OCE Results - Q2 2011

I think I forgot to report about this, OCE’s results for Q2 2011, which were released in late July 2011….

From the headline section of the report:

Océ Q2 2011 impacted by challenging conditions Highlights second quarter (ended 30 June 2011):

• Net loss: € – 14 million (2010: € – 11 million)

• Normalized operating income: € – 7 million (2010: € 20 million)

• Organically, total revenues – 4% to € 626 million (2010: € 676
million); non-recurring revenues – 12%; recurring revenues –1%

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

“Revenues continued to decrease in the challenging second quarter due to several circumstances. The construction markets in the USA and Europe showed an even further decline compared to last year. This had an impact on the development of the total results of Wide Format Printing Systems.”

Later on, in the body of the report, where OCE talks about the performance of its individual business segments:

Wide Format Printing Systems (WFPS)
The construction markets in the USA and Europe showed an even further decline compared to last year. This had an impact on the development of the total results of WFPS. Printer sales in WFPS developed positively driven by targeted action plans, strengthening the competitive position of the Océ sales companies.

Display Graphics Systems maintained its revenue growth. In the quarter the Océ Arizona 360 GT and XT flatbed printing system was launched at the annual Fespa trade fair, held this year in Hamburg in May. Customer deliveries started in the second quarter and will accelerate in the second half of the year.

Revenues in WFPS amounted to € 186 million. Organically, revenues increased by 2%. Non-recurring revenues amounted to € 73 million. Organically, revenues rose by 8%. Recurring revenues amounted to € 113 million. Organically, revenues declined by –1%.
Normalized operating income amounted to € 5 million (2010: € 13 million).

Océ Business Services (OBS)
In the quarter, OBS continued to grow revenues in higher value-added services like records management, litigation support and business process outsourcing. These increasingly substitute commodity services and therefore generate higher margins.

OBS was recently, for the fifth consecutive year, named in the International Association of Outsourcing Professionals’ Global Outsourcing 100 list. Customers are increasingly consulting this list to partner with service providers who have achieved solid outsourcing results.

In Europe, OBS won a significant contract with the UK subsidiary of the international insurance company AEGON. In Spain, OBS signed a new contract with leading household appliance provider Bosch Siemens. Throughout Europe, OBS registered a growing customer demand for its value-added services.

Revenues at OBS amounted to € 113 million. Organically, revenues increased by 1%. Normalized operating income amounted to € 5 million (2010: € 6 million).

You can access the complete report by visiting OCE’s web-site. I’m not going to bother to post the report in my Google Docs library, unless I get a request to do so.