NSG Reports Stabilization of North American Architectural Glass Market; Levels Still LowAugust 3rd, 2012 | Category: Industry News
The NSG Group has released its financial report for the first quarter of the fiscal year. The company reports that while its architectural markets in North Market are stable, they are “still significantly below the level of 2008.”
The company reports that sales of its solar energy glass fell in North America during the quarter, while domestic residential and commercial volumes remained flat.
Overall, company officials say the architectural market “has been below expectations,” and that its senior managers have agreed to reduce their compensation, “reflecting their clear commitment to an early turnaround of the Group’s performance.” Worldwide, the company reports a revenue of approximately $669.4 million (52,371 million Japanese Yen), compared with approximately $814.3 million for the same period last year-a 17.8 percent drop.
Company officials report that in Europe, its architectural markets were weak, “as economic uncertainty affected levels of public, commercial and residential construction.”
“Volumes declined from previous quarters, and prices weakened across most regions,” writes the company.
In Japan, NSG saw a “low level” of activity, along with some signs of improvement, according to the company.
In South America, the architectural market is described as “challenging, with declining demand.”
At the same time as the company announced its fiscal first-quarter results, it also has announced that the members of its senior management team have decided to voluntarily reduce their compensation for the period of August 2012 to June 2013.
Compensation for Katsuji Fujimoto, director and chair, and Tomoaki Abe, director and vice chair, will be reduced by 30 percent and 20 percent, respectively. The base compensation of Keiji Yoshikawa, director, representative executive officer, president and CEO, will be reduced by 30 percent. As no performance-based compensation payments have been awarded, Yoshikawa’s total compensation will therefore decline by approximately 50 percent for the time period. Yoshikawa was named president and CEO in April, when Craig Naylor resigned from the role.