Exhibit 99.1

IKON ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2008 RESULTS
Fourth Quarter EPS of $0.31 Excluding Items; EPS of $0.23 as Reported
Fiscal Year 2008 EPS of $1.07 Excluding Items; EPS of $0.91 as Reported

MALVERN, Pa.—October 22, 2008 – IKON Office Solutions (NYSE:IKN), the world’s largest independent channel for document management systems and services, today reported results for the fourth quarter and fiscal year, which ended September 30, 2008. For the fourth quarter, earnings per diluted share were $0.23, including restructuring and asset impairment charges related to the Company’s Off-site Managed Services business and costs associated with the Company’s pending acquisition by Ricoh Company, Ltd. Excluding these non-recurring items, earnings per diluted share were $0.31. These results were in line with the Company’s previously communicated guidance including a $0.05 per share benefit from the favorable closure of a tax audit. In the fourth quarter of fiscal 2007, the Company earned $0.23 per diluted share.

Total revenue for the fourth quarter of fiscal 2008 was $1.1 billion. As reported, operating income was $39.3 million and operating income margin was 3.7 percent in the quarter. Excluding the restructuring and asset impairment charges and the acquisition-related costs totaling $12.4 million, operating income was $51.7 million and operating income margin was 4.9 percent. Interest expense, net of interest income, increased $3 million year over year to $13 million, and weighted average fully diluted shares declined 20 percent to approximately 97 million, primarily due to the financing associated with the Company’s share repurchase activity in the first quarter. The Company’s effective tax rate for the fourth quarter was 17 percent as reported, compared with 28 percent in the prior-year quarter, due to the favorable closure of federal income tax audits and the expiration of certain statutes of limitations. Net income for the quarter was $22 million and included $8 million in after-tax charges from non-recurring items. Excluding these items, net income was $30 million.

For fiscal year 2008, earnings per diluted share were $0.91, including restructuring and asset impairment charges, acquisition-related costs and a loss from the early extinguishment of debt. Excluding these non-recurring items, earnings per diluted share were $1.07. In fiscal 2007, the Company earned $0.91 per diluted share.
Total revenue was $4.2 billion in fiscal 2008, essentially flat year over year, including a currency benefit of 1 percentage point. Net income for fiscal 2008 was $91.3 million and included $15.3 million in after-tax charges from non-recurring items. Excluding these items, net income was $106.6 million.

Balance Sheet and Cash Flow
The Company’s cash increased $110 million in the quarter to $216 million driven by strong operating cash flow. The Company generated $272 million of cash from operations in fiscal 2008, compared with $172 million in fiscal 2007. Capital expenditures on operating leases and property and equipment, net of proceeds, totaled $45 million in fiscal 2008, compared with $53 million in fiscal 2007. As a result, free cash flow was $227 million in fiscal 2008, compared with $119 million in fiscal 2007.

The Company paid $4 million, or $0.04 per share, of dividends to shareholders during the quarter. At September 30, 2008, actual shares outstanding were approximately 95 million.

Pending Acquisition by Ricoh

On August 27, 2008, IKON announced it had entered into a definitive agreement to be acquired by Ricoh Company, Ltd. for $17.25 per share. The transaction, which was approved by the Boards of Directors of both companies, is subject to regulatory approval in the U.S., Canada and Europe, customary closing conditions and IKON shareholder approval. On October 31, 2008, IKON shareholders will vote on the pending acquisition. For more information on the proposed transaction, see the definitive proxy statement filed on October 3, 2008, which is available on the Investor Relations section of IKON’s web site (www.ikon.com).

About IKON
IKON Office Solutions, Inc. is the world’s largest independent channel for document management systems and services, enabling customers to improve document workflow and increase efficiency. IKON integrates best-in-class copiers, printers and MFP technologies from leading manufacturers and document management software and systems, to deliver tailored, high-value solutions implemented and supported by its global services organization — IKON Enterprise Services. With fiscal year 2008 revenue of $4.2 billion, IKON has approximately 24,000 employees in over 400 locations throughout North America and Western Europe.

The Company has reported its financial results in accordance with generally accepted accounting principles (GAAP). In addition, this news release contains certain non-GAAP financial measures such as free cash flow, adjusted operating income and income margin, and adjusted EPS.  

Free cash flow is defined as cash from operations less expenditures for property and equipment, less expenditures for equipment on operating leases, plus proceeds from the sale of property and equipment and equipment on operating leases.  IKON believes free cash flow is useful because it provides insight into the amount of cash that the Company has available for discretionary uses, after expenditures for capital commitments.

