Printronix Announces Second Quarter Results for Fiscal Year 2007

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Printronix (MM)	NASDAQ:PTNX	NASDAQ	Common Stock

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 second quarter and six month period ended September 29, 2006. Revenue increased to $29.3 million for the second quarter of fiscal year 2007 compared with $29.0 million in the same quarter last year. The company reported net income for the quarter of $0.2 million, or $0.03 per diluted share, compared with a net loss of $1.6 million, or $0.26 per diluted share, for the same quarter of the prior fiscal year. Revenue for the six months ended September 29, 2006 was $60.9 million compared with $60.7 million for the same period last year. Net income was $0.8 million, or $0.12 per diluted share, compared with a net loss of $1.4 million, or $0.22 per diluted share, for the same period last year. �Through increased productivity and continued focus on cost reductions, we were able to increase our profitability over the same period last year,� said Robert Kleist, President and CEO of Printronix. �Earnings of $0.12 per share in the first six months of fiscal year 2007 were $0.34 per share greater than the prior year on the same level of sales. The gross margin increased to 39.2% for the first six months of fiscal 2007, up from 38.0% in the same period last year, primarily due to lower worldwide manufacturing costs as a result of cost reduction and containment measures.� Operating expenses in the second quarter of fiscal 2007 were $11.3 million, down from $12.5 million in the second quarter of fiscal year 2006. Operating expenses for the six months ended September 29, 2006 were $23.3 million, down from $24.7 million for the same period last year. Operating expenses were lower in the current period due to lower engineering costs, focus on cost containment, and efficiencies in sales and marketing. The prior year quarter included costs for the launch of the P7000 and T5000 product lines. The company ended the second fiscal quarter of 2007 with cash and short-term investments of $36.3 million, down from $42.6 million at the end of the second 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 beginning of the fiscal year is primarily due to payment of taxes of $2.5 million related to the repatriation of $32.0 million of dividends in the fourth quarter of fiscal year 2006, an increase in inventory of $1.7 million, and payment of $1.1 million in dividends to stockholders during the period. Third Quarter Outlook Printronix also announced that its third quarter revenue is expected to be within a range of $32 million to $34 million, and that earnings are expected to be within a range of $0.07 per share and $0.14 per share. Conference Call There will be an earnings conference call at 4:30 p.m. ET (1:30 p.m. PT) on Wednesday, November 8, 2006. 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 866-550-6338. Shortly after the call, a telephonic replay will be available through November 22, 2006, by dialing 888-203-1112 or 719-457-0820. Passcode I.D. 8797496 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; a resurgence of SARS (Severe Acute Respiratory Syndrome); the ability of the company to maintain its production capability in its Singapore 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 competition in the thermal printer market; the ability of the company to adapt to changes in the 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; 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. 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 Six Months Ended Sept. 29, June 30, Sept. 23, Sept. 29, Sept. 23, 2006� 2006� 2005� 2006� 2005� � Revenue $ 29,263� $ 31,650� $ 28,958� $ 60,913� $ 60,745� Cost of sales 17,761� 19,251� 18,171� 37,012� 37,649� � Gross margin 11,502� 12,399� 10,787� 23,901� 23,096� � Engineering and development 3,092� 3,139� 3,608� 6,231� 7,476� Sales and marketing 5,493� 5,955� 6,115� 11,448� 12,231� General and administrative 2,720� 2,861� 2,751� 5,581� 5,001� � Total operating expenses 11,305� 11,955� 12,474� 23,260� 24,708� � Income (loss) from operations 197� 444� (1,687) 641� (1,612) Interest and other income, net (169) (249) (224) (418) (429) � Income (loss) before taxes 366� 693� (1,463) 1,059� (1,183) � Provision for income taxes 155� 137� 135� 292� 205� � Net income (loss) $ 211� $ 556� $ (1,598) $ 767� $ (1,388) � Net income (loss) per share: Basic $ 0.03� $ 0.09� $ (0.26) $ 0.12� $ (0.22) Diluted $ 0.03� $ 0.09� $ (0.26) $ 0.12� $ (0.22) � Shares