*NEWS*IKON 1Q PROFIT SLIDES:SHARES PLUNGE

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*NEWS*IKON 1Q PROFIT SLIDES:SHARES PLUNGE

 user 2007-02-01 at 9:49:00 am Views: 62
  • #17055

    Ikon 1Q Profit Slides; Shares Plunge
    Ikon
    Office Solutions Inc., which sells and leases copiers, printers, fax
    machines and other office equipment, said Thursday its fiscal
    first-quarter profit edged down and issued lackluster guidance, sending
    its shares plunging in morning trading.For the quarter ended Dec. 31,
    the company earned $27.3 million, or 21 cents per share, down 1 percent
    from $27.6 million, or 21 cents a share, during the same period in the
    prior year. The company had 129.3 million shares outstanding in the
    latest quarter, down 4 percent from the year-ago period.Revenue slid 3
    percent to $1 billion from $1.04 billion.Analysts, on average, were
    looking for earnings of 22 cents per share on sales of $1.02 billion,
    according to a poll by Thomson Financial.The quarter’s profit was
    within Ikon’s outlook range of 20 cents to 22 cents per share, but the
    company said it is “not pleased” with its top line performance in the
    first quarter.Ikon said it expects second-quarter earnings between 19
    cents and 21 cents per share, below analysts’ target of 22 cents per
    share.For the full year, the company sees earnings in the range of 90
    cents to 95 cents per share, bracketing analysts’ view of 93 cents per
    share.Shares fell $1.73, or 10.3 percent, to $15.15 in morning trading
    on the New York Stock Exchange. In the past 52 weeks, the stock has
    traded between $11.29 and $17.41.