company credited itself as creating the firsts of the clock radio, self-powered radio, and transistorized pocket radio; production of tape recorders began in 1955. Emerson Radio and Phonograph paid $6 million to purchase the consumer products division of DuMont Laboratories in 1958. With this acquisition, a higher-priced line of television sets, phonographs and high-fidelity and stereo instruments, along with the DuMont trademark was added to Emerson's products. However, by this time, the US television market was saturated, and many customers who were in need of another set were waiting for color television instead of buying a replacement. Sales fell from $87.4 million in fiscal 1955 to $73.9 million in fiscal 1956, when the company earned only $84,852. A cost-cutting campaign by Abrams rebounded net income which reached $2.7 million in fiscal 1959 on sales of $67.4 million. In fiscal 1964 (Emerson's last full year of independent operation) it earned $2.1 million on sales of $68.2 million. 1961–1980 In 1965 the company acquired the Pilot Radio Corp. from Jerrold Corp. Later in 1965 Emerson Radio and Phonograph was purchased for approximately $62 million in cash and stock by National Union Electric Corporation, a diversified manufacturer. Its line of Quiet Kool air conditioners became a separate National Union Electric division. This company continued to produce radios, television sets and phonographs distributed under the Emerson and DuMont names and hi-fi equipment under the Pilot name. Between 1967 and 1971 the National Union Electric division lost about $27 million due to too little volume to cover costs. The division contracted out the manufacturing of television sets and some other home entertainment products to Admiral Corp., and laid off 1,800 employees. In addition to importing some of its home entertainment products from the Far East, Emerson continued to be responsible for design, engineering, and marketing. In late 1972 National Union Electric announced that Emerson was discontinuing distribution of television sets and other home entertainment products. In 1973 Emerson sold its license for marketing products under the Emerson name to Major Electronics Corp. Founded in 1948 by Melvin Lane and incorporated in 1956, this Brooklyn-based company originally made children's phonographs. The company later diversified into the production and sale of a broad line of low-priced home entertainment products that included stereos, radios, and clock radios. In 1971 Major also began importing low-cost radios. By 1975 the company was only manufacturing portable phonographs. In 1976 the company