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Exhibit 1
[DANKA LOGO]
For Immediate Release Sanjay Sood
(727) 576-6003
October 12, 2000 Paul G. Dumond
011-44207-603-1515
DANKA ANNOUNCES RESIGNATION OF CHIEF EXECUTIVE OFFICER
LARRY SWITZER AND SECOND QUARTER EARNINGS UPDATE
ST. PETERSBURG, FL., October 12, 2000 - Danka Business Systems PLC (NASDAQ:
DANKY) today announced that the Board of Directors has accepted the resignation
of Larry K. Switzer as Chief Executive Officer and Director effective
immediately. The Board has formed a search committee to promptly identify and
appoint a permanent successor. Michael B. Gifford, a non-executive Director
since September, 1999, has been appointed to perform the functions of Chief
Executive Officer until a permanent successor is found. Mr. Gifford is an
experienced executive, having most recently served as Group Chief Executive of
The Rank Organization PLC, a London-based leisure and entertainment conglomerate
and the joint-venture partner for Xerox operations outside the Americas.
Danka also announced that, based on preliminary indications, its results for the
second quarter of fiscal 2001 ended September 30, 2000 will be below analysts'
estimates. Danka's financial performance for the quarter will primarily reflect
soft hardware revenues in the United States, margin pressures, industry factors
and currency weakness. The actual results are in the process of being determined
by Danka and will be reported when complete. The Company is currently evaluating
whether it will take a special charge relating to a portion of its goodwill and
certain other long-lived assets, and is considering other efforts to reduce
costs that may result in additional such charges. Danka Chairman David Kendall
commented: "What the Company is experiencing this quarter appears consistent
with what others in the industry are reporting. Nevertheless, we believe actions
the Company is taking, along with the strength of Danka's product portfolio,
sales and service capabilities and facilities management, should position the
Company to compete in this evolving digital environment."
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release, or otherwise made by
officers of the Company, including statements related to the Company's future
business, financial performance and contemplated financing arrangements, are
forward-looking, and contain information relating to the Company that is based
on the beliefs of the Company as well as assumptions, made by, and information
currently available to, the Company. The words "goal", "anticipate", "expect",
"believe" and similar expressions as they relate to the Company or the Company's
management, are intended to identify forward-looking statements. No assurance
can be given that the results in any forward-looking statement will be achieved.
For the forward-looking statements, the Company claims the protection of the
safe harbor for forward-looking statements provided for in the Private
Securities Litigation Act of 1995. Such statements reflect the current views of
the Company with respect to future events and are subject to certain risks,
uncertainties and assumptions that could cause actual results to differ
materially from those reflected in the forward-looking statements. Factors that
might cause such differences include, but are not limited to, (i) failure to
identity an appropriate candidate willing to serve as the Company's permanent
Chief Executive Officer, (ii) failure to hire such a candidate on a timely
basis, (iii) any material variation in the final, unaudited results for the
second quarter from those currently anticipated. Readers are cautioned not to
place undue reliance on these forward-looking statements, which reflect the
Company's expectations as of the date when they are made. The Company undertakes
no obligation to and does not intend to update these forward-looking statements
to reflect events or circumstances that arise after the date such statements are
made. Furthermore, as a matter of policy, the Company does not generally make
any specific projections as to future earnings nor does it endorse any
projections regarding future performance which may be made by others outside the
Company.
Danka Business Systems PLC, headquartered in London, England and St. Petersburg,
Florida, is one of the world's largest independent suppliers of office imaging
equipment and related services, parts and supplies. Danka provides office
products and services in 30 countries around the world. For additional
information about copier, printer and other office imaging products, please
visit our web site at www.danka.com.
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11201 DANKA CIRCLE NORTH 107 HAMMERSMITH ROAD
ST. PETERSBURG, FL 33716 LONDON, ENGLAND W14 0QH
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