lexmark international inc-a (LXK) Key Developments
Lexmark Appoints Advisors To Assist In Exploration Of Strategic Alternatives
Oct 29 15
The Board of Directors of Lexmark International Inc. (NYSE:LXK) formed a committee of independent directors to assist in the exploration of strategic alternatives. Goldman, Sachs & Co., Ernst & Young LLP, and legal firm, Wachtell, Lipton, Rosen & Katz LLP have been appointed to assist the Board in the evaluation.
Lexmark International Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Fourth Quarter and Full Year 2015
Oct 27 15
Lexmark International Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2015. For the quarter, total revenue was $851.1 million against $918.1 million a year ago. Operating loss was $21.6 million against income of $54.5 million a year ago. Loss before income taxes was $35.4 million against income of $45.3 million a year ago. Net loss was $15.2 million or $0.25 per basic and diluted share against earnings of $34.7 million or $0.55 per diluted share a year ago. EBITDA was $55 million against $118 million a year ago. Adjusted EBITDA was $104 million against $140 million a year ago. Non-GAAP net earnings were $35 million or $0.57 per share against $61 million or $0.96 per share a year ago. Non-GAAP revenue was $868 million against $921 million a year ago. Non-GAAP operating income was $64 million against $96 million a year ago. Net cash flow provided by operating activities was $22 million compared with $123 million in the same quarter of 2014. Free cash flow was $2 million compared with $87 million in the same quarter of 2014. Capital expenditures were $19 million compared to $36 million in the same quarter last year.
For the nine months, total revenue was $2,582.4 million against $2,687.6 million a year ago. Operating loss was $1.5 million against income of $170.8 million a year ago. Loss before income taxes was $33.2 million against income of $145.2 million a year ago. Net loss was $29.7 million or $0.48 per basic and diluted share against earnings of $102.5 million or $1.62 per diluted share a year ago. EBITDA was $218 million against $365 million a year ago. Adjusted EBITDA was $365 million against $421 million a year ago. Non-GAAP net earnings were $146 million or $2.37 per share against $182 million or $2.88 per share a year ago. Non-GAAP revenue was $2,614 million against $2,696 million a year ago. Core revenue was $2,500 million against $2,497 million a year ago. Non-GAAP operating income was $240 million against $286 million a year ago. Net debt was $954 million.
The company provided earnings guidance for the fourth quarter and full year 2015. For the quarter, the company expects core revenue to decline 1% to 3% year to year. Total revenue is expected to be decline in the range of 4% to 6% year to year. GAAP EPS are expected to be around $0.00 to $0.10. Non-GAAP EPS are expected to be around $1.05 to $1.15. This outlook reflects a static non-GAAP tax rate of 30%.
For the full year, the company expects core revenue to be flat to down 1% year to year. Total revenue is expected to be decline in the range of 3% to 4% year to year. GAAP EPS are expected to be decline around $0.38 to 0.48. Non-GAAP EPS are expected to be around $3.42 to $3.52.
Exploration Of Strategic Alternatives To Enhance Shareholder Value Underway
Oct 27 15
"While Lexmark continues to focus on this growth and transforming the company, Lexmark also recently announced that our Board of Directors has initiated an exploration of strategic alternatives to enhance shareholder value and unlock the intrinsic value created by the company," as said by Paul Rooke, Chairman and Chief Executive Officer of Lexmark International Inc.
Lexmark's Invoice Capture Service SaaS Solution Integrates with Microsoft's Dynamics NAV 2016 Enterprise Resource Planning Platform
Oct 26 15
Lexmark announced the company's Invoice Capture Service (ICS) SaaS solution is now integrated with and available for the Microsoft's Dynamics NAV 2016 enterprise resource planning (ERP) platform, enabling out-of-the-box accounts payable (AP) automation capabilities. Lexmark ICS can be activated on a subscription or pay-per-use basis by users, and offers an initial "freemium" model for processing up to 75 invoices per month without charge, helping customers validate their invoice automation goals before committing to its use. Lexmark ICS delivers invoice capture and processing capabilities on demand, with minimal setup requirements and the scalability needed for all invoice volumes. The solution captures and validates invoice data, replacing manual data entry, to speed invoice cycle times, reduce costs, improve financial visibility, and make content accessible and manageable any time, from any location. Microsoft Dynamics NAV users will gain immediate benefits from Lexmark ICS, including: Improved data accuracy, as it automatically "learns" to read invoices in numerous formats and eliminates error-prone manual data entry. Better supplier relationships, as faster processing eliminates late payments and facilitates early payment discounts. Enhanced financial controls, as increased visibility minimizes duplicate, erroneous and misplaced payments and allows for better cash management. Consistent user experience, as the solution works within the framework of a familiar ERP interface. Easy setup, as the service is installed and configured within 10 minutes—delivering immediate invoice processing efficiency.
Lexmark International Inc. Declares Quarterly Cash Dividend, Payable on Dec. 11, 2015
Oct 22 15
Lexmark International Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.36 per share of Lexmark Class A Common Stock. The dividend
is payable on Dec. 11, 2015, to shareholders of record as of the close of business on Nov. 27, 2015.