Leverage Product and Marketplace
Strengths to Drive Market Share
24
Unique national direct sales force
–
Over 1100 direct sales representatives
–
Customer-centric sales force since October 2000
–
Ensures single customer contact and uniform support
Unique product sourcing strategy
–
“Best of Breed” product families
–
Fewer platforms optimizes sales productivity and working capital (i.e., inventory,
parts)
–
Leverages industry R&D and market creation investments
–
An incremental private brand distribution channel
–
Minimizes technological obsolescence
–
Earned “Most Outstanding MFP Line of the Year Award” from Buyers Laboratory
(July 2003)
Proven brand name and recognition
–
“#1 Copier/Multifunction Product in Overall Customer Satisfaction Among Business
Users Two Years in a Row, Tied in 2003,” according to the J. D. Power and
Associates 2003-2004 Studies
Leverage Strengths in Customer
Support to Drive Customer Loyalty
25
National direct service and support coverage
–
1,200 direct service professionals
–
Proactive service enables 98% uptime
–
24/7 diagnostic hot-line support
–
Uniform level of service nationwide
–
J.D. Power award
Centralized, integrated customer administration system
–
National scope
–
Ensures billing accuracy and understanding
–
Enables customer consolidated billing/customized management
reports
Achieve Operational Excellence
and Benchmark Productivity
26
Implement greater standardization in sales practices
Focus compensation plan on higher margin business
to drive profitability
Institute strict adherence to pricing standardization
and disciplines
Make major investments in infrastructure
Implement ERP to provide significant long term
benefits
Investing in billing, logistics and service systems –
developing world class capabilities over the long term
Pursue Opportunistic
Expansion and Investments
14
27
Increase participation in faster growing market segments
Expand geographic presence
–
Acquire additional Business Product Centers
–
Broaden direct distribution in Canada
–
Grow copier business in U.K.
–
Entry into Europe
Pursue potential strategic alliances, partnerships and
acquisitions
Explore long-term potential for offering other office
products
Our Finances
28
Strong Financial Position
29
Diversified revenue stream is 70+% recurring
Growing EPS 20+% annually
Strong cash flow supports strategic initiatives
Strong balance sheet, conservatively
capitalized
Credit rating upgraded twice in 2004 by
Moody’s
Recurring revenue represents 72% of Total Q4 2004 Revenues
Total Q4 2004 Revenues
Total Q4 2004 Revenues
North
America
Copier/MFP
North
America
Fax
U.K.
Copier/MFP
& Fax
Supply
Sales
Support Services
Equipment
Rentals
$146.1 Million
$146.1 Million
Equipment
Sales
Recurring Revenue
Components
Revenue Sources - Q4 04
30
Summary Income Statement – Q4
(Dollars in millions, except EPS)
(Unaudited)
Q4 2004
Q4 2003
B/(W)
Sales
73.2
$
79.8
$
(8%)
Rentals
49.7
54.8
(9%)
Support services
23.2
21.2
9%
Total revenue
146.1
155.8
(6%)
Cost of sales
38.9
47.0
17%
Cost of rentals
13.8
16.5
16%
Selling, service and administrative expenses
80.8
81.2
-
Operating income
12.6
11.1
14%
Interest expense, net
1.0
0.9
(8%)
Income before income taxes
11.6
10.2
14%
Provision for income taxes
4.9
4.7
(7%)
Net income
6.7
$
5.5
$
21%
Diluted EPS
0.40
$
0.33
$
21%
31
Summary Income Statement – Full Year
(Dollars in millions, except EPS)
2004
2003
B/(W)
Sales
310.6
316.0
(2%)
Rentals
209.5
222.2
(6%)
Support services
89.0
84.0
6%
Total revenue
609.1
622.2
(2%)
Cost of sales
171.4
192.8
11%
Cost of rentals
59.1
72.3
18%
Selling, service and administrative expenses
331.5
312.7
(6%)
Operating income
47.1
44.4
6%
Interest expense, net
3.7
8.4
56%
Income before income taxes
43.4
36.0
21%
Provision for income taxes
18.5
15.5
(19%)
Net income
24.9
20.5
22%
Diluted EPS
1.48
1.19
$
24%
Certain previously reported amounts have been reclassified to conform to the current year
presentation.
