Earnings Briefs - Twice

Earnings Briefs

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Imation Data Storage Biz Q3 Sales Rise, Operating Income Dips

Oakdale, Minn. — Record data storage and information management segment revenue — in a 'difficult and uncertain economic and industry environment' — helped Imation push total third quarter sales to $287.8 million, compared with $263.8 million in the third quarter last year. Third quarter data storage segment sales reached $274.4 million, up from $249.5 million year on year. Aggressive price pressure negatively impacted profit, with overall Imation operating income dropping to $22.7 million in the third quarter, ended Sept. 30, compared with $27.5 million year on year. Overall net income decreased to $16.4 million in the three months, down from $18.5 million in the same quarter last year. Operating income for the data storage segment slid to $19.6 million in the three months, compared with $26.7 million year over year.

Lexmark Q3 Supplies, Printer Revenue Each Rises 13%

Lexington, Ky. — Laser and inkjet supplies revenue climbed 13 percent in the third quarter at Lexmark International, reaching $641 million, up from $568 million in the year-ago three months. Supplies totaled 55 percent of the company's revenue for the quarter. Laser and inkjet printer revenue jumped 13 percent in the third quarter, ended Sept. 30, to $430 million, up from $381 million a year earlier. Lower printer margins, primarily offset by higher supplies margins brought Lexmark's overall third quarter margin down to 32.1 percent. Consolidated revenue for the third quarter rose 11 percent, to $1.2 billion, up from $1 billion year on year. Net earnings for the third quarter hit $104.1 million, compared with $89.8 million in the same three months of 2002. Consolidated revenue for the nine months increased 7 percent, to $3.4 billion, up from $3.1 billion in the same period a year ago. Net earnings increased to $300.4 million, from $250.4 million year over year.

Logitech Q2 Sales Increase 17%; Net Income Flat

Fremont, Calif. — Logitech reported a 17 percent increase in fiscal second quarter sales, reaching $294 million, up from $252 million in the year-ago period. Net income for the three months, ended Sept. 30, was flat, coming in at $21.2 million, compared with $21 million in the same quarter in 2002. Gross margin in the second quarter rebounded to 31.5 percent, compared with 27.8 percent year on year. The company said strong quarterly revenue results were largely due to robust OEM sales. Significant growth also was attributed to key retail Logitech-brand cordless mice, gaming peripherals for consoles and PCs, and PC speakers and headsets. For the six months, sales hit $511.8 million, up from $446.8 million in the same period a year ago. Net income, however, dropped to $26.9 million in the six months, from $31.8 million in the fiscal first half of 2002.

Kodak Q3 Income Drops 63%; Digital Camera Sales Increase 117%

Rochester, N.Y. — With digital camera demand decreasing the need for film, camera film maker Eastman Kodak reported third quarter net income of $122 million, down 63 percent from the $334 million in income recorded in the year ago period. Sales for the three months, ended Sept. 30, totaled $3.45 billion, a 3 percent increase from the $3.35 billion registered year on year. Kodak did enjoy a 117 percent increase in digital camera sales during the third quarter, and said it posted its first-ever profit in consumer digital camera sales on a fully allocated basis. The company, which has announced new emphasis on digital printing, as it moves away from film, claimed a 43 percent rise in third quarter sales of online photo finishing. It also posted a 33 percent third quarter increase in inkjet paper sales and a 14 percent rise in sales of photo kiosks and related media.

Plantronics Mobile Headsets Lead Overall Q2 Revenue Gain Of 15.5%

Santa Cruz, Calif. — Revenue in all product groups grew at Plantronics in the company's fiscal second quarter, with the largest increase coming from new headsets for mobile phones. Revenue in this product group was up 56 percent, compared with the year-ago three months. Second quarter consolidated sales jumped 15.5 percent, to $95.1 million, up from $82.4 million year on year. Net income for the quarter, ended Sept. 30, reached $12.4 million, compared with $11.5 million the previous year. On a year-to-date basis, operating margin increased to 17.7 percent, from 16.8 percent, and was 18.4 percent in the second quarter. Sales for the six months reached $187.9 million, up from $162.6 million in the same six month in 2002. Net income for the first half hit $23.7 million, compared with $21.7 million year on year. Looking ahead, Plantronics expects third quarter revenue in the range of $95 million to $100 million.

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