Oce Announces Third Quarter 2008 Results

TRUMBULL, Conn.—(BUSINESS WIRE)—October 1, 2008— Océ N.V.

Highlights of the third quarter:

  • Total revenues Euro 700.1 million (-1.5% organically, excluding fax)
  • Normalized operating income Euro 16.8 million (2007: Euro 21.2 million)
  • One-off items of Euro 28.0 million lead to operating income of - Euro 11.2 million
  • Cost reduction program on track
  • Color increases to 26% of revenues (2007: 20%)

Comments by Rokus van Iperen, Chairman of the Board of Executive Directors:

"The current turmoil in the world economy continues to put pressure on our revenues and margins. We are meeting this challenge by providing new, value adding products and services for our customers, enhancing operational excellence and continuously cutting costs aggressively. Our cost reduction program will achieve Euro 80 million savings in 2008 and an additional Euro 50 million savings in 2009. Year to date we reduced costs by Euro 59 million.

In the third quarter we continued to grow our revenues in the office, print room, display graphics and business services segments. This is a result of our consistent strategy to strengthen our product portfolio and cooperate with partners.

The financial services and construction markets are experiencing well publicized challenges. These developments are significantly impacting revenues from our continuous feed printers and technical document systems, the main cause of our decline in profitability.

Over the quarter, we have achieved rapid growth in color. We sold several multi-million euro Océ JetStream printers and many other color systems, including the recently launched Océ ColorWave 600.

The normalized operating income in the third quarter is positive. Due to one-off items the reported operating income is negative (- Euro 11.2 million).

In the current economic turmoil we refrain from giving an outlook for our full year income. We did however start the fourth quarter of 2008 with an order backlog comparable with last year. Continued cost savings are expected to amount to Euro 21 million in the fourth quarter. Supported by a strong focus on improving all working capital elements and by the anticipated sale of finance lease receivables, we expect a positive free cash flow for the 2008 full year."

Océ: normalized operating income in third quarter of Euro 16.8

 

Summary results of third quarter 2008*

Key figures

 

Third quarter

   

Nine months

 

In million Euro / as %

2008

  2007 2008   2007
 
Total revenues 700.1 753.5 -7.1% 2,107.0 2,259.8 -6.8%

Normalized operating income**

16.8

21.2

-20.7%

54.5

72.1

-24.4%

One-off items -28.0 - - -24.4 -0.7 -
Operating income (EBIT) -11.2 21.2 - 30.1 71.4 -57.9%

Normalized net income **

1.7

12.6

-86.3%

20.6

43.6

-52.7%

Net income -23.7 12.6 - 3.0 43.1 -93.0%
 
* The figures in this report are unaudited.
 
** Adjusted for one-off items, representing continuing business.
Key figures per Strategic Business Unit
 
In million Euro / as %   DDS   OBS   WFPS   Total

Revenues

395.7

101.1

203.3

700.1

Organic growth in revenues, excl. fax

-1.7%

5.9%

-4.5%

-1.5%

Non-recurring revenues

144.8

-

74.7

219.5

Organic growth in non-recurring revenues

-2.0%

-

-3.9%

-2.7%

Recurring revenues

250.9

101.1

128.6

480.6

Organic growth in recurring revenues, excl. fax

-1.5%

5.9%

-4.8%

-0.9%

 
Normalized operating income* 1.6 0.8 14.4 16.8

One-off items

-8.3

-0.1

-19.6

-28.0

Operating income

-6.7

0.7

-5.2

-11.2

 

* Adjusted for one-off items, representing continuing business. One-off items comprise restructuring charges and for WFPS also Euro 17.8 million related to the sale of Arkwright.


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