32
$
$
$
$
$
Supplemental Revenue Schedule –
Q4 and Full Year
(Dollars in millions)
Growth
Growth
Growth
Growth
Revenue
Rate
Revenue
Rate
Revenue
Rate
Revenue
Rate
Sales
Copier/MFP products
55.2
$
3%
53.5
$
8%
222.7
$
9%
203.5
$
7%
Facsimile products
15.9
(15%)
18.8
(24%)
72.4
(13%)
83.6
(14%)
Pitney Bowes of Canada
2.1
(72%)
7.5
(22%)
15.5
(46%)
28.9
4%
Total sales
73.2
(8%)
79.8
(5%)
310.6
(2%)
316.0
-
Rentals
Copier/MFP products
28.0
7%
26.1
8%
110.3
9%
101.2
7%
Facsimile products
21.7
(24%)
28.7
(12%)
99.2
(18%)
121.0
(12%)
Total rentals
49.7
(9%)
54.8
(3%)
209.5
(6%)
222.2
(4%)
Support services
Copier/MFP products
21.1
8%
19.6
9%
81.6
7%
76.1
4%
Facsimile products
2.1
22%
1.6
(18%)
7.4
(6%)
7.9
(16%)
Total support services
23.2
9%
21.2
6%
89.0
6%
84.0
1%
Total revenue
146.1
$
(6%)
155.8
$
(3%)
609.1
$
(2%)
622.2
$
(1%)
Revenue
Copier/MFP products
104.3
$
5%
99.2
$
8%
414.6
$
9%
380.8
$
6%
Facsimile products
39.7
(19%)
49.1
(17%)
179.0
(16%)
212.5
(13%)
Revenue excluding
Pitney Bowes of Canada
144.0
(3%)
148.3
(2%)
593.6
-
593.3
(1%)
Pitney Bowes of Canada
2.1
(72%)
7.5
(22%)
15.5
(46%)
28.9
4%
Total revenue
146.1
$
(6%)
155.8
$
(3%)
609.1
$
(2%)
622.2
$
(1%)
2004
2003
2004
2003
December 31,
December 31,
Three months ended
Year ended
33
Condensed Balance Sheets
(Dollars in millions)
(Unaudited)
12/31/04
9/30/04
6/30/04
3/31/04
12/31/03
12/31/04
9/30/04
6/30/04
3/31/04
12/31/03
Cash
12.8
$
12.3
$
10.7
$
12.5
$
22.9
$
Payables and accrued liabilities
80.3
$
87.7
$
74.5
$
67.1
$
79.3
$
Receivables, net
105.7
111.1
119.8
119.8
107.7
Advance billings
14.8
15.3
14.6
15.2
16.3
Accrued billings
29.0
27.8
24.7
22.2
20.9
Current long-term debt
0.5
0.5
0.5
0.5
0.5
Inventories
94.7
91.2
81.5
83.6
86.1
Total current
95.6
103.5
89.6
82.8
96.1
Other current
31.4
33.0
32.0
32.5
29.0
Total current
273.6
275.4
268.7
270.6
266.6
Long-term debt
70.4
71.5
72.6
77.8
62.9
Other liabilities
24.5
23.3
22.4
21.2
20.3
P, P&E, net
60.3
57.8
55.2
53.5
53.2
Total liabilities
190.5
198.3
184.6
181.8
179.3
Rental assets, net
62.8
63.6
62.8
63.2
67.2
Other assets
70.8
70.9
68.0
63.2
59.7
Equity
277.0
269.4
270.1
268.7
267.4
Total assets
467.5
$
467.7
$
454.7
$
450.5
$
446.7
$
Total liabilities & equity
467.5
$
467.7
$
454.7
$
450.5
$
446.7
$
34
Condensed Cash Flow Summaries
(Dollars in millions)
(Unaudited)
2004
2003
2004
2003
Net income
6.7
$
5.5
$
24.9
$
20.5
$
Depreciation and amortization
16.0
18.0
65.8
74.5
Provision for bad debt
2.0
1.0
12.4
6.7
Reserve for obsolete inventory
(0.4)
2.3
2.4
7.5
Deferred taxes on income
5.1
(5.1)
2.9
(0.9)
Net working capital
(8.2)
(24.9)
(29.2)
(29.7)
Other, net
0.8
1.9
0.2
4.5
Net cash provided by (used in) operating activities
22.0
(1.3)
79.4
83.1
Expenditures for rental equipment assets
(11.6)
(6.9)
(46.4)
(34.9)
Expenditures for property, plant and equipment
(5.4)
(2.4)
(17.0)
(16.1)
Acquisitions, net of cash acquired
(0.8)
-
(12.9)
(4.1)
Net cash used in investing activities
(17.8)
(9.3)
(76.3)
(55.1)
Purchase of treasury stock
(3.4)
(2.2)
(23.9)
(28.4)
Net loan (repayments) borrowings
(1.1)
9.9
7.5
(10.7)
Exercises of stock options, including sales
under employee stock purchase plan
0.8
0.7
3.2
2.7
Net cash (used in) provided by financing activities
(3.7)
8.4
(13.2)
(36.4)
Increase (decrease) in cash
0.5
$
(2.2)
$
(10.1)
$
(8.4)
$
Year ended
December 31,
Three months ended
December 31,
35
Our Outlook
36
Outlook
Targeting continuous
productivity improvements
resulting in a 600-800 basis
point decline in SS&A
expenses as a percent of
revenue
Significant reduction
expected as ERP
implementation is completed
in 2005
Operating Expenses
Targeting 20+% average annual growth
EPS
1.
