Printronix Announces First Quarter Results for Fiscal Year 2007.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif. -- Printronix Printronix is an independent supplier of line matrix printers and printers for bar code label printing. The company operates in 5 manufacturing facilities and has 17 sales and support locations that serve users in the Americas, Europe, the Middle East, Africa and Asia Pacific. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PTNX PTNX Private Telecommunications Network Exchange ), the leading manufacturer of integrated enterprise printing solutions for the supply chain, today announced results for the first quarter ended June June: see month. 30, 2006. Revenue remained stable at $31.7 million for the first quarter of fiscal year 2007 compared to $31.8 million in the same quarter last year. The company reported net income for the quarter of $0.6 million, or $0.09 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with net income of $0.2 million, or $0.03 per diluted share for the same quarter of the prior fiscal year. "Through continued focus on cost reductions, we were able to increase our profitability over the same quarter last year," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Kleist, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Printronix. "The gross margin increased to 39.2% for the first quarter of fiscal 2007, up from 38.7% in the first quarter of fiscal 2006 primarily due to increased productivity within Worldwide Operations. Expenses were reduced in Sales, Marketing and Engineering, offset by increases in General and Administrative expense." Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter of fiscal 2007 were $12.0 million, down from $12.2 million in the first quarter of fiscal year 2006. Engineering and development expenses were $3.1 million, down from $3.9 million in the same quarter last year. Sales and marketing expenses were $6.0 million, down from $6.1 million in the same quarter last year. General and administrative expenses were $2.9 million, up from $2.3 million in the same quarter last year due partly to a reduction in the bad debt reserve of $0.3 million for a recovery on receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed previously determined to be uncollectible Adj. 1. uncollectible - not capable of being collected; "a bad (or uncollectible) debt" bad invalid - having no cogency or legal force; "invalid reasoning"; "an invalid driver's license" in the year ago quarter and higher legal, consulting fees and temporary labor in the current quarter. The company ended the first fiscal quarter of 2007 with cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $38.6 million, down from $44.3 million at the end of the first quarter of fiscal 2006, and down from $42.1 million at the end of fiscal year 2006. The decrease in cash and short-term investments from the prior quarter is primarily due to a $2.5 million tax payment related to funds repatriated under the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Jobs Creation Act. During the first quarter, the company also declared and paid $0.4 million for its quarterly cash dividend of $0.07 per share. "Sales growth initiatives continue to be based upon Printronix differentiation in global solutions and support that provide the most productive print management in global enterprises, particularly in manufacturing and supply-chain applications," continued Mr. Kleist. "These solutions were expanded during the first quarter with the introduction of a new High Definition Line Matrix printer that is designed to provide higher print quality for industrial applications with low cost of printing and legendary Printronix reliability." There will be an earnings conference call at 1:05 p.m. PT (4:05 p.m. ET) on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , August 11, 2006. The call will be broadcast live over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and will be hosted by Robert Kleist, President and CEO, and George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Harwood Harwood may refer to: People with the surname Harwood:
Except for historical information, this press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " about Printronix, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Terms such as "objectives," "believes," "expects," "plans," "intends," "should," "estimates," "anticipates," "forecasts," "projections," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including: adverse business conditions and a failure to achieve growth in the computer peripheral industry and in the economy in general; the ability of the company to achieve growth in the Asia Pacific market; adverse political and economic events in the company's markets; a worsening wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. Noun 1. worsening - process of changing to an inferior state decline in quality, deterioration, declension of the global economy due to general conditions; a worsening of the global economy resulting from terrorist attacks or risk of war; a worsening of the global economy resulting from an outbreak of avian flu avian flu: see influenza. or other world health epidemic epidemic, outbreak of disease that affects a much greater number of people than is usual for the locality or that spreads to regions where it is ordinarily not present. ; a resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. of SARS (Severe Acute Respiratory Syndrome Severe Acute Respiratory Syndrome (SARS) Definition Severe acute respiratory syndrome (SARS) is the first emergent and highly transmissible viral disease to appear during the twenty-first century. ); the ability of the company to maintain its production capability in its Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). plant or obtain product from its Asia Pacific suppliers should a resurgence of SARS occur; the ability of the company to hold or increase market share with respect to line matrix printers; the ability of the company to successfully compete against entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. competition in the thermal printer See direct thermal printer and thermal wax transfer printer. market; the ability of the company to adapt to changes in the requirements for radio frequency identification See RFID. ("RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. ") products by Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. and/or the Department of Defense (the
"DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. ") and others; the ability of the company to attract and
to retain key personnel; the ability of the company's customers to
achieve their sales projections, upon which the company has in part
based its sales and marketing plans; the ability of the company to
retain its customer base and channel; the ability of the company to
compete against alternate technologies for applications in its markets;
and the ability of the company to continue to develop and market new and
innovative products superior to those of the competition and to keep
pace with technological change. The company does not undertake to
publicly update or revise any of its forward-looking statements, even if
experience or new information shows that the indicated results or events
will not be realized.About Printronix, Inc. Since 1974, Printronix, Inc. (NASDAQ:PTNX) has created innovative printing solutions for the industrial marketplace and supply chain. The company is the worldwide market leader in enterprise solutions for line matrix printing and has earned an outstanding reputation for its high-performance thermal bar code and fanfold laser printing solutions. Printronix also has become an established leader in pioneering technologies, including radio frequency identification (RFID) printing, bar code compliance and networked printer management. Printronix is headquartered in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). . For company information, see www.printronix.com.