Adjusted operating income and operating income margin exclude the restructuring and asset impairment charges and acquisition-related costs. Adjusted net income and adjusted EPS exclude restructuring and asset impairment charges, acquisition-related costs and a loss from the early extinguishment of debt. IKON believes these measures provide investors with useful indications of the performance of IKON’s ongoing operations and financial position.

The reader is encouraged to evaluate these non-GAAP financial measures and the reasons IKON considers them useful for supplemental analysis.

IKON Office Solutions^® and IKON: Document Efficiency at Work^® are trademarks of IKON Office Solutions, Inc. All other trademarks are the property of their respective owners.

(FIKN)
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IKON Office Solutions, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)
	September		30,
	2008			2007
Assets
Cash and cash equivalents	$	216,236		$	349,237
Accounts receivable, net		529,629			552,776
Lease receivables, net		74,757			84,207
Inventories		237,289			287,503
Prepaid expenses and other current assets		33,955			35,025
Income taxes receivable		2,067			—
Deferred taxes		41,955			48,167
Total current assets		1,135,888			1,356,915
Long-term lease receivables, net		247,051			251,776
Equipment on operating leases, net		53,906			72,052
Property and equipment, net		139,479			154,218
Deferred taxes		14,946			18,144
Goodwill		1,296,576			1,333,249
Other assets		78,488			84,354
Total Assets	$	2,966,334		$	3,270,708
Liabilities
Current portion of corporate debt	$	3,915		$	16,798
Current portion of non-corporate debt		60,229			51,077
Trade accounts payable		268,520			263,657
Accrued salaries, wages and commissions		117,133			93,052
Deferred revenues		107,099			109,796
Income taxes payable		—			15,240
Other accrued expenses		128,478			129,323
Total current liabilities		685,374			678,943
Long-term corporate debt		574,987			576,199
Long-term non-corporate debt		162,635			181,334
Other long-term liabilities		135,347			128,211
Total Shareholders’ Equity		1,407,991			1,706,021
Total Liabilities and Shareholders’ Equity	$	2,966,334		$	3,270,708

IKON Office Solutions, Inc.
Income Statement and Operational Analysis (in thousands, except earnings per share)
(unaudited)
	Three Months Ended September 30,
	2008			2007
Revenues
Equipment	$	459,703		$	470,080
Customer service and supplies		345,549			340,505
Managed and professional services		204,225			203,110
Rental and fees		34,114			34,736
Other		15,229			16,277
		1,058,820			1,064,708
Cost of Revenues
Equipment		350,620			357,035
Customer service and supplies		197,301			187,979
Managed and professional services		145,417			146,790
Rental and fees		7,293			7,911
Other		8,784			10,893
		709,415			710,608
Gross Profit
Equipment		109,083			113,045
Customer service and supplies		148,248			152,526
Managed and professional services		58,808			56,320
Rental and fees		26,821			26,825
Other		6,445			5,384
		349,405			354,100
Selling and administrative		297,743			305,536
Restructuring charge		5,698			—
Asset impairment		200			—
Transactional costs associated with pending acquisition of IKON		6,479			—
Operating income		39,285			48,564
Interest income		732			2,500
Interest expense		13,847			12,949
Income before taxes on income		26,170			38,115
Taxes on income		4,377			10,484
Net income	$	21,793		$	27,631
Basic Earnings Per Common Share	$	0.23		$	0.23
Diluted Earnings Per Common Share	$	0.23		$	0.23
Cash Dividends Per Common Share	$	0.04		$	0.04
Weighted Average Common Shares Outstanding, Basic		94,397			120,160
Weighted Average Common Shares Outstanding, Diluted		96,730			121,610
Operational Analysis:
Gross profit %, equipment		23.7	%		24.0	%
Gross profit %, customer service and supplies		42.9	%		44.8	%
Gross profit %, managed and professional services		28.8	%		27.7	%
Gross profit %, rental and fees		78.6	%		77.2	%
Gross profit %, other		42.3	%		33.1	%
Total gross profit %		33.0	%		33.3	%
Selling and administrative as a % of revenue		28.1	%		28.7	%
Operating income as a % of revenue		3.7	%		4.6	%

