Please wait while we load the requested 10-K report or click the link below:
One Franklin Plaza
Burlington, NJ 08016-4907
|CONTACT:||Frank A. Musto|
Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE
FRANKLIN ELECTRONIC PUBLISHERS REPORTS
YEAR END RESULTS
BURLINGTON, NEW JERSEY June 03, 2009 Franklin Electronic Publishers, Incorporated (NYSE AMEX Equities US:FEP), a world leader in electronic handheld information, today reported results for its fiscal year ended March 31, 2009. The Company reported a net loss of $7,128,000, or $.86 per share, for the fiscal year ended March 31, 2009 compared with net income of $2,535,000, or $.31 per share, last year. The current years loss includes non-cash one-time charges of $4,119,000 as well as other one-time charges of $1,404,000. The non-cash charges related to impairment to the carrying value of goodwill allocated to the Companys data conversion subsidiary, Kreutzfeldt Electronic Publishing GmbH (KEP) in Germany, impairment of the value of Franklins licensed Rolodex® Electronics trademark, the partial write-down of future tax benefits related to the Companys deferred tax asset and inventory valuation adjustment related to the current economic climate. The other one-time charges related to severance accruals as a result of the reduction in the Companys global workforce and other operating cost reductions and costs related to the liquidation of the Companys subsidiary KEP. Excluding the impact of the one-time charges, the Companys net loss for the fiscal year 2009 would have been $1,605,000.
Sales for the fiscal year decreased 19% to $46,025,000 compared to $57,081,000 reported during last year. Sales in all business operations have experienced declines, with the exception of the Companys Proximity Division which experienced increased sales primarily due to increased technology licensing revenue during the year. Additionally, several sales orders totaling approximately $700,000, scheduled to ship in our fiscal fourth quarter, were shifted to ship in the first quarter of fiscal 2010 at the request of our customers. Overseas sales were negatively impacted by $611,000 due to the strength of the U.S. dollar, primarily in relation to the Euro.
Total revenue for the fiscal year ended March 31, 2009 of $46,775,000 included $750,000 reflected as other operating revenue that the Company received as a result of a settlement with a licensing partner. Last years revenue included $3,500,000 that the Company received from two distribution partners, Seiko Instruments, Inc (SII) and Seiko U.K. Ltd.
The following information was filed by Franklin Electronic Publishers Inc on Friday, June 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Franklin Electronic Publishers Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Franklin Electronic Publishers Inc.