Finance copier rental asset base
2.
Acquire independent dealerships
3.
Repurchase IGI stock
4.
Reduce debt
Cash Flow
Targeting mid-to-high single
digit percent revenue growth
At inflection point where
growth of copier/MFP is
expected to exceed decline in
fax
Revenue
Long Term
Short Term
37
Significant cash flow generation will be used to:
Summary
38
An Investment With Imagistics
is Compelling
39
We provide the best of breed products from the best manufacturers
around the world.
We test our products for superior quality, reliability and
functionality so the customer can focus on their business.
We provide a complete office document solution – from facsimile to
networked multifunctional copy/scan/fax/print/email – black & white
to color.
We have extensive national sales and service organizations to
provide a superior sales and customer service experience.
We are nationally recognized by J.D. Power and Associates as the
“#1 Copier/Multifunction Product in Overall Customer Satisfaction
Among Business Users, Two Years in a Row, Tied in 2003”.
For Our Customers:
40
An Investment With Imagistics
is Compelling
For Our Shareholders:
We have a unique business model with superior growth potential
in the huge office document market.
Our core copier/MFP business is growing 8-10% annually.
We are focused on profitability and cash generation, and are
growing EPS by 20+% annually.
We have a strong balance sheet and are conservatively
capitalized, with a debt to total capital ratio of 20%.
We use our substantial cash flow to finance the rental asset base,
further grow through selective acquisitions, repurchase shares
and reduce debt.
We have a strong management team with a demonstrated track
record of successfully executing our business plan.
We have provided superior shareholder returns since inception.
41
An Investment With Imagistics
is Compelling
For Our Employees:
Our work environment stresses integrity and can be summed
up by PRIDE, our winning principles:
- Profitable growth
- Respect
- Imaginitive solutions
- Delivery of commitments
- Excellence of operations
Our Management Team
42
Tina Allen
Chief
Human Resources
Officer
Mark Flynn
Vice President, Secretary
and General Counsel
Marguerite Boss
Administrative Assistant
to CEO/COO
John Chillock
Vice President
Customer Service
Operations
George Clark
Vice President & GM
Business Products
Centers
Tim Coyne
Chief Financial Officer
Chris Dewart
Vice President
Sales
John Reilly
Vice President
Marketing
Nat Gifford
Vice President
Product Development
and Marketing
Bill Midgley
Chief Administrative Officer
Joseph Skrzypczak
President and
Chief Operating Officer
Marc Breslawsky
Chairman and
Chief Executive Officer
Proven Leadership Team
43
Proven Leadership Team
Marc C.
Breslawsky
Chairman and
Chief Executive
Officer
44
With a distinguished career in the office products industry, Mr. Breslawsky oversees the
operations of one of the largest direct sales, service and marketing organizations
offering enterprise office imaging and document solutions in the United States and
Europe. In 1996, Mr. Breslawsky was elected to the position of President and Chief
Operating Officer of Pitney Bowes Inc. In 1994, Mr. Breslawsky was elected Vice
Chairman of Pitney Bowes Inc. and a member of the Corporate Management Committee.
Mr. Breslawsky joined Pitney Bowes Business Systems in 1980 as Vice President, Market
Development, and was named Vice President and General Manager, Facsimile Systems in
1982. In 1985, he became Pitney Bowes’ Vice President, Finance and Administration,
and had executive responsibility for Pitney Bowes Facsimile Systems. He was appointed
President and Chief Executive Officer of Dictaphone in 1987, and Chief Executive Officer
of Pitney Bowes Copier Systems Division in 1990. Subsequently, in 1990, he was
appointed President, Pitney Bowes Office Systems, with responsibility for Dictaphone
Corporation, Pitney Bowes Facsimile Systems Division and Pitney Bowes Copier Systems
Division.
