2 jvc 1998 during the fiscal year ended march 31 implemented several changes to fortify its position as a highly competitive global company in multimedia era made substantial progress strategically shifting lineup of high value added digital products for consumer electronics professional compo nents & devices and entertainment businesses we also con tinued establish our network achieve more streamlined efficient management structure environment performance around world industry saw signs antici pated full scale arrival market growth that communicate universal language this including such audiovisual av camcorders minidiscs mds on contrary prices fell conventional unprecedented downturn japanese economy ad versely affected despite s early start ization ratio overseas sales consolidated net lower demand reduction public investment led significant decline domestic addition orders components business
