OCE : PROFITS DOWN 98%

[Anonymous]

http://www.google.com/hostednews/ap/article/ALeqM5hMWVAhuXu1ayIkm0cQtThuCf8lQAD95LGUC00
Dutch printer maker Oce profits down 98 pct
AMSTERDAM,
Netherlands — Dutch printer maker Oce NV said Monday its earnings
plunged 98 percent in the fourth quarter, as business slowed sharply
amid the global economic downturn, and said it would seek to cut costs.

Oce,
a major maker of printing systems for professional printers, was the
first Dutch blue chip company to report quarterly earnings in what is
expected to be a grim earnings season.Net profit was euro700,000
($938,000), down from euro36.1 million in the same period a year
earlier.Sales were down 4.3 percent to euro802 million.The company’s
Chief Executive Rokus van Iperen said the company’s business was
“severely” affected by fallout from the financial crisis.

To cut
costs and maintain market share, Oce will “seek partnerships” and try
to outsource more of its sales to third parties, Van Iperen said.Oce
will also try to generate extra cash by selling real estate, reducing
inventories and payments due from customers, he said in a
statement.Shares fell 6.5 percent to euro3.17 in early trading in
Amsterdam.

[Author]

January 12, 2009 at 3:30 PM