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Office machines firm Lexmark 'sees lower profits'
23/10/2007 16:58
Lexmark, the second-largest manufacturer of printers in the US, today announced a 47 per cent fall in profit for the third quarter of 2007.
Net income for the office supplies firm decreased to $45.2 million (£22 million) from $85.6 million during this period, it said in a statement. Meanwhile, sales went down by 3.2 per cent to $1.2 billion.
Over the past quarter, Lexmark has introduced several new office machines, including three full-featured all-in-one printers aimed at the small office and home office market - all including wireless connectivity.
Additionally, the office equipment manufacturer launched the Lexmark Legal Partner, which targeted the legal industry by identifying and addressing "unique document workflow management requirements", Lexmark stated.
Paul Curlander, Lexmark chairman and chief executive officer, said that the firm was facing "a very challenging situation in our consumer market segment".
"We are taking steps to shift our consumer market segment focus to higher-usage customers and to improve our cost and expense structure.
"At the same time, we are committed to continuing our strategic investments in new product development and branding to strengthen our position in growth market segments."
Lexmark UK is headquartered in Buckinghamshire.
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