LEXINGTON, Ky. Lexmark International, Inc. (NYSE: LXK) today reported financial results for its third quarter ended Sept. 30, 2000. Third quarter revenue was a record $927 million, up 10 percent from 1999, and diluted net earnings per share were 50 cents, versus 56 cents in 1999. The company also announced a restructuring plan that will result in fourth quarter pre-tax charges of $35-45 million with an impact on diluted net earnings per share of 19 to 24 cents. These non-recurring charges relate to the relocation of manufacturing, primarily laser printers, to Latin America and Asia, and reductions in associated support infrastructure. The restructuring plan provides for the separation of up to 900 employees, related pension costs, and the write-off of certain assets. Annual savings from t he restructuring should approximate $100 million by 2002, and will be utilized to strengthen the company's competitive position. "This action reflects our continuing efforts to drive down product costs," stated Paul J. Curlander, chairman and chief executive officer. Lexmark's third-quarter revenue was $927 million, an increase of 10 percent over 1999 revenue of $845 million. Without the negative impact of foreign currency translation, revenue growth would have been 15 percent versus last year. Printers and associated supplies revenue increased in all major geographies and was up 13 percent from the same period a year ago, and would have grown 19 percent without the negative currency impact. As noted in the company's press release on Sept. 25, 2000, the rate of revenue growth in the third quarter was also negatively affected by a reduction in channel inventory levels of inkjet cartridges. Gross profit margin in the third quarter of 2000 was 31.9 percent versus 35.9 percent last year due to unfavorable foreign currency impact, lower hardware margins, and a mix shift among products. Operating expense increased 5 percent in the quarter, but declined to 21.2 percent of revenue, an improvement of 1.0 points from a year earlier. Operating income was $98 million as compared to $116 million a year ago. Net earnings were $66 million versus the $77 million reported last year. Lexmark's debt-to-total-capital ratio at Sept. 30, 2000 was 25 percent compared to 22 percent at the end of the second quarter. Capital expenditures were $65 million in the third quarter, with most spending in support of new products and capacity expansion. The company repurchased 595,000 shares of its common stock during the third quarter for $25 million, at prices ranging from $36.88 to $48.81. At the end of the quarter, remaining share repurchase authorization was $128 million.