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Photo books and more: Cewe Color growth continues

May 13, 2013 by
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It’s always good to be able to relay news on the success of a PMA member company: European photofinisher Cewe Color reports continued revenue growth of almost a half-million Euro EBIT — even in 1Q13, what it says is “typically the weakest quarter of the year,” when print sales are “just as difficult as selling ice cream in winter.”

The primary growth drivers were its photo books and new online printing operations, the company says — and that will continue through out the year: “In 2013, we are very likely to generate more than 90 percent of our earnings in the fourth quarter. The positive trend in the first quarter is special confirmation of our positive assessment for the current business year.”

Photo books in particular show “undiminished dynamism” Cewe adds, rising 5.6 percent to EUR 69.2 million.

Photo and online print service company Cewe Color has 13 production operations and a staff of around 3,300 employees in 24 European countries. The company says in 2012 it delivered around 2.5 billion prints, 5.6 million photo books, and photo gift products to more than 34,000 retail partners.

cewe 1q13

 

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Canon misses estimates, stock drops

April 25, 2013 by
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canon130The largest camera maker was the worst performer in the Nikkei 225 Index after, Bloomberg News reports, “after forecasting earnings below analyst estimates amid slumping demand for compact models.”

Canon’s stock fell as much as 5.7 percent, the biggest decline since July 26.

Net income will probably be 290 billion yen ($2.9 billion) in 2013, the Tokyo-based company said in a statement yesterday, missing the 308 billion-yen average of 20 analyst estimates compiled by Bloomberg.

For the quarter ended March 31, Canon reported a 34 percent decline in net income.

It cut its full-year sales target for compact cameras by 15 percent to 14.5 million units “as consumers increasingly use smartphones to snap shots,” Bloomberg adds (but projects interchangeable lens camera sales will be up 12 percent).

Global shipments of digital cameras almost halved to 4.26 million units in February from a year earlier, a 10th consecutive monthly decline, according to the Camera & Imaging Products Association in Tokyo. Shipments of compact models were down 40 percent in the first two months of 2013 from a year earlier, while that for cameras with interchangeable lenses dropped 17 percent, according to the industry group.

Nikon’s stock also fell 2.3 percent to 2,197 yen. As analyst Thom Hogan put it, “Canon Sneezes, Nikon Gets Sick.” He notes that ‘Compact shipments plummeted in the first quarter of 2013 compared to the previous year. This is a disaster for most camera companies.” Canon and Nikon share nearly 90 percent of the SLR marketplace. “That’s important, because the dollar value for DSLR shipments in Q1 2013 exceeded the dollar value of all compact camera shipments,” Hogan says — so Canon and Nikon “are a bit more insulated from the compact camera collapse than the others.” However, he adds, “Nikon is more vulnerable than any of the other Japanese camera companies because it’s the only one that derives the majority of its sales from cameras.”

 

Filed Under: Business, Earnings

Olympus cuts profit forecast, expects camera loss

November 12, 2012 by
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Olympus cut its operating profit forecast by 24 percent on an expected loss at its camera unit, BusinessWeek reports.

Operating profit will be $478 million in the year ending March; the camera unit is expected to report a loss of 8 billion yen in the current fiscal year, compared with its previous forecast of a 1 billion yen profit, as the compact camera market is shrinking, the Tokyo-based company said. “The compact camera market is shrinking rapidly because people are switching to smartphones.”

Olympus cut its full-year sales forecast for digital cameras by 11 percent to 7.3 million units.

The full report is here.

 

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Hoya profit up more than 50 percent for quarter due in insurance income from flood

August 7, 2012 by

Pentax parent company Hoya Corp. said first quarter revenues decreased 0.6 percent to 92,615 million yen compared with the same period last year — but profit before tax increased 47.0 percnet to 25,816 million yen, and profit for the term increased 51.0 percent to 23,197 million yen. The significant increase of the profits is due to the insurance income of 11,308 million yen to compensate for losses in the production facilities of eyeglass lenses caused by the flooding in Thailand.

Filed Under: Earnings

Retailers announces July and quarterly sales results

August 6, 2012 by

Electronics retailer hhgregg reported a net loss of $5.7 million for the three month period ended June 30, 2012, compared with a net loss of $0.8 million for the comparable prior year period. The increase in the Company’s net loss for the three month period was the result of a comparable store sales decrease of 5.1 percent, an increase in net advertising expense as a percentage of net sales, an increase in SG&A expense as a percentage of net sales and a slight decrease in gross profit as a percentage of net sales, partially offset by the net addition of 30 stores in the past 12 months.

Dennis May, President and CEO commented, “As we announced in our pre-release, our first fiscal quarter proved to be more challenging than anticipated with sales and earnings coming in below our original expectations. We reacted to the sales shortfall by making adjustments to our cost structure. We expect subsequent quarters to benefit from our cost cutting measures. We are looking at new ways to enhance our store sales productivity through the testing of new products and merchandise that leverage our consultative sales force, delivery and installation network and private label consumer credit card offering. During the Company’s 57 year history, we have been successful in adapting our business to fit the changing needs of consumers, and remain confident in our ability to navigate through this difficult cycle.”

In addition, Target, Rite Aid and Costco all reported July sales results. Target’s net retail sales for July were $4,995 million, an increase of 3.2 percent from $4,840 million for July 2011. July comparable-store sales increased 3.1 percent. Rite Aid saw a same store sales increase of 0.5 percent for July over the prior-year period. Costco reported net sales of $7.25 billion for July, an increase of eight percent from $6.74 billion during July last year.

