Amber Technology Lays Off More Staff As Revenues Slide
ChannelNews has been told that the Company which reported a loss of $4.69m and a sales decline of 22% is also fighting to hold onto their Onkyo brand with at least two other organisations admitting that they are interested in taken over distribution of the Japanese brand in Australia.
Recently the Denon, Loewe, Boston Acoustics and NAD brands were consolidated into Melbourne based distributor Qualifi from Audio Products Australia, Qualifi also distribute the Marantz brand of Hi Fi gear in Australia.
Late last year Japanese Company D+M Brands who also manufacture the Marantz and Denon brands as well the Boston Acoustics brand, Ambertech after just 12 months. No announcement was made to the ASX at the time.
Amber Technology has not responded to claims that several staff were laid off last month.
Shares in Amber have fallen to $0.230 from $0.250 earlier this year.
Total revenues for the 2012 financial year decreased by 22.9% to $51.4m from $66.7 million the same time a year ago with insiders tipping another significant fall despite the Company winning a contract to supply the ABC with a file based studio record and source ingest systems worth over $4 million.
The AV distributor was forced to borrow $400,000 during the last financial year.
In their last annual report the Company said they were banking on the release of a new range of Onkyo receivers with network capability and Spotify music streaming service to lift revenues in 2013.