Press Releases

JJ Bender Sells Second Previously Owned Xerox iGen3

JJ Bender — Sat, 16 Dec 2006 10:48:00 +0000

As part of its new Xerox iGen3 training curriculum, JJ Bender announced today that it has sold a second Xerox iGen3, close to the anniversary of its first documented independent resale of the latest digital copier from Xerox.

“The market expects big things from our company and we’re proud to be able to deliver the largest digital equipment on the market,” said Jeffrey Bender, President of JJ Bender LLC.

Over the past year, the color specialists at JJ Bender have been working to establish the aftermarket for Xerox iGen3 parts, supplies, and peripherals. The company has been able to put Xerox iGen3 owners in contact with each other and help them realize cost efficiencies. Those partnerships and consumer demand led JJ Bender to develop a curriculum specifically designed to educate corporations about the true costs of owning or leasing a Xerox iGen3.

Under its Xerox iGen3 training program, JJ Bender has taught clients how to avoid down time and match their equipment to their needs. Companies are put in touch with experts in variable data printing in order to more effectively market new capabilities offered by digital technology. The curriculum also includes an educational section on leasing, thanks to a partnership with JJ Bender’s sister company Graphic Savings Group, with discussion of the residual value of equipment and the terms of a Xerox iGen3 lease.

“A Xerox iGen3 represents a significant investment for any corporation, we make sure that a company has established a solid foundation and can forecast future revenues and costs,” said Andrew A. Bender, CEO of the Graphic Savings Group.

The Xerox iGen3 Training Program has led JJ Bender to form partnerships with some of the largest commercial printers in the country, who are able to exchange ideas and provide overflow or short-term coverage.

We continue to offer innovative solutions that are changing the way we do business. That's why this company remains as exciting as when I started it in 1980,” said Mr. Bender.
JJ Bender is not affiliated with Xerox, but is an independent reseller of previously owned Xerox digital copiers and printers.

About JJ BenderWith over 25 years of experience in the office automation equipment industry, JJ Bender is a market leader in developing creative ways to complete transactions. For more information visit www.jjbender.com, or contact JJ Bender via email at mail@jjbender.com or at 203.336.4034.

JJ Bender Releases FIND-IT: An International Digital Equipment Peripheral Program

JJ Bender — Sat, 16 Dec 2006 10:46:00 +0000

As the digital color equipment marketplace expands internationally, regional suppliers are struggling to find the peripherals and accessories that commercial printers need. In an effort to meet the demand, JJ Bender announces the introduction of ‘FIND-IT,’ a concierge service for international customers that are looking for hard-to-find peripherals for digital equipment.

In an effort to meet consumer demand, JJ Bender, the world’s largest buyer and seller of Xerox production equipment, has created a system for ordering digital color peripherals that is designed to improve the worldwide distribution of parts and supplies.

The first group of peripherals that will be included in the ‘FIND-IT,’ program are the network and print boards for several models in the Canon imageRUNNER series. Network printing boards and fax boards are scarce resources that can unlock significant cost savings and allow machines to improve productivity through network connections. By including older modes like the IR2200 and IR2800 all the way up to the IR5000, IR6000, and IR105, JJ Bender will be able to reach users on all ends of the digital spectrum.

As part of the concierge service, international equipment dealers and end users can submit requests via JJ Bender’s online system at www.jjbender.com, or speak directly to a parts or peripherals expert. With over 26 years of experience with digital production equipment, JJ Bender is the world leader in understanding the availability and capacity of existing digital copiers and printers.

The ‘FIND-IT’ program is the latest initiative from JJ Bender, which has been reaching out to international clients this year with a variety of tailored programs. JJ Bender has assisted with the remanufacturing and conversion of equipment to meet the electronic and spatial requirements of clients in Europe and Asia.

About JJ Bender

JJ Bender specializes in Xerox DocuTech Systems and other High Volume Copiers and Laser Printers including the Xerox DocuTech 135, 6100, 6135, 6115, 6155, 6180, DocuPrint DP 180, 4135, 4635 and 92C, DocuColor 6060, 2060, 2045, 12, Xerox iGen 3, and other high volume copiers including the Heidelberg Digimaster 9110 and Canon Image Runner 110. With over 25 years of experience in the office automation equipment industry, JJ Bender is a market leader in developing creative ways to complete transactions. For more information visit www.
jjbender.com or contact JJ Bender via email at mail@jjbender.com or at 203.336.4034.

