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Would You Loan this company Money?

AP Art Post (Guest)
Currency in
Millions of U.S. Dollars		 As of: Mar 31
2008
USD		 Mar 31
2009
USD		 Mar 31
2010
USD		 Mar 31
2011
USD		 4-Year
Trend
Revenues 269.2 204.0 145.8 150.6
TOTAL REVENUES 269.2 204.0 145.8 150.6
Cost of Goods Sold 184.6 137.9 112.0 130.2
GROSS PROFIT 84.5 66.0 33.8 20.4
Selling General & Admin Expenses, Total 50.1 49.9 53.3 45.3
Depreciation & Amortization, Total 1.3 1.7 1.6 2.1
OTHER OPERATING EXPENSES, TOTAL 51.4 51.6 54.9 47.4
OPERATING INCOME 33.1 14.5 -21.1 -27.0
Interest Expense -0.1 -0.1 -0.1 -0.2
Interest and Investment Income 2.6 1.2 0.6 0.5
NET INTEREST EXPENSE 2.5 1.2 0.5 0.3
Income (Loss) on Equity Investments 0.3 0.2 0.3 0.1
Currency Exchange Gains (Loss) -5.4 -2.8 -1.8 -1.8
Other Non-Operating Income (Expenses) 0.7 1.0 1.3 0.3
EBT, EXCLUDING UNUSUAL ITEMS 31.2 14.1 -20.8 -28.0
Gain (Loss) on Sale of Investments -1.2 -0.1 0.0 0.0
Gain (Loss) on Sale of Assets 0.2 0.0 0.0 0.1
Other Unusual Items, Total -0.1 -0.2 -0.2 -4.7
Other Unusual Items -- -- -0.2 0.2
EBT, INCLUDING UNUSUAL ITEMS 30.2 13.8 -21.1 -32.6
Income Tax Expense 14.2 11.9 0.5 0.3
Earnings from Continuing Operations 16.0 1.9 -21.6 -32.9
NET INCOME 16.0 1.9 -21.6 -32.9
NET INCOME TO COMMON INCLUDING EXTRA ITEMS 16.0 1.9 -21.6 -32.9
NET INCOME TO COMMON EXCLUDING EXTRA ITEMS 16.0 1.9 -21.6 -32.9
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AP Art Post (Guest)
Well Mitsubishi is a real good quess since they were one of the first manufacturers of rice cookers after WWII. They are still in our industry producing a niche printer and we all remember thier line of fax machines right?

However it's not Mitsubishi either! Come on think BIG or LARGE!
AP Art Post (Guest)
Currency in
Millions of U.S. Dollars		 As of: Mar 31
2008
USD		 Mar 31
2009
USD		 Mar 31
2010
USD		 Mar 31
2011
USD		 4-Year
Trend
NET INCOME 16.0 1.9 -21.6 -32.6
Depreciation & Amortization 6.3 6.5 4.7 9.0
DEPRECIATION & AMORTIZATION, TOTAL 6.3 6.5 4.7 9.0
(Gain) Loss from Sale of Asset -0.1 0.2 0.1 4.9
(Gain) Loss on Sale of Investment 0.9 0.1 0.0 --
(Income) Loss on Equity Investments -0.3 -0.2 -0.3 --
Change in Accounts Receivable 12.0 5.6 8.7 -6.1
Change in Inventories 0.3 -16.3 25.8 -4.0
Change in Accounts Payable -10.1 -5.4 -15.0 3.5
Change in Other Working Capital -0.1 -4.9 -1.8 4.8
CASH FROM OPERATIONS 19.2 5.0 -0.4 -20.6
Capital Expenditure -3.8 -3.7 -2.2 -8.8
Sale of Property, Plant, and Equipment 0.4 0.1 0.0 0.2
Cash Acquisitions -- -7.2 -9.4 -1.4
Sale (Purchase) of Real Estate Properties -1.6 -- -- --
Sale (Purchase) of Intangible Assets -- -- -- -0.4
Investments in Marketable & Equity Securities -0.8 -0.5 0.0 23.6
CASH FROM INVESTING -5.3 -10.6 -13.0 13.2
Short-Term Debt Issued -- -- 0.1 --
TOTAL DEBT ISSUED -- -- 0.1 --
Short Term Debt Repaid -- -- -- -0.1
TOTAL DEBT REPAID -- -- -- -0.1
Repurchase of Common Stock 0.0 -- 0.0 0.0
Common Dividends Paid -3.0 -3.0 -1.5 --
Common and/or Preferred Dividends Paid -- -- -- 0.0
TOTAL DIVIDEND PAID -3.0 -3.0 -1.5 0.0
Other Financing Activities -- -- 0.0 0.0
CASH FROM FINANCING -3.0 -3.0 -1.4 -0.1
Foreign Exchange Rate Adjustments -1.9 -10.0 0.5 -4.3
M montecoreElite P4P'er
Great job Art....I did not even think of KIP because they were not MFP's. You should have a whole series of this interactive areas.....I think this is the most response we had from several people in awhile.

