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Telex, Even MORE More Time...
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Yes it's true, those guys in Burnsville just keeping giving themselves a little more time. But now they've posted an unaudited quarterly report to go along with the stay of... whatever. Full Story...
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Telex, Even MORE Time...
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Still waiting for the bankers to make up their minds, Telex extends debt-for-equity deadline to Friday October 26th. Chris Doering of Dynamic Market Systems wonders “How Many Times...?”
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Official Mackie Statement
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An official statement just released by Mackie clarifies a number of personnel moves, including formation of new market development teams, new sales positions and the implementation of Oracle at both Woodinsville and Whitinsville facilities.
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Telex Asks for More Time
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Telex has extended the deadline on its debt-for-equity deal to Friday the 19th, but so far the company’s bankers haven’t been lining up to exchange notes for shares. More...
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Mackie Launches On Line Financing
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Mackie has just announced a new customer financing program, accessible on line, for both single transactions and pre-approved lines of credit honored at all U.S. Mackie dealers. All Mackie branded products are eligible.
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Telex Turns to Plan B,
Proposes Debt for Equity Swap
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Apparently unable to find profitable buyers for the parts of its business it wanted to sell, Telex now proposes to turn most of its enormous debt burden into equity. What’s the difference between debt and equity, and how will financial restructuring help Telex? Find out here...
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NEXO Goes Public
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NEXO may still be an "anonymous society" (that's French for "corporation") but it is now a public company. Chris Doering of Dynamic Market Systems reports on the recent Paris Bourse IPO, wonders when the other shoe will drop, and speculates on what it might look like when it does.
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Allen and Heath Declares Independence From Harman Int'l
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With venture capital from 3i and the Bank of Scotland, Allen & Heath has bought itself out from under the Harman corporate umbrella. Andy Wood reports from the UK on A&H's declaration of independence.
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Allen and Heath in Management Buy-Out
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The Cornwall, England-based mixer manufacturer has announced a £9 million management buy-out. Check out the full story...
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JBL Professional Offers Online Leasing for Installation and Touring Sound Systems
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Working with finance professionals around the world, the Financial Services department of JBL Professional offers a wide range of methods for audio companies to purchase or lease JBL Professional speaker systems. Full Story...
Is a lease right for you? Start your analysis here.
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Sennheiser Corp. Elevates Neumann Brand Manager Karl Winkler to the Post of Director, Marketing Communications
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Karl Winkler, veteran brand manager for Neumann microphones, has been promoted to director, marketing communications, for Sennheiser Electronics Corporation. Full Story...
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Telex
To Restructure
Buys Time by Putting
$20 Million
on "Corporate Credit Card"
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Earlier this year, Burnsville, MN-based
Telex Communications filed form 8-K with the Securities &
Exchange Commission, notifying the SEC that it is asking holders
of its corporate bonds to allow it to issue an additional
$20 million in "Senior Subordinated Notes." Telex
is paying as much interest as a college student would pay
for a MasterCard: the rate starts at 18% and rises by .75%
each quarter until it reaches 25%, and Telex can decide not
to pay the interest due but to compound it and add it to the
principal, where it accrues additional interest, just the
way you can with your VISA balance. This appears to be a "bridge
loan" designed.... FULL
STORY
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Cirrus
Logic Acquires Peak Audio
Move Combines Leaders
in Audio ICs and Audio Networks
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Cirrus Logic, the world's leading supplier
of audio ICs, is acquiring the assets of Peak Audio. Austin,
TX-based Cirrus Logic "expects to leverage Peak Audio's
industry-leading skills and complementary technologies to
develop a broad range of entertainment-centric audio solutions
for networked environments in both the commercial and consumer
audio markets."
Click
here for the full story and relevant links.
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Pioneers
of Pro Audio Business: Hamilton Brosious, Part Deux
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Ham Brosious piloted the tape recorder
business into the solid state world with Scully, helped put
MCI on the pro audio map and built Audiotechniques into a
model of systems integration at the retail level. With his
son Matt, he founded Digibid, the industry's first online
auction site and one of its favorites. Harry Klane relates
more personal anecdotes that illustrate how to become a sales
leader.
