EPSON SLOWER THAN EXPECTED SALES OF INK

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EPSON SLOWER THAN EXPECTED SALES OF INK

 user 2005-03-29 at 10:43:00 am Views: 50
  • #11154
    SEIKO
    EPSON slower-than-expected sales of consumables such as ink cartridges in the
    printer division
    .

    Seiko
    Epson, the world’s second-largest maker of ink jet printers behind
    Hewlett-Packard Co. , joined Sanyo Electric in saying it would likely
    miss its earnings forecasts.

    Seiko
    Epson cut its net profit forecast for the year to March by 17 percent to 54
    billion yen amid sluggish demand and sharp falls in the prices of display
    panels.

    Seiko
    Epson is the world’s third-biggest maker of small and medium-sized LCD panels
    after Sharp Corp.  and Toshiba Matsush*ta Display Technology, a joint venture
    between Toshiba and Matsush*ta Electric Industrial Co.

    The
    company, also battered by slower-than-expected sales of consumables such as ink
    cartridges in the printer division, pared its revenue forecast by 3.9 percent to
    1.473 trillion yen.

    The
    lowered forecasts fall short of a consensus net profit estimate of 62.25 billion
    yen on projected sales of 1.52 trillion yen, according to a Reuters Estimates
    poll of 18 analysts.

    “As
    printer demand remains robust, we can count on recovery in sales of consumables
    in the next business year,” Seiko Epson Vice President Toshio Kimura told
    reporters.

    “We also
    see signs of a turnaround in the poly silicon TFT (thin-film-transistor) LCD
    business since the start of the month.”

    In
    another move that underlined consumer electronics makers’ plight in the face of
    steep price falls, Pioneer Corp.  on Wednesday unveiled plans to cut 2,000 jobs
    and shutter about one-fourth of its global production sites.

    Pioneer
    warned in January it would fall into the red this business year, hit by sliding
    prices of and weak sales of its mainstay products — plasma display panels, DVD
    recorders and DVD drives.

    Prior to
    the announcements, shares in Seiko Epson ended the day down 0.49 percent at
    4,060 yen while Sanyo Electric closed down 1.12 percent at 352 yen and Pioneer
    slid 1.44 percent to 1,981 yen.