*NEWS*EPSON Q4 PROFIT TUMBLES,NEW PRESIDENT TAPPED

  • 4toner4
  • facebook-tonernews-12-08-2016
  • 2toner1-2
  • 536716a_green_sweep_web_banner_902x17712
  • futor_902x177v7-tonernew
  • Print
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • big-banner-ad_2-sean
  • toner-news-big-banner-nov-8
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • 161213_banner_futorag_902x177px
Share

*NEWS*EPSON Q4 PROFIT TUMBLES,NEW PRESIDENT TAPPED

 user 2008-04-30 at 2:54:15 pm Views: 41
  • #19529
    Seiko Epson Q4 profit tumbles, new president tapped
    http://www.reuters.com/article/rbssTechMediaTelecomNews/idUST4852720080430
    TOKYO,
    April 08 Japan’s Seiko Epson Corp  posted a 54 percent fall in
    quarterly operating profit on Wednesday, hit by sharp price falls in
    its ink-jet printers and LCD panels, and forecast a
    smaller-than-expected gain this year.

    Seiko Epson said that
    Managing Director Minoru Usui would become president in June, replacing
    Seiji Hanaoka, who will become chairman.Since Hanaoka took the helm in
    April 2005, shares in Seiko Epson have lost 29 percent as its
    profitability was hurt by struggling small- and medium-sized LCD
    display business, while the benchmark Nikkei average .N225 gained 19
    percent.

    Usui, a 53-year-old engineer, joined the company in
    1979 and has led Seiko Epson’s printer development operations.For the
    year ending March 2009, Seiko Epson forecast an operating profit of 61
    billion yen ($585.8 million), up 6 percent on the year but below a
    consensus of 64.8 billion yen in a poll of 14 analysts by Reuters
    Estimates.Seiko Epson, which competes with Canon Inc  in printers and
    Sharp Corp  in small LCD displays, said it plans to consolidate its
    three LCD manufacturing plants in Japan into one to turn around its
    display panel business.The company posted an operating profit of 1.87
    billion yen in January-March, down from 4.02 billion yen a year earlier
    and missing a market consensus of a 4 billion yen profit.Prior to the
    announcement, shares in Seiko Epson gained 2.4 percent to close at
    2,810 yen, outperforming the Nikkei’s 0.3 percent fall.