Form 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 24, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from to
Commission file number 0-9321
PRINTRONIX, INC.
(Exact name of registrant as specified in its charter)
Delaware 95-2903992
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
14600 Myford Road
Irvine, California 92606
(Address of principal executive offices) (Zip Code)
(714) 368-2300
(Registrant's telephone number, including area code)
17500 Cartwright
P.O. Box 19559
Irvine, California 92623
(Former name, former address and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months,
and (2) has been subject to such filing requirements for the
past 90 days.
YES [ X ] NO [ ]
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.
Class of Common Stock Outstanding at October 22, 1999
$0.01 par value 6,329,626
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
<TABLE>
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of
September 24, 1999 and March 26, 1999
Assets (3)
Liabilities and Stockholders' Equity (4)
Consolidated Statements of Operations for (5)
the Three and Six Months Ended September
24, 1999 and September 25, 1998
Consolidated Statements of Cash Flows for (6)
the Six Months Ended September 24, 1999
and September 25, 1998
Condensed Notes to Consolidated Financial (8)
Statements
Item 2. Management's Discussion and Analysis of (10)
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings (16)
Item 4. Submission of Matters to a Vote of Security (16)
Holders
Item 5. Other Matters (16)
Item 6. Exhibits and Reports on Form 8-K (16)
Signatures (17)
Index to Exhibits (18)
</TABLE>
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Amounts in thousands)
<TABLE>
<CAPTION>
September 24, 1999 March 26, 1999
(Unaudited)
--------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents $ 9,046 $ 11,911
Accounts receivable, net of
allowancee for doubtful accounts
of $2,485 and $2,302 as of
September 24, 1999 and March
March 26, 1999, respectively 21,020 23,954
Inventories:
Raw materials,
subassemblies and work
in process 14,144 13,416
Finished goods 1,573 2,037
------ ------
15,717 15,453
Prepaid expenses 937 1,044
------- -------
Total current assets 46,720 52,362
------- -------
Property, plant and equipment, at
cost:
Machinery and equipment 27,117 25,320
Furniture and fixtures 20,499 19,529
Land 8,100 8,100
Building and improvements 21,993 11,266
Leasehold improvements 1,943 1,819
------- -------
79,652 66,034
Less accumulated
depreciation and amortization (34,432) (31,798)
-------- --------
45,220 34,236
Intangible assets, net 784 908
Other assets 1,410 1,360
-------- --------
Total assets $ 94,134 $ 88,866
======== ========
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - continued
(Amounts in thousands, except share data)
<TABLE>
<CAPTION>
September 24, 1999 March 26, 1999
(Unaudited)
--------------- ---------------
<S> <C> <C> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Short-term debt $ 3,500 $ -
Accounts payable 11,727 12,209
Accrued expenses:
Payroll and employee benefits 5,298 4,531
Warranty 2,016 2,001
Other 1,060 1,512
Income taxes 428 97
Environmental 214 214
------- -------
Total current liabilities 24,243 20,564
------- -------
Other long-term liabilities 1,674 1,568
Minority interest in subsidiary 269 283
Commitments and contingencies - -
Stockholders' equity:
Common stock, par value $0.01-
Authorized 30,000,000 shares,
issued and outstanding 6,370,408
and 6,583,366 shares as of
September 24, 1999 and
March 26, 1999, respectively 64 66
Additional paid-in caoital 28,809 28,338
Retained earnings 39,075 38,047
------- -------
Total stockholders' equity 67,948 66,451
------- -------
Total liabilities and
stockholders' equity $ 94,134 $ 88,866
======= =======
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Six Months Ended
Ended
-------------------- ------------------
Sept. 24 Sept. 25 Sept. 24 Sept. 25
1999 1998 1999 1998
(Unaudited) (Unaudited)
--------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Sales $ 45,279 $ 41,728 $ 90,164 $ 87,431
Cost of sales 30,264 28,198 60,228 59,137
------- ------- ------- -------
