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 user 2008-01-14 at 12:33:00 pm Views: 39
  • #19038

    Ikon’s Income Is Jammed
    maker Ikon  took a 21.5% free fall Thursday after cranking out a
    significantly weaker earnings view for the fiscal first quarter.

    to an unforeseen year-on-year sales decline and a burdensome tax rate,
    the Malvern, Pa., company now expects quarterly income to drop from
    last year’s 21 cents a share to between 15 cents and 17 cents. That’s
    at least 7 cents under the average analyst estimate from Thomson
    Financial.In October, Ikon had projected a rise from a year earlier –
    22 cents to 24 cents a share — at which point it called growth its
    “main focus” in fiscal 2008.But those plans appear hampered from the
    start this fiscal year, as revenue will likely slip 1% in the first

    CEO Matthew Espe says the company is “immediately”
    addressing that issue, though he added that “we continue to believe
    that our focus on color is the right strategy for Ikon, and see no
    fundamental reason why we can’t grow revenue in fiscal 2008.” Should
    its top line continue to sag in the following quarter, Espe said, “We
    will take further actions.”As for the onerous taxes, Ikon said that,
    primarily due to a Canadian tax-law change, the rate came to 44%. For
    the full year, the tax rate should pan out at 33%, said the
    company.Shares were recently sliding $2.11, or 17.3%, to $10.08.