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Ikon Office Solutions

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BUSINESS
November 29, 1999 | By Henry J. Holcomb, INQUIRER STAFF WRITER
John Stuart, the executive who built Ikon Office Solutions Inc. into a $5 billion-a-year company and then fell from Wall Street's grace, is back. After a year of playing golf and puttering around, he has formed a small holding company in West Chester called the Tesla Group, named after the inventor of alternating-current electricity. It has big plans to make money by helping companies become players in global electronic commerce, which reached $109 billion in sales last year and, Massachusetts-based Forrester Research estimates, will hit $1.3 trillion annually by 2003.
BUSINESS
August 30, 1997 | By Bob Fernandez, INQUIRER STAFF WRITER
Icon. Webster's says the word refers to an image with religious significance. But in recent years, it also has assumed a trendiness in the world of personal computers, icons being the symbols on a screen that users click on to call up games, e-mail or other files. Now, two local companies in the computer-services business are fighting in federal court over use of the word icon - or a slight derivation of it - for use on company letterheads. Icon Solutions Inc., of Conshohocken, is claiming in a lawsuit that its corporate identity was stolen by a larger rival in nearby Wayne, Ikon Office Solutions Inc., which was created in January.
BUSINESS
January 27, 2000 | By Rosland Briggs-Gammon, INQUIRER STAFF WRITER
Ikon Office Solutions Inc. said yesterday that its previously announced restructuring plan will result in 1,500 job cuts. The company eliminated 32 positions at its technology center in Boothwyn earlier this month. Those are the only cuts planned for the Philadelphia area, spokesman Steve Eck said. The workforce reduction, which will cut 5 percent of Ikon's positions, is part of a program begun last year to help the Malvern company reorganize its technology, business-document and business-information sectors, the company said in its earnings report yesterday.
NEWS
June 25, 2010
Armstrong World Industries said on Friday that it named Matthew J. Espe as the Lancaster flooring maker's new chief executive officer and president. Espe, 51, replaces Michael D. Lockhart, who stepped down in February and had led the company for 10 years. Espe has been head of Ricoh Americas Corp., and was chairman and CEO of Ikon Office Solutions Inc. before that business was acquired by Ricoh Co. Ltd. of Japan in 2008. Before he joined Ikon in 2002, Espe was president and chief executive officer of GE Lighting.
BUSINESS
April 28, 2006 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Cutting costs and phasing out of losses from discontinued businesses allowed Ikon Office Solutions Inc. to improve its bottom line in the second fiscal quarter despite a slide in revenue. Revenue at the Malvern company that distributes copy machines and manages documents fell slightly to $1.08 billion in the quarter ended March 31 from $1.09 billion in the same quarter a year earlier. Excluding currency fluctuations, the revenue was flat, the company said yesterday. However, its earnings per share of 19 cents were higher than the 14-to-16-cent range it had forecast.
BUSINESS
January 24, 1997 | By Susan Warner, INQUIRER STAFF WRITER
Alco Standard Corp. shareholders yesterday voted to change the Valley Forge company's name officially to Ikon Office Solutions Inc. The move came at the company's annual meeting in New York. It followed the firm's split late last year into two operating units, Ikon and Unisource Worldwide. Alco then spun off Unisource, its paper and distribution company, Dec. 31. Alco will begin trading under its new name on Jan. 27, on the New York Stock Exchange, using the ticker symbol IKN. Company officials said the name change reflects its commitment to expand its office imaging, computer networking, and outsourcing office services.
NEWS
October 17, 1998 | by Jim Smith, Daily News Staff Writer
After investing about $1 million in the stock of Ikon Office Solutions, the city of Philadelphia's Board of Pensions & Retirement is now claiming it was swindled. In a class-action lawsuit filed yesterday in federal court, the city contends that Ikon and its two top officers gave false information about the company's prospects. This artificially inflated Ikon's stock's price in violation of federal securities laws, the suit alleges. "When the truth finally emerged, the price plunged, causing huge damage" to those who purchased the stock, the suit contends.
BUSINESS
November 5, 1998 | By Andrea Ahles, INQUIRER STAFF WRITER
Ikon Office Solutions yesterday posted a large fourth-quarter net loss and said it would cut 2,000 jobs, or 5 percent of its workforce, primarily through attrition. The worldwide workforce reduction will occur throughout fiscal 1999 and includes 1,500 employees in the company's business-services unit and 500 employees in document services, company spokeswoman Susan Gaffney said. It was not known how many of the cuts would be in the Philadelphia area. The Valley Forge office equipment and services company already had eliminated 1,551 sales and business-services positions in North America since March 31, also through attrition, Gaffney said.
NEWS
September 11, 1997 | By Mary Blakinger, INQUIRER CORRESPONDENT
With both Gov. Ridge and CEO John E. Stuart at the podium, Ikon Office Solutions Inc. officially opened its $23 million world headquarters in the Great Valley Corporate Center yesterday and showcased its high-tech vision of the 21st-century office. Ikon has 140 employees at its new site in East Whiteland Township, Chester County, and expects to hire an estimated 400 additional employees during the next three years for administrative, technology-service, customer-service and sales jobs.
BUSINESS
April 25, 2003 | By Bob Fernandez INQUIRER STAFF WRITER
The wave of employee cutbacks over the last year has led to a sizable slowdown in the copier room. That was what Ikon Office Solutions Inc., of Malvern, said yesterday when it announced that corporate downsizing over the last year was hurting its business. "There's nothing out there that shows that the industry will get easier in the next six months," Matthew J. Espe, chairman and chief executive officer, said in a phone interview. Revenue in the company's second quarter ended March 31 fell 5 percent to $1.15 billion, while earnings rose by 3 percent to $36.4 million.
