Reuters
Imagistics second quarter profit climbs
Thursday July 31, 5:53 am ET
NEW YORK, July 31 (Reuters) - Imagistics International Inc. (NYSE:IGI - News), which sells and services copiers and fax machines, reported a stronger quarterly profit on Thursday as margins improved and copier sales grew.
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Imagistics showed a profit of $5 million, or 29 cents per share, for its second quarter compared with $4.4 million, or 22 cents per share, a year earlier.
Revenue at the Trumbull, Connecticut company slipped two percent to $155.9 million, as a 15 percent drop in fax-related revenue offset eight percent growth in copier revenue.
Imagistics expected to reach a stronger earnings target for 2003 of $1.15 per share, compared with its earlier forecast for $1.10 per share. It reiterated an expectation for earnings growth of more than 20 percent in 2004.
Imagistics said its board approved a $20 million increase in its share buyback program to $78 million.
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