ImageX Announces Revised 3Q Expectations, Revenues Off More Than 20%
Press release from the issuing company
KIRKLAND, Wash., Oct. 5 -- ImageX.com, Inc. today announced that it has revised its third quarter revenue estimates, while affirming cash earnings per share estimates.
ImageX.com is the leading e-print service provider for online management and procurement of branded communication materials.
According to Rich Begert, president and CEO, ImageX.com lost nearly two full weeks out of the quarter because of the events of September 11 -- while business is returning slowly, operations in New Jersey were particularly affected by dislocations in the financial industry.
"The events of September 11 exacerbated the impact of the overall weakening of the economy, and have caused us to lower our revenue expectations to $12 - $13 million for the third quarter,'' Begert said. While final figures are not yet available, estimates indicate that third quarter revenues may be off as much as 22% when compared with the previous quarter. Begert pointed out, however, that the company should beat current analyst expectations of a loss of $0.18 per share for cash earnings per share, as a consequence of continuing declines in cash operating expenses. The company continues to believe that current cash reserves are sufficient to achieve cash-flow breakeven.
"The outlook for the fourth quarter may be impacted as well,'' Begert said, "and we are watching closely how the quarter develops.''
Final third quarter results will be released after market close on November 1, 2001 at 5:30 p.m. EDT. To participate, please use the following numbers: 877-418-9638 (US/Canada) or 706-679-3517 (international). No reservation number is required.
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