IKON Office Solutions, Inc.
Income Statement and Operational Analysis (in thousands, except earnings per share)
(unaudited)
	Fiscal Year Ended September 30,
	2008			2007
Revenues
Equipment	$	1,751,306		$	1,787,730
Customer service and supplies		1,386,957			1,377,669
Managed and professional services		831,805			796,962
Rental and fees		130,917			136,674
Other		65,568			69,309
		4,166,553			4,168,344
Cost of Revenues
Equipment		1,308,035			1,346,244
Customer service and supplies		798,788			778,013
Managed and professional services		594,526			580,164
Rental and fees		29,629			34,650
Other		41,469			46,094
		2,772,447			2,785,165
Gross Profit
Equipment		443,271			441,486
Customer service and supplies		588,169			599,656
Managed and professional services		237,279			216,798
Rental and fees		101,288			102,024
Other		24,099			23,215
		1,394,106			1,383,179
Selling and administrative		1,184,080			1,180,326
Restructuring charge		11,259			—
Asset impairment		200			—
Transactional costs associated with pending acquisition of IKON		6,479			—
Operating income		192,088			202,853
Loss from the early extinguishment of debt		5,702			—
Interest income		5,005			11,372
Interest expense		59,661			50,791
Income before taxes on income		131,730			163,434
Taxes on income		40,395			48,947
Net income	$	91,335		$	114,487
Basic Earnings Per Common Share	$	0.92		$	0.92
Diluted Earnings Per Common Share	$	0.91		$	0.91
Cash Dividends Per Common Share	$	0.16		$	0.16
Weighted Average Common Shares Outstanding, Basic		98,931			124,563
Weighted Average Common Shares Outstanding, Diluted		99,974			126,342
Operational Analysis:
Gross profit %, equipment		25.3	%		24.7	%
Gross profit %, customer service and supplies		42.4	%		43.5	%
Gross profit %, managed and professional services		28.5	%		27.2	%
Gross profit %, rental and fees		77.4	%		74.6	%
Gross profit %, other		36.8	%		33.5	%
Total gross profit %		33.5	%		33.2	%
Selling and administrative as a % of revenue		28.4	%		28.3	%
Operating income as a % of revenue		4.6	%		4.9	%

IKON Office Solutions, Inc.
Consolidated Statements of Cash Flows
(in thousands and unaudited)	Fiscal Year Ended September 30,
Cash Flows from Operating Activities	2008			2007
Net income	$	91,335		$	114,487
Additions (deductions) to reconcile net income to net cash provided by operating activities:
Depreciation		72,782			68,719
Amortization		1,080			1,010
Other non-cash items		3,325			2,394
Loss on disposal of property and equipment		2,634			759
Provision for losses on accounts and lease receivables		7,397			6,940
Restructuring charge		11,259			—
Asset impairment		200
Provision for deferred income taxes		32,245			6,333
Stock-based compensation expense		10,277			9,637
Excess tax benefits from stock-based payments arrangements		(984	)		(1,740	)
Pension expense		4,341			2,372
Loss from the early extinguishment of debt		5,702			-
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivables		(1,055	)		40,624
(Increase) decrease in finance lease receivables		(10,035	)		4,019
Decrease (increase) in inventories		45,494			(67,893	)
Increase in prepaid expenses and other assets		(6,508	)		(3	)
Increase in accounts payable		11,183			33,523
Increase (decrease) in deferred revenue		1,831			(12,858	)
Payments related to restructuring plans		(3,606	)		—
Increase (decrease) in accrued expenses		22,144			(28,040	)
Contributions to pension plans		(3,422	)		(9,725	)
(Decrease) increase in income taxes payable		(25,485	)		1,262
Other		—			80
Net cash provided by operating activities		272,134			171,900
Cash Flows from Investing Activities
Expenditures for property and equipment		(33,101	)		(34,269	)
Expenditures for equipment on operating leases		(22,772	)		(29,600	)
Proceeds from the sale of property and equipment and equipment on operating leases		10,886			11,015
Proceeds from life insurance		4,366			5,821
Other		(4,264	)		(2,124	)
Net cash used in investing activities		(44,885	)		(49,157	)
Cash Flows from Financing Activities
Repayment of other borrowings		(5,859	)		(66	)
Debt issuance costs		(3,970	)		—
Debt modification costs		—			(16,430	)
Corporate debt — issuances		152,051			-
Corporate debt — repayments		(172,072	)		(2,598	)
Non-corporate debt — issuances		22,566			158,244
Non-corporate debt — repayments		(20,595	)		(166,225	)
Dividends paid		(15,903	)		(20,048	)
Proceeds from stock option exercises		10,517			17,944
Excess tax benefits from stock-based payments arrangements		984			1,740
Purchase of treasury shares		(316,988	)		(174,968	)
Net cash used in financing activities		(349,269	)		(202,407	)
Effect of exchange rate changes on cash and cash equivalents		(10,981	)		14,662
Net decrease in cash and cash equivalents		(133,001	)		(65,002	)
Cash and cash equivalents at beginning of year		349,237			414,239
Cash and cash equivalents at end of year	$	216,236		$	349,237
Non-cash investing and financing activities:
Assets acquired under capital leases	$	3,270		$	15,406