Ricoh Company, Ltd. (RCL) announced third quarter financial results for fiscal year 2010 and I wanted to share some highlights with all employees. Net sales for the first three quarters of FY10 were $17.5 billion (U.S. dollars), down 2.4% from the same period last year, but up 3.3% without the effects of the currency exchange rate. Compared to the previous year, our year-to-date profit increased 34% before tax. This is a result of the solid growth in production printing and solution business. (Note: Results have been converted to U.S. dollars from Japanese Yen). The full report of financial results is available in the investor relations section on ricoh.com.
In the Americas, both Canada and Latin America continue to show year-over-year improvement and are on track for solid growth, which is reflected in a significantly improved operating income. In the U.S., we remain close to achieving our revenue plan and continue to make great strides in lowering bad debt and other expenses to improve operating income. We anticipate a strong year-end close to maintain this momentum.
In the U.S., we also continue to make strong progress with our integration planning. The Technology Services organization recently aligned under a common territory structure to maximize coverage and leverage tools and resources. Our Dealer channel also re-aligned its sales and support teams to provide coverage across all brands that will help our dealers better respond to the changing market and customer demands.
We will continue our intense focus on our global Managed Document Services (MDS) strategy and expect to build upon the momentum we have as we find new opportunities to showcase our capabilities in delivering MDS around the world. The first half of calendar year 2011 will bring new product and solutions launches to help drive our growth plans and continue to build upon our expertise in MDS.
I would like to thank you for your continued hard work, contributions and support. We have made great progress and continue to have the momentum and opportunities to strengthen our position in the market and make Ricoh the strongest, most competitive organization in our industry. As we work to close out fiscal year FY2010, I know I can count on all of you to pull together and finish the year strong.
Thank you,
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