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.
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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 $(0.22)
Shares used in
computing net
income (loss)
per share:
---------------
Basic 6,299,942 6,283,591 6,241,949 6,291,767 6,222,233
Diluted 6,439,328 6,460,220 6,241,949 6,449,775 6,222,233
Gross margin % 39.3% 39.2% 37.3% 39.2% 38.0%
Operating
expenses % 38.6% 37.8% 43.1% 38.2% 40.7%
Income (loss)
from
operations % 0.7% 1.4% -5.8% 1.1% -2.7%
Net income
(loss) % 0.7% 1.8% -5.5% 1.3% -2.3%
*T
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PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
----------------------------------------------------------------------
($ 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 $112,460
========= ========= =========
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*T
PRINTRONIX, INC. AND SUBSIDIARIES
Sales Classification
(unaudited)
Three Months Ended Percent of Total
Sales
------------------- -------------------
Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23,
Sales by Geographic
Region 2006 2005 Change 2006 2005
--------------------- --------- --------- ------- --------- ---------
($ 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 $6,630 -3.7% 21.8% 22.9%
Second largest
customer 1,339 2,375 -43.6% 4.6% 8.2%
Top ten customers 13,799 14,443 -4.5% 47.2% 49.9%
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-0-
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PRINTRONIX, INC. AND SUBSIDIARIES
Sales Classification
(unaudited)
Six Months Ended Percent of Total
Sales
------------------- -------------------
Sept. 29, Sept. 23, Percent Sept. 29, Sept. 23,
Sales by Geographic
Region 2006 2005 Change 2006 2005
--------------------- --------- --------- ------- --------- ---------
($ 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%
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