*NEWSLEXMARK:TO CUT 1,650 JOBS

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*NEWSLEXMARK:TO CUT 1,650 JOBS

 user 2007-10-23 at 10:36:00 am Views: 49
  • #18986

    Lexmark International To Cut 1,650 Jobs As Profit Declines
    October
    , 2007: Lexmark International Incon Tuesday said it will cut roughly
    1,650 jobs by the end of 2008 in a move that should save about $40
    million in 2008 and $60 million later.

    The cuts will also result
    in pretax costs of $20 million in 2007 and $70 million in 2008.The
    printer maker reported third-quarter net income fell 47% to $45.2
    million, or 48 cents a share, from $85.6 million, or 85 cents a share,
    a year earlier.Excluding one-time charges, the company would have
    earned 60 cents a share.The company attributed the profit decline to
    the continuation of a “very challenging situation” in its consumer
    market segment.

    Sales slipped 3% to $1.24 billion.
    Lexmark
    said it sees fourth-quarter earnings in the range of 32 cents to 42
    cents a share and adjusted per-share earnings excluding restructuring
    charges at 50 cents to 60 cents.