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One Franklin Plaza
Burlington, NJ 08016-4907
|CONTACT:||ARNOLD D. LEVITT|
|Senior Vice President|
|Chief Financial Officer|
FOR IMMEDIATE RELEASE
FRANKLIN ELECTRONIC PUBLISHERS REPORTS
45% INCREASE IN NET INCOME FOR FISCAL YEAR
Burlington, New Jersey May 19, 2005 Franklin Electronic Publishers, Inc. (AMEX:FEP) reported a forty-five percent increase in net income to $2,403,000, or $.24 per common share for the fiscal year ended March 31, 2005 compared with net income of $1,652,000 or $.15 per common share, in the prior year. Income in the current period included a gain of $1,781,000 from the sale of the Companys 25% interest in the French software developer Mobipocket.com S.A. and a charge of $1,531,000 for impairment in the carrying value of the Companys license agreement for the ROLODEX® Electronics trademark. Current period net income benefited from lower net interest expense of $179,000 and a provision for refund of income taxes of $96,000 compared with a provision for income taxes of $159,000 in the prior period. Sales for the year ended March 31, 2005 were $62,146,000 compared with $61,836,000 in the prior year.
The Company reported a net loss for its fourth fiscal quarter of $730,000 or $.09 per common share, including the aforementioned gain and impairment charge, compared with a net loss in the same period last year of $763,000 or $.10 per common share. For the three months ended March 31, 2005 sales were $10,736,000 compared with $12,309,000 in the same period last year.
Barry Lipsky, President and CEO of the Company said I am quite pleased with the 45% increase in our net income for the year and I am happy to report that pre-tax income increased by 27% for our third consecutive year of increased pre-tax income. I am looking forward to another increase in pre-tax income in the coming year.
Mr. Lipsky added that Our cash flow continued to be strong as we retired $2,145,000 of our Preferred Stock, eliminated all borrowings at year end for the first time in 10 years by repaying the $2,375,000 outstanding under our credit facility and also paid cash dividends of $458,000 on our Preferred Stock in lieu of the dividends paid in stock in previous years.
Franklin Electronic Publishers (AMEX:FEP) is a world leader in electronic handheld information, having sold more than 32,000,000 electronic books since 1986. Current titles available directly or through partners number more than 22,000 in sixteen languages under license from world class
The following information was filed by Franklin Electronic Publishers Inc on Monday, May 23, 2005 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.
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