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Lexmark reports first quarter 2012 results

LEXINGTON, Ky. April 24, 2012

  • In-line revenue and EPS
  • Strong gross profit margin, a first quarter record
  • $44 million
  • Acquisitions strengthening Lexmark’s position as an end-to-end solutions provider

Lexmark International, Inc. (NYSE: LXK) today announced financial results for the first quarter of 2012.

Paul Rooke

"The addition of our compelling new line of smart devices for the mid-range color workgroup segment, and the acquisition of three more software companies further positions Lexmark as a key provider of business solutions.  Adding Brainware, ISYS and Nolij to our company enables us to integrate new content and process management technologies into our solutions portfolio," said Rooke. "We also remain committed to returning more than 50 percent of free cash flow, on average, to shareholders through share repurchase and a quarterly dividend consistent with our capital allocation framework."

First Quarter Results

$992 million $0.4 million $993 million

Earnings Per Share

1Q12

1Q11

 GAAP

$0.84

$1.04

   Restructuring-related adjustments

0.11

0.02

   Acquisition-related adjustments

0.10

0.08

 Non-GAAP

$1.05

$1.14

$0.84 $0.21 $1.05 $1.04 $1.14 $0.10

Hardware revenue and supplies revenue declined 9 percent and 4 percent, respectively. Software and Other revenue grew 10 percent, or 6 percent excluding acquisition-related adjustments. Core(1) revenue, which principally includes laser and business inkjet hardware and supplies, managed print services and software, grew 1 percent year to year while Legacy(1) revenue, which includes consumer inkjet hardware and supplies that the company is exiting, declined 34 percent. Lexmark’s focus continues to be on growing the company’s Core, as Legacy, which in the first quarter of 2012 represented about 11 percent of Lexmark’s revenue, continues to become a less significant portion of the company’s revenue mix.

$963 million $30 million $0.4 million $30 million

1Q12 GAAP results:

  • $992 million $1.034 billion
  • Gross profit margin was 38.4 percent versus 37.6 percent in 2011.
  • $292 million $276 million
  • $20 million $10 million
  • $61 million $83 million

1Q12 non-GAAP results, excluding restructuring-related and acquisition-related adjustments:

  • $993 million $1.037 billion
  • Gross profit margin would have been 39.4 percent versus 38.2 percent in 2011.
  • $282 million $272 million
  • Operating income margin would have been 11.0 percent compared to 11.9 percent last year.
  • $76 million $91 million

Continued Solid Execution of Lexmark’s Capital Allocation Framework

Lexmark’s overall capital allocation framework is to return more than 50 percent of free cash flow to shareholders, on average, through quarterly dividends and share repurchases while pursuing acquisitions that support the strengthening and growth of the company.

$949 million $92 million $44 million $48 million $62 million

$0.25 $18 million $30 million $211 million $212 million

Recent Acquisitions Advance Lexmark’s Differentiated End-to-End Solutions

The methodical shift in Lexmark’s focus and investments has strengthened the company’s managed print services offerings and added new content and process technologies, positioning Lexmark as a key end-to-end solutions provider to businesses large and small.

During the quarter, Lexmark completed three software acquisitions, all of which are being integrated into Perceptive Software. The companies include:

  • Brainware
  • ISYS
  • Nolij

Lexmark Announces New Innovative Smart Devices in Mid-Range Color Segment

Lexmark’s innovative smart devices are a key vehicle in providing advanced features and unique bundles of end-to-end solutions to its customers. Workgroup users can depend on these high-caliber products for a wide range of needs – from printing vibrant, customer-facing collateral and signage to advanced scanning in order to streamline heavy, paper-based activities such as employee onboarding, invoice processing and other key business processes.

$1,000

$50 Million

$50 million

Based on Lexmark’s leadership, security practices and operational execution in providing MPS to other government agencies and large, highly distributed organizations, the USDA is relying on Lexmark as a trusted supplier to deliver a thorough, customized output strategy that meets the wide array of needs across the agency spectrum.

