5
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 December 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
incorporation or organization) Identification No.)
14600 Myford Road
Irvine, California 92606
(Address of principal executive (Zip Code)
offices)
(714) 368-2300
(Registrant's telephone number, including area code)
Not Applicable
(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 January 21 , 2000
$0.01 par value 6,178,531
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
<TABLE>
<S> <C>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at
December 24, 1999 and March 26, 1999
Assets (3)
Liabilities and Stockholders' Equity (4)
Consolidated Statements of Operations
for the Three and Nine Months Ended
December 24, 1999 and December 25, 1998 (5)
Consolidated Statements of Cash Flows
for the Nine Months Ended December 24, 1999
and December 25, 1998 (6)
Condensed Notes to Consolidated
Financial Statements (8)
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations (10)
PART II. OTHER INFORMATION
Item 1. Legal Proceedings (16)
Item 6. Exhibits and Reprots on Form 8-K (16)
Signatures (17)
Index to Exhibits (18)
</TABLE>
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
<TABLE>
<CAPTION>
December 24, 1999 March 26, 1999
(Unaudited)
----------------- ---------------
<S> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents $ 11,516 $ 11,911
Accounts receivable, net of
allowance for doubtful
accounts of $2,604 and
$2,302 as of December 24,
1999, and March 26, 1999,
respectively 24,184 23,954
Inventories:
Raw materials, subassemblies
and work in progress 15,213 13,416
Finished goods 1,483 2,037
------- -------
16,696 15,453
Prepaid expenses 1,163 1,044
------- -------
Total current assets 53,559 52,362
------- -------
Property, plant and equipment, at cost:
Machinery and equipment 28,431 25,320
Furniture and fixtures 24,620 19,529
Land 8,100 8,100
Buildings and improvements 22,515 11,266
Leasehold improvements 766 1,819
------- -------
84,432 66,034
Less accumulated depreciation
and amortization (33,908) (31,798)
------- -------
50,524 34,236
Intangible assets, net 724 908
Other assets 1,456 1,360
------- -------
Total assets $ 106,263 $ 88,866
======= =======
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - continued
(Amounts in thousands, except share and per share data)
<TABLE>
<CAPTION>
December 24, 1999 March 26, 1999
(Unaudited)
----------------- ---------------
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Short-term debt $ 10,700 $ -
Accounts payable 14,456 12,209
Accrued expenses:
Payroll and employee benfits 6,147 4,531
Warranty 2,016 2,001
Other 1,138 1,512
Income taxes 985 97
Environmental 214 214
------- -------
Total current laibilities 35,656 20,564
------- -------
Other long-term liabilities 1,674 1,568
Minority interest in subsidiary 300 283
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01
Authorized 30,000,000 shares,
issued and outstanding
6,200,415 and 6,583,366
shares as of December 24,
1999 and March 26, 1999,
respectively 62 66
Additional paid-in capital 28,963 28,338
Retained earnings 39,608 38,047
------- -------
Total stockholders' equity 68,633 66,451
------- -------
Total liabilities and stockholders'
equity $ 106,263 $ 88,866
======== ========
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------ -----------------
Dec. 24, Dec. 25, Dec. 24, Dec. 25,
1999 1998 1999 1998
(Unaudited) (Unaudited)
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net sales $ 51,692 $ 45,840 $ 141,856 $133,271
Cost of sales 34,628 30,987 94,856 90,124
------- ------- ------- -------
Gross profit 17,064 14,853 47,000 43,147
Operating expenses:
Engineering and
development 4,682 4,779 14,272 13,382
Sales and marketing 5,070 4,210 14,213 12,192
General and
administrative 2,177 2,140 6,903 6,796
------- ------- ------- -------
Total operating expense 11,929 11,129 35,388 32,370
------- ------- ------- -------
Income from operations 5,135 3,724 11,612 10,777
Other income, net 9 54 282 535
------- ------- ------- -------
Income before provision
for income taxes and
minority interest 5,144 3,778 11,894 11,312
Provision for income taxes 1,691 755 3,922 2,260
Minority interest in income
(loss) in subsidiary 31 (10) 17 (20)
------- ------- ------- -------
Net income $ 3,422 $ 3,033 $ 7,955 $ 9,072
======= ======= ======= =======
Net income per common share:
Basic $ 0.54 $ 0.45 $ 1.24 $ 1.27
Diluted $ 0.51 $ 0.44 $ 1.18 $ 1.23
======= ======= ======= =======
Weighted-average common shares:
Basic 6,303 6,801 6,430 7,138
Diluted 6,733 6,954 6,746 7,367
======= ======= ======= =======
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
----------------------
Dec. 24, Dec. 25,
1999 1998
(Unaudited)
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 7,955 $ 9,072
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 5,894 5,706
Loss on sale of equipment 136 171
Minority interest in income (loss)
of subsidiary 17 (20)
Changes in assets and liabilities:
Accounts receivable (230) 1,243
Inventories (1,243) 2,605
Other assets (76) 140
Accounts payable 2,247 (564)
Payroll and employee benefits 1,616 1,270
Accrued income taxes 2,838 1,245
Other liabilities (359) 45
------- -------
Net cash provided by operating activities 18,795 20,913
------- -------
Cash flows from investing activities:
Purchase of property and equipment (6,675) (4,678)
Construction of new corporate facility (15,631) (1,776)
Proceeds from disposition of equipment 172 335
------- -------
Net cash used in investing activities (22,134) (6,119)
------- -------
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
(Amounts in thousands)
<TABLE>
<CAPTION>
Nine Months Ended
------------------------
Dec. 24, Dec. 25,
1999 1998
(Unaudited)
------- -------
<S> <C> <C>
Cash flows from financing activities:
Proceeds from the issuance of short-
term debt 16,700 -
Payments made on short-term debt (6,000) -
Repurchase and retirement of common stock (8,586) (15,858)
Proceeds from the exercise of stock
options 830 620
------- -------
Net cash provided by (used in)
financing activities 2,944 (15,238)
------- -------
Net decrease in cash and cash equivalents (395) (444)
Cash and cash equivalents at
beginning of period 11,911 10,264
------- -------
Cash and cash equivalents at end
of period $ 11,516 $ 9,820
======= =======
- ------------------------------------------
Supplementary disclosures of cash flow information:
Income taxes paid $ 934 $ 602
Interest paid $ 105 $ -
</TABLE>
See accompanying notes to consolidated financial statements
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 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 from the prior year consolidated financial
statements have been reclassified to conform to the current year
presentation.
