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Ikon 1Q Profit Slides; Shares Plunge
Ikon
Office Solutions Inc., which sells and leases copiers, printers, fax
machines and other office equipment, said Thursday its fiscal
first-quarter profit edged down and issued lackluster guidance, sending
its shares plunging in morning trading.For the quarter ended Dec. 31,
the company earned $27.3 million, or 21 cents per share, down 1 percent
from $27.6 million, or 21 cents a share, during the same period in the
prior year. The company had 129.3 million shares outstanding in the
latest quarter, down 4 percent from the year-ago period.Revenue slid 3
percent to $1 billion from $1.04 billion.Analysts, on average, were
looking for earnings of 22 cents per share on sales of $1.02 billion,
according to a poll by Thomson Financial.The quarter’s profit was
within Ikon’s outlook range of 20 cents to 22 cents per share, but the
company said it is “not pleased” with its top line performance in the
first quarter.Ikon said it expects second-quarter earnings between 19
cents and 21 cents per share, below analysts’ target of 22 cents per
share.For the full year, the company sees earnings in the range of 90
cents to 95 cents per share, bracketing analysts’ view of 93 cents per
share.Shares fell $1.73, or 10.3 percent, to $15.15 in morning trading
on the New York Stock Exchange. In the past 52 weeks, the stock has
traded between $11.29 and $17.41.
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