lexmark international inc-a (LXK) Snapshot

Lexmark International Inc. announced that its board of directors declared a quarterly cash dividend of $0.30 per share of Lexmark Class A Common Stock. The dividend is payable on June 14, 2013, to shareholders of record as of the close of business on May 31, 2013.

Lexmark International Inc. announced that its shareholders at the Annual general Meeting held on April 25, 2013 considered and approved an amendment to the company's charter to declassify the Board of Directors.

Lexmark International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net earnings of $34.8 million or $0.54 diluted earnings per share on total revenue of $884.3 million compared to net earnings of $60.8 million or $0.84 diluted earnings per share on total revenue of $992.5 million for the corresponding period last year. GAAP earnings per share for the first quarter of 2013 were $0.54, compared with GAAP earnings of $0.84 per share in the first quarter of 2012. Non-GAAP earnings were $0.88 per share compared with non-GAAP earnings of $1.05 per share in the first quarter of 2012. Operating income was $54.0 million against $89.4 million for the same period last year. Earnings before income taxes were $40.2 million against $82.1 million of prior year period. Non-GAAP revenue was $886 million against $993 million a decline of 11% from prior year period. Certain provisions of the Act benefiting the company's 2012 federal taxes, including the extension of the research and experimentation tax credit for 2012, could not be recognized in the company's 2012 financial results and instead were reflected in the company's first quarter 2013 financial results. This favorably impacted earnings by $6 million or $0.09 per share. Non-GAAP net earnings were $57 million compared to $76 million in 2012. In the first quarter of 2013, net cash provided by operating activities was $38 million, free cash flow was negative $5 million and capital expenditures were $43 million. The company provided earnings guidance for the second quarter of 2013. Revenue is currently expected to decline 6 to 8% year on year. GAAP earnings per share in the second quarter of 2013 are expected to be around $0.42 to $0.52, compared with GAAP earnings per share of $0.55 in the second quarter of 2012. Non-GAAP earnings per share in the second quarter of 2013 are expected to be around $0.80 to $0.90, compared with non-GAAP earnings per share of $0.89 in the second quarter of 2012. Second quarter 2013 guidance excludes expected gains from the closing of the inkjet sale transaction, which is scheduled to close in the second quarter of 2013. The company expects the effective tax rate for second quarter and the remaining quarters of 2013 to be about 26.5%. For the full year 2013, the company’s outlook is for revenue to be down 8% to 10% year-to-year, and it expects earnings per share for the full year to be in the range of $3.90 to $4.10. The company expects effective tax rate for 2013 to about 25%.