Thursday, American Reprographics Co. (ARP) said its first quarter profit declined from a year ago, as revenues for the quarter dropped substantially.
The company recorded net income of $7.5 million or $0.17 per share, compared to $18.5 million or $0.41 per share in the prior year period.
Six analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share. Analysts' estimates typically exclude special items.
Net revenue for the first quarter was $139.5 million, compared to $187.4 million in the previous year period. Six Wall Street analysts expected revenues of $139.30 million for the quarter.
Gross margin for the quarter was 37.3%, up from 36.7% recorded in the fourth quarter of 2008.
Income from operations declined to $18.03 million from $36.89 million in the corresponding quarter last year.
Looking forward, for the fiscal year 2009, the company reaffirmed its earnings forecast in the range of $0.50 to $0.75 per share. Street analysts currently expect earnings of $0.52 per share for the year. The company also expects cash flow from operations in the range of $70 million to $90 million.
Jonathan Mather, Chief Financial Officer said, the company's cash flow from operations increased 9.5% year-over-year, despite the significant decrease in revenue. Cash flow from operating activities for the past twelve months ending March 31, 2009, was $ 129.2 million."
ARP closed regular trading on Thursday at $6.40, up $0.14 or 2.24% on the NYSE.
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