Oce announces Q3 Revenues Down 15%; Board Changes
Thursday, March 13, 2003
Venlo, 12 March 2003 — At today's General Meeting of Shareholders of Océ N.V., Mr. R. van Iperen, Chairman of the Board of Executive Directors, announced that revenues for the first quarter of 2003 had decreased by approximately 15% compared to the first quarter of 2002. Half of this decrease was due to the exchange rate effects. The decline in revenues results from the ongoing high degree of political uncertainty and the further deterioration of the investment climate. Océ expects that, thanks to the reorganisation measures that were started last year, the decrease in net income, resulting from the above revenue development, will remain limited to 15% to 20% compared to the first quarter of 2002. Figures on the first quarter will be published on April 11, 2003. In view of the continuing uncertainty about economic developments and the willingness of our customers to invest Océ maintains its previous statement that it still takes the view that under present circumstances it is not possible to make a forecast for the full 2003 financial year. Also at today's Annual General Meeting of Shareholders Océ N.V., the Financial Statements for 2002 were adopted and the dividend for the 2002 financial year was fixed at € 0.58 per ordinary share. Mr. G.B. Pelizzari was granted an honourable release and discharge as an Executive Director. Mr. Ronald E. Daly, who was appointed CEO of Océ-USA Holding, Inc. with effect from December 1, 2002 has been appointed member of the Executive Board of Océ N.V. Mr. M. Ververs was granted an honourable release and discharge as a Supervisory Director. Mr. A. Baan has been appointed as a Supervisory Director. Mr. Baan is a former member of the Board of Management and of the Group Management Committee of Royal Philips Electronics N.V. The dividend for the 2002 financial year per ordinary share of € 0.50 nominal value was fixed at € 0.58 in cash. After deduction of the interim dividend the final dividend for the 2002 financial year amounts to € 0.43 per ordinary share of € 0.50 nominal value. The cash dividend will be made available for payment with effect from March 28, 2003.