Mr. Breslawsky is on the Board of Directors of the United Illuminating Company, C.R.
Bard, Inc., The Brinks Company, and the Connecticut Business and Industry Association.
He serves as Vice Chairman of the Governor's Council on Economic Competitiveness and
Technology, the State of Connecticut Red Cross Disaster Relief Cabinet, and is a Trustee
for Norwalk Hospital.
Mr. Breslawsky received a Bachelor’s degree from New York University and is a Certified
Public Accountant.
Proven Leadership Team
Joseph D.
Skrzypczak
President and Chief
Operating Officer
45
Mr. Skrzypczak oversees the direct management of all operating units, including sales,
service, marketing, product procurement, finance, administration and information
technology. Mr. Skrzypczak has previously served as Imagistics CFO and head of
International and Business Product Centers operations since the inception of
Imagistics in 2001.
Prior to joining Imagistics in 2001, Mr. Skrzypczak served as COO of Dictaphone
Corporation. Under Mr. Skrzypczak’s leadership, Dictaphone became a leader in the
development, manufacture, marketing, service and support of Integrated Voice and
Data Management systems and software, including dictation, voice processing, records
management and communications recording. At that time Dictaphone had a marketing,
sales and service organization of more than 1,300 representatives in 160 cities in
North America and Europe, with revenues of $360 million. Mr. Skrzypczak played an
integral role in doubling Dictaphone's 1999 cash flows and recording the company’s
best revenue growth in ten years.
Prior to Dictaphone’s spin-off from Pitney Bowes in 1995, Mr. Skrzypczak was Vice
President, Finance for Pitney Bowes Office Systems, which included Dictaphone, Copier
Systems and Facsimile Systems, where he was directly responsible for all financial,
administrative and information technology activities.
Mr. Skrzypczak joined Pitney Bowes, Inc. in 1981 and held increasingly responsible
financial and operational positions. Prior to Pitney Bowes, Mr. Skrzypczak worked for
Revlon and Price Waterhouse. Mr. Skrzypczak is a Certified Public Accountant in New
York, and a graduate of Fordham University.
Proven Leadership Team
Timothy E. Coyne
Chief Financial
Officer
46
Timothy E. Coyne is responsible for Imagistics accounting, treasury, tax and investor
relations activities.
Mr. Coyne has served as the Vice President and Corporate Controller of Imagistics since
its inception in 2001. Prior to joining Imagistics, Mr. Coyne was the Chief Financial
Officer of TransPro, Inc. from 1998 to 2001. TransPro, a New York Stock Exchange listed
company, manufactures and distributes automotive, truck and industrial heat transfer
and temperature control products to the aftermarket and OEMs. Mr. Coyne also served as
Vice President and Corporate Controller of TransPro from 1996 to 1998.
From 1990 through 1996, Mr. Coyne served as the Vice President of Finance and
Administration at Keene Corporation, a NASDAQ listed manufacturer of advance
composite components for a variety of aerospace and industrial applications. He also
served as a Director at Keene from 1993 to 1996. Mr. Coyne was the Vice President,
Finance and Administration, Treasurer and Secretary of Kasco Corp., a subsidiary of
Bairnco Corp., a New York Stock Exchange listed diversified multi-national company,
from 1986 through 1990. From 1979 through 1986, Mr. Coyne held a variety of financial
positions with The Coca-Cola Bottling Company of New York, including Vice President and
Corporate Controller from 1984 to 1986.
Mr. Coyne began his career at Peat Marwick Mitchell & Co. in New York. He received a
Bachelor of Science degree in accounting from Herbert H. Lehman College of the City
University of New York.
Proven Leadership Team
Tina Allen
Chief Human
Resources
Officer
47
Tina Allen is the Chief Human Resources Officer, responsible for the Human Resources
function, which provides support for 3,300 employees nationwide while creating Human
Resources strategies that will support the businesses' long-term strategic goals. Ms. Allen
brings over 25 years of executive human resources leadership experience from the retail
and financial services arenas.
Ms. Allen joined Imagistics International Inc. from The Hartford where she was most
recently the Vice President of Human Resources. Ms. Allen was responsible for the
development and implementation of broad human resources strategies, including the
organization's executive leadership development, for the 13 commercial lines businesses.
