Océ Releases 4th-Quarter 2010, Full-Year Results
Océ N.V. of the Netherlands reported that total revenues for fourth-quarter 2010 increased 5 percent to 715 million Euro, an increase of 32 percent versus fourth-quarter 2009. Total revenues for 2010 were 2,674 million Euro versus 2,648 million Euro for 2009.
Normalized operating income was 29 million Euro, an increase of 14 percent versus fourth-quarter 2009. Normalized operating income excludes one-off items related to its acquisition by Canon Inc. and restructuring costs. With these charges included, there was a net income loss of –27 million Euro for fourth-quarter 2010 versus a loss of -23 million Euro for fourth-quarter 2009, while earnings per share were –0.29 Euro versus –0.28 Euro for fourth-quarter 2009, with no dividend declared for 2010. For full-year 2010, the company reported a loss of –122 million Euro versus a loss of of –75 million Euro for full-year 2009.
The firm reported that color-imaging revenue grew to 35 percent of revenue in fourth quarter, up 1 percent from fourth-quarter 2009. It also reported that it had completed its phase-in of Canon imaging products, which it is now offering to customers worldwide, and reported revenue increases in continuous-feed systems (which benefitted in particular from sales of the Océ JetStream series), wide-format systems (driven by sales in the graphics markets), and business services, the last of which saw growth mainly in North America.
Performance by Business Unit
Digital Document Systems (DDS) reported revenues of 386 million Euro for fourth-quarter 2010, with color revenue declining to 26 percent of revenue. During fourth-quarter 2010, Océ says it phased-out Konica Minolta equipment, and trained its workforce to sell and service Canon systems. By year-end 2010, Océ was offering Canon printers to its customers worldwide.
Océ says its Wide Format Printing Systems (WFPS) unit showed recovery compared to fourth-quarter 2009, mainly via revenue from Display Graphic Systems. WFPS revenues amounted to 208 million euro, with color share increasing to 54 percent of WFPS revenues.
Océ Business Services (OBS) reported of revenues 121 million Euro for fourth-quarter 2009, an increase of 1 percent, with revenue growth driven by the North America region despite lower print volumes. In Europe, OBS implemented a Pan-European organization designed to help Océ operating companies improve their OBS practice and performance.
For 2011, Océ aims to strengthen its position in mature markets, expand growth in graphic arts and document services, and boosting cross selling with Canon Inc. Together with Canon, it will jointly invest in regional growth markets such as China and India. It also states that it will expand its product portfolio by introducing new printing systems jointly developed with Canon, and will also continue its integration with Canon.
The full report on fourth-quarter 2010 and full-year 2010 can be accessed here.
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