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BUSINESS
March 27, 2014 | By Jane M. Von Bergen, Inquirer Staff Writer
Four business leaders with ties to the region have declared themselves "Champions of Change," willing to advocate to increase the number of women on corporate boards. "All of these people have records of being active proponents of gender diversity" in their individual organizations, said Vicki Kramer, president of the Thirty Percent Coalition, a national group organizing the champions initiative. "This brings them together in a public way to exercise their collective clout and influence their peers," she said.
NEWS
June 25, 2010
Armstrong World Industries said on Friday that it named Matthew J. Espe as the Lancaster flooring maker's new chief executive officer and president. Espe, 51, replaces Michael D. Lockhart, who stepped down in February and had led the company for 10 years. Espe has been head of Ricoh Americas Corp., and was chairman and CEO of Ikon Office Solutions Inc. before that business was acquired by Ricoh Co. Ltd. of Japan in 2008. Before he joined Ikon in 2002, Espe was president and chief executive officer of GE Lighting.
BUSINESS
August 28, 2008 | By Harold Brubaker INQUIRER STAFF WRITER
Ricoh Co. Ltd., a Japanese manufacturer of printers and photocopiers, has agreed to buy Ikon Office Solutions Inc., of Malvern, for $1.6 billion. The deal, announced yesterday, fits with the trend of copier manufacturers' buying distributors of their products to get closer to customers. The proposed sale marks a major turning point for Ikon, which traces its roots to the former Alco Standard Corp., a classic 1960s conglomerate, whose spin-offs include drug wholesaler AmerisourceBergen Corp.
BUSINESS
January 25, 2008 | By Jane M. Von Bergen INQUIRER STAFF WRITER
It has been a rough year for Ikon Office Solutions Inc., and yesterday's earnings report for the first quarter of the company's fiscal year didn't make it much better. Revenue was down slightly, earnings were down 45 percent, 350 layoffs are imminent, and flat revenue is likely for the rest of the year, the company said. In addition, the Malvern company must now return to court to face antitrust allegations that some of its service contracts stymie competition. Ikon, a global company, sells and services document-management systems and equipment, including printers and copiers.
BUSINESS
November 27, 2007 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Shares of Ikon Office Solutions Inc. settled down yesterday after last week's wild ride up on Wall Street. Last Wednesday, the stock, buoyed by news of the Malvern company's plan to repurchase $500 million worth of its stock, rose 17 percent, or $1.76, from Tuesday's close of $10.62 - its lowest in nearly two years. Trading that day was heavy as 3.3 million shares changed hands - more than five times the normal volume. The stock rose an additional 29 cents Friday, but fell 27 cents yesterday to $12.40 in trading that was more than double average daily volume.
BUSINESS
October 26, 2007 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Investor Warren G. Lichtenstein's name never came up during the fourth-quarter and full-year earnings conference call held yesterday by Ikon Office Solutions Inc., but his recent activity with the copier and document-management company colored the occasion. For the year ended Sept. 30, the Malvern company reported a 15 percent increase in net income to $114 million, or 91 cents a share, despite a 1.4 percent decline in revenue to $4.2 billion. Fourth-quarter income was 23 cents per diluted share, or $28 million, up 15 percent from the yerar-ago quarter.
BUSINESS
June 30, 2007 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Warren G. Lichtenstein, an activist investor whose takeover bids have been putting Japanese noodles companies in a twist and terrifying its sauce manufacturers, now wants Ikon Office Solutions Inc. to buy back its stock at a premium or be prepared to sell itself. "We believe the company is ideally situated for an outright sale," said the letter to Ikon from Lichtenstein's company, Steel Partners II. Not only that, but Steel is ready - with financing - to participate in the sale, the letter said.
BUSINESS
April 28, 2006 | By Jane M. Von Bergen INQUIRER STAFF WRITER
Cutting costs and phasing out of losses from discontinued businesses allowed Ikon Office Solutions Inc. to improve its bottom line in the second fiscal quarter despite a slide in revenue. Revenue at the Malvern company that distributes copy machines and manages documents fell slightly to $1.08 billion in the quarter ended March 31 from $1.09 billion in the same quarter a year earlier. Excluding currency fluctuations, the revenue was flat, the company said yesterday. However, its earnings per share of 19 cents were higher than the 14-to-16-cent range it had forecast.
BUSINESS
January 27, 2006 | By Jane M. Von Bergen INQUIRER STAFF WRITER
The problem with the copier business is that copy machines and high-end, high-production in-house document systems aren't as complicated as they used to be. And that has been reflected in the results of companies such as Ikon Office Solutions, which yesterday reported a decline in revenue but a banner first quarter on the profit side. Like computers, copiers have become a commodity, with what used to be gee-whiz bells and whistles now standard equipment. Yesterday, Matthew J. Espe, Ikon's chairman and chief executive officer, talked about how the Malvern company's first-quarter results reflected its strategy for dealing with the pressures of a changed industry.
BUSINESS
March 2, 2005 | By Patricia Horn INQUIRER STAFF WRITER
Ikon Office Solutions Inc., the long-troubled distributor of office copiers and printers, said yesterday that it would cut 1,500 jobs in North America and consolidate operations to boost profit. These actions, the Malvern company said, will cut costs and sharpen its business focus. The additional steps announced yesterday include eliminating one of its business units, selling virtually its entire Mexican operation, and consolidating management and field offices. In the near term, however, the moves will cost the company up to $52 million, or 25 cents per diluted share.
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