Imagistics: Earnings Per Share Up 50% Over Prior Year
02/19/2004
Twenty three months ago we recommended buying Imagistics (IGI)
stock and it has risen 182% since then (69% per year). Today
they announced that fourth quarter earnings per share increased
50% over the prior year. Also, full year 2003 earnings were
up 38% over the prior year. The following is are excerpts
from the company's press release:
TRUMBULL, Conn.--(BUSINESS WIRE)--Feb. 19,
2004--Imagistics International Inc. (NYSE:IGI)
- Earnings per share of $0.33, up 50% over
last year
- Full year 2003 earnings per share of
$1.19, up 38% over prior year
- Fourth quarter copier/MFP revenue up
7%
- 2004 EPS guidance set at $1.45;
up 22% over 2003 level
Imagistics International Inc. (NYSE:IGI)
today announced a 50 percent increase in diluted earnings
per share to $0.33 for the fourth quarter of 2003 compared
with $0.22 for the fourth quarter of 2002. The First Call
median estimate was $0.30. For the full year 2003, diluted
earnings per share were $1.19 compared with $0.86 for 2002,
an increase of 38%. Fourth quarter net income increased by
37 percent over the same period to $5.5 million from $4.1
million last year. For the year 2003, net income was $20.5
million, an increase of 24 percent over the previous year's
net income of $16.4 million.
Marc C. Breslawsky, Imagistics Chairman
and Chief Executive Officer, said, "Once again, we are
very proud to deliver this quarter's results. This is our
eighth straight quarter of year-over-year growth in copier/MFP
(multifunctional product) revenue as we continue to benefit
from our best of breed strategy. Both sales and rentals of
our copier/MFP products showed healthy increases of 6% and
8%, respectively. In fact, as of the end of the fourth quarter,
copier/MFP revenue represented more than two thirds of our
total revenue vs. only 56% in the year 2000."
Mr. Breslawsky added, "The engines
of this growth continue to be increasing print volumes overall
and especially strong color placements. This quarter, color
revenue was more than double the level of a year ago to where
it now represents over 13% of our copier equipment sales.
Also, keep in mind that we are moving more and more toward
plug-and-play type installations with easy connectivity embedded
in all of our new products, both color and black-and-white.
We believe that these connected office solutions, which offer
clear productivity gains to our customers, have become for
us an important driver of increasing volumes of distributed
printing on our MFPs. These connected solutions can serve
as the hub for an entire office's document needs by replacing
older and less efficient desktop-based print technologies.
It is this customer-centric, value added approach that has
gained us the awards and recognition we have received this
year. We were awarded #1 Copier/Multifunction Product in Overall
Customer Satisfaction Among Business Users* in a tie and received
top scores in both product and service in the J. D. Power
and Associates 2003 Copier Customer Satisfaction Study(SM).
We also received the 2003 Most Outstanding Multifunctional
Product Line of the Year award by Buyers Laboratory Inc."
Outlook for 2004
Mr. Breslawsky stated, "Based
on continued confidence in our ability to successfully execute
our business plan and on the strength of our existing base
of recurring revenue, we are providing guidance for 2004 of
$1.45 earnings per diluted share, exceeding the current First
Call median estimate by $0.04 per share. This target represents
a 22% increase over 2003 earnings. We are proud of our products
and services and the organization we are building to deliver
them to our customers. We remain committed to our business
and the goals we have set forth, and we look forward to reporting
to you again on our progress over the periods ahead."
About Imagistics International Inc.
Imagistics International Inc. (NYSE:IGI)
is a large direct sales, service and marketing organization
offering document imaging solutions, including high performance,
leading edge copier/MFPs and facsimile machines to Fortune
1000 companies and other organizations. Its direct sales and
service network is located throughout the United States and
the United Kingdom. Imagistics International is a member of
the S&P SmallCap 600 Index and the Russell 2000 Index(R)
and is headquartered in Trumbull, Connecticut. For additional
information about Imagistics International, please visit www.imagistics.com
and www.IGIinvestor.com.
The statements contained in this news release
that are not purely historical are forward-looking statements,
within the meaning of the Private Securities Litigation Reform
Act of 1995, that are based on management's beliefs, certain
assumptions and current expectations. These statements may
be identified by their use of forward-looking terminology
such as the words "expects," "projects,"
"anticipates," "intends" and other similar
words. Such forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from
those projected. These risks and uncertainties include, but
are not limited to, general economic, business and market
conditions, competitive pricing pressures, timely development
and acceptance of new products, our reliance on third party
suppliers, potential disruptions affecting the international
shipment of goods, potential disruptions in implementing information
technology systems, our ability to create brand recognition
under our new name and currency and interest rate fluctuations.
For a more complete discussion of certain of the risks and
uncertainties that could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" in the Imagistics 2002 Form 10-K and other SEC
filings. The forward-looking statements contained in this
news release are made as of the date hereof, and we do not
undertake any obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise.
The full press release can be found at www.imagistics.com.
*J.D. Power and Associates 2003 Copier
Customer Satisfaction Study(SM). Study based on responses
from 2963 small, medium and large business users in the first
18 months of copier ownership.
CONTACT: Imagistics International Inc.
Timothy J. Klahs, 203-365-2361
timothy.klahs@imagistics.com
SOURCE: Imagistics International Inc.
|
