*NEWS*EPSON NET RISES 49%

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*NEWS*EPSON NET RISES 49%

 user 2007-02-08 at 11:10:00 am Views: 56
  • #17752

    Seiko Epson Net Rises 49% on Higher-Margin Printers
    FEB.07
    – Seiko Epson Corp., the world’s second-biggest inkjet printer maker,
    said third-quarter profit rose 49 percent on higher-margin
    multifunction office machines.Net income climbed to 13.5 billion yen
    ($111 million) in the three months ended Dec. 31, from 9.1 billion yen
    a year earlier, the Suwa, central Japan-based company, said in a
    statement today. Sales fell 13 percent to 396.7 billion yen because of
    price decreases at its printer and liquid-crystal display
    businesses.Seiko Epson is focusing on printers that can also photocopy
    and fax to drive earnings as it cut shipments of lower-end models. The
    company has 20 percent of the inkjet market, half the size of leader
    Hewlett-Packard Co.’s 40 percent share, according to researcher Gartner
    Inc.“It is a positive move that the company is approaching its target
    of increasing profitability,” Yuuki Sakurai, who helps manage the
    equivalent of $32 billion in stocks and bonds at Tokyo-based Fukoku
    Mutual Life Insurance Co. “The company’s future is pretty
    bright.”Operating profit, or sales minus the cost of goods sold and
    administrative expenses, rose 48 percent to 25.3 billion yen from 17.1
    billion yen a year earlier, the company said.Exchange rate gains added
    4.6 billion yen to operating profit as the yen weakened against the
    euro and the dollar, Kenji Kubota, Seiko Epson general managing
    director, said today at a news conference in Tokyo.The company today
    lowered its annual sales forecast to 1.41 trillion yen for the year
    ending March 31, from an October forecast for 1.43 trillion yen and
    compared with 1.55 trillion yen the previous year.The company today
    revised its full-year estimates for average exchange rates to 116 yen
    from 114 yen versus the dollar and to 148 yen from 146 yen against the
    euro.Full-year profit will probably be 14 billion yen in the year to
    March 31, the company said today, leaving its previous forecast
    unchanged.Sales at its printer and projector business fell 9.1 percent
    to 269.9 billion yen, accounting for 68 percent of total revenue.
    Operating profit at the division more than doubled to 32.5 billion yen
    from 15.1 billion yen a year earlier.Revenue at its electronics device
    unit, including LCDs and semiconductors, fell 23 percent to 113.1
    billion yen. The unit had a loss of 5.7 billion yen, compared with 3.2
    billion yen profit a year earlier.Shares of Seiko Epson fell 1.3
    percent to 3,140 yen at the close on the Tokyo Stock Exchange. The
    results were released after the market closed.