LEXMARK PRINTERS BACK AT BESTBUY.COM

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LEXMARK PRINTERS BACK AT BESTBUY.COM

 user 2010-10-27 at 7:05:02 am Views: 36
  • #23947
    http://www.kentucky.com/2010/10/27/1495543/lexmark-ceo-retiring.html
    LEXMARK PRINTERS BACK AT BESTBUY.COM
    good news amid announcement of 21% drop in stock price
    Lexmark
    executives announced Tuesday its inkjet printers are once again for
    sale inside Best Buy, the nation’s largest consumer electronics chain.
    It was good news on a day that was otherwise dominated by the company’s
    stock price suffering a major fall.While Best Buy has continued to sell
    Lexmark ink and sold the company’s printers on BestBuy.com, it has not
    sold them in stores since 2008.”We are excited about Best Buy,” said
    Paul Rooke, Lexmark’s new CEO and still the leader in the interim of its
    inkjet printer division. “It’s a better demographic, higher-end
    customer for us. “That’s what we’re driving for as we reach higher-usage
    customers.”Rooke told the Herald-Leader the company’s success in office
    superstores, including Office Depot, Staples and OfficeMax, “helped
    turn their head.”

    Best Buy is stocking three products: the $99
    Impact, $199 Interact and $299 Pinnacle Pro. The company has also
    started taking pre-orders for Lexmark’s Genesis, an all-in-one set to
    debut in January that includes a new document-scanning technology that
    dramatically reduces scanning speeds.”Best Buy is really excited about
    that,” Rooke said.

    That was the good news in the earnings report
    for the inkjet division, which saw revenue drop 10 percent year over
    year. The company had gotten closer to having year-over-year growth in
    the division, but fell short as the growth in sales of high-end inkjets
    was more than offset by the decline in sales of low-end units.

    The
    sales drop-off there contributed to the company falling short of
    analysts’ expectations of $1.04 billion in sales. Instead, Lexmark grew
    revenue 6.5 percent year over year to $1.02 billion overall in the
    quarter.

    Some of the investor sentiment likely also concerned the
    company’s announcement of the pending retirement of CEO Paul Curlander,
    who has guided Lexmark out of the recession to revenue growth in each
    of its past three quarters. The company’s stock shed $10.01, or 21
    percent, as it fell to $37.71.

    The company’s stock was also
    downgraded from “buy” to “hold” by Standard & Poor’s analyst Tom
    Smith, who noted the company’s lower-than-expected revenue growth.