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Stock Market & Financial Investment News

News Breaks
May 6, 2014
06:14 EDTLXKLexmark commences tender offer for all outstanding shares of ReadSoft
Lexmark announced the commencement of a cash tender offer for all of the outstanding shares of Sweden-based ReadSoft. The offer is $6.11 in cash for each Series A and Series B share of ReadSoft for a price of approximately $182M, net of cash acquired. ReadSoft's board has unanimously recommended in favor of Lexmark's tender offer, and it is also supported by ReadSoft's two largest shareholders. Upon successful completion of the tender offer, ReadSoft will be combined with Lexmark's Perceptive Software. With the addition of ReadSoft, Perceptive Software will significantly grow its software presence with additional document process automation capabilities and the expansion of its footprint in Europe. ReadSoft's technology and market presence will also complement Lexmark's Perceptive Software, strengthening its position as a leading provider of intelligent data capture software solutions for back office processes. The tender offer is expected to close in Q2.
News For LXK From The Last 14 Days
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July 28, 2015
06:38 EDTLXKLexmark Vendor Neutral Archive selected by UF Health Shands Hospital
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July 21, 2015
12:21 EDTLXKOn The Fly: Top stock stories at midday
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09:21 EDTLXKOn The Fly: Pre-market Movers
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09:10 EDTLXKLexmark management states 'don't expect M&A activity for about 18 months'
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09:08 EDTLXKLexmark sees long term total revenue growth at or above market
Sees long term operating income margin 11%-13%. Sees FY16 higher value solutions at approximately 45%. Management stated that the company has paused share repurchases for 18-24 months in order to focus on paying down credit facilities related to the Kofax acquisition. Management stated that the company expects the planned actions of the restructuring completed by the end of FY16. Sees FY15 free cash flow of 20%-30% of Non GAAP net income. Comments provided during Q2 earnings conference call.
08:39 EDTLXKLexmark announces restrcturing actions, to cut about 500 positions worldwide
Lexmark is announcing restructuring actions designed to increase profitability and operational efficiency. These global restructuring actions are expected to be broad-based but are primarily expected to capture the anticipated cost and expense synergies from the Kofax and ReadSoft acquisitions. Also, as the strong U.S. dollar continues to negatively impact the company's earnings, restructuring actions will also be taken to reduce cost and expense structure in the ISS segment and corporate organization. Primary impact will be general and administrative, marketing and development positions as well as the consolidation of regional facilities. These actions are expected to result in the elimination of approximately 500 positions worldwide over the next 18 months, with approximately one third of the positions being shifted to low cost countries. These actions are expected to generate $2M savings in 2015, and annualized savings of $65M beginning in 2017. Lexmark expects the savings will be split approximately 90% operating expense, and 10% cost of goods sold. The total pretax cost for these actions is expected to be approximately $55M, with $37M incurred in 2015 and the remainder in 2016. The cash impact for these actions is expected to be $55M, with $13M incurred in 2015 and the remainder in 2016.
06:34 EDTLXKLexmark sees FY15 EPS $3.55-$3.75, consensus $3.68
Sees FY15 core revenue up 3%-5%. Sees total revenue down 1% to up 1%.
06:33 EDTLXKLexmark sees Q3 EPS 51c-61c, may not compare to consensus 89c
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06:31 EDTLXKLexmark reports Q2 adjusted EPS 97c, consensus 82c
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July 20, 2015
14:58 EDTLXKLexmark technical notes before results
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