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Oce Announces Q1 Results: Revenues Decrease by 8.1%, No '04 Forecast

Press release from the issuing company

April 14, 2004 -- Revenues from machines, software and professional services (non-recurring revenues) showed an autonomous increase of 7.9%. This represented a continuation and strengthening of the positive trend shown in the fourth quarter of 2003. Total revenues decreased by 8.1% to € 622.4 million. After adjustment for exchange rate effects total revenues were virtually unchanged (- 0.7%) as compared to the first quarter of 2003. Net income amounted to € 17.2 million (2003: € 21.2 million). The strong euro had the effect of depressing revenues and income. Oce is not publishing an income forecast for the 2004 financial year. Rokus van Iperen, chairman of the Board of Executive Directors of Océ N.V., commenting on the results for the first quarter of 2004, said: "Net income in the quarter was 19% below the previous year. At the same time it is encouraging to note that Océ has been able to sustain the positive trend shown in the previous quarter. Thanks to the success of our new products in particular and to our strengthened focus on marketing and sales activities, non-recurring revenues are clearly showing an upward trend. We also expect recurring revenues to pick up in due course." Download the full report: http://www.oce.com/