Lexmark’s MPS program is now available to all USDA agencies worldwide, allowing them to take advantage of Lexmark’s complete MPS offerings from end to end, including professional services, output optimization, workflow solutions and business process transformation. This will enable the USDA to streamline business processes, increase its effectiveness in day-to-day operations and drive substantial cost savings across its highly distributed printing environments.

Looking Forward

$0.65 to $0.75 $0.95 to $1.05 $0.30 $1.27 $1.36

Conference Call Today

8:30 a.m. (EDT) http://investor.lexmark.com

Lexmark’s earnings presentation slides, including reconciliations between GAAP and non-GAAP financial measures, will be available on Lexmark’s investor relations website prior to the live broadcast.

About Lexmark

Lexmark International, Inc. (NYSE: LXK) provides businesses of all sizes with a broad range of printing and imaging products, software, solutions and services that help customers to print less and save more. Perceptive Software, a stand-alone software business within Lexmark, is a leading provider of process and content management software that helps organizations fuel greater operational efficiency $4 billion

www.lexmark.com www.perceptivesoftware.com

Lexmark Facebook page Twitter

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"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 which may cause the company’s actual results or performance to be materially different from the results or performance expressed or implied by the forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, continued economic uncertainty related to volatility of the global economy, fluctuations in foreign currency exchange rates; inability to realize all of the anticipated benefits of the Company’s acquisitions; reliance on international production facilities, manufacturing partners and certain key suppliers; inability to be successful in the Company’s transition to higher-usage business platforms;  market acceptance of new products and pricing programs; increased investment to support product development and marketing; the financial failure or loss of business with a key customer or reseller, including loss of retail shelf placements; periodic variations affecting revenue and profitability; excessive inventory for the Company and/or its reseller channel; failure to manage inventory levels or production capacity; credit risk associated with the Company’s customers, channel partners, and investment portfolio; aggressive pricing from competitors and resellers; the inability to develop new products and enhance existing products to meet customer needs on a cost competitive basis; entrance into the market of additional competitors focused on printing solutions and software solutions, including enterprise content management and business process management solutions; inability to perform under managed print services contracts; decreased supplies consumption; increased competition in the aftermarket supplies business; possible changes in the size of expected restructuring costs, charges, and savings; failure to implement workforce reductions and execute planned cost reduction measures; unforeseen cost impacts as a result of new legislation; changes in the Company’s tax provisions or tax liabilities; fees on the Company’s products or litigation costs required to protect the Company’s rights; inability to obtain and protect the Company’s intellectual property rights and defend against claims of infringement and/or anticompetitive conduct; the outcome of litigation or regulatory proceedings to which the Company may be a party; the inability to attract, retain and motivate key employees;  changes in a country’s political or economic conditions; conflicts among sales channels; the failure of information technology systems; disruptions at important points of exit and entry and distribution centers; business disruptions; terrorist acts; acts of war or other political conflicts; or the outbreak of a communicable disease; and other risks described in the company’s Securities and Exchange Commission filings. The company undertakes no obligation to update any forward-looking statement.

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 the property of their respective owners.

(1)

Legacy is defined as hardware and supplies for consumer inkjet platforms. Core excludes Legacy and includes laser, business inkjet, and dot matrix hardware and supplies and the associated features and services sold on a unit basis or through a managed services agreement. Core also includes parts and service related to hardware maintenance and includes software licenses and the associated software maintenance services sold on a unit basis or as a subscription service.

(2)

The Lexmark C748 family class consists of network ready A4 color electrophotographic printers between $700 and $1,000 street price.     

 

 

LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended

March 31

2012

2011

Revenue

$     992.5

$   1,034.4

Cost of revenue

611.1

645.0

Gross profit

381.4

389.4

Research and development

96.7

90.9

Selling, general and administrative

190.6

186.9

Restructuring and related charges (reversals)

4.7

(1.6)

Operating expense

292.0

276.2

Operating income

89.4

113.2

Interest (income) expense, net

7.1

7.5

Other expense (income), net 

0.2

0.1

Earnings before income taxes

82.1

105.6

Provision for income taxes 

21.3

22.3

Net earnings

$       60.8

$       83.3

Net earnings per share:

Basic

$       0.85

$       1.06

Diluted

$       0.84

$       1.04

Shares used in per share calculation:

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