Ms. Allen started her career with Macy's New York in 1973; she progressed through the
organization and was appointed the Personnel Director for Macy's Herald Square in 1983.
In 1985, Ms. Allen joined Caldor as the Director, Training and Development. In 1986, Ms.
Allen assumed the position of Operating Vice President, Executive Development for
Abraham & Straus. In 1988, Ms. Allen joined The Walden Book Company, a nationwide
specialty retailer, as Vice President of Human Resources.
Ms. Allen received a Bachelor's degree from Bucknell University.
Proven Leadership Team
John C. Chillock
Vice President,
Customer Service
Operations
48
John C. Chillock is responsible for Customer Service, Product Remanufacturing,
Technical Support and Training, the National Diagnostic Center, Customer Call
Dispatch, Material Management for Parts and Supplies, Finished Goods Distribution,
Field Facilities and Real Estate, and Global Supply Chain Operational Management. In
this role Mr. Chillock has responsibility for improving the operational and financial
performance of the organization by identifying opportunities to streamline business
processes, implement technological enhancements, and maintain a loyal customer
base.
Prior to joining Pitney Bowes Office Systems in 1998, Mr. Chillock was Director of
Operations for Intellisys Electronic Commerce, a Division of Chase Manhattan Bank. In
this position, he was responsible for building a complete service and support strategy
for the new B2B marketplace, and working with the newly formed Open Buying On the
Internet Consortium to insure compliance.
From 1977 to 1997 Mr. Chillock worked for the Dictaphone Corporation and served as
Regional Vice President, Customer Service. During his career at Dictaphone, he was
responsible for Customer Product Maintenance, the computer aided dispatch launch,
training strategy development and implementation to facilitate the analog to digital
migration, and oversight of the largest single customer order in the history of the
organization.
Mr. Chillock is a graduate of the Ohio Institute of Technology in Columbus, Ohio. He is
an active member of American Field Service Management International, the Sound
Keeper Organization which is an environmental support agency, and local civic and
charitable groups.
Proven Leadership Team
George E. Clark
Vice President and
General Manager,
Business Products
Centers
49
George E. Clark is responsible for the operation and general management of our
Business Products Centers and the ongoing acquisition and integration of new
operations. The BPC Operations overall are composed of a group of 36 former
independent dealers that have been acquired over the past five years. These
independent dealers support the Imagistics distribution of copier, fax and printer
products in secondary and tertiary geographical markets and support our major
and national account customers with installations and service within these
geographical areas.
Mr. Clark had formerly been with Pitney Bowes since 1975 when he was first
employed as a sales representative in the Boston Branch. His experience has been
in Pitney Bowes Marketing from 1978 to 1982, and in field positions of increasing
responsibility from 1982 through 1990. In 1990, Mr. Clark was appointed Vice
President of Marketing for Pitney Bowes Copier Systems and was responsible for
the marketing initiatives for the Copier Systems Division until the fall of 1998
when he assumed his current position.
Mr. Clark has been responsible for formulating many of the initiatives within
Pitney Bowes Office Systems/Imagistics for acquiring and integrating dealer
operations into a cohesive organization with increasing revenues and
contributions to the Corporation.
Proven Leadership Team
Chris C. Dewart
Vice President, Sales
50
Chris C. Dewart manages the direct sales channel for Imagistics, covering National,
Commercial and State Government Accounts throughout the U.S. and U.K. markets.
In this capacity, Mr. Dewart is instrumental in driving growth in revenue, and
profitability for Imagistics.
Mr. Dewart has held various positions with Imagistics, including most recently VP
of Sales – Commercial Markets. Prior to that he was Vice President of Sales, U.S.
Facsimile, where he managed the direct sales channel for facsimile product sales to
Fortune 1000 accounts. In addition, Mr. Dewart has served as Vice President and
General Manager, Canadian Operations and Vice President, Facsimile for Europe,
Middle East and Africa Group based in the United Kingdom.
Prior to joining Pitney Bowes in 1983 as a Senior Account Executive, Mr. Dewart
held sales positions with Monroe Division of Litton industries and General Electric
Data Communications Division.
Mr. Dewart received a Bachelor of Arts from the University of Windsor, Windsor,
Ontario, Canada and an MBA from The University of New Haven.
Proven Leadership Team
Mark S. Flynn
Vice President,
General Counsel
and Secretary
51
Mark S. Flynn manages the legal affairs of the company and provides advice and counsel
on a range of related issues including corporate governance and regulatory compliance.
