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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
YEAR END RESULTS
Burlington, New Jersey June 6, 2006 Franklin Electronic Publishers, Inc. (AMEX:FEP) reported pre-tax net income of $2,104,000 for the fiscal year ended March 31, 2006 compared with $2,307,000, in the prior year. Net income for the year was $2,012,000 or $.22 per share, after preferred stock dividends, compared with $2,403,000 or $.24 per share, after preferred stock dividends, in the prior year. Sales for the year ended March 31, 2006 were $59,622,000 compared with $62,146,000 in the prior year.
The decline in net sales of approximately $2,500,000 resulted primarily from a reduction in product sales of $6,000,000 partially offset by revenue of $3,500,000 (and gross margin of $2,300,000) from two technology development and licensing agreements in the year ended March 31, 2006. The year to year reduction in product sales consisted of $4,500,000 due to increased competition for domestic retail shelf space and the inclusion in the prior year of $1,500,000 in connection with the sale of all of the Companys inventory in the UK to its new distributor in that region.
Net income in the prior year 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.
The Company reported a net loss for its fourth fiscal quarter of $1,005,000 or $.12 per common share, compared with a net loss in the same period last year of $730,000 or $.09 per common share. For the three months ended March 31, 2006, sales were $10,178,000 compared with $10,736,000 in the same period last year.
The following information was filed by Franklin Electronic Publishers Inc on Monday, June 12, 2006 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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