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Printronix Announces Fourth Quarter and Fiscal Year 2006 Results
IRVINE,
Calif. – June 2006 — Printronix, Inc., the leading manufacturer of
integrated enterprise printing solutions for the supply chain, today
announced results for the fourth quarter and fiscal year ended March
31, 2006. The fourth quarter and fiscal year ended March 31, 2006
consisted of 14 and 53 weeks respectively, compared to the fourth
quarter and fiscal year ended March 25, 2005, which consisted of 13 and
52 weeks respectively. Fourth quarter revenue was $33.2 million, up
from $32.7 million in the fourth quarter of fiscal year 2005. The
company incurred a net loss for the quarter of $7.4 million, or $1.19
per diluted share compared with net income of $0.7 million, or $0.10
per diluted share for the same quarter of the prior fiscal year.Revenue
for fiscal year 2006 was$127.8 million, down from $131.7 million a year
ago. The net loss for fiscal year 2006 was $8.0 million, or $1.28 per
diluted share, compared with net income of $1.9 million, or $0.30 per
diluted share in fiscal year 2005.The net losses for the fiscal year
2006 were due primarily to 3 factors; an increase in thtax asset
valuation allowance of $3.0M resulting from cumulative losses in the
United States, G&A expenses due to costs incurred for Sarbanes
Oxley compliance for consulting and external audit fees of $2.5M, and a
tax charge of $2.1M resulting from repatriation of $32.0M of foreign
earnings to the U.S”We remain positive on the outlook for the Company,”
said Robert Kleist, President and CEO of Printronix. “During the fourth
quarter, we continued to expand our RFID printing solutions, introduced
new line matrix printers and continued to strengthen our presence in
emerging geographies. Based upon current sales trends, lower SOX
compliance costs and lower operating expenses, we expect the Company to
return to profitability in the June quarter, the first quarter of
fiscal year 2007. With a strong balance sheet, the company is well
positioned to participate in expansion of global printing solutions for
supply chain and manufacturing applications.”Gross margin was 36.4% for
the fourth quarter of fiscal 2006, down from 38.7% in the fourth
quarter of fiscal 2005 primarily due to lower volume and increased
warranty and inventory costs. For fiscal year 2006, gross margin was
37.7%, down from 39.1% for the prior year, primarily due to lower
volume and the changeover to new product lines in both line matrix and
thermal printing solutions.Operating expenses in the fourth quarter of
fiscal 2006 were $14.7 million, up from $12.0 million in the fourth
quarter of fiscal year 2005. Operating expenses for fiscal year 2006
were $51.6 million compared with $48.8 million in fiscal year 2005, due
to Sarbanes Oxley compliance expense of $2.5M compared to prior year of
$0.5M and expenses related to AJCA cash repatriation of $0.2M and
higher audit fees of $0.6M. There was increased spending for marketing
due to geographic expansion and new product launches, offset by
decreased expenditures in other areas.The company ended the fourth
fiscal quarter of 2006 with cash and short-term investments of $42.1
million, down from $44.9 million at the end of the fourth quarter of
fiscal 2005, and up from $41.6 million at the end of the third quarter
of fiscal year 2006. The decrease in cash and short-term investments
from the prior year is primarily due to higher inventories and
receivables together with dividends paid to shareholders
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