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Lexmark To Lay Off 12 Percent of WorkforcePrinter makers sees higher revenues and profits
Lexmark's revenue for the third quarter, ended Sept. 30, was $1.004 billion, up 8 percent from the same quarter last year. Profits were up 5 percent for the quarter, coming in at $70 million. The company's printer and supplies business was up 13 percent for the quarter, according to the company.
Nevertheless, the workforce cuts will cost the company a pre-tax charge of $100 million to $120 million and is expected to result in an annual savings of $50 million to $60 million.
"These difficult steps are necessary to intensify our focus on being the low-cost producer in the industry. They will also help us to make the required investment in research and development, and to continue gaining share in both the laser and inkjet markets," said Paul J. Curlander, chairman and CEO, in a prepared statement.
For more information, visit http://www.lexmark.com.
Dave Nagel is the producer of Creative Mac and Digital Media Designer; host of several World Wide User Groups, including Synthetik Studio Artist, Adobe Photoshop, Adobe InDesign, Adobe LiveMotion, Creative Mac and Digital Media Designer; and executive producer of the Digital Media Net family of publications. You can reach him at email@example.com.
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