Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

Lexmark reports record revenue and EPS for fourth quarter and full year 2003

  • 27 January, 2004 11:42

<p>Please see below Lexmark’s Quarter Four financial results as released from Lexmark International. Lexmark has announced record revenue for the fourth quarter with the highest year-to-year growth since the first quarter of 2000. These positive results reflect strong sales of both inkjet and laser printers.</p>
<p>If you require any further information or would like to speak with someone at Lexmark regarding this announcement, please contact Jessica Sealby or Guy Downes at Howorth Communications on +61 2 9904 4533 or</p>
<p>Lexmark reports record revenue and EPS for fourth quarter and full year 2003</p>
<p>Highest year-to-year sales growth in 15 quarters</p>
<p>SYDNEY, 27 January 2004 - Lexmark International, Inc. (NYSE: LXK) today announced record financial results for both the fourth quarter and full year 2003. Fourth-quarter revenue was US$1.370 billion, an increase of 13 percent, the highest year-to-year growth rate since first quarter 2000. Revenue for the full year ended Dec. 31, 2003 was a record US$4.755 billion. Diluted net earnings per share for the fourth quarter were US$1.05, up 17 percent from the US90 cents reported for the same period a year earlier. Full year earnings per share rose 20 percent to a record US$3.34.</p>
<p>Fourth-quarter laser and inkjet printer revenue increases 23 percent</p>
<p>For the fourth quarter, Lexmark’s revenue was a record US$1.370 billion, a 13 percent increase from the US$1.207 billion reported in the same period of 2002. Laser and inkjet supplies revenue of US$716 million was up 10 percent from US$654 million a year ago. Laser and inkjet printer revenue was US$560 million in the fourth quarter, an increase of 23 percent from US$456 million a year earlier.</p>
<p>Gross profit margin was 31.9 percent for the quarter versus 31.8 percent a year ago. Operating expenses were US$249 million compared with US$224 million in the prior year, and were a record low 18.2 percent of revenue. Operating income margin was 13.7 percent in the fourth quarter versus 13.2 percent in the same period a year earlier. Diluted net earnings per share for the period rose 17 percent to a record US$1.05.</p>
<p>Full year 2003 net cash provided by operating activities was US$748 million</p>
<p>Lexmark’s 2003 annual revenue was US$4.755 billion, an increase of 9 percent over 2002 revenue of US$4.356 billion. Laser and inkjet supplies revenue was US$2.629 billion for the year, a 13 percent increase from US$2.335 billion a year ago, and represents 55 percent of total revenue versus 54 percent in 2002. Laser and inkjet printer revenue grew 8 percent from last year to US$1.760 billion.</p>
<p>Gross profit margin was up 1.0 points from the prior year to 32.5 percent. Operating income was 12.5 percent of revenue or US$594 million, versus US$511 million a year earlier. Diluted net earnings per share for the year were US$3.34, up 20 percent over US$2.79 per share in 2002.</p>
<p>Looking forward:</p>
<p>“We had strong customer demand for our printing solutions in the fourth quarter, and we believe this positions us well for growth in the first quarter,” said Curlander. “While we do see some indications of market improvement, we continue to remain cautious due to the uncertain economic environment and the potential for aggressive price competition. In the first quarter of 2004, we expect a year-over-year revenue growth rate of mid- to high-single digits and earnings per share in the range of US79 to US89 cents.”</p>
<p>Lexmark has hosted a conference call with securities analysts on Monday, Jan. 26, 2004 at 8:30 a.m. Eastern Time (888-338-6461). A complete replay of this call can be accessed from Lexmark’s investor relations web site at</p>
<p>About Lexmark</p>
<p>Lexmark International, Inc. is a leading developer, manufacturer and supplier of printing solutions -- including laser and inkjet printers, multifunction products, associated supplies and services -- for offices and homes in more than 150 countries. Founded in 1991, Lexmark reported approximately $4.8 billion in revenue in 2003, and can be found on the Internet at</p>
<p>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 property of their respective holders.</p>
<p>"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, including, but not limited to, aggressive pricing from competitors and resellers, the impact of competitors’ products, the ability and/or incremental expense to produce and deliver products to satisfy customer demand, market acceptance of new products and pricing programs, financial failure or loss of business with a key customer, reseller or supplier, management of the company’s and resellers’ inventory levels, currency fluctuations, changes in a country’s or region’s political or economic conditions, production and supply difficulties including disruptions at important points of exit and entry and distribution centers, competition in aftermarket supplies, increased investment to support product development, unforeseen cost impacts, conflicts among sales channels, difficulties or delays in software and information systems implementations, the outcome of pending and future litigation or governmental proceedings, intellectual property and other legal claims and expenses, and other risks described in the company's Securities and Exchange Commission filings. The company undertakes no obligation to update any forward-looking statement.</p>
<p>For copies of this and other Lexmark releases, visit the News Room at</p>
<p>For further information please contact:</p>
<p>Jessica Sealby or Guy Downes Rachel York
Howorth Communications Lexmark International Australia Pty Ltd
Tel: +61 2 9904 4533 Tel: +61 2 9930 3500
Email: Email:</p>
<p>Howorth Communications | an Ogilvy PR Worldwide Company | Level 3, 357-359 Military Road Mosman NSW 2088 | T +61 (2) 9904 4533 | F + 61 (2) 9904 9460 I</p>
<p>"Working with companies that innovate through technology"</p>

Most Popular