OCE : PROFITS DOWN 98%

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OCE : PROFITS DOWN 98%

 user 2009-01-12 at 3:30:47 pm Views: 67
  • #21164

    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.