Lanier Worldwide, Inc. Announces Fiscal Second Quarter Expectations
ATLANTA, Dec. 6 /PRNewswire/ -- Lanier Worldwide, Inc. (NYSE: LR - news) announced today that based on results through November 1999 management estimates for the second fiscal quarter ending December 31, 1999 are as follows:
Revenue $342-358 million
Net Income $9-11 million
EBITDA $60-62 million
Earnings per share $0.10-0.12 [just one quarter]
The company expects to announce its actual second quarter results in late January 2000. Lanier's fiscal year ends on the Friday nearest June 30.
Wesley E. Cantrell, Chairman of the Board and Chief Executive Officer, said "The December quarter has traditionally been the second strongest quarter of our fiscal year, with our June quarter being the strongest. We expect this fiscal year's second quarter net income to be softer than in prior years, but anticipate the second half will offset first half weakness. We believe continued industry pricing pressures, the effect of a strong Yen on our costs and Y2K uncertainty are contributors to second quarter softness."
Mr. Cantrell commented further on recent initiatives with respect to the company's capital structure: "On December 3, 1999 we implemented the stock repurchase program authorized by our Board on November 30, 1999 and the program is progressing. In addition, we are considering several alternatives to refinance a portion of our outstanding debt to reduce our cost of borrowing."
With 1,600 sales and service locations worldwide, Lanier Worldwide, Inc. and its dealer network form one of the largest global providers of document management solutions. Every day, Lanier and its dealers help customers in more than 100 countries create, enhance and distribute high-quality documents with greater speed, efficiency and economy. Lanier maintains an intense customer focus-called Customer Vision©-and employs DOCutivity©, a document lifecycle approach designed to improve business productivity. Lanier's comprehensive document management solutions portfolio includes digital color copier/printers, black-and-white digital copier/printers, multifunction devices, digital dictation systems, print-on-demand applications and a variety of outsourcing services. Lanier also develops specialized solutions for the healthcare, real estate, legal and manufacturing industries. Lanier was founded in 1934, and is headquartered in Atlanta, Georgia, U.S.A. For more information, please visit Lanier's Web site at www.lanier.com.
Note: For further information, please contact Greg Beil, Vice President, Investor Relations, at 770-621-1076.
SOURCE: Lanier Worldwide, Inc.
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