Canon: 23 Percent Revenue Bump in Fiscal ‘08
But CEO admits slowdown expected in ’09.
Los Angeles-based Canon Communications reported a 23 percent increase in revenue for its 2008 fiscal year.
The company attributed half of the increase to operational growth and strategic acquisitions in both its events and publishing businesses. Overall revenues for the events division were up 30 percent, due to “attendance and exhibitor gains at its traditional trade shows, the launch of new events like BIOMEDevice and MD&M Midwest, and the staging of the biennial PTXi show for process technologies.”
Overall revenues for the publishing division grew 15 percent, led by a 47 percent increase in digital and data products revenue, which now accounts for totals 18 percent of the division’s overall revenue mix.
Chairman and CEO Charles McCurdy noted that a slowdown is expected in 2009 because of wider economic concerns and because some of Canon’s biannual trade shows will not be produced next year.
“Clearly, economic conditions in 2009 will present many challenges to Canon and other major B-to-B media companies,” McCurdy said in a statement. “While I cannot easily predict what impact these challenges will have on the industry, I can say that Canon is well-established in its focus on the global advanced manufacturing segment, with its high-value-added manufacturing and essential products.”
McCurdy added that he is hopeful “for what could well be another very strong growth year in 2010.”