Gross profit 15,015 13,530 29,936 28,294
Operating
expenses:
Engineering and
development 4,943 4,342 9,590 8,603
Sales and marketing 4,608 3,883 9,143 7,982
General and
administrative 2,334 2,201 4,726 4,656
------- ------- ------- -------
Total operating expense 11,885 10,426 23,459 21,241
Income from operations 3,130 3,104 6,477 7,053
Other income, net 46 280 273 481
------- ------- ------- -------
Income before minority
interest and provision for
income taxes 3,176 3,384 6,750 7,534
Provision for income taxes 1,051 655 2,231 1,505
Minority interest in loss
of subsidiary (8) (6) (14) (10)
------- ------- ------- -------
Net income $ 2,133 $ 2,735 $ 4,533 $ 6,039
======= ======= ======= =======
Net income per common share:
Basic $ 0.33 $ 0.38 $ 0.70 $ 0.83
Diluted $ 0.32 $ 0.37 $ 0.67 $ 0.80
======= ======= ======= =======
Weighted average common shares:
Basic 6,467 7,164 6,493 7,306
Diluted 6,767 7,387 6,732 7,564
======= ======= ======= =======
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Amounts in thousands)
<TABLE>
<CAPTION>
Six Months Ended
-------------------------
Sept. 24 Sept. 25
1999 1998
(Unaudited)
---------- ----------
<S> <C> <C> <C> <C>
Cash flows from operating activities:
Net income $ 4,533 $ 6,039
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 3,699 3,809
Loss on sale of equipment 136 86
Minority interest (14) (11)
Changes in assets and liabilities:
Accounts receivable 2,935 4,659
Inventories (264) 1,285
Other assets 57 -
Accounts payable (482) (670)
Payroll and employee benefits 767 900
Accrued income taxes 1,745 1,003
Other liabilities (438) 53
------- -------
Net cash provided by operating activities 12,674 17,153
Cash flows from investing activities:
Purchase of property and equipment (4,223) (3,159)
Construction of new building (10,584) (456)
Proceeds from disposition of equipment 111 282
------- -------
Net cash used in investing activities (14,696) (3,333)
------- -------
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows - continued
(Amounts in thousands)
<TABLE>
<CAPTION>
Six Months Ended
------------------------
Sept. 24 Sept. 25
1999 1998
(Unaudited)
--------- ---------
<S> <C> <C> <C> <C>
Cash flows from financing
activities:
Proceeds from the issuance of debt $ 3,500 $ -
Repurchase and retirement of common
stock (4,825) (12,554)
Proceeds from the exercise of stock
options 482 512
------- -------
Net cash used in financing activities (843) (12,042)
Net (decrease) increase in cash and
cash equivalents (2,865) 1,778
Cash and cash equivalents at
beginning of period 11,911 10,264
------- -------
Cash and cash equivalents at end of
period $ 9,046 $ 12,042
======= =======
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------
Supplementary disclosures of cash flow information
<S> <C> <C> <C> <C>
Income taxes paid $ 538 $ 743
Interest paid $ 30 $ -
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Condensed Notes to Consolidated Financial Statements
SEPTEMBER 24, 1999
(Unaudited)
1) Basis of Presentation
The unaudited consolidated financial statements included herein
have been prepared by Printronix, Inc. (the "Company"), pursuant to
the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations. However, the
Company believes that the disclosures are adequate to make the
information presented not misleading.
In the opinion of management, the consolidated financial statements
reflect all adjustments (which include only normal recurring
adjustments) considered necessary to present fairly the financial
position and results of operations as of and for the periods
presented. These consolidated financial statements should be read
in conjunction with the consolidated financial statements and
footnotes thereto included in the Company's latest Annual Report on
Form 10-K for the fiscal year ended March 26, 1999, as filed with
the Securities and Exchange Commission. The results of operations
for such interim periods are not necessarily indicative of the
results for the full year.
Certain amounts in the prior period financial statements have been
reclassified to conform to the current period's presentation.