Quebecor World Announces Q4: Net loss of $205 million

JJ Bender — Fri, 15 Dec 2006 16:55:00 +0000

Quebecor World Inc. announces that for the fourth quarter 2005 the Company reported a net loss of $205 million from continuing operations compared to net income of $46 million in the fourth quarter of last year. On the same basis, loss per share in the fourth quarter was $1.64 compared to diluted earnings per share of $0.27 in 2004. Quebecor World's fourth quarter and 2005 results were negatively impacted by a previously announced non-cash goodwill impairment charge of $243 million, ($232 million after tax, or $1.77 per share), related to the Company's European operations. Consolidated revenues for the quarter were $1.7 billion compared to $1.8 billion last year.

In the fourth quarter 2005, the Company recorded impairment of assets, restructuring and other charges (IAROC) of $12 million or $0.08 per share compared to $48 million or $0.32 per share in the fourth quarter last year. Operating income before IAROC and goodwill impairment in the fourth quarter was $87 million compared to $161 million during the same period last year.

Earnings per share from continuing operations before IAROC and goodwill impairment were $0.21 compared to $0.59 in the fourth quarter of 2004.

Quebecor World's fourth quarter results were hampered by a lower pricing environment compared to last year, higher energy costs, under performing operations in France and the United Kingdom, the absence of an additional week in the quarter compared to 2004 which negatively impacted revenues in North America by approximately 7%, additional freight costs and inefficiencies related to press start-ups.

"We continue to face a very challenging environment on several fronts which is reflected in our results. Our retooling plan is underway and despite some inefficiencies in the fourth quarter, we expect this equipment to deliver as promised in the medium and long-term as it reaches full-capacity and as we replace previously lost volume," said Pierre Karl Peladeau, President and CEO, Quebecor World Inc. "In the short-term we are taking additional measures to reduce our costs by being more efficient in our energy consumption and through additional restructuring initiatives. The Company is also utilizing its distinct competitive advantages to focus on securing higher margin volume from leading publishers and retailers."

Quebecor World's three-year retooling plan is based on strategically installing state-of-the-art technology across its global platform and decommissioning older less productive equipment to enhance service, reduce costs and improve efficiencies. The previously announced plan calls for an investment of $330 million in North America and $250 million in Europe. The Company's retooling program on two continents is one of the largest ever undertaken in the printing industry and the full effect of these efforts will be realized over time.

Due to the retooling program in North America and Europe, Quebecor World recorded capital expenditures of $394 million in 2005 compared to $133 million in 2004 and generated free cash flow of $119 million in 2005 compared to $319 million in 2004.

As announced in January 2006, the European retooling program includes installing two new gravure presses in Belgium and wide-web offset presses in Austria and Spain as well as additional potential investments in the United Kingdom and France. In February 2006, the Company successfully concluded negotiations with its employees' representatives in the United Kingdom that will quickly bring the cost structure in line with the market. Similar negotiations are progressing more slowly in France. This could be a lengthy process which might negatively impact our performance.

Full-Year 2005

In 2005, net loss was $149 million or $1.43 per share compared to net income of $140 million or $0.77 per share last year. Before IAROC and goodwill impairment, diluted earnings per share in 2005 were $0.98 compared to $1.45 last year. Operating income before IAROC and goodwill impairment was $358 million in 2005 compared to $471 million last year. Consolidated revenue for 2005 were essentially flat at $6.3 billion compared to 2004.

Impairment of assets, restructuring and other charges for 2005 were $94 million compared to $116 million in 2004. Selling General and Administrative expenses were $397 million compared to $432 million last year. Excluding the unfavourable impact of currency translation, SG&A expenses were lower by $42 million compared to the previous year.

