*NEWS*RICOH BUYING BACK SHARES

  • ces_web_banner_toner_news_902x1776
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • clover-depot-intl-us-ca-email-signature-05-10-2017-902x1772
  • 4toner4
  • ncc-banner-902-x-177-june-2017
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • 2toner1-2
  • Print
  • banner-01-26-17b
  • cartridgewebsite-com-big-banner-02-09-07-2016
Share

*NEWS*RICOH BUYING BACK SHARES

 user 2008-05-22 at 2:51:44 pm Views: 61
  • #20327
    http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSP14246520080522
    Ricoh to keep buying back shares
    TOKYO,
    May 08 – Japanese office equipment maker Ricoh Co Ltd said it plans to
    buy back about 15-20 billion yen ($146-$194 million) worth of its own
    shares each year to boost shareholder returns and prepare for
    acquisitions.Ricoh Chief Executive Shiro Kondo told the Reuters Global
    Technology, Media and Telecoms Summit in Tokyo that he aimed to bring
    its North and South America business back to profitability in the
    current business year to March 2009, encouraged by a strong showing
    there last month.Ricoh, which competes with the likes of Xerox Corp 
    and Canon in copiers and printers, posted an operating loss in the
    region in the past two quarters as the economy faltered and it
    struggled through a merger of its sales arms.”America did well in April
    but it is too early to let our guard down with optimism that those
    conditions will continue,” Kondo said. “At the very least we want to
    bring it back into the black this financial year.”Ricoh bought back
    about 15 billion yen worth of its own shares in the past business year
    ended March 31, and Kondo said the company would look to buy its shares
    back at about the same pace each year going forward.”I would expect us
    to do about 15-20 billion worth a year,” he said, adding that Ricoh
    could use the shares it buys back from the market as a currency for
    future acquisitions.

    Ricoh announced earlier this month that it
    would buy out minority shareholders in subsidiary Ricoh Elemex Corp.
    through a stock swap using its treasury shares.Kondo said he had no
    plans to take similar action with Ricoh Leasing , another listed
    subsidiary in which it owns a little under 47 percent. “We are not at
    all thinking of making it a wholly-owned unit,” he said.Like other
    copier and printer makers, Ricoh is looking for ways to strenghten its
    business of offering document management and other services to
    companies to complement its mainstay operations of selling and
    maintaining office machines.Kondo mentioned Hewlett-Packard’s recently
    announced plans to buy technology outsourcing company Electronic Data
    Systems Corp  as an example of the direction in which his industry was
    moving.”It will probably become increasingly difficult to grow without
    IT network services,” Kondo said.