MALVERN, Pa. - Ikon Office Solutions Inc., which sells and leases copiers and printers, said Wednesday its fiscal fourth-quarter profit fell 21 percent, hurt by costs related to its pending acquisition and the restructuring a unit.
Profit for the three months ended Sept. 30 fell to $21.8 million, or 23 cents per share, from $27.6 million, or 23 cents per share last year. The number of shares outstanding fell 21 percent to 96.7 million from 121.6 million last year.
The company took restructuring and asset-impairment costs related to its offsite managed services business. It also took charges related to its pending acquisition by Ricoh Co. (otcbb: RICOY.OB - news - people ) of Japan, one of its suppliers. Excluding those charges, net income was 31 cents per share.
Ikon accepted a $1.62 billion buyout offer from Ricoh in August.
Revenue edged down less than 1 percent $1.058 billion from $1.06 billion last year.
Analysts expected, on average, a profit of 29 cents per share on revenue of $1.07 billion, according to Thomson Reuters.
For the fiscal year, profit fell 20 percent to $91.3 million, or 91 cents per share, from $114.5 million, or 91 cents per share a year ago. The number of shares fell 21 percent to 100 million from 126.3 million shares.
Excluding one-time charges, net income was $1.07 per share. Revenue was nearly flat at $4.17 billion.
Ikon shareholders vote on its impending acquisition on Oct. 31.
Shares of Ikon added a penny to $16.97 in trading immediately after the opening bell.
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