2) Bank Borrowings and Debt Arrangements
The Company ended the quarter with borrowings of $3.5 million
against its unsecured lines of credit. The borrowing was to
finance the completion of the new corporate facility in Irvine.
3) Earnings per Share
The number of shares used in computing diluted earnings per share
equals the total of the weighted average number of common shares
outstanding during the periods presented plus the dilutive effect
of stock options. The dilutive effect of stock options represents
additional shares which may be issued in connection with their
exercise, reduced by the number of shares which could be
repurchased with the proceeds at the average market price per share
computed on a quarterly and yearly basis during the year.
The reduction in the number of shares outstanding from 1998 to 1999
is due to the Company's authorized share repurchase program (see
note 4). The following table shows the calculation for basic and
diluted shares outstanding:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------- -------------------
Sept. 24 Sept. 25 Sept. 24 Sept. 25
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Basic weighted-average
common shares
outstanding 6,466,701 7,164,310 6,493,076 7,306,191
Effect of dilutive
stock options 300,472 222,404 238,721 257,646
--------- --------- --------- ---------
Diluted weighted-average
common shares
outstanding 6,767,173 7,386,714 6,731,797 7,563,837
========= ========= ========= =========
</TABLE>
4) Common Stock
As authorized by the Board of Directors, the Company repurchased
and retired 162,100 shares of common stock during the second
quarter at prices ranging from $14.06 to $24.56 per share, at a
cost of $2.8 million. Purchases of an additional 43,300 shares of
common stock were made subsequent to the end of the quarter and
future purchases of up to 642,200 shares of common stock may be
made at the Company's discretion.
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
Except for historical information, this report contains "forward-
looking statements" about Printronix, within the meaning of the
Private Securities Reform Act of 1995. Terms such as "objectives,"
"believes," "expects," "plans," "intends," "estimates," "anticipates,"
and variations of such words and similar expressionsare intended to
identify such forward-looking statements. These statements involve
a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including: the impact of issues
related to the Year 2000; adverse business conditions and a failure to
achieve growth in the computer industry and in the economy in general;
the ability of the Company to achieve growth in the Asia Pacific
market; adverse political and economic events in the Company's
markets; the ability of the Company to hold or increase market share
with respect to line matrix printers; the ability of the Company to
successfully compete against entrenched competition in the thermal
printer market; the ability of the Company to attract and retain key
personnel; and the ability of the Company to continue to develop and
market new and innovative products superior to those of the
competition and to keep pace with technological change.
RESULTS OF OPERATIONS
Revenues
Consolidated revenues for the three months ended September 24, 1999,
were $45.3 million, an increase of $3.6 million, or 8.5%, compared to
the same period a year ago. The increase was due to strong sales in
EMEA (Europe, Middle East, and Africa) and in Asia Pacific. EMEA sales
increased 13.7% to $15.8 million compared to the year ago quarter.
Sales to the Asia Pacific market increased 50.0% to $4.1 million
compared to the same quarter a year ago. The growth in the Asia
Pacific market for the current quarter is from sales into the ASEAN
countries with growth coming from almost every country, and also from
China. Sales in the Americas were essentially flat from the year ago
quarter at $24.4 million. Americas Distribution increased 12.1% over
the prior year quarter as a result of the additional channel partners
added over the last several years and the continued success of the
Company's Major Accounts Development Program; however, this was offset
by a decrease in sales to Americas OEMs. RJS sales increased 40.5%,
to $1.0 million compared to the same period last year.
For the six months ended September 24, 1999, revenues were $90.2
million, a $2.7 million increase compared to the same period last
year. Sales in EMEA and Asia Pacific increased by 8.9% and 43.3%,
respectively, compared to the same period a year ago. This increase
was offset by a $2.4 million decrease in the Americas. This decrease
was caused by a one time event of the Company's largest customer
converting to direct shipment in the U.S., effective July 1999. As a
result of this conversion, the customer no longer needs to maintain
any U.S. inventory, therefore, sales to it during the first quarter
were lower than usual as it depleted its existing inventory. Direct
shipment provides quick, just in time delivery to the end user,
reduces the amount of inventory in the total supply chain, and couples
the Company's orders directly to end user demand. Conversion to
direct shipment means this customer will no longer need to place
orders for U.S. shipments in advance.
