The International Trade Administration (ITA) has issued its final results of the antidumping (AD) duty administrative review of stainless steel wire rod from South Korea for the review period of September 1, 2001 through August 31, 2002.
The International Trade Administration (ITA) has made preliminary affirmative antidumping (AD) duty determinations that light-walled rectangular pipe and tube (LWRPT) from Mexico and Turkey is being, or is likely to be, sold at less than fair value in the U.S.
The International Trade Administration (ITA) has issued a notice stating that at the request of the petitioners1, it is postponing until no later than June 17, 2004 (from April 28, 2004) its preliminary antidumping (AD) duty determination on wooden bedroom furniture from China.
(a) preliminary AD rate of zero
(b) preliminary de minimis AD rate (Dole: 0.18%, TIPCO: 0.12%, and Kuiburi: 0.30%)
On April 2, 2004, U.S. Customs and Border Protection (CBP) issued its third version of Frequently Asked Questions (FAQ) and responses regarding the inbound portion of its final rule requiring the advance electronic presentation of information pertaining to cargo (sea, air, rail, or truck) prior to its being brought into, or sent from, the U.S.
Singing Machine Co., having fallen behind in paying creditors, is weighing filing for bankruptcy, it said in an SEC documents accompanying the proposed resale of 2.7 million shares. The karaoke supplier isn’t current on $2.7 million of outstanding accounts payable related to 2 factories in China, it said. Faced with a limited amount of cash, Singing Machine has signed a factoring agreement with Milberg Factors, which is advancing it $3.5 million. The pact with Milberg requires the company to maintain $7.5 million in tangible net worth and working capital and pay a $200,000 minimum annual fee. The company’s financial struggles follow a 20% cut in executive pay Jan. and planned resignations of CFO April Green and Senior Finance Vp John Dahl, who were eligible for severance of $73,600 and $75,000, respectively, as of Dec. 31. Exec. Vp-Sales John Dromgold, who resigned in Dec., but remained a consultant until Feb., is being paid $164,598, which represents his salary through June 30, Singing Machine said. At the same time, Singing Machine reached a proposed settlement of a shareholder lawsuit that calls for a $1.3 million cash payment. Singing Machines will pay $850,000, while its former auditor, Salberg & Co., is responsible for the remainder. A hearing on a motion for preliminary approval of the settlement is scheduled before U.S. Dist. Court Judge William Zloch, Ft. Lauderdale, on April 24, the company said. The suit was filed in July 2003. Singing Machine, which has seen 2 CEOs depart in the past year, has struggled since entering a consignment agreement with Best Buy 2 years ago. Best Buy returned $2.75 million in unsold karaoke products in Feb. 2002, but kept the inventory in its stores as the sales agreements switched to consignment, Singing Machine said. Singing Machine suffered a 2nd blow when it signed a contract with Trans World Entertainment guaranteeing a minimum gross profit of $3.5 million on the sales of its products between Sept. 1, 2002 and Jan. 15, 2003. The agreement expired on Jan. 15, 2004 and Trans World was paid $2.5 million as a result of its not gaining the guaranteed gross profit. Singing Machine also has been hampered by dwindling sales of its MTV Networks branded products. It posted sales of $30.8 million (32.3% of consolidated sales) in sales of MTV-related goods in fiscal 2003, but declined to $8.3 million (12.2%) in the 9 months ended Dec. 31. The company amended its licensing agreement with MTV earlier this year to reduce the minimum annual royalty guarantee to $1.3 million from $1.5 million and extend the contract to April 30. Singing Machine’s 3rd-quarter loss widened to $10.4 million from $3.3 million as sales plunged to $28.6 million from $45.6 million. Its gross profit margin declined to 4.6% from 21.7%. Among those listed as selling shareholders in the SEC filing are Omicron Master Trust (434,034) and SF Capital Partners (187,013).
The International Trade Administration (ITA) has published in the April 5, 2004 Federal Register its final negative antidumping (AD) duty determination that wax and wax/resin thermal transfer ribbons from South Korea are not being, nor are likely to be, sold in the U.S. at less than fair value.
The International Trade Administration (ITA) frequently issues notices on antidumping (AD) and countervailing (CV) duty orders which Broker Power considers to be "minor" in importance as they concern actions that occur after an order is issued and neither announce nor cause any changes to an order's duty rates, scope, affected firms, or effective period.
In its first full week available, Columbia TriStar’s Something’s Gotta Give was the #1-rented DVD in the U.S. the week ended April 4, Rentrak’s preliminary Home Video Essentials data showed Thurs. Rentrak said the title earned $7.28 million on DVD in the week, for $7.39 million to date. In combined DVD and VHS rentals, the movie was also #1, earning $9.85 million in the week for $9.99 million to date. The only other 2 new titles in the top 10 for the week were Warner’s Texas Chainsaw Massacre remake at #2 and Disney’s Brother Bear at #5. Massacre earned $5.89 million on DVD and $7.73 million on DVD and VHS, for totals of $6.77 million on DVD and $8.65 million on DVD and VHS. Brother Bear earned $3.92 million on DVD and $5.33 million on DVD and VHS in the week, for totals of $3.97 million on DVD and $5.42 million on DVD and VHS. Last week’s #1 title -- Warner’s Gothika -- slipped to #3, earning $5.55 million on DVD and $7.39 million on DVD and VHS for totals of $12.61 million on DVD and $17.01 million on DVD and VHS.