I don't think Xerox will buy them because Ursula Burns wants to stay away from wide-format. However KIP has a great relationship with KM so that could be a possibility. But at 6% marketshare KM is not very strong either.
AP Art Post (Guest)
quote:
Originally posted by Old Glory:
KIP had a line of fax machines? I don't think I remember that. Were they called KIP?


Who mentioned KIP with a line of fax machines???

I know I mentioned that KIPs are MFP's because they will print, copy and scan. I did't mention anything about fax, but I did talk alot about rice cookers! Big Grin
J JrlzDocusultant P4P'er
At one point I would have thought Kip would be a good buy for Canon. I have heard that they share or at least did share some manufacturing space in Japan. Kip is also a monocomponent system, much like Canon. However, now that Canon has Oce, Kip might be less attractive. I would like to see Ricoh buy them. Kip has a great wide format line. They suffer from not being diversified at all in thier product line.
AP Art Post (Guest)
KIP now has a contract with Global, however with the AEC market still in the dumps is that enough to help? My it seems everyone now has the KIP product and OCE and Ricoh are now in the minority.

Ricoh has better get thier act together quickly in the US, it seems no one thinks a 4ppm device LED device is needed here in the US. What they don't know is that probably 75-80% of my 240W and W2400 placements average under 1,000 square feet a month. Thye have a refresh coming of the 10ppm and 14ppm first quarter of 2012.
J JrlzDocusultant P4P'er
Hi Art,
I agree. Ricoh needs an entry level 4 D/min system. I have always thought Ricoh should take thier gel sprinter technology and develop a plotter around it, instead they rely on Epson to fill this void. They seem ready to concede the 4 d market to Oce, Kip and the plotter cometitors. I wonder if it is the aftermarket that drives the decision. With a 4 D-Size per minute you are generating less clicks and less aftermarket revenue. Perhaps they want use limited dollars to develope higher end systems that will generate bigger aftermarket revenue. In my experience though there are a lot more customers for a 4 d system than a 14 d system. I would bet that the aggregate aftermarket for the 4 d is bigger than the 14 d, but maybe I am wrong. In addition many of the 4 d customer grow and need a higher end system down the road.
AP Art Post (Guest)
The AEC market is in the dumps, however more and more of my clients are opting to buy the 240W's and 2400W's from the leasing company rather than spend for a 6ppm system!!

Ricoh will be introducing a gel plotter in the summer, and oh my, the gelsprinters were the worst and I hope these are very different. The piezo print head is not geared for low volume users.
Old GloryOld GloryMaven VIP
quote:
Well Mitsubishi is a real good quess since they were one of the first manufacturers of rice cookers after WWII. They are still in our industry producing a niche printer and we all remember thier line of fax machines right?


MY bad. When you said, "They are still in our industry producing a niche printer and we all remember thier line of fax machines right?" I was reading it to say that the company in question had fax machines but you were referring to Mitsubishi. I am so easily confused these days...

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