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One Franklin Plaza
Burlington, NJ 08016-4907
|CONTACT:||Frank A. Musto|
Vice President and
Chief Financial Officer
FOR IMMEDIATE RELEASE
FRANKLIN ELECTRONIC PUBLISHERS REPORTS
SECOND QUARTER RESULTS
BURLINGTON, NEW JERSEY November 11, 2008 Franklin Electronic Publishers, Incorporated (AMEX:FEP), a world leader in electronic handheld information, today reported a net loss of $231,000 or $.03 per share for the quarter ended September 30, 2008 compared with net income of $2,782,000 or $.34 per share in the same quarter last year. The prior years quarter results included a $2,400,000 benefit to net income from Seiko Instruments, Inc. (SII) in consideration for the elimination of minimum purchase commitments in the agreements under which SII distributed Franklin products in Japan and Franklin distributed SII products in the United States and Germany. Excluding the impact of the SII payment, net income for the quarter ended September 30, 2007 would have been $382,000 or $.05 per share. Sales for the second fiscal quarter of 2009 decreased 17% to $12,434,000 from $14,980,000 for the same quarter in the prior year.
The decline in sales during the current fiscal quarter was primarily from the Companys North American operations, with the Companys European operations also posting a decline. The North American sales decrease resulted from a lackluster back to school season in the wake of the current economic turmoil and its impact on consumer spending, a significant customer who did not purchase from us in the current quarter and a voluntary reduction of shipments to another significant customer due to credit issues and the unavailability of credit insurance with respect to such customer. The decline in European sales was primarily due to lower sales in the U.K. which was also affected by economic turmoil during the quarter.
For the six months ended September 30, 2008, total sales decreased 15% to $24,427,000 from $28,655,000 for the same period last year. Net loss for the six months was $1,394,000 or $.17 per share, compared to a net income of $2,852,000 or $.35 per share in the prior period. The prior year results included a $2,400,000 benefit to net income from SII as mentioned above. Excluding the impact of the SII payment, net income for the six months ended September 30, 2007 would have been $452,000 or $.05 per share.
The following information was filed by Franklin Electronic Publishers Inc on Wednesday, November 12, 2008 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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