Outlook 2006

In 2006, Quebecor World anticipates its operations will continue to be affected by negative pricing pressures and previously announced volume reductions. While the Company has made significant progress in replacing this volume, many of these new agreements only come into force in the later half of 2006 and in 2007. The Company intends to address these challenges by continuing to implement cost containment measures. These measures include retooling plans for North America and Europe, additional restructuring initiatives and decommissioning of older presses resulting in a more efficient manufacturing platform. The Company will also develop projects to help reduce energy consumption. Furthermore, Quebecor World will use its distinct competitive advantages to seek higher margin business. However, as this is a long-term process and as the Company anticipates additional start-up related inefficiencies in upcoming quarters, the full effect of these efforts will be realized over time.

Discontinued Operations

Quebecor World's core printing activities involve the printing of magazines, catalogs, retail inserts, books, directories and direct mail for the world's largest publishers and retailers. As the Company has grown by acquisition certain facilities were included in those transactions that did not relate to these core businesses. Approximately a dozen facilities in North America were involved in the printing of short-run contractual work such as marketing materials, annual reports, travel and fashion brochures. These activities were different from Quebecor World's core businesses and did not benefit from the advantages and synergies of the Company's global platform. The Company completed the sale of these assets in the fourth quarter 2005. Consequently the operating results related to these activities have been presented separately in the Company's consolidated financial results as discontinued operations and comparative figures have been restated to conform to the presentation adopted for the year-ended December 31, 2005.

Dividend

The Board of Directors declared a dividend of $0.10 per share on Multiple Voting Shares and Subordinate Voting Shares. The Board also declared a dividend of CDN$0.3845 per share on Series 3 Preferred Shares, CDN$0.421875 per share on Series 4 Preferred Shares and CDN$0.43125 on Series 5 Preferred Shares.

The dividends are payable on March 1st, 2006 to shareholders of record at the close of business February 27, 2006.

JJ Bender Helps Customers Navigate the Redefined Digital Color After Market

JJ Bender — Fri, 15 Dec 2006 16:53:00 +0000

Contact: Jonathan Bender, 203.336.4034

Fairfield, CT-February 8, 2005

With the rapid changes in the digital color market in both the price and capabilities of equipment, JJ Bender has decided to institute a short-term rental program.

“The rapid turnover of equipment and technology is astounding. With our short-term rental approach, you can figure out what you need, make the right decision, and not be penalized for it,” said Jeffrey Bender, President of JJ Bender.

With the short-term rental program, companies can match their costs to their expected revenue. Moreover, a three or six-month copier rental is designed with seasonal businesses in mind, allowing them to continually offer the latest technology and products to their customer base.

As the production cycle for new digital equipment has been shortened, the resale market for previously owned machines has drastically changed. The profits at major manufacturers is being driven by digital color equipment encouraging a faster replacement cycle. Consider Konica Minolta, which recently announced that it would stop producing cameras and film in March of 2007 to focus on digital copiers, medical equipment, and liquid crystal displays.

The challenge for the average printer is how to make an investment of potentially hundreds of thousands of dollars profitable while staying ahead of the technology curve. For many the cost of acquisition can be a barrier to entry into producing higher margin, larger print runs.

Therefore the need for flexibility at commercial printers and quick printers has never been greater. Companies are getting locked into technology that is becoming outdated before a lease term expires at the same time that the residual value of equipment is decreasing with newer models becoming widely available.

“We know that companies who are looking at digital equipment are also examining how they will pay for that equipment. We’re here to help them discover the actual value of gear and make sure they can establish a profitable business model,” said Bender.

JJ Bender

JJ Bender specializes in Xerox DocuTech Systems and other High Volume Copiers and Laser Printers including the Xerox DocuTech 135, 6100, 6135, 6115, 6155, 6180, DocuPrint DP 180, 4135, 4635 and 92C, DocuColor 6060, 2060, 2045, 12, iGen 3, and other high volume copiers including the Heidelberg Digimaster 9110 and Canon Image Runner 110. With over 25 years of experience in the office automation equipment industry, JJ Bender is a market leader in developing creative ways to complete transactions. For more information visit www.jjbender.com or contact JJ Bender via email at mail@jjbender.com or at 203.336.4034.

JJ Bender Brings Distribution Centers Online

JJ Bender — Fri, 15 Dec 2006 01:49:00 +0000

In a move designed to expedite delivery time and create greater flexibility, JJ Bender recently brought two nationwide distribution centers online.

The launch of a refurbishment center on each coast effectively doubles the company’s capacity for the reconditioning and rebuilding of Xerox DocuColor equipment and other high volume copiers and printers.

