Five Rivers Electronic Innovations filed with the U.S. Customs Service to tap into duties imposed on direct- view TVs imported from China, as it moves to file a bankruptcy reorganization plan.
CIT assesses $17 million 1592 penalty for negligence in reporting transaction prices, lump sum payments, etc. In U.S. v. Ford Motor Company, the Court of International Trade (CIT) assessed a 1592 civil penalty against Ford in the amount of two times the loss of revenue (the maximum penalty for negligence under 19 USC 1592(a)(3)). The CIT's ruling resulted in a penalty of $17,151.923.60 plus interest, regarding vehicles, vehicle components, tooling, and related materials entered into the U.S. between January 1, 1987 through December 31, 1992, as Ford failed to demonstrate that it exercised reasonable care regarding certain assists and lump sum payments.
Lexar Media’s 2nd-quarter loss narrowed to $5.1 million from $18.1 million a year earlier due partly to a $9 million one-time payment stemming from a cost settlement with a supplier. The payment offset a $3 million inventory write-off related to low-capacity memory cards. Revenue rose 16% to $189.3 million from $163.2 million a year ago -- but was down from $232.4 million in the first quarter due partly to a 20% decline in retail shipments, CFO Brian McGee told analysts in an conference call. Despite the downturn in retail shipments, sales of Lexar’s Kodak brand memory cards grew more than 25% during the quarter as retail distribution expanded to 23,000 stores, company officials said. Lexar sells its memory cards through 60,000 stores including those carrying Kodak, which it began selling last year. Product revenue rose 16% during the quarter to $188.3 million, while those from royalties declined to $1 million from $1.1 million a year ago. About 75% of Lexar’s revenue came through retail during the quarter, and the rest derived from component sales, McGee said. The average capacity sold at retail during the quarter was 316 MB, down 9% from the first quarter due largely to sales of low-capacity cards, McGee said. Gross margins improved to 15.1% from 12.3% in the first quarter and from 3% a year earlier as the one- time supplier payment provided a 5.7% boost, McGee said. Meanwhile, Lexar CEO Eric Stang said Toshiba will likely appeal a jury verdict earlier this year awarding Lexar $465 million. The Cal. Superior Court jury found after a 6-week trial that Toshiba stole flash memory trade secrets involving CompactFlash, Secure Digital, xD and NAND, and an appeal will likely push the case into 2006, Stang said. A Cal. superior court judge in July rejected Lexar’s request for an injunction barring the sale of Toshiba product (CED July 12 p5). Meanwhile, a separate patent infringement suit Lexar filed against Toshiba in 2002 is expected to go to trial in U.S. Dist. Court, San Jose, by late next year, Stang said. Toshiba filed suit in Nov. 2002, seeking a court ruling that it didn’t infringe Lexar’s patents, but a month later dropped allegations that the patents were unenforceable. Lexar also is in discussions with a “number of parties” regarding the “broad applicability at the system level” of its patents to flash-based devices, flash memory cards and digital audio players, Stang said. Excluding legal expenses, Lexar broke even in the 2nd quarter, he said. As Lexar’s operating expenses rose during the quarter to $27.9 million from $23.3 million, it’s working to lower packaging and fulfillment costs and recently hired a U.S.- based packaging company, Stang said. Lexar also has established its Singapore operations as the “hub” for its Asian business, he said. Lexar reorganized its marketing organization, appointing an executive for each of the company’s business units and creating a “centralized planning team,” Stang said. Noting that NAND flash memory supply will be tight this fall, Stang said Lexar is weighing adding suppliers including Hynix and Micron. Samsung is Lexar’s primary vendor of NAND and it will add the S. Korean manufacturer’s new 4 gigabit, 70-nanometer memory this fall, Stang said.
CIT assesses $17 million 1592 penalty for negligence in reporting transaction prices, lump sum payments, etc. In U.S. v. Ford Motor Company, the Court of International Trade (CIT) assessed a 1592 civil penalty against Ford in the amount of two times the loss of revenue (the maximum penalty for negligence under 19 USC 1592(a)(3)). The CIT's ruling resulted in a penalty of $17,151.923.60 plus interest, regarding vehicles, vehicle components, tooling, and related materials entered into the U.S. between January 1, 1987 through December 31, 1992, as Ford failed to demonstrate that it exercised reasonable care regarding certain assists and lump sum payments.
A discussion draft of data protection legislation by the House Commerce, Trade and Consumer Protection subcommittee is generally a good first step, witnesses said Thurs. The draft strikes the right balance between high standards and flexibility for businesses, said TRUSTe Pres. Fran Maier. Other witnesses agreed with her assessment, but also said the bill could use additions and clarifications. The hearing was held to gain input on the subcommittee draft.
The Committee for the Implementation of Textile Agreements (CITA) has issued a notice and the International Trade Administration (ITA) has issued a fact sheet announcing that CITA has extended until July 31, 2005 the period for making a determination on whether to request consultations with China, and at the same time impose a safeguard quota, on China cat 447 (men's and boys' wool trousers, breeches, and shorts).
U.S. Customs and Border Protection (CBP) has posted to its Web site a new "Trade Engagement Biweekly Reports" which summarize topics discussed during workshops held to develop the business requirements for Automated Commercial Environment (ACE) Release 5.
The International Trade Administration (ITA) has issued a fact sheet announcing that the Committee for the Implementation of Textile Agreements (CITA) has extended until July 31, 2005 the period for making a determination on whether to request consultations with China, and at the same time impose a safeguard quota, on China cat 620 (other synthetic filament fabric)1.
In the July 6, 2005 issue of the U.S. Customs and Border Protection Bulletin, CBP issued a notice containing guidelines with the following title, which are effective July 6, 2005:
In the July 6, 2005 issue of the U.S. Customs and Border Protection Bulletin, CBP issued a notice containing guidelines with the following title, which are effective July 6, 2005: