25 January 2007 — Malvern (PA): IKON Office Solutions has reported Q1 total revenue of $1 billion, down 3 percent year-over-year, including a 1 percent currency benefit.
Net income was $27 million, or diluted EPS of $0.21, up 20 percent from adjusted EPS of $0.18 last year.
Equipment revenue, which includes the sale of copier/printer multifunction products, was $416 million, a fall of 2 percent from the previous year. The company attributes the year-over-year decline to lower revenue in the black and white office and production segments due to continued pricing pressures in line with industry trends, although partially offset by colour revenue growth and currency.
IKON’s chairman and CEO said: "While we met our EPS guidance for the quarter, we are focused on our top line performance and are taking actions to address revenue growth."
He continued: "We also remain focused on spending reductions and on the roll out of One Platform, our initiative to migrate to a single IT platform in the US. We continue to expect that our US migration to One Platform will be two-thirds complete by the end of fiscal 2007."