For the current quarter, sales by channel were 44% OEM and 56%
distribution compared to 47% OEM and 53% distribution for the same
quarter last year. Sales to OEM customers and distributors increased
1.8% and 13.7%, respectively, compared to the same quarter a year ago.
For the six months ended September 24, 1999, sales by channel were 44%
OEM and 56% distribution compared to 49% OEM and 51% distribution for
the same period last year. Sales to OEM customers decreased 8.1% over
the same period last year, while sales to distributors increased
14.0%. The decrease in sales to OEM customers is the result of the
one time event of the Company's largest customer converting to direct
shipment in the U.S. The growth in distribution for both the three
and six months ended September 24, 1999 was primarily due to adding
new channel partners, the success of the Major Accounts program and
more effective sales and marketing programs.
Line matrix sales for the second quarter were $37.5 million, an 8.1%
increase compared to the year ago quarter. Thermal sales were $1.2
million, an increase of 28.1% compared to the same quarter last year.
Laser sales were $5.6 million, an increase of 3.7% over the same
period last year.
Line matrix sales for the six months ended September 24, 1999, were
$74.5 million, a 1.7% increase compared to the same period a year ago.
The increase was minimal due to the negative effect of the Company's
largest customer converting to direct shipment. Thermal sales were
$2.6 million, an 28.1% increase compared to the same period last year.
Laser sales were $11.3 million, a 5.9% increase compared to the same
period a year ago.
For the second quarter, sales to the largest customer, IBM,
represented 30.6% of the total sales, compared to 30.4% in the year
ago quarter. Sales to IBM grew 8.9% over the year ago quarter. Sales
to the second largest customer represented 7.7% of total sales for the
current quarter, compared to 9.1% in the year ago quarter. Sales to
other OEMs were lower than the prior year, primarily due to two large
contracts in the year ago quarter.
For the six months ended September 24, 1999, sales to IBM represented
29.5% of total sales, compared to 31.0% of total sales for the same
period last year. Sales to the second largest customer represented
8.0% of total sales for the period as compared to 8.6% in the year ago
period.
Gross Profit
The current quarter's gross profit was 33.2%, up from 32.4% a year
ago. The gross profit for the six months ended September 24, 1999 was
33.2%, up from 32.4% last year. The improved performance over the
prior year was due to higher volumes, manufacturing efficiencies and
cost reductions.
Operating Expenses, Other Income and Taxes
Operating expenses consist of engineering and development, sales and
marketing, and general and administrative costs. For the three and
six months ended September 24, 1999, total operating expenses
increased 14.0% and 10.4%, respectively, compared to the same periods
last year. Additional engineering and development spending reflects
continued work on the ThermaLine 5000 (T5000) product family
introduced at the Scan Tech trade show in October. Increased spending
was also due to higher salaries required to stay competitive in hiring
and retaining engineering personnel. The higher sales and marketing
expenses over last year are primarily due to the implementation of new
sales and marketing programs and the increased number of regional
sales offices.
For the three months ended September 24, 1999, engineering and
development expenses were $4.9 million, compared to $4.3 million for
the same period last year. As a percentage of sales, engineering and
development were 10.9% for the current quarter and 10.4% for the same
quarter last year. Expenses for sales and marketing were $4.6 million
compared to $3.9 million for the same quarter last year. As a
percentage of sales, sales and marketing expenses were 10.2% for the
current quarter and 9.3% for the same quarter last year. General and
administrative expenses were $2.3 million, compared to $2.2 million
for the same period a year ago. As a percentage of sales, general and
administrative expenses were 5.2% for the current quarter compared to
5.3% for the year ago quarter.
For the six months ended September 24, 1999, engineering and
development expenses were $9.6 million, compared to $8.6 million for
the same period last year. As a percentage of sales, engineering and
development expenses were 10.6% for the current period and 9.8% for
the same period last year. Expenses for sales and marketing increased
to $9.1 million compared to $8.0 million for same period last year.
