009 Change Revenue $23,902,457 $6,872,216 248% China Sales $6,394,880 $455,211 1,305% China sales % of revenue 26.8% 6.6% -- International Sales $17,507,577 $6,417,005 173% International sales % of revenue 73.3% 93.4% -- Gross Profit $6,877,848 $1,659,512 314% Gross Margin 28.8% 24.2% -- Income from Operations $4,774,818 $1,104,589 332% Operating Margin 20.0% 16.1% -- Income Tax Rate 15.7% 28.5% -- Net Income $4,037,023 $656,874 515% Net Margin 16.9% 9.6% -- Diluted EPS $0.12 $0.03 300%

Record first Quarter Revenues

Revenues for the first quarter of 2010 were $23.9 million, an increase of approximately 248% from $6.87 million in first quarter 2009. Deer attributes the significant revenue increase to stronger than expected revenue growth in the high margin China domestic market which grew 1,305% year over year. Deer continues to experience strong organic growth rate in all its global markets.

Record first Quarter Net Income

Net income for the first quarter of 2010 was approximately $4.04 million, an increase of approximately 515% from first quarter 2009. Fully diluted EPS was $0.12 compared to $0.03 in 2009.

Anticipates Rapid Earnings Growth Momentum to Continue in 2010

Deer is currently experiencing robust product sales across all product lines in the current second quarter. the Company anticipates continued China domestic and global market expansion for the rest of 2010. Deer previously provided 2010 revenue guidance of $155 million, an increase of 91% from 2009, as well as net income guidance of $24 million, an increase of 94% from 2009. Deer is confident in its abilities to achieve and exceed these previous sales and earnings targets.

Strategically well Positioned as a Direct Access to the Vast Chinese Consumer Markets

China has the world's fastest growing small household appliance market, however, not a single global brand in the industry has any meaningful sales presence in China. Deer's fully integrated model of aligning a strong cash position, product design, internal low cost manufacturing and quality control, supply chain management and direct access to end user customers has positioned Deer as a strategic platform for accessing the Chinese consumers.

Management Comments on first Quarter 2010 Financial Results

Bill He, Deer's Chairman and Chief Executive Officer, commented: "Deer management continued its relentless focus on execution and sales expansion in the first quarter. we are pleased with our significant organic revenue and margin expansion. Deer has a strong cash position and has no exposure to the credit markets. our integrated 'production to market' model has made Deer one of the most profitable companies in terms of net income margins in the small household appliance industry in the world."

Management Comments on Positive 2010 Outlook

Mr. He continued: "For the rest of 2010, Deer anticipates significant growth from domestic product sales as well as global sales expansion. Chinese consumers' demand for modern lifestyle products, including convenient small household appliances, has been growing in double digits as a result of China's economic expansion. we see our market presence continuing to expand and our rapid earnings growth to continue in 2010. we look forward to delivering strong results in the coming quarters in 2010."

Investor Conference call Instructions

Deer management will host an earnings conference call today to discuss its financial results for the quarter ended March 31, 2010.

Date and time: 8:30 am U.S. Eastern Daylight Time, may 10, 2010

U.S. toll free number: 1-800-688-0796

International direct dial-in: +1 617-614-4070

Conference passcode: 64286251

About Deer Consumer Products, inc.

Deer Consumer Products, inc. /quotes/comstock/15*!deer/quotes/nls/deer (DEER 8.47, 0.00, 0.00%) is a NASDAQ Global Select Market listed U.S. registered public company headquartered in China. Deer has a 15-year operating business as well as a strong balance sheet. Supported by more than 103 patents, trademarks, copyrights and approximately 2,000 company-trained seasonal and full time staff, Deer is a leading designer, ODM/OEM manufacturer and global marketer of quality small home and kitchen electric appliances. Deer's product lines include blenders, juicers, soy milk makers and a large variety of other home appliances designed to make today's lifestyles simpler and healthier. with more than 100 global clients/branded products such as Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics and Wal-Mart, and rapidly expanding China domestic market footprint, Deer has enjoyed rapid sales and earnings growth in recent years.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. there can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer's filings with the Securities and Exchange Commission.

