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Lexmark reports full year and fourth quarter 2010 results

LEXINGTON, Ky. Feb. 1, 2011

Paul Rooke

"Lexmark’s managed print services continued to experience rapid growth as we earned the business of some of the world’s largest companies, leveraging our industry leading, cloud-based fleet management software tools. Additionally, our acquisition of Perceptive Software, a leader in enterprise content management software, extends our value and represents another key step in growing software and services to help businesses of all sizes save time and money," added Rooke.

Full Year 2010 Results

$4.200 billion $3.006 billion

Earnings Per Share

2010

2009

GAAP

$4.28

$1.86

  Restructuring-related adjustments

 0.37

 1.40

  Acquisition-related adjustments

 0.31

 0.00

Non-GAAP

$4.96

$3.26

$4.28 $0.68 $4.96 $1.86 $3.26 $1.40

$1.062 billion $2.915 billion $223 million $236 million

$4.162 billion June 8 Dec. 31, 2010 $37 million $50 million

2010 GAAP full year results:

  • Gross profit margin was 36.2 percent versus 33.8 percent in 2009.
  • $1.073 billion $1.094 billion
  • Operating expense to revenue ratio was 25.5 percent compared to 28.2 percent last year.
  • $71 million $141 million
  • $340 million $146 million

2010 non-GAAP full year results, excluding restructuring-related and acquisition-related adjustments:

  • $4.213 billion
  • Gross profit margin would have been 37.0 percent, up 1.9 percentage points from 35.1 percent in the same period last year.
  • $1.041 billion $1.004 billion
  • Operating expense to revenue ratio would have been 24.7 percent, down 1.2 percentage points from 25.9 percent last year.
  • Operating income margin would have been 12.3 percent, an increase of 3.1 percentage points from 9.2 percent last year.
  • $395 million $256 million

$1.2 billion $520 million $161 million $198 million

Fourth Quarter 2010 Results

$1.104 billion $806 million

Earnings Per Share

4Q10

4Q09

GAAP

$1.10

$0.76

  Restructuring-related adjustments

 0.07

 0.40

  Acquisition-related adjustments

 0.12

 0.00

Non-GAAP

$1.29

$1.16

$1.10 $0.19 $1.29 $0.76 $1.16 $0.40

Hardware revenue grew 3 percent year on year in the fourth quarter. Supplies revenue grew 1 percent year on year in the fourth quarter. Software and Other revenue grew 42 percent, or 53 percent excluding acquisition-related adjustments.

$1.088 billion $17 million $22 million

Fourth quarter 2010 GAAP results:

  • Gross profit margin was 35.6 percent versus 35.7 percent in 2009.
  • $292 million $293
  • Operating expense to revenue ratio was 26.4 percent compared to 27.3 percent last year.
  • $20 million $46 million
  • $88 million $60 million

Fourth quarter 2010 non-GAAP results, excluding restructuring-related and acquisition-related adjustments:

  • $1.110 billion
  • Gross profit margin would have been 36.5 percent, down 0.4 percentage points from 36.9 percent in the same period last year.
  • $283 million $261 million
  • Operating expense to revenue ratio would have been 25.5 percent, up 1.2 percentage points from 24.3 percent last year.
  • Operating income margin would have been 11.0 percent, a decrease of 1.6 percentage points from 12.6 percent last year.
  • $103 million $92 million

$153 million $53 million $54 million

ISS Leads in Combined U.S. Laser and Inkjet Awards

Lexmark continued its leadership position in combined U.S. laser and inkjet awards in 2010 – a testament to the strength and innovation of the company’s product offering.  Lexmark earned 24 percent of the awards in 2010 while its next closest competitor earned 13 percent.

In the fourth quarter, Better Buys for Business, a leading independent evaluator of document imaging equipment, endorsed the productivity features and intuitive interfaces of Lexmark’s newest workgroup color devices with its prestigious annual award. Each of Lexmark’s workgroup color devices launched this past October – the C792, X792, C925 and X925 families – has been recognized with a 2010 Innovative Product of the Year Award.

