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Lexmark International reports third-quarter revenue growth of 11 percent

  • 21 October, 2003 09:30

<p>Please see attached the latest financial release from Lexmark International. Lexmark has announced record revenue for the third quarter with the highest year-to-year growth since the first quarter of 2001. These positive results reflect strong sales of both inkjet and laser printers.</p>
<p>If you require any further information or would like to speak with someone at Lexmark regarding this announcement, please contact Alex Hill or Claire Plasto at Howorth Communications on +61 2 9904 4533 or</p>
<p>Lexmark International reports third-quarter revenue growth of 11 percent</p>
<p>Sydney, October 21, 2003 – Lexmark International, Inc. (NYSE: LXK) today announced record revenue for the third quarter ended Sept. 30, 2003. Revenue of US$1.157 billion rose 11 percent, the highest year-to-year growth rate since the first quarter of 2001. Diluted net earnings per share for the quarter were US79 cents compared to US70 cents a year earlier.</p>
<p>“Our third-quarter results reflect strong sales of both inkjet and laser printers which with their associated supplies drove overall revenue to record levels,” said Paul J. Curlander, Lexmark chairman and chief executive officer.</p>
<p>Third-quarter laser and inkjet printer revenue climbs 13 percent
For the third quarter, Lexmark’s revenue was US$1.157 billion, an 11 percent increase from the US$1.041 billion reported in the same period of 2002. Laser and inkjet supplies revenue of US$641 million was 55 percent of total revenue and up 13 percent from US$568 million a year ago. Laser and inkjet printer revenue was US$430 million in the third quarter of 2003, an increase of 13 percent from US$381 million a year earlier.</p>
<p>Supplies-driven business model fuels nine-month EPS growth</p>
<p>Revenue for the nine months ended Sept. 30, 2003 was US$3.385 billion, an increase of 7 percent versus US$3.149 billion in the same period of 2002. Revenue from laser and inkjet supplies grew 14 percent to US$1.913 billion from US$1.681 billion a year ago. Laser and inkjet printer revenue was US$1.200 billion compared to US$1.176 billion in the first nine months of 2002. Gross profit margin was 32.7 percent, up 1.4 points from the prior year. Operating income was US$406 million versus US$351 million a year earlier, an increase of 16 percent. Net earnings per share on a diluted basis for the period were US$2.29, up 21 percent over the US$1.89 per share recorded in the same period of 2002.</p>
<p>Looking forward
“We believe that our strong product launches this year for both home and business users position us well for the fourth quarter,” said Curlander. “Nevertheless, we continue to be cautious due to the uncertain economic environment and aggressive price competition. In the fourth quarter of 2003, we expect a year-over-year revenue growth rate of mid- to high-single digits and earnings per share of 85 to 95 cents.”</p>
<p>Lexmark hosted a conference call with securities analysts on Monday, October 20, 2003 at 8:30 a.m. Eastern Time (888-338-6461). A complete replay of this call can be accessed from Lexmark’s investor relations web site at</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 $4.4 billion in revenue in 2002, and can be found on the Internet at</p>
<p>References to product prices are estimated in U. S. dollars. Actual prices may vary. Lexmark, Lexmark with diamond design and PrinTrio 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, aggressive pricing from competitors and resellers, the ability and/or incremental expense to produce and deliver products to satisfy customer demand, the impact of competitors’ products, market acceptance of new products and pricing programs, management of the company’s and resellers’ inventory levels, changes in a country’s or region’s political or economic conditions, production and supply difficulties including disruptions at important points of exit and entry and distribution centers, financial failure or loss of a key customer, reseller or supplier, 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, currency fluctuations, 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</p>
<p>For further information please contact:</p>
<p>Alex Hill or Claire Plasto 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: Email:</p>
<p>Howorth Communications | an Ogilvy PR Worldwide Company | Level 3, 357-359 Military Road Mosman NSW 2088 | T +61 (02) 9904 4533 | F + 61 (02) 9904 9460 I</p>
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