As a percentage of sales, sales and marketing expenses were 10.1% for
the current period and 9.1% for the same period last year. General
and administrative expenses remained at $4.7 million for the first six
months of fiscal 1999 and 2000. As a percentage of sales, general and
administrative expenses were 5.2% for the current period compared to
5.3% in the same period a year ago.
For the three and six months ended September 24, 1999, other income
decreased by $0.2 million from the same periods a year ago due to
lower interest income and higher interest expense in the current
quarter, and higher exchange gains in prior periods.
For the three and six months ended September 24, 1999, the income tax
provision increased 60.5% and 48.2% respectively from the same periods
last year. In the prior fiscal year, the Company had net operating
loss carryforwards and had been paying minimal income taxes. During
the fiscal year 1999, the Company fully utilized the net operating
loss carryforwards it had enjoyed in prior years. The effective tax
rate for fiscal year 1999 was 20%. The Company estimates that its
effective tax rate will be 33% for fiscal year 2000.
LIQUIDITY AND CAPITAL RESOUCES
The Company ended the second quarter with cash and cash equivalents of
$5.5 million, net of debt, down $6.4 million from the beginning of the
fiscal year. The current cash position includes the purchase and
retirement of 162,100 shares of Printronix common stock at an average
share price of $17.53, totaling $2.8 million for the quarter. Capital
expenditures for the current quarter were $7.2 million, of which $5.1
million was for the completion of new manufacturing and corporate
headquarters in Irvine.
Inventories were $15.7 million, an increase of $0.3 million from the
beginning of the fiscal year. Inventories increased due to a large
sales order placed by one of RJS's customers, production of sub-
assemblies in preparation for the move into the new Irvine facility
and manufacturing of the new T5000 thermal printers.
The Company believes that its internally-generated funds, together
with available financing, will be adequate in providing its working
capital requirements, capital expenditures, and engineering
development needs through the current fiscal year.
YEAR 2000 CONSIDERATION
This Year 2000 Readiness Disclosure Statement is made in accordance
with the "Year 2000 Information and Readiness Disclosure Act" of the
United States of America.
The Company's products are inherently Year 2000 compliant. No
Printronix printer or Printronix printer application software performs
relative date calculations using internal clocks. Such clocks are not
necessary for the printer to operate because the printer is only
concerned with converting host data into printed images. Therefore,
all Printronix products are Year 2000 compliant.
The Company is the majority shareholder of RJS Systems International
("RJS"), a manufacturer of bar code scanning and print quality
verification devices. RJS reports that none of its products perform
date calculations or contain a clock. However, one product, Autoscan
II, is shipped together with a personal computer manufactured by a
third party. The computer operates under the DOS operating system.
Accordingly, at the turn of the century, the date on the computer will
revert to 1980. This has no effect on the operation of the Autoscan
II product, other that to indicate the wrong date on printouts of
scanning results. The problem is easily corrected by entering the
correct date using the DOS "Date" command.
The Company has completed an assessment of the impact of the Year 2000
on its information systems and hardware. The assessment phases of the
Company's information system and hardware included the identification
of the systems or processes to be reviewed, evaluation of current
systems or processes, risk assessment and development of contingency
plans. The scope of the assessment addressed the information
technology systems, such as the accounting and financial reporting
systems, mainframe computers, personal computers and the distributed
network, and also addressed the non-information technology systems,
such as facilities, plant equipment, lab and test equipment,
distribution systems, security systems, communication systems, key
services provided by third parties, and key business partners. The
assessment of key business partners included inquiries of key
suppliers and customers related to their own Year 2000 issues.
The Company's business critical operating systems including
accounting, financial reporting, manufacturing and sales, were
converted to a Year 2000 compliant enterprise wide system, SAP R/3, in
August 1997. The only exception is the customer service repair
system. The customer service repair system is scheduled to be
compliant by November 30, 1999.
