Printronix (NASDAQ:PTNX)
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Printronix, Inc. (NASDAQ:PTNX), the leading manufacturer of integrated
enterprise printing solutions for the supply chain, today announced
results for the first quarter ended June 29, 2007. Revenue decreased to
$30.6 million for the first quarter of fiscal year 2008 compared to
$31.7 million in the same quarter last year. The company reported net
income for the quarter of $1.0 million, or $0.16 per diluted share,
compared with net income of $0.6 million, or $0.09 per diluted share for
the same quarter of the prior fiscal year.
“We were pleased with our improved
profitability in the first quarter, which continues to reflect our focus
on cost containment and expense controls,”
said Robert Kleist, president and CEO of Printronix. “Despite
the decline in sales due largely to lower sales to a major direct
customer, we are seeing good demand for our broad range of thermal
printers, including the recently introduced mid-range thermal label
printer, and our line matrix printers.”
The gross margin increased to 40.3% for the first quarter of fiscal
2008, up from 39.2% in the first quarter of fiscal 2007 primarily due to
price increases on certain products, lower worldwide manufacturing costs
and the improving value of the Euro.
Operating expenses in the first quarter of fiscal 2008 were $11.6
million, down from $12.0 million in the first quarter of fiscal year
2007. Engineering and development expenses were $2.9 million, down from
$3.1 million in the same quarter last year. Sales and marketing expenses
were $5.7 million, down from $6.0 million in the same quarter last year.
General and administrative expenses were $3.0 million, up from $2.9
million in the same quarter last year.
The company ended the first fiscal quarter of 2008 with cash and
short-term investments of $26.2 million, down from $38.6 million at the
end of the first quarter of fiscal 2007, and down from $38.9 million at
the end of fiscal year 2007. The decrease in cash and short-term
investments from the prior quarter is primarily due to a $12.8 million
scheduled payment on a long-term note, which paid the loan in full.
During the first quarter, the company also declared and paid $0.6
million for its quarterly cash dividend of $0.10 per share.
Fiscal 2008 Second Quarter Outlook
Printronix also announced that its second quarter revenue is expected to
be within a range of $29.5 million and $31.0 million, and earnings are
expected to be within a range from $0.05 to $0.15 per share.
Conference Call
There will be an earnings conference call at 1:30 p.m. ET (10:30 a.m.
PT) on Monday, August 6, 2007. The call will be broadcast live over the
Internet and will be hosted by Robert Kleist, President and CEO, and
George Harwood, Senior Vice President and CFO. To access the live audio
web cast, go to the Printronix web site at www.printronix.com
and select the conference call link to register. If you are unable to
listen to the live web cast, it will be archived for replay on the web
site. To listen to the live conference call via the telephone, you can
access the call at 866-409-1555. Shortly after the call, a telephonic
replay will be available through August 20, 2007, by dialing
888-203-1112 or 719-457-0820. Passcode I.D. 5720740 is required for both
the telephonic live call and the telephonic replay.