used in computing net income (loss) per share: Basic 6,299,942� 6,283,591� 6,241,949� 6,291,767� 6,222,233� Diluted 6,439,328� 6,460,220� 6,241,949� 6,449,775� 6,222,233� � Gross margin % 39.3% 39.2% 37.3% 39.2% 38.0% Operating expenses % 38.6% 37.8% 43.1% 38.2% 40.7% Income (loss) from operations % 0.7% 1.4% -5.8% 1.1% -2.7% Net income (loss) % 0.7% 1.8% -5.5% 1.3% -2.3% PRINTRONIX, INC. AND SUBSIDIARIES � Consolidated Balance Sheets ($ in thousands) (unaudited) � Sept. 29, June 30, Sept. 23, 2006� 2006� 2005� ASSETS Cash and cash equivalents $ 32,334� $ 36,585� $ 29,228� Short-term investments 3,991� 2,019� 13,384� Accounts receivable, net 19,402� 20,433� 15,649� Inventories, net 16,071� 15,332� 14,290� Other current assets 2,064� 2,238� 4,692� Property, plant and equipment, net 30,393� 30,942� 32,971� Other long-term assets 725� 660� 2,246� � Total assets $ 104,980� $ 108,209� $ 112,460� � LIABILITIES and STOCKHOLDERS' EQUITY Current portion of long-term debt $ 13,125� $ 13,300� $ 700� Accounts payable 8,502� 9,137� 6,789� Other current liabilities 11,165� 13,133� 11,491� Other long-term liabilities 2,008� 2,049� 16,013� Stockholders' equity 70,180� 70,590� 77,467� � Total liabilities and stockholders' equity $ 104,980� $ 108,209� $ 112,460� PRINTRONIX, INC. AND SUBSIDIARIES � Sales Classification (unaudited) � Three Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Geographic Region 2006� 2005� Change 2006� 2005� ($ in thousands) Americas $ 14,684� $ 14,032� 4.6% 50.2% 48.5% EMEA 9,279� 9,375� -1.0% 31.7% 32.4% Asia Pacific 5,300� 5,551� -4.5% 18.1% 19.1% � $ 29,263� $ 28,958� 1.1% 100.0% 100.0% � Three Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Product Technology 2006� 2005� Change 2006� 2005� ($ in thousands) Line matrix $ 21,119� $ 20,857� 1.3% 72.2% 72.0% Thermal (includes RFID)* 5,038� 5,054� -0.3% 17.2% 17.5% Laser 2,596� 2,661� -2.4% 8.9% 9.2% Verification products 510� 386� 32.1% 1.7% 1.3% � $ 29,263� $ 28,958� 1.1% 100.0% 100.0% � *RFID $ 683� $ 792� -13.8% 2.3% 2.7% � Three Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Channel 2006� 2005� Change 2006� 2005� ($ in thousands) OEM $ 8,334� $ 8,201� 1.6% 28.5% 28.3% Distribution 19,753� 19,362� 2.0% 67.5% 66.9% Direct 1,176� 1,395� -15.7% 4.0% 4.8% � $ 29,263� $ 28,958� 1.1% 100.0% 100.0% � Three Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Customer 2006� 2005� Change 2006� 2005� ($ in thousands) Largest customer � IBM $ 6,385� $ 6,630� -3.7% 21.8% 22.9% Second largest customer 1,339� 2,375� -43.6% 4.6% 8.2% Top ten customers 13,799� 14,443� -4.5% 47.2% 49.9% PRINTRONIX, INC. AND SUBSIDIARIES � Sales Classification (unaudited) � Six Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Geographic Region 2006� 2005� Change 2006� 2005� ($ in thousands) Americas $ 30,872� $ 30,218� 2.2% 50.7% 49.7% EMEA 19,458� 19,792� -1.7% 31.9% 32.6% Asia Pacific 10,583� 10,735� -1.4% 17.4% 17.7% � $ 60,913� $ 60,745� 0.3% 100.0% 100.0% � Six Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Product Technology 2006� 2005� Change 2006� 2005� ($ in thousands) Line matrix $ 43,867� $ 43,062� 1.9% 72.0% 70.9% Thermal (includes RFID)* 10,760� 11,200� -3.9% 17.7% 18.4% Laser 5,254� 5,460� -3.8% 8.6% 9.0% Verification products 1,032� 1,023� 0.9% 1.7% 1.7% � $ 60,913� $ 60,745� 0.3% 100.0% 100.0% � *RFID $ 1,397� $ 1,735� -19.5% 2.3% 2.9% � Six Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Channel 2006� 2005� Change 2006� 2005� ($ in thousands) OEM $ 16,186� $ 17,693� -8.5% 26.6% 29.1% Distribution 40,873� 40,186� 1.7% 67.1% 66.2% Direct 3,854� 2,866� 34.5% 6.3% 4.7% � $ 60,913� $ 60,745� 0.3% 100.0% 100.0% � Six Months Ended Percent of Total Sales Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Customer 2006� 2005� Change 2006� 2005� ($ in thousands) Largest customer � IBM $ 11,994� $ 14,270� -15.9% 19.7% 23.5% Second largest customer 3,613� 4,971� -27.3% 5.9% 8.2% Top ten customers 28,192� 30,442� -7.4% 46.3% 50.1% Printronix, Inc. (NASDAQ:PTNX), the leading manufacturer of integrated enterprise printing solutions for the supply chain, today announced results for the second quarter and six month period ended September 29, 2006. Revenue increased to $29.3 million for the second quarter of fiscal year 2007 compared with $29.0 million in the same quarter last year. The company reported net income for the quarter of $0.2 million, or $0.03 per diluted share, compared with a net loss of $1.6 million, or $0.26 per diluted share, for the same quarter of the prior fiscal year. Revenue for the six months ended September 29, 2006 