Also during the fourth quarter, Lexmark garnered three distinguished Pick of the Year Awards from Buyers Laboratory Inc. (BLI), a leading independent testing lab for office equipment:

  • Two of Lexmark’s most recent workgroup color lasers, the C792 and X792 Series, impressed BLI with their rich feature sets and outstanding ease of use. The C792 Series was recognized in the category of "Outstanding A4 Color Printer for Large Workgroups," while the X792 Series won the category for "Outstanding A4 Color MFP for Large Workgroups."
  • In addition, Lexmark’s new Markvision Enterprise fleet management software was praised by BLI with a Pick of the Year Award for being an outstanding document imaging software solution. Markvision Enterprise was a top-performing solution evaluated in BLI’s software testing, earning it the title of "Outstanding Network Device Management Solution."

In January, Lexmark was also named an International CES Innovations 2011 Design and Engineering Awards Honoree for the Genesis all-in-one inkjet printer. The award is sponsored by the Consumer Electronics Association (CEA)®, the producer of the International CES, the world’s largest consumer technology tradeshow.

Perceptive Software Receives Notable Industry Recognition

Perceptive Software was ranked the No. 2 document management and imaging vendor in the healthcare industry in the "2010 Top 20 Best in KLAS Awards: Software and Professional Services." KLAS is a research and consulting firm that specializes in monitoring and reporting the performance of information technology vendors in the healthcare field.

Perceptive Software also attained a notable Pick of the Year Award from BLI for "Outstanding Enterprise Content Management Solution," which recognized the ImageNow 6.5 software for its innovative features and flexibility to be customized precisely to meet an organization’s needs.

Looking Forward

$1.08 to $1.18 $1.18 to $1.28 $0.10 $1.20 $1.35 $0.15

Conference Call Today

8:30 a.m. (EST) 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

$4 billion

www.lexmark.com www.perceptivesoftware.com

Lexmark Facebook page www.twitter.com/lexmarknews

Perceptive Software Facebook page www.twitter.com/perceptivesw

"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, volatility of the global economy, fluctuations in foreign currency exchange rates; inability to be successful in the Company’s transition to higher-usage segments of the inkjet market; inability to realize all of the anticipated benefits of the Perceptive Software acquisition; 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; the inability to meet customer product requirements on a cost competitive basis; possible changes in the size of expected restructuring costs, charges, and savings; entrance into the market of additional competitors focused on printing solutions and software solutions, including enterprise content management solutions; inability to perform under managed print services contracts; decreased supplies consumption; increased competition in the aftermarket supplies business; 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 protect the Company’s intellectual property rights and defend against claims of infringement and/or anticompetitive conduct; reliance on international production facilities, manufacturing partners and certain key suppliers; changes in a country’s political 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.

LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

(In Millions, Except Per Share Amounts)

(Unaudited)

Three Months Ended

Year Ended

December 31

December 31

2010

2009

2010

2009

Revenue

$ 1,104.0

$ 1,073.2

$ 4,199.7

$ 3,879.9

Cost of revenue

710.5

690.5

2,680.2

2,570.1

Gross profit

393.5

382.7

1,519.5

1,309.8

Research and development

96.7

93.3

369.0

375.3

Selling, general and administrative

195.8

173.4

701.2

647.8

Restructuring and related charges (reversals)

(0.6)

26.2

2.4

70.6

Operating expense

291.9

292.9

1,072.6

1,093.7

Operating income

101.6

89.8

446.9

216.1

Interest (income) expense, net

7.4

6.5

26.3

21.4

Other expense (income), net

(1.5)

0.3

(1.2)

4.6

Net impairment losses on securities

0.2

0.7

0.3

3.1

Earnings before income taxes

95.5

82.3

421.5

187.0

Provision for income taxes

7.9

22.5

81.5

41.1

Net earnings

$      87.6

$      59.8

$    340.0

$    145.9

Net earnings per share:

Basic

$      1.11

$      0.76

$      4.33

$      1.87

Diluted

$      1.10

$      0.76

$      4.28

$      1.86

Shares used in per share calculation:

Basic

78.7

78.3

78.6

78.2

Diluted

79.8

78.9

79.5

78.6

LEXMARK INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION

(In Millions)

(Unaudited)

December 31

December 31

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$           337.5

$           459.3

Marketable securities

879.7

673.2

Trade receivables, net

479.6

424.9

Inventories

366.1

357.3

Prepaid expenses and other current assets

206.7

226.0

Total current assets

2,269.6

2,140.7

Property, plant and equipment, net

904.8

914.9

Marketable securities

18.0

22.0

Goodwill

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