Lexmark announces job cuts, plus quarterly and annual losses

Lexmark International, which includes the former Perceptive Software in Lenexa, said Tuesday that it would eliminate 550 jobs worldwide in the next year as part of a cost-cutting program.

The company, based in Lexington, Ky., has 14,000 total employees and about 750 in Lenexa. The company announced the cuts, about 4 percent of its workforce, as part of its release of fourth-quarter and annual earnings, but it didn’t say where the cuts would be made.

Lexmark last month also said it was “exploring strategic alternatives,” which could mean selling part or all of the company, and said Tuesday it was “very pleased with the progress being made, including the positive interest we are receiving.”

Lexmark has been moving beyond its original business making printers, including low-cost home models. Acquiring Perceptive in 2010 allowed it to add software that helped manage documents and related business processes. Last year it bought another software company, Kofax Limited, for $1 billion, after acquiring ReadSoft in 2014 for $150 million.

In the earnings report, Lexmark said its fourth-quarter loss narrowed to $10.7 million, from $22.6 million a year earlier. For all of 2015, Lexmark lost $40.4 million, compared with a profit of $79.9 million in 2014.

On the revenue side, Lexmark reported quarterly sales of $969 million, down from $1.023 billion a year ago, and annual revenue of $3.55 billion, down from $3.71 billion in 2014.

Lexmark stock closed Tuesday at $30.08 a share, down $1.29.

This story was originally published February 23, 2016 at 11:14 AM with the headline "Lexmark announces job cuts, plus quarterly and annual losses."