The Financial Corner:
- Oce’ has renegotiated its debt covenants, as the company struggles financially, to prevent the banks from taking over company. The new covenants now call for:
- a net debt to EBITDA (earnings before interest, taxes,depreciation, and amortization) ratio of under 3.5
- an EDITDA to net interest ratio of over 3.5
- the banks charged Oce’ 12 million Euros for this covenant restatement
- Lexmark reported its last quarter’s financials:
- earnings down 80%
- stock shares fell $1.27 to $17.50
- profit down to $17 million from $83.7 million a year earlier
- Microsoft Corp. announced it had purchased Yahoo Corp. The company will incorporate this search engine technology into its Bing! Search division. It hopes to now be able to compete against Google Corp.
- Canon reported its last quarter’s financials:
- Net profits down 86% from 107.8 billion yen to 15.6 billion yen ($164 million)
- Will cut 220 billion yen in costs, an increase of 28% of original target
- Predicts at end of fiscal, its profit will be down 62%
- Assumes that dollar/yen exchange of only 95 yen to the dollar
- Stated that the rise in the value of the yen versus the U.S. dollar has cost the
company 151 billion in revenue
- Expects it sales of laser engines to Hewlett Packard (all HP LaserJet products are
actually relabeled Canon’s) will fall 45%
- Copier supply revenue fell nearly 30%
- Total revenue down 28%
- plans on opening up 1,000 factory direct branches in China within 2 years
- Kodak reported its last quarter’s financials:
- sales down 29%
- reported a loss of $191 million
- revenue from digital business down 28%
- gross profit was 18.5% of sales, a decline from 23.6% a year ago
- SG&A expenses were down 26%
- R&D expenses down 38%
- Current debt is $1.311 billion
- Graphic Communications Group sales were down 24% (this is division that makes controllers and product print systems)
- Pitney Bowes reported its last quarter’s financials:
- revenue was $1.38 billion compared with $1.59 billion a year ago
- reduced its debt by $179 million
- U.S. Mailing revenue declined 8%
- Equipment sales declined 7%
- Software revenue declined 12%
- EFI announced results of its last quarter’s financials:
- revenues were $90 million compared with $186 million a year ago
- a net loss of $13.3 million
- CEO, Guy Gecht, stated “main disappointment for the quarter was the delay in shipping the Vutek GS3200” (this is a $600,000 high speed wide format color inkjet system)
- Reduced operating expenses by 22%
- Sharp reported details on its past financial quarter’s performance:
- reported a 20% drop in sales, down to $6.32 billion
- reported a loss of $266 million, as compared to a profit of $262 million a year ago
- Office technology sales down 14%
- announced a joint venture with Sony to sell large sized color LCDs
No comments:
Post a Comment