“We believe in providing a quality product to our customers. By bringing these centers online, this gives us complete control over the equipment we are shipping to our clients,” explained Jeffrey Bender, CEO and President of JJ Bender LLC.

At each site, equipment will be rigorously tested and have parts replaced by certified technicians. In addition, the center will offer cosmetic services for customers with showrooms or open production areas that need to have showcase quality equipment.

“Our goal has always been to offer a consistent product and experience to each of our customers,” said Bender.

The centers are the latest addition to JJ Bender’s nationwide distribution network that includes regional service technicians and warehouse facilities. They will also serve as shipping hubs through which high volume production printers and copiers can be processed and reconditioned.

Moreover, the development of dedicated refurbishment centers is a reflection of a maturing used market in which customers are demanding equipment that can be placed immediately on a showroom floor. Commercial printers with open production areas are demanding cosmetic touch-ups in addition to functional repairs.

About JJ Bender

JJ Bender specializes in Xerox DocuTech Systems and other High Volume Copiers and Laser Printers including the Xerox DocuTech 135, 6100, 6135, 6115, 6155, 6180, DocuPrint DP 180, 4135, 4635 and 92C, DocuColor 6060, 2060, 2045, 12, iGen 3, and other high volume copiers including the Heidelberg Digimaster 9110 and Canon Image Runner 110. With over 25 years of experience in the office automation equipment industry, JJ Bender is a market leader in developing creative ways to complete transactions. For more information visit http://www.jjbender.com/ or contact JJ Bender via email at mail@jjbender.com or at 203.336.4034.

JJ Bender’s Open Door Policy Opens Up Graphic Industry Sales Channel

JJ Bender — Fri, 15 Dec 2006 01:40:00 +0000

Just as open source technology reinvented the Internet and network design, JJ Bender is looking to change the face of the Xerox resale market by opening its doors to the graphics industry with its new Sales Agent Initiative.

“We want people to see how we do business because we believe that the industry is ready to full embrace the idea of an independent alternative,” explained Jeffrey Bender, CEO of JJ Bender.

The Sales Agent Program offers four main benefits to companies in the graphics industry: access to high volume digital equipment, deal consulting, leasing and financial consulting, and sales training seminars. As the demand for high volume digital color equipment has skyrocketed, JJ Bender is uniquely positioned at the upper end of the supply chain. Potential partners will have the ability to leverage the resources of JJ Bender and provide their customers with access to short-term or long-term solutions on the largest gear available.

In addition, JJ Bender will offer individualized deal consulting; ensuring that each deal is structured to account for profits and customer satisfaction. Often deals stall on trade-in value or de-installation and removal arrangements, JJ Bender will work with agents to streamline the process from initial contact to shipment.

“We believe that the marketplace will be dramatically improved through the increased flow of information. Consumers and vendors benefit when information is readily available on purchases,” said Bender.

With the help of its sister company Graphic Savings Group, JJ Bender has made leasing alternatives available to the graphics industry. Program participants will be guided through the financial management process, discovering that the ability to offer leasing will increase profits on every deal and potentially attract new customers because of comprehensive equipment solutions.

Under the new program created by JJ Bender, individuals and corporations will have access to sales training seminars that will break down the resale market for Xerox production equipment. Each part of the curriculum is based on patented techniques developed over the past 25 years of operation, as participants are walked through all equipment and peripherals involved.

“We see this as the evolution of the marketplace. Now we can reach out to new segments of the graphics industry and our partners will have the chance to enter the market with no costs, no inventory, just profits,” said Bender.

About JJ Bender

JJ Bender specializes in Xerox DocuTech Systems and other High Volume Copiers and Laser Printers including the Xerox DocuTech 135, 6100, 6135, 6115, 6155, 6180, DocuPrint DP 180, 4135, 4635 and 92C, DocuColor 6060, 2060, 2045, 12, iGen 3, and other high volume copiers including the Heidelberg Digimaster 9110 and Canon Image Runner 110. With over 25 years of experience in the office automation equipment industry, JJ Bender is a market leader in developing creative ways to complete transactions. For more information visit www.jjbender.com or contact JJ Bender via email at mail@jjbender.com or at 203.336.4034.