Thursday, October 20, 2011

OCE Reports Financial Results for Q3 2011

Océ reports net loss and improved printer sales

Highlights third quarter (ended 30 September 2011):

Total revenues: € 621 million organically in line with prior year

Organically: non-recurring revenues +5%, recurring revenues -2%

Normalized operating income: € 1 million (2010: € 22 million)

Net loss: € - 22 million (2010: € 8 million)

Successful launch major new joint Canon-Océ technology and printers

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

‘Third quarter printer sales improved over the previous year thanks to our comprehensive product range and a recovering supply chain. Despite increased printer sales we need to significantly improve our bottom line. Therefore we will continue to carry out measures to mitigate the ongoing challenging conditions. These include a continuous ramping up of the production of new machines, intensifying marketing and sales efforts and ongoing stringent cost control.

Reviewing the third quarter our printer sales improved. Production of continuous feed printers such as the Océ ColorStream 3500 system was ramped up and sales developed favorably. After having completed their learning phase in the first half of 2011, our sales force increasingly sold Canon printing systems connected to Océ software solutions. Overall construction and engineering markets remained weak in the USA and Europe, impacting wide format printer sales.

During the quarter, jointly with Canon, we have launched the Océ DirectPress technology as well as new black & white and color productive printers. These new products have been developed by the combination. In addition Océ participated in the kick off of an open innovation center, where corporations and knowledge institutes jointly will develop new document services. This is fully in line with our commitment to leveraging the opportunities of the growing document services markets.’

Pulled from the middle of the report, here’s what OCE said about WFPS results:

Wide Format Printing Systems (WFPS)

In the quarter, the construction markets in the USA and Europe remained weak, impacting the performance of WFPS. Sales of technical documentation printers was picking up in North America and Asia due to the success of specific placement programs. Jointly with Canon, Océ wide format sales force has intensified marketing efforts in India, Korea and Japan. Printing volume was affected by the poor business climate in the construction and engineering market.

In September, Océ launched the Océ ColorWave 2nd Edition for large format black & white and color printing, scanning and copying. With this system, architects and engineers no longer need to invest in separate printers and scanners for large B&W and color documents. Driven by innovative industrial design, the 2nd Edition of the Océ ColorWave 300 requires less floor space in the offices of architects and engineers.

Revenues in WFPS amounted to € 167 million. Organically, revenues decreased by –2%. Non-recurring revenues amounted to € 64 million. Organically, revenues declined by–1%.

Recurring revenues amounted to € 103 million. Organically, revenues declined by –3%, mainly due to the decline in Imaging Supplies.

Normalized operating income amounted to € 10 million (2010: € 9 million).

You can access a copy of OCE’s Q3 Financial results report at this Internet address:

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