Except for historical information, this press release contains “forward-looking
statements” about Printronix, within the
meaning of the Private Securities Litigation Reform Act 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 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 or other world
health epidemic; the ability of the company to maintain its production
capability in its Singapore plant or obtain product from its Asia
Pacific suppliers should a world health epidemic 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 competition in the thermal printer market; the ability of the
company to adapt to changes in requirements for radio frequency
identification (“RFID”)
products by Wal*Mart and/or the Department of Defense (the “DOD”)
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;
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; and that InfoPrint Solutions Company (“InfoPrint
Solutions” or “JV
of IBM/Ricoh”), the successor entity to IBM’s
Printing Systems Division, may change its product and marketing focus in
a way that reduces its purchase of Printronix products. 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. 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 29,
March 30,
June 30,
2007
2007
2006
Revenue
$
30,641
$
32,620
$
31,650
Cost of sales
18,286
20,373
19,251
Gross margin
12,355
12,247
12,399
Engineering and development
2,876
3,002
3,139
Sales and marketing
5,749
6,150
5,955
General and administrative
2,986
3,333
2,861
Total operating expenses
11,611
12,485
11,955
Income (loss) from operations
744
(238
)
444
Interest and other income, net
(422
)
(341
)
(249
)
Income before taxes
1,166
103
693
Provision (benefit) for income taxes
139
(48
)
137
Net income
$
1,027
$
151
$
556
Net income per share:
Basic
$
0.16
$
0.02
$
0.09
Diluted
$
0.16
$
0.02
$
0.09
Shares used in computing net income per share:
Basic
6,385,451
6,328,531
6,283,591
Diluted
6,508,411
6,459,718
6,460,220
Gross margin %
40.3
%
37.5
%
39.2
%
Operating expenses %
37.9
%
38.3
%
37.8
%
Income (loss) from operations %
2.4
%
-0.7
%
1.4
%
Net income %
3.4
%
0.5
%
1.8
%
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands)
(unaudited)
June 29,
March 30,
June 30,
2007
2007
2006
ASSETS
Cash and cash equivalents
$
17,976
$
26,847
$
36,585
Short-term investments
8,200
12,015
2,019
Accounts receivable, net
19,379
20,776
20,433
Inventories, net
16,275
15,281
15,332
Other current assets
1,935
2,047
2,238
Property, plant and equipment, net
28,320
29,113
30,942
Other long-term assets
991
948
660
Total assets
$
93,076
$
107,027
$
108,209
LIABILITIES and STOCKHOLDERS' EQUITY
Accounts payable
$
7,748
$
9,452
$
9,137
Other current liabilities
10,830
11,158
13,133
Current portion of long-term debt
-
12,775
13,300
Other long-term liabilities
2,230
1,688
2,049
Stockholders' equity
72,268
71,954
70,590
Total liabilities and stockholders' equity
$
93,076
$
107,027
$
108,209
PRINTRONIX, INC. AND SUBSIDIARIES
Sales Classification
(unaudited)
Three Months Ended
Percent of Total Sales
June 29,
June 30,
Percent
June 29,
June 30,
Sales by Geographic Region
2007
2006
Change
2007
2006
($ in thousands)
Americas
$
14,570
$
16,188
-10.0
%
47.5
%
51.1
%
EMEA
$
10,474
$
10,179
2.9
%
34.2
%
32.2
%
Asia Pacific
$
5,597
$
5,283
5.9
%
18.3
%
16.7
%
$
30,641
$
31,650
-3.2
%
100.0
%
100.0
%
Three Months Ended
Percent of Total Sales
June 29,
June 30,
Percent
June 29,
June 30,
Sales by Product Technology
2007
2006
Change
2007
2006
($ in thousands)
Line matrix
$
21,109
$
22,748
-7.2
%
68.9
%
71.9
%
Thermal
$
7,082
$
6,245
13.4
%
23.1
%
19.7
%
Laser
$
2,450
$
2,657
-7.8
%
8.0
%
8.4
%
$
30,641
$
31,650
-3.2
%
100.0
%
100.0
%
Three Months Ended
Percent of Total Sales
June 29,
June 30,
Percent
June 29,
June 30,
Sales by Channel
2007
2006
Change
2007
2006
($ in thousands)
OEM
$
7,400
$
7,861
-5.9
%
24.2
%
24.8
%
Distribution
$
21,823
$
21,114
3.4
%
71.2
%
66.7
%
Direct
$
1,418
$
2,675
-47.0
%
4.6
%
8.5
%
$
30,641
$
31,650
-3.2
%
100.0
%
100.0
%
Three Months Ended
Percent of Total Sales
June 29,
June 30,
Percent
June 29,
June 30,
Sales by Customer
2007
2006
Change
2007
2006
($ in thousands)
InfoPrint Solutions (JV of IBM / Ricoh)
$
6,170
$
5,609
10.0
%
20.1
%
17.7
%
Second largest customer
$
1,271
$
632
101.1
%
4.1
%
2.0
%
Third largest customer
$
1,141
$
2,534
-55.0
%
3.7
%
8.0
%
Total top ten customers
$
14,190
$
14,941
-5.0
%
46.3
%
47.2
%