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*July 27, 2006 – *Electronics manufacturer Seiko Epson Corp. released the company’s quarterly results yesterday, reporting an operating profit in the first quarter, with net sales losses.
Epson reported 7.01 billion yen ($60 million) in operating profits this quarter. This time last year, Epson had a loss of 5.04 billion yen, according to Epson’s press release yesterday. The positive turnaround is due in large part to Epson’s revamped printer product line, with major reductions in producing lower-end inkjet printers, according to the Photo Marketing Association.
Although the company saw operating profit improvements, net sales dropped for Epson, according to their report. Epson reported 322 billion yen ($2.79 billion), dropping from 340 billion yen ($1.55 billion) in the same period last year.
With all the financial changes, Epson remains optimistic and forecasts a 55 percent gain for the year, stated PMA.