Prior to joining Imagistics, Mr. Flynn was a partner with the firm Wiggin & Dana in the
Business Practice Group, from 1999 to 2001. Mr. Flynn's practice centered on business
transactions and general corporate representation. His many years of experience include
general counsel and other senior corporate counsel positions, most recently as Senior
Deputy General Counsel of Olin Corporation, a diversified chemicals and materials
company. He has also served as general counsel to public and private companies in the
chemicals and health care industries. Mr. Flynn's experience includes a broad range of
business transactions including acquisitions and divestitures, joint ventures, securities
offerings and corporate finance as well as antitrust and compliance counseling.
Mr. Flynn is a member of the Advisory Board of Integra Ventures, a Seattle-based venture
capital fund, specializing in healthcare and life sciences. He is also a member of the Board
of Directors of Stamford Theatre Works, a not-for-profit professional theatre resident in
Stamford, Connecticut. His professional associations include the American Bar
Association, the American Corporate Counsel Association and the American Society of
Corporate Secretaries.
Mr. Flynn received a Bachelor of Science degree from Fordham University College of
Business Administration in 1976, and a Juris Doctor from Fordham University School of
Law in 1980, where he served on the staff of the Fordham Law Review and the Fordham
International Law Journal.
Proven Leadership Team
Nathaniel M. Gifford
Vice President,
Product Development
and Marketing
52
Nathaniel M. Gifford’s responsibilities include strategic, market and product
planning, product development, sourcing, marketing, sales training, quality
assurance, and the global supply chain. In this capacity, he has a key role in
determining new and emerging customer document output needs, in developing
and delivering profitable and innovative solutions, and in improving supply chain
operational efficiencies.
Prior to his current assignment, Mr. Gifford was Vice President, Copier Product
Operations, which encompassed many of his current product related activities. He
was appointed to this position in 1989. He launched the company's first digital
copier/printer and the company's first color copier/printer in 1996 and
successfully led the company through the technology transition of standalone
analog copiers to digitally based multifunctional products.
Mr. Gifford joined Pitney Bowes in 1978 in the Corporate Planning Department and
held various positions including Director, Strategic Planning before joining the
Copier Division in 1983 as Director, Copier Strategic Business Unit. Prior to joining
Pitney Bowes, Mr. Gifford worked at Travelers Insurance Company and Cititrust
Bank in the area of securities analysis and investments. Mr. Gifford is a graduate of
Trinity College in Hartford, Connecticut, where he earned a Bachelor of Arts in Economics.
Proven Leadership Team
William Midgley
Chief
Administrative
Officer
53
William Midgley is responsible for Imagistics worldwide administration,
information technology, operational effectiveness and logistics functions.
Mr. Midgley joined Imagistics in 2003 as Vice President, Global Supply Chain,
responsible for the logistics function, which includes forecasting, purchasing
and the delivery of finished goods, parts and supplies throughout the
Imagistics network.
Prior to working for Imagistics, he was Vice President, Supply Chain, for PSS
World Medical, Inc. Before joining PSS World Medical, he held a variety of
financial, operations and business process positions at Sony Electronics.
While at Sony Electronics, Mr. Midgley was responsible for order
management, inventory control, billing, collections and accounts receivable,
improving the effectiveness of those functions through several reengineering
initiatives.
Mr. Midgley received an MBA in accounting from Pace University and a BS in
computer science from Florida Metropolitan University. He is trained in ISO
9000 and Six Sigma.
Forward-Looking Statement
The statements contained in this presentation that are not purely historical are forward-
looking statements, within the meaning of the Private Securities Litigation Reform Act of
1995, that are based on management's beliefs, certain assumptions and current
expectations. These statements may be identified by their use of forward-looking
terminology such as the words "expects," "projects," "anticipates," "intends" and other
similar words. Such forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those projected. These risks and
uncertainties include, but are not limited to, general economic, business and market
conditions, competitive pricing pressures, timely development and acceptance of new
products, our reliance on third party suppliers, potential disruptions affecting the
international shipment of goods, potential disruptions in implementing information
technology systems, our ability to create brand recognition under our new name and
currency and interest rate fluctuations. For a more complete discussion of certain of the
risks and uncertainties that could cause actual results to differ from those contained in
the forward-looking statements, see "Risk Factors" in the Imagistics 2003 Form 10-K
and other SEC filings. The forward-looking statements contained in this presentation
are made as of the date hereof, and we do not undertake any obligation to update any
forward-looking statements, whether as a result of future events, new informati
on or otherwise.
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