Jul. 21--Lexington-based Lexmark International announced Tuesday that its second-quarter profit fell 80 percent year-over-year as the company's results were affected by a plant closing and workforce restructurings announced earlier this year.

For the second quarter, revenue was down 21 percent to $905 million from $1.14 billion in the same period a year ago.

"While second-quarter results were in line with our expectation, global economic conditions continue to negatively impact Lexmark and the overall ... market," said CEO Paul Curlander in a statement.

Curlander and Chief Financial Officer John Gamble Jr. will hold a conference call with analysts to discuss the earnings at 8:30 a.m. Visit Kentucky.com for a live blog of the call.

Earnings per share for the quarter were 22 cents. Without the restructuring charges, earnings per share would have been 55 cents.

The results came in below the expectations of analysts, who forecasted 60 cents per share excluding restructuring charges.

In the second quarter of 2008, EPS was 89 cents. It would have been 96 cents but there were also 7 cents per share for restructuring charges at the time.

This past quarter's restructuring charges stem from the company's announcements in January and April that it would close its last inkjet cartridge manufacturing facility in Juarez, Mexico, eliminating 270 jobs, as well as restructure 340 other jobs with some moving to lower-cost countries and others being eliminated.

The company's lucrative supplies business of selling ink and toner saw revenue fall 18 percent in the second quarter, as price increases were offset by lower demand for the products and the negative impact of weakening foreign currencies.

The company's two divisions also saw weakened results. Its laser division saw revenue fall 18 percent to $624 million with hardware revenue dropping 27 percent because of lower unit volume, weakening foreign currencies and price declines. Unit shipments fell 21 percent primarily due to market weakness.

The inkjet division, which has struggled in recent years as it changes to focus more on business-class printers, saw revenue fall 25 percent to $281 million. Hardware revenue fell 36 percent driven by factors including a 43 percent decline in unit shipments.

Looking forward, the company predicts revenue will be down slightly in the third quarter compared to this past quarter. It anticipates earnings per share will be between 22 cents and 32 cents including 18 cents per share in restructuring charges.

Reach Scott Sloan at (859) 231-1447 or 1-800-950-6397, Ext. 1447.

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