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Imagistics

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.

 


 




 

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