Earnings Briefs

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Imation Data Storage Segment Revenue Rises

Oakdale, Minn. — Optical data storage media maker Imation enjoyed a 25.5 percent increase in data storage segment revenue in the first quarter, rising to $326.3 million, from $260 million in the year-ago period. Operating income for the data storage business in the first three months, ended March 31, edged up to $31.8 million, from $31.4 million year-on-year. Consolidated revenue in the first quarter grew 24.2 percent, reaching $339.3 million, from $273.3 million in the same three months a year ago. Net income remained flat at $21.4 million in the first three months, compared with $21.5 million year-over-year. Gross margin for the period was 27.5 percent, down from 31.9 percent a year ago, due primarily to product mix. Expenses were 13.2 percent of revenue in the first quarter, compared with 15.2 percent year-on-year. Imation U.S. sales dropped to 40 percent of the total, down from 46 percent a year earlier. For the year, the company expects to deliver 15 percent revenue growth, and operating income ranging from $123 million to $127 million.

Ingram Micro Sales Flat, Income Up

Santa Ana, Calif. — North American sales at technology service provider Ingram Micro, accounting for 44 percent of overall revenue, were flat, at $2.8 billion, in the fiscal first quarter, ended April 3, hitting $2.8 billion. Operating income reached $25.3 million in North America, compared with $14.9 million year-on-year. Last year’s North American operating income, excluding costs, was $26.8 million. Ingram Micro worldwide first quarter sales hit $6.3 billion, a 15 percent jump over the $5.5 billion year-on-year. First quarter net income reached $37.6 million, vs. $10.1 million in the same three months a year ago. Year-ago net income, excluding costs, was $23.2 million. Second quarter sales are expected to range from $5.6 billion to $5.8 billion, with net income ranging from $21 million to $25 million. The company’s second and third quarters tend to be softer than the other two periods.

Plantronics Q4 Revenue Hits $121 Mil.

Santa Cruz, Calif. — Headset maker Plantronics recorded record revenue in its fiscal fourth quarter, ended March 31, hitting $121.4 million, a 38 percent jump over the $88.1 million reported in the year-ago period. Net income about doubled in the three months, reaching $20.9 million, up from $10.6 million year-on-year. Revenue from mobile headsets in the quarter was $25.9 million, down from $29.5 million in the preceding quarter, due to seasonal fluctuations, and up from $12 million in the year-ago fourth quarter. Plantronics revenue for the 12 months hit $417 million, vs. $337.5 million for the past year. Yearly net income climbed to $62.3 million, from $41.5 million year-over-year. Anticipated revenue for the first quarter of the current year is $120 million to $125 million.

Lexmark Q1 Earnings Soar 28%

Lexington, Ky. — Posting its third consecutive quarter of double-digit revenue, printing solutions provider Lexmark International recorded a 13 percent jump in sales in the first quarter, hitting $1.3 billion, up from $1.1 billion in the year-ago period. Net earnings reached $121 million, a rise of 28 percent from the $94.6 million reported in the first three months in 2003, helped by strong sales of replacement ink and toner. Gross profit margin in the first quarter increased to 32.7 percent, from 32.1 percent year-on-year. This move was due to improved product margins, somewhat offset by a higher mix of lower-margin printers. In the second quarter, Lexmark anticipates year-over-year revenue growth in the high single to low-double digits, yet the company tempered its optimism, cautioning about the uncertain economic environment and the potential for aggressive price competition.

Logitech Q4 Net Income Soars 44%

Fremont, Calif. — Personal interface products maker Logitech International, in racking up its sixth consecutive year of record sales and profitability, said it finished its fiscal year, ending March 31, with its best fourth quarter in the company’s history. Sales climbed 15 percent, hitting $347.1 million, up from $301.7 million in the same three months last year. Net income in the quarter increased to $38.5 million, up 44 percent from the $26.6 million reported year-on-year, while gross margin was 33.2 percent, compared with 31.6 percent in the fourth quarter a year ago. For the 12 months, revenue also increased 15 percent, to $1.3 billion, from $1.1 billion the previous year. Net income rose 34 percent, reaching $132.2 million, from $98.8 million in the same period a year ago. Gross margin was 32.2 percent for the 12 months, compared with 33.1 percent last year. Logitech claimed a 15 percent quarterly retail sales rise, and 12 percent for the year, citing "robust" fourth quarter growth in web cams, PC headsets and PC gaming peripherals. Fiscal year sales are expected to grow by 10 percent

Kodak Q1 Digital Revenue Rises 44

Rochester, N.Y. — Boosted by a 44 percent first quarter rise in overall digital revenue, exceeding expectations, Eastman Kodak reported a 5 percent increase in U.S. sales in the company’s digital and film imaging systems segment, hitting $720 million, up from a year-ago $687 million. Digital accounted for about 30 percent, or $4 billion, of 2003 Kodak sales of $13.3 billion. In the next two years, Kodak expects digital imaging to account for 60 percent of sales and half of profit. Quarterly highlights included a 98 percent increase in digital cameras, and a 55 percent increase in sales from photo kiosks and related media. The segment reported first quarter earnings from continuing operations before interest, income tax and other charges of $16 million, compared with a loss of $46 million year-on-year. Consolidated Kodak revenue, spurred by digital products sales increases and benefits from a weak U.S. dollar, increased 11 percent in the first quarter, ended March 31, reaching $2.9 billion, up from $2.6 million a year earlier. Net earnings more than doubled, to $28 million, from $12 million.

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