Lexmark posts 3rd Quarter results October 21, 2008 13:30 by John Sollars

Today (Tuesday 21st Oct), Lexmark announced their financial results for the third quarter of 2008.Third Quarter revenue was $1.13Billion down 5 percent compared to last year.

Paul Curlander (Lexmark Chairman and CEO) said "Although we encountered increasing economic weakness during the third quarter, our results were in line with our expectations at the beginning of the quarter, with good growth in our branded laser units and laser supplies, an improved performance in our US laser business, strong growth in laser multifunction devices, and an ongoing R&D investment that resulted in the introduction of 38 new laser products yesterday". he added "as we look forward, despite a more difficult global economic environment, we expect to continue to make progress with our strategy to improve our focus and penetration in the higher usage market segments.  Our strong balance sheet and good liquidity, with more than $1Billion in cash and marketable securities, and a long track record of good cash generation positions us well to invest in the future and to compete effectively, even during challenging time".

The Company ended the quarter with $1.086 Billion in cash and current marketable securities.  Third quarter net cash provided by operating activities was $117 million.

This all sounds like good business sense to me, it is easier to spend than to accumulate cash and profits