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Pioneers
of Pro Audio Business: Hamilton Brosious, Part 1
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Industry Business enlists Harry Klane
to profile the man who piloted the tape recorder business
into the solid state world with Scully, helped put MCI on
the pro audio map, built Audiotechniques into a model of systems
integration at the retail level, and, joined by his son Matt,
founded Digibid, the industry's favorite online auction site.
Among the anecdotes, you'll find telling illustrations of
an approach to the business of making and selling audio technology
that is very relevant today.
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Sales
Pioneers of Pro Audio
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To boldly sell what no man has sold
before… Harry Klane, National Sales Manager of NEXO USA,
introduces a new Industry Business series on the people who
take technical wizardry and turn it into cold, hard cash (or
at least accounts receivable).
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Danes
Invade Britain Again TC Group to Acquire TGI PLC for $21.5
million
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The Vikings have re-appeared as corporate
raiders of pro
audio. In a surprising move Danish TC Group, best known for
its TC Electronics rack mount effects processors, is set to
acquire one of the UK's larger independent manufacturers:
TGI PLC, which includes Tannoy, Martin Audio, Lab Gruppen
and GLL. The deal will create a $100 million company whose
technology extends from the effects rack to the loudspeaker.
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Here,
Now… & The Future
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“Managing a merger, an acquisition,
whatever you want to call it, is the most difficult thing
in business.” - Mackie CEO Jamie Engen in an exclusive
interview with PSW Install Editor Keith Clark, talking about
the present and future of the Mackie companies and providing
more detail on recent moves.
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So:
Do We Have a Network Yet?
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Who cares how many shopping days until
Christmas? AES is time for the industry to engage in technical
debates and evaluate new technology options. Chris Doering
of Dynamic Market Systems listened to the debates, looked
at the product displays, and reports on the state of digital
audio networking play.
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Line 6: Pros From Dover Take Over Guitar Amps
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In 3 years, Line 6 has grown into one of the top 5 guitar amp manufacturers. Now "pre-IPO," Line 6 is on the Inc. 500 and was named the fastest growing company in MI by Music Trades. Chris Doering of Dynamic Market Systems, searching for a glimpse of the future, sniffs Line 6's rocket fuel.
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Economic Slowdown Jeopardizes Telex Turnaround
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Like most other pro av manufacturers, Telex Communications is battling a slowing economy and an especially hard-hit entertainment industry as it attempts to regain profitability. Chris Doering of Dynamic Market Systems assesses the chances that Telex can service its debt and its customers.
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When Audiences Stay Home
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In case you hadn't noticed, this summer's
economy is not so hot. Neither are the latest offerings from
Hollywood and the music industry. In the past, pro a/v manufacturers
have done well during slow economic periods, but not this
year. Chris Doering
looks at the quarterly reports of Mackie Designs and several
other companies who probably wish they could just publish
reruns of last season's results.
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Convergence: Now, or Never?
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InfoComm 2001 was the place to see who's
betting on an all-digital future, which companies are ignoring
the winds of change, and who's blowing hot and cold. Chris
Doering of Dynamic Market Systems filed this
report from the show floor.
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United Business Media plc Splits Two For One
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London-based United Business Media, which publishes Pro Sound News, Guitar Player and other magazines you probably read, has split its NASDAQ-traded American Depositary Receipts two for one. What's an ADR and why do companies "split" shares? Marketing Guy Chris Doering explains.
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Bogen Sees Lower Ceilings on Audio Sales
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The first quarter of 2001 was, as expected, a loser for Bogen Communications. Apogee is still in "turnaround mode," but plans to introduce powered speakers at AES. Slow economic conditions and delayed availability of Federal school monies caused tough times for Bogen's Commercial Audio and Engineered Systems divisions. Full Story...
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Alesis Goes Belly Up
Bellying up to the Barr
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Nine years ago they turned the recording world on its ear with the ADAT, the product that created the project studio. Nine months ago they had one of the hottest products at AES with Air FX. Two weeks ago they filed for Chapter 11 bankruptcy relief. What's up with Alesis? AV Industry Monitor takes a peek into the lawyer's brief in a search for answers.
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