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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 PROFITABLE
THIRD QUARTER RESULTS
BURLINGTON, NEW JERSEY February 11, 2010 Franklin Electronic Publishers, Inc. (NYSE AMEX:FEP), a world leader in electronic handheld information, today reported net income of $707,000 or $0.08 per share for the fiscal 2010 third quarter ended December 31, 2009 compared to a net income of $733,000 or $0.09 per share in the same quarter last year. Sales in the current period declined marginally by 1.4% to $13,339,000 from $13,535,000 in the prior year. Despite this decline, sales in most sectors of our North American operations increased over last years quarter as a result of a better than expected holiday season. Sales in our International operations (other than our European sales) increased considerably during the quarter primarily from strong contributions from the Companys International Distributor and OEM sales divisions, as well as from the Companys direct operations in Australia and Mexico. These increases were offset by declines in our European operations.
Total gross margin as a percentage of sales decreased four percentage points to 49% from the 53% reported in the same period last year. The decrease was primarily due to increased promotional allowances and lower pricing on older models to facilitate the transitioning into newer products as well as an inventory valuation provision related to one product specific to our German operation, The Companys total operating costs and expenses decreased $618,000 or 10%, benefiting from the cost cutting initiatives implemented during fiscal year 2009. The current quarter includes $218,000 of costs related to legal fees primarily associated with the preparation of a merger proxy statement. Excluding these costs, operating expenses would have decreased $836,000 or 13% when comparing the current fiscal quarter to the same quarter last year and net income for the current quarter would have been $925,000 or $.11 per share.
For the nine months ended December 31, 2009, total sales decreased 7.5% to $35,096,000 from $37,962,000 for the same period last year. Net income for the nine months was $970,000 or $0.12 per share, compared to a net loss of $633,000 or $0.08 per share in the prior period. The nine month results included $893,000 of expenses
The following information was filed by Franklin Electronic Publishers Inc on Thursday, February 11, 2010 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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