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Lexmark reports first-quarter EPS growth of 25 percent

  • 20 April, 2004 11:17

<p>Please see below Lexmark’s Quarter One financial results as released from Lexmark International. Lexmark has announced a 13 per cent revenue increase, marking the third consecutive quarter of double-digit revenue growth.</p>
<p>If you require any further information or would like to speak with someone at Lexmark regarding this announcement, please contact Jessica Sealby or Guy Downes at Howorth Communications on +61 2 9904 4533 or pr@howorth.com.au</p>
<p>Lexmark reports first-quarter EPS growth of 25 percent</p>
<p>SYDNEY, 20 April 2004 - Lexmark International, Inc. (NYSE: LXK) today announced financial results for the first quarter of 2004. Revenue increased 13 percent to US $1.256 billion and earnings per share were US 91 cents, up 25 percent from a year ago.</p>
<p>“Our first quarter results came in above our expectation and marked the third consecutive quarter of double-digit revenue growth,” stated Paul J. Curlander, Lexmark chairman and CEO. “These strong results reflect Lexmark’s exclusive focus on printing solutions and the power of our supplies-driven business model.”</p>
<p>Gross profit was US $411 million or 32.7 percent of revenue for the quarter, versus US $356 million or 32.1 percent a year ago. The higher gross profit margin was due to improved product margins, somewhat offset by a higher mix of printer revenue.</p>
<p>Operating expense for the first quarter was US $246 million compared to US $228 million in the same period of 2003. Operating income was US $165 million or 13.2 percent of revenue versus US $129 million or 11.6 percent of revenue a year earlier. Net earnings were US $121 million in the first quarter, up 28 percent from US $95 million reported a year ago. Diluted net earnings per share for the period were US 91 cents, an increase of 25 percent from US 73 cents in the prior year.</p>
<p>Lexmark’s debt-to-total-capital ratio at March 31, 2004 was 8 percent, unchanged from December 31, 2003. Capital expenditures were US $23 million in the first quarter.</p>
<p>New products raise the price/performance standard
During the first quarter, Lexmark unveiled an array of new inkjet printers and All-In-One (AIO) products to meet the needs of consumers and small office/home office professionals. For the photo enthusiast, a new fade-resistant ink technology is now available in printers and AIOs at best-in-class print speeds. Small businesses can benefit from several AIOs offering the latest ink technology with easy-to-use software, all priced affordably from US $79 to US $129.</p>
<p>The company also launched the US $699 Lexmark C510 colour laser printer that delivers up to 30 pages per minute (ppm) in monochrome and 8 ppm in colour. This is the latest addition to Lexmark’s line of colour lasers that includes the Lexmark C752L which was announced earlier in the quarter with print speeds up to 20 ppm in colour. Also introduced in January was the Lexmark X422 multifunction laser, providing high-performance features for enhanced productivity at breakthrough affordability.</p>
<p>Looking forward:
“Looking forward to the second quarter, we believe that our strong lineup of printing solutions will keep us well-positioned for solid growth,” Curlander stated. “While we continue to see some indications of market improvement, we remain cautious due to the uncertain economic environment and the potential for aggressive price competition. In the second quarter of 2004, we expect a year-over-year revenue growth rate of high-single to low-double digits and earnings per share to be in the range of US 88 to US 98 cents, versus US 77 cents reported in 2003.”</p>
<p>###</p>
<p>A complete replay of a Lexmark conference call with securities analysts (pertaining to the announcement; conducted on Monday, April 19, 2004) can be accessed from Lexmark’s investor relations Web site at http://investor.lexmark.com.</p>
<p>Lexmark International, Inc. is a leading developer, manufacturer and supplier of printing solutions -- including laser and inkjet printers, multifunction products, associated supplies and services -- for offices and homes in more than 150 countries. Founded in 1991, Lexmark reported approximately $4.8 billion in revenue in 2003, and can be found on the Internet at www.lexmark.com.</p>
<p>Prices are estimated in U. S. dollars. Lexmark and Lexmark with diamond design are trademarks of Lexmark International, Inc., registered in the U.S. and/or other countries. All other trademarks are property of their respective holders.</p>
<p>"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this release which are not historical facts are forward-looking and involve risks and uncertainties, including, but not limited to, the impact of competitors’ products, the ability and/or incremental expense to produce and deliver products to satisfy customer demand, market acceptance of new products and pricing programs, aggressive pricing from competitors and resellers, financial failure or loss of business with a key customer, reseller or supplier, management of the company’s and resellers’ inventory levels, changes in a country’s or region’s political or economic conditions, currency fluctuations, production and supply difficulties including disruptions at important points of exit and entry and distribution centres, competition in aftermarket supplies, increased investment to support product development, unforeseen cost impacts, conflicts among sales channels, difficulties or delays in software and information systems implementations, the outcome of pending and future litigation or governmental proceedings, intellectual property and other legal claims and expenses, and other risks described in the company's Securities and Exchange Commission filings. The company undertakes no obligation to update any forward-looking statement.</p>
<p>For copies of this and other Lexmark releases, visit the News Room at www.lexmark.com/ap</p>
<p>For further information please contact:</p>
<p>Jessica Sealby or Guy Downes Rachel York</p>
<p>Howorth Communications Lexmark International Australia Pty Ltd</p>
<p>Tel: +61 2 9904 4533 Tel: +61 2 9930 3500</p>
<p>Email: pr@howorth.com.au Email: ryork@lexmark.com</p>

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