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except share and per share data)
(unaudited)
Three Months Ended
--------------------------------
June 30, March 31, June 24,
2006 2006 2005
---------- ---------- ----------
Revenue $31,650 $33,225 $31,787
Cost of sales $19,251 21,146 19,478
---------- ---------- ----------
Gross margin 12,399 12,079 12,309
Engineering and development 3,139 3,594 3,868
Sales and marketing 5,955 6,972 6,116
General and administrative 2,861 4,148 2,250
---------- ---------- ----------
Total operating expenses 11,955 14,714 12,234
Income (loss) from operations 444 (2,635) 75
Interest and other income, net (249) (81) (205)
---------- ---------- ----------
Income (loss) before taxes 693 (2,554) 280
Provision for income taxes 137 4,879 70
---------- ---------- ----------
Net income (loss) $556 $(7,433) $210
========== ========== ==========
Net income (loss) per share:
-------------------------------------
Basic $0.09 $(1.19) $0.03
Diluted $0.09 $(1.19) $0.03
Shares used in computing net
income (loss) per share:
-------------------------------------
Basic 6,283,591 6,264,588 6,492,516
Diluted 6,460,220 6,264,588 6,636,244
Gross margin % 39.2% 36.4% 38.7%
Operating expenses % 37.8% 44.3% 38.5%
Income (loss) from operations % 1.4% -7.9% 0.2%
Net income (loss) % 1.8% -22.4% 0.7%
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
----------------------------------------------------------------------
($ in thousands)
(unaudited)
June 30, March 31, June 24,
2006 2006 2005
---------- ---------- ----------
ASSETS
Cash and cash equivalents $36,585 $41,546 $27,656
Short-term investments 2,019 547 16,600
Accounts receivable, net 20,433 19,292 17,104
Inventories, net 15,332 14,382 13,991
Other current assets 2,238 1,976 5,044
Property, plant and equipment, net 30,942 31,618 33,108
Other long-term assets 660 623 2,061
---------- ---------- ----------
Total assets $108,209 $109,984 $115,564
========== ========== ==========
LIABILITIES and STOCKHOLDERS' EQUITY
Current portion of long-term debt $13,300 $700 $700
Accounts payable 9,137 8,427 7,623
Other current liabilities 13,133 16,101 11,603
Other long-term liabilities 2,049 14,516 16,051
Stockholders' equity 70,590 70,240 79,587
---------- ---------- ----------
Total liabilities and stockholders'
equity $108,209 $109,984 $115,564
========== ========== ==========
PRINTRONIX, INC. AND SUBSIDIARIES
Sales Classification
(unaudited)
Three Months Ended Percent of Total
Sales
------------------- -------------------
Sales by Geographic June 30, June 24, Percent June 30, June 24,
Region 2006 2005 Change 2006 2005
-------------------- --------- --------- --------- --------- ---------
($ in thousands)
Americas $16,188 $16,186 0.0% 51.1% 50.9%
EMEA $10,179 $10,417 -2.3% 32.2% 32.8%
Asia Pacific $5,283 $5,184 1.9% 16.7% 16.3%
--------- --------- --------- ---------
$31,650 $31,787 -0.4% 100.0% 100.0%
========= ========= ========= =========
Three Months Ended Percent of Total
Sales
------------------- -------------------
Sales by Product June 30, June 24, Percent June 30, June 24,
Technology 2006 2005 Change 2006 2005
-------------------- --------- --------- --------- --------- ---------
($ in thousands)
Line matrix $22,748 $22,204 2.5% 71.9% 69.9%
Thermal (includes
RFID)(1) $5,722 $6,147 -6.9% 18.1% 19.3%
Laser $2,657 $2,799 -5.1% 8.4% 8.8%
Verification
products $523 $637 -17.9% 1.6% 2.0%
--------- --------- --------- ---------
$31,650 $31,787 -0.4% 100.0% 100.0%
========= ========= ========= =========
(1)RFID $714 $943 -24.3% 2.3% 3.0%
========= ========= ========= =========
Three Months Ended Percent of Total
Sales
------------------- -------------------
June 30, June 24, Percent June 30, June 24,
Sales by Channel 2006 2005 Change 2006 2005
-------------------- --------- --------- --------- --------- ---------
($ in thousands)
OEM $7,861 $9,492 -17.2% 24.8% 29.9%
Distribution $21,114 $20,824 1.4% 66.7% 65.5%
Direct $2,675 $1,471 81.8% 8.5% 4.6%
--------- --------- --------- ---------
$31,650 $31,787 -0.4% 100.0% 100.0%
========= ========= ========= =========
Three Months Ended Percent of Total
Sales
------------------- -------------------
June 30, June 24, Percent June 30, June 24,
Sales by Customer 2006 2005 Change 2006 2005
-------------------- --------- --------- --------- --------- ---------
($ in thousands)
Largest customer -
IBM $5,609 $7,640 -26.6% 17.7% 24.0%
Second largest
customer $2,534 $2,596 -2.4% 8.0% 8.2%
Top ten customers $14,941 $16,076 -7.1% 47.2% 50.6%
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