2) Bank Borrowings and Debt Arrangements
The Company ended the quarter with borrowings of $10.7 million
against its unsecured lines of credit. The borrowing was to
finance the completion of the new corporate facility in Irvine, and
to repurchase common stock.
<PAGE>
PRINTRONIX, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 24, 1999
(Unaudited)
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 year to date 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 Nine Months Ended
-------------------- --------------------
Dec. 24, Dec. 25, Dec. 24, Dec. 25,
1999 1998 1999 1998
---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
Basic weighted-average
common shares outstanding 6,302,548 6,801,359 6,429,566 7,137,914
Effect of dilutive
stock options 430,638 152,288 316,151 229,574
--------- --------- --------- ---------
Dilutied weighted-average
common shares outstanding 6,733,186 6,953,647 6,745,717 7,367,488
========= ========= ========= =========
</TABLE>
4) Common Stock
As authorized by the Board of Directors, the Company repurchased
and retired 188,806 shares of common stock during the quarter at
prices ranging from $17.31 to $22.56 per share, at a cost of $3.8
million. Purchases of an additional 54,500 shares of common stock
were made subsequent to the end of the quarter and future purchases
of up to 442,194 shares of common stock may be made at the
Company's discretion.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PRINTRONIX, INC. AND SUBSIDIARIES
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 expressions
are 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
For the three months ended December 24, 1999, consolidated revenue
reached a record high of $51.7 million, an increase of 12.8% over the
same period last year. The growth was primarily attributed to record
sales in Asia Pacific and the Americas. Asia Pacific sales for the
quarter increased 60.9% to $5.9 million, as a result of increased
sales in most of the ASEAN countries and India. Americas OEM sales
increased 20.0% to $14.6 million, due to IBM North America shipments
and strong sales by other OEM customers. Americas Distribution sales
increased 6.9% to $13.8 million compared to the year ago quarter.
This growth reflected the continuing success of the Company's Major
Accounts Development program. EMEA (Europe, Middle East and Africa)
sales decreased 5.0% to $15.6 million compared to the year ago
quarter. This decrease reflected a soft market across nearly all
European customers and channels, particularly in Germany. In
addition, customers in EMEA indicated in various discussions that Year
2000 preparation activities were causing a decrease in sales. The
largest percentage increase in sales was reported by RJS, where sales
increased 165.0% to $1.8 million. This increase was primarily due to
an order from an U.S. government agency for bar code verification
systems.
For the nine months ended December 24, 1999, sales increased to $141.9
million, a 6.4% increase over the same period last year. Sales in
Asia Pacific, Americas Distribution and EMEA increased 50.6%, 9.1%
and 3.9% respectively. These increases were offset by a 5.6% decrease
in revenue in Americas OEM. This decrease was primarily due to the
Company's largest customer switching to direct shipment in the U.S.,
effective July 1999. As a result of this conversion, the customer no
longer needed to maintain U.S. inventory; therefore, sales to them
were lower as they depleted their existing inventory. RJS sales
increased to $3.6 million, a 63.1% increase over the same period last
year.
For the three months ended December 24, 1999, sales by channel were
45.1% OEM and 54.9% distribution compared to 43.7% OEM and 56.3%
distribution for the same quarter last year. Sales to OEM customers
and Distributors increased 16.5% to $23.3 million and 9.9% to $28.4
million, respectively, compared to the same quarter last year. The
growth in the distribution channel business was primarily due to the
Company's Major Accounts Development program and aggressive sales and
marketing programs.
For the nine months ended December 24, 1999, sales by channel were
45.3% OEM and 54.7% distribution compared to 47.4% OEM and 52.6%
distribution for the same period last year. OEM year to date sales
increased to $64.3 million, a 1.7% increase over the same period last
year and distribution sales increased to $77.6 million, a 10.7%
increase over the same period last year.
Sales were