The Company moved to a new corporate facility in October 1999. All
building systems are Year 2000 compliant. These systems include
telephone, elevator, security, HVAC, utilities, lighting, fire control
and parking.
The Company believes the most significant Year 2000 compliance risk is
that key customers, suppliers and third party service providers may
fail to complete their remediation efforts in a timely manner
particularly in areas outside the United States where less attention
is given to Year 2000 compliance. If any significant disruption of
business occurs with key customers, suppliers and third party service
providers there could be a material adverse impact on the Company's
revenues, income, cash flows or financial condition.
Based upon the Company's assessment and the suppliers' and customers'
representations, the Company believes the systems of its key suppliers
and customers either are Year 2000 compliant or will be by the end of
the year. However, contingency plans for increasing inventory have
been discussed with key business partners. The Company has also
evaluated internal operations to identify any issues that might arise
as a result of Year 2000 issues. Contingency planning addressing any
Year 2000 issues will continue to be reviewed and refined through the
end of the year. The Company has recently implemented and tested a
company wide disaster recovery plan which will be used in the event of
an emergency, such as interruption of utility services.
In fiscal 1999 and 1998, the cost of Year 2000 assessment efforts and
remediation projects was not material and was funded from current
operations. Future expenditures are not expected to be material and
will continue to be funded from operations.
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
See "Item 3. Legal Proceedings" reported in Part I of the Company's
Report on Form 10-K for the fiscal year ended March 26, 1999.
Item 4. Submission of Matters to a Vote of Security Holders
The annual meeting of stockholders of the Company was held on August
17, 1999, at which five persons, constituting the entire board of
directors, were elected to serve until the next annual meeting of
stockholders. The names of the persons elected as directors are as
follows:
<TABLE>
<CAPTION>
Shares For Shares Withheld
<S> <C> <C>
Robert A. Kleist 6,046,719 25,355
Bruce T. Coleman 6,046,939 25,135
John R. Dougery 6,047,149 24,925
Chris W. Halliwell 6,046,992 25,082
Erwin A. Kelen 6,046,712 25,362
</TABLE>
At the annual meeting, the stockholders also voted upon and approved
the following matter:
1. To approve an amendment to the 1994 Stock Incentive Plan to
increase by 300,000 the number of shares available for awards.
For Against Abstain Broker Non-Vote
5,201,125 823,971 46,978 0
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits.
27. Financial Data Schedule
(b) Reports.
No reports on Form 8-K have been filed by the Registrant for the
quarterly period covered by this report.
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
PRINTRONIX, INC.
(Registrant)
Date: November 5, 1999 By: George L. Harwood
-----------------
George L. Harwood
Sr. Vice-President,
Finance,
Chief Financial
Officer, and Secretary
(Principal Financial
Officer and Duly Authorized
Officer)
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
Index to Exhibits to Form 10-Q
SEPTEMBER 24, 1999
EXHIBIT
NUMBER DESCRIPTION PAGE
27 Financial Data Schedule Filed only with
EDGAR version
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> JUN-26-1999
<PERIOD-END> SEP-24-1999
<CASH> 9,046
<SECURITIES> 0
<RECEIVABLES> 23,505
<ALLOWANCES> 2,485
<INVENTORY> 15,717
<CURRENT-ASSETS> 46,719
<PP&E> 79,652
<DEPRECIATION> 34,432
<TOTAL-ASSETS> 94,134
<CURRENT-LIABILITIES> 24,242
<BONDS> 0
0
0
<COMMON> 64
<OTHER-SE> 67,885
<TOTAL-LIABILITY-AND-EQUITY> 94,134
<SALES> 45,279
<TOTAL-REVENUES> 45,279
<CGS> 30,264
<TOTAL-COSTS> 11,885
<OTHER-EXPENSES> (54)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,184
<INCOME-TAX> 1,051
<INCOME-CONTINUING> 2,133
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,133
<EPS-BASIC> 0.33
<EPS-DILUTED> 0.32
</TABLE>