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Kodak’s U.S. operations show first sign of profitability; hits snag in bonus plan

August 1, 2012 by

The Rochester Democrat & Chronicle reports Kodak’s U.S. operations showed a gross profit for June — for the first time since filing for bankruptcy protection in January.

For June, Kodak’s U.S. operations posted sales of $180.2 million and a net loss of $160 million. That net loss ends what had been two consecutive months of the company edging closer to bottom-line profitability.

But June also marked the first month since filing for bankruptcy where the company’s gross profit was in the black to the tune of $19.2 million. Gross profit does not count such business expenses as taxes, R&D, and selling and administrative costs, the Rochester Demoncrat & Chronicle reports.

In other news, the U.S. Justice Department trustee overseeing Kodak’s bankruptcy is objecting to company plans to continue the EXCEL bonus plan for upper management and to give co-President Laura Quatela a bonus tied to the company’s sale of digital imaging patents.

Read full coverage here.

 

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Retailers report June sales results

July 9, 2012 by
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Target reported that its net retail sales for the five weeks ended June 30, 2012 were $6,419 million, an increase of 2.6 percent from $6,256 million for the five weeks ended July 2, 2011. On this same basis, June comparable-store sales increased 2.1 percent. “Following better-than-expected performance in May, our June comparable-store sales were near the low end of our expected range,” said Gregg Steinhafel, Target chairman, president and chief executive officer.

Over the four weeks ended June 30, 2012, same store sales at Rite Aid decreased 1.0 percent over the prior-year period. June front-end same store sales increased 0.3 percent. Total drugstore sales for the four-week period decreased 1.6 percent to $1.924 billion compared to $1.955 billion for the same period last year.

Costco reported net sales of $9.18 billion for the month of June, the five weeks ended July 1, 2012, an increase of six percent from $8.69 billion during the similar period last year.

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Research In Motion reports $2.8 billion in revenue for first quarter

July 2, 2012 by

Research In Motion Limited (RIM) reported first quarter results for the three months ended June 2, 2012. Revenue for the first quarter of fiscal 2013 was $2.8 billion, down 33 percent from $4.2 billion in the previous quarter and down 43 percent from $4.9 billion in the same quarter of fiscal 2012. The revenue breakdown for the quarter was approximately 59 percent for hardware, 36 percent for service and 5 percent for software and other revenue. During the quarter, RIM shipped 7.8 million BlackBerry smartphones and approximately 260,000 BlackBerry PlayBook tablets.

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CPI Corp. announces 2012 first-quarter results and credit agreement Amendment

June 11, 2012 by

CPI Corp., St Louis, Mo., reported a new amendment to its existing Credit Agreement and the results for the fiscal 2012 first quarter ended April 28, 2012.

• On June 6, 2012, the Company entered into the Second Amendment to the Credit Agreement.
• Fiscal 2012 first-quarter net sales declined 21 percent to $70.3 million from $88.6 million in the prior-year first quarter.
• First-quarter PictureMe Portrait Studio brand comparable store sales decreased 19 percent versus the same period last year.
• First-quarter Sears Portrait Studio brand comparable store sales decreased 20 percent versus the same period last year.
• First-quarter Kiddie Kandids comparable store sales decreased 17 percent versus the same period last year.

“We appreciate the support and the spirit of partnership our lenders have shown us throughout this process,” said James Abel, interim CEO and president. “Yesterday’s action removes a significant uncertainty from our business.”

Liquidity Update
Since late in fiscal 2011, the Company has been in active discussions with its lenders to obtain a short-term financial covenant compliance waiver to cure the existing defaults under its Credit Agreement. On May 23, 2012, the Company entered into a forbearance agreement with its lenders that, among other items, suspended the lenders rights and remedies under the Credit Agreement through July 21, 2012. The second amendment to the Credit Agreement, as discussed below, waived the existing defaults and terminated the forbearance period.

On June 6, 2012, the Company entered into the second amendment to the Credit Agreement (the “Second Amendment”). This amendment and its impact on the Credit Agreement will be described in and filed as an exhibit to the first quarter of 2012 10-Q.

In connection with the Second Amendment, the Company granted the lenders warrants to purchase an aggregate amount equal to 19 and 9/10ths percent (19.9 percent) of the common stock of the Company. These warrants have an exercise price of $0.40. The warrant agreement will be described in and filed as an exhibit to the first quarter of 2012 10-Q.

In connection with the Second Amendment, and to alleviate near-term liquidity concerns, the Company entered into amendments to its host agreements with Walmart and Sears. These amendments allow the Company to delay certain near-term fees and lease payments until December 2012, at which time the Company will pay the delayed amounts due plus accrued interest. Additionally, the revision to the host agreement with Sears arranges for the Company to issue Sears 200,000 shares of common stock.

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Rite Aid reports 1.1 percent same store sales increase for May

June 11, 2012 by

Rite Aid Corp., Camp Hill, Pa., announced for the five weeks ended June 2, 2012, same store sales increased 1.1 percent over the prior-year period. May front-end same store sales increased 1.3 percent. 

Total drugstore sales for the five-week period increased 0.3 percent to $2.454 billion compared to $2.446 billion for the same period last year.

Same store sales for the 13-week period ended June 2, 2012 increased 2.5 percent over the prior-year period.

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