Contact Information: -------------------- Corporate Contact: mrs. Yongmei Wang Deer Consumer Products, inc. Tel: 011-86-755-86028285 Email: investors@deerinc.com ---------------------------- DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2010 2009 ---- ---- (unaudited) ASSETS ------ CURRENT ASSETS: Cash and cash equivalents $75,305,378 $79,333,729 Restricted cash 162,057 35,701 Accounts receivable, net 19,628,162 17,070,781 Advances to suppliers 4,158,482 3,299,107 other receivables 213,624 213,487 Inventories 21,206,828 18,061,282 other current assets 51,922 12,500 ------ ------ Total current assets 120,726,453 118,026,587 PROPERTY AND EQUIPMENT, net 11,140,018 11,325,999 CONSTRUCTION IN PROGRESS 5,717,420 3,724,337 INTANGIBLE ASSETS, net 769,343 394,684 OTHER ASSETS 15,169 20,073 ------ ------ TOTAL ASSETS $138,368,403 $133,491,680 LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES: Accounts payable $14,471,976 $13,055,110 other payables 1,287,600 1,061,460 Unearned revenue 967,044 1,719,761 Accrued payroll 871,474 1,148,663 Notes payable 6,433,067 6,212,911 Tax and welfare payable 1,070,063 862,332 --------- ------- Total current liabilities 25,101,224 24,060,237 STOCKHOLDERS' EQUITY: Common Stock, $0.001 par value; 75,000,000 shares authorized; 32,631,748 and 32,631,748 shares issued and outstanding as of March 31, 2010 and December 31, 2009, respectively 32,632 32,632 Additional paid-in capital 90,875,009 91,111,661 Development funds 1,399,818 1,185,859 Statutory reserve 2,799,636 2,371,718 other comprehensive income 2,370,581 2,335,216 Retained earnings 15,789,503 12,394,357 ---------- ---------- Total stockholders' equity 113,267,179 109,431,443 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $138,368,403 $133,491,680 DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME three Months ended March 31, ------------------------- 2010 2009 ---- ---- (unaudited) (unaudited) Revenue $23,902,457 $6,872,216 Cost of Revenue 17,024,609 5,212,704 ---------- --------- Gross profit 6,877,848 1,659,512 Operating expenses Selling expenses 1,427,964 183,342 General and administrative expenses 675,066 371,581 Total operating expenses 2,103,030 554,923 Income from operations 4,774,818 1,104,589 Non-operating income (expense): Interest expense and financing costs (29,706) (114,831) Interest income 91,921 1,619 other expense (14,601) (1,881) Foreign exchange loss (33,134) (70,506) Total non-operating income (expense) 14,480 (185,599) Income before income tax 4,789,298 918,990 Income tax 752,275 262,116 Net income 4,037,023 656,874 other comprehensive income Foreign currency translation gain (loss) 35,365 (20,332) Comprehensive Income $4,072,388 $636,542 ========== ======== Weighted average shares outstanding : Basic 32,631,748 19,998,956 ========== ========== Diluted 33,767,212 20,010,034 ========== ========== Earnings per share: Basic $0.12 $0.03 ===== ===== Diluted $0.12 $0.03 ===== ===== DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS three Months ended March 31, ------------------ 2010 2009 ---- ---- (unaudited) (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $4,037,023 $656,874 Adjustments to reconcile net income to net cash used in operating activities: Depreciation 353,963 349,492 Amortization 4,762 2,357 Stock based compensation 83,348 - (Increase) /decrease in assets: Accounts receivable (2,556,509) (573,464) other receivables (137) 252,241 Inventories (3,144,474) 1,936,703 Advances to suppliers (859,081) (37,484) other assets (34,520) 10,392 Increase /(decrease) in current liabilities: Accounts payable 1,416,382 (2,273,406) Unearned revenue (752,461) (1,541,804) other payables 274,644 (183,644) Accrued payroll (277,095) 18,724 Tax and welfare payable 207,661 450,715 Net cash used in operating activities (1,246,494) (932,304) ---------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment (168,091) - Acquisition of intangible assets (379,293) - Construction in process (1,992,404) (590,067) Changes in restricted cash (126,313) 54,723 Sale of short-term investments - 29,302 Net cash used in investing activities (2,666,101) (506,042) ---------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of notes payable 220,081 1,418,859 Proceeds from sale of common stock - 625,500 Offering costs paid (320,000) (84,515) Payment on short term loans - (764,550) Net cash provided by (used in) financing activities (99,919) 1,195,294 ------- --------- Effect of exchange rate changes on cash and cash equivalents (15,837) (3,737) ------- ------ NET INCREASE IN CASH & CASH EQUIVALENTS (4,028,351) (246,789) CASH & CASH EQUIVALENTS, BEGINNING BALANCE 79,333,729 2,782,026 ---------- --------- CASH & CASH EQUIVALENTS, ENDING BALANCE $75,305,378 $2,535,237 =========== ========== SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ - $57,370 === ======= Income taxes paid $489,784 $ - ======== ===

SOURCE Deer Consumer Products, inc.

Copyright (C) 2010 PR Newswire. All rights reserved

Deer Consumer Products, Inc. Reports Record First Quarter 2010 Results: 248 ...

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