was $60.9 million compared with $60.7 million for the same period last year. Net income was $0.8 million, or $0.12 per diluted share, compared with a net loss of $1.4 million, or $0.22 per diluted share, for the same period last year. "Through increased productivity and continued focus on cost reductions, we were able to increase our profitability over the same period last year," said Robert Kleist, President and CEO of Printronix. "Earnings of $0.12 per share in the first six months of fiscal year 2007 were $0.34 per share greater than the prior year on the same level of sales. The gross margin increased to 39.2% for the first six months of fiscal 2007, up from 38.0% in the same period last year, primarily due to lower worldwide manufacturing costs as a result of cost reduction and containment measures." Operating expenses in the second quarter of fiscal 2007 were $11.3 million, down from $12.5 million in the second quarter of fiscal year 2006. Operating expenses for the six months ended September 29, 2006 were $23.3 million, down from $24.7 million for the same period last year. Operating expenses were lower in the current period due to lower engineering costs, focus on cost containment, and efficiencies in sales and marketing. The prior year quarter included costs for the launch of the P7000 and T5000 product lines. The company ended the second fiscal quarter of 2007 with cash and short-term investments of $36.3 million, down from $42.6 million at the end of the second 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 beginning of the fiscal year is primarily due to payment of taxes of $2.5 million related to the repatriation of $32.0 million of dividends in the fourth quarter of fiscal year 2006, an increase in inventory of $1.7 million, and payment of $1.1 million in dividends to stockholders during the period. Third Quarter Outlook Printronix also announced that its third quarter revenue is expected to be within a range of $32 million to $34 million, and that earnings are expected to be within a range of $0.07 per share and $0.14 per share. Conference Call There will be an earnings conference call at 4:30 p.m. ET (1:30 p.m. PT) on Wednesday, November 8, 2006. 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 866-550-6338. Shortly after the call, a telephonic replay will be available through November 22, 2006, by dialing 888-203-1112 or 719-457-0820. Passcode I.D. 8797496 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; a resurgence of SARS (Severe Acute Respiratory Syndrome); the ability of the company to maintain its production capability in its Singapore 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 competition in the thermal printer market; the ability of the company to adapt to changes in the 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; 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. For company information, see www.printronix.com. -0- *T PRINTRONIX, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ($ in thousands, except share and per share data) (unaudited) Three Months Ended Six Months Ended -------------------------------- --------------------- Sept. 29, June 30, Sept. 23, Sept. 29, Sept. 23, 2006 2006 2005 2006 2005 ---------- ---------- ---------- ---------- ---------- Revenue $29,263 $31,650 $28,958 $60,913 $60,745 Cost of sales 17,761 19,251 18,171 37,012 37,649 ---------- ---------- ---------- ---------- ---------- Gross margin 11,502 12,399 10,787 23,901 23,096 Engineering and development 3,092 3,139 3,608 6,231 7,476 Sales and marketing 5,493 5,955 6,115 11,448 12,231 General and administrative 2,720 2,861 2,751 5,581 5,001 ---------- ---------- ---------- ---------- ---------- Total operating expenses 11,305 11,955 12,474 23,260 24,708 Income (loss) from operations 197 444 (1,687) 641 (1,612) Interest and other income, net (169) (249) (224) (418) (429) ---------- ---------- ---------- ---------- ---------- Income (loss) before taxes 366 693 (1,463) 1,059 (1,183) Provision for income taxes 155 137 135 292 205 ---------- ---------- ---------- ---------- ---------- Net income (loss) $211 $556 $(1,598) $767 $(1,388) ========== ========== ========== ========== ========== Net income (loss) per share: --------------- Basic $0.03 $0.09 $(0.26) $0.12 $(0.22) Diluted $0.03 $0.09 $(0.26) $0.12 $(0.22) Shares used in computing net income (loss) per share: --------------- Basic 6,299,942 6,283,591 6,241,949 6,291,767 6,222,233 Diluted 6,439,328 6,460,220 6,241,949 6,449,775 6,222,233 Gross margin % 39.3% 39.2% 37.3% 39.2% 38.0% Operating expenses % 38.6% 37.8% 43.1% 38.2% 40.7% Income (loss) from operations % 0.7% 1.4% -5.8% 1.1% -2.7% Net income (loss) % 0.7% 1.8% -5.5% 1.3% -2.3% *T -0- *T PRINTRONIX, INC. AND SUBSIDIARIES Consolidated Balance Sheets ---------------------------------------------------------------------- ($ in thousands) (unaudited) Sept. 29, June 30, Sept. 23, 2006 2006 2005 --------- --------- --------- ASSETS Cash and cash equivalents $32,334 $36,585 $29,228 Short-term investments 3,991 2,019 13,384 Accounts receivable, net 19,402 20,433 15,649 Inventories, net 16,071 15,332 14,290 Other current assets 2,064 2,238 4,692 Property, plant and equipment, net 30,393 30,942 32,971 Other long-term assets 725 660 2,246 --------- --------- --------- Total assets $104,980 $108,209 $112,460 ========= ========= ========= LIABILITIES and STOCKHOLDERS' EQUITY Current portion of long-term debt $13,125 $13,300 $700 Accounts payable 8,502 9,137 6,789 Other current liabilities 11,165 13,133 11,491 Other long-term liabilities 2,008 2,049 16,013 Stockholders' equity 70,180 70,590 77,467 --------- --------- --------- Total liabilities and stockholders' equity $104,980 $108,209 $112,460 ========= ========= ========= *T -0- *T PRINTRONIX, INC. AND SUBSIDIARIES Sales Classification (unaudited) Three Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Geographic Region 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Americas $14,684 $14,032 4.6% 50.2% 48.5% EMEA 9,279 9,375 -1.0% 31.7% 32.4% Asia Pacific 5,300 5,551 -4.5% 18.1% 19.1% --------- --------- --------- --------- $29,263 $28,958 1.1% 100.0% 100.0% ========= ========= ========= ========= Three Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Product Technology 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Line matrix $21,119 $20,857 1.3% 72.2% 72.0% Thermal (includes RFID)* 5,038 5,054 -0.3% 17.2% 17.5% Laser 2,596 2,661 -2.4% 8.9% 9.2% Verification products 510 386 32.1% 1.7% 1.3% --------- --------- --------- --------- $29,263 $28,958 1.1% 100.0% 100.0% ========= ========= ========= ========= *RFID $683 $792 -13.8% 2.3% 2.7% ========= ========= ========= ========= Three Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Channel 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) OEM $8,334 $8,201 1.6% 28.5% 28.3% Distribution 19,753 19,362 2.0% 67.5% 66.9% Direct 1,176 1,395 -15.7% 4.0% 4.8% --------- --------- --------- --------- $29,263 $28,958 1.1% 100.0% 100.0% ========= ========= ========= ========= Three Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Customer 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Largest customer - IBM $6,385 $6,630 -3.7% 21.8% 22.9% Second largest customer 1,339 2,375 -43.6% 4.6% 8.2% Top ten customers 13,799 14,443 -4.5% 47.2% 49.9% *T -0- *T PRINTRONIX, INC. AND SUBSIDIARIES Sales Classification (unaudited) Six Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Geographic Region 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Americas $30,872 $30,218 2.2% 50.7% 49.7% EMEA 19,458 19,792 -1.7% 31.9% 32.6% Asia Pacific 10,583 10,735 -1.4% 17.4% 17.7% --------- --------- --------- --------- $60,913 $60,745 0.3% 100.0% 100.0% ========= ========= ========= ========= Six Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Product Technology 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Line matrix $43,867 $43,062 1.9% 72.0% 70.9% Thermal (includes RFID)* 10,760 11,200 -3.9% 17.7% 18.4% Laser 5,254 5,460 -3.8% 8.6% 9.0% Verification products 1,032 1,023 0.9% 1.7% 1.7% --------- --------- --------- --------- $60,913 $60,745 0.3% 100.0% 100.0% ========= ========= ========= ========= *RFID $1,397 $1,735 -19.5% 2.3% 2.9% ========= ========= ========= ========= Six Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Channel 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) OEM $16,186 $17,693 -8.5% 26.6% 29.1% Distribution 40,873 40,186 1.7% 67.1% 66.2% Direct 3,854 2,866 34.5% 6.3% 4.7% --------- --------- --------- --------- $60,913 $60,745 0.3% 100.0% 100.0% ========= ========= ========= ========= Six Months Ended Percent of Total Sales ------------------- ------------------- Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23, Sales by Customer 2006 2005 Change 2006 2005 --------------------- --------- --------- ------- --------- --------- ($ in thousands) Largest customer - IBM $11,994 $14,270 -15.9% 19.7% 23.5% Second largest customer 3,613 4,971 -27.3% 5.9% 8.2% Top ten customers 28,192 30,442 -7.4% 46.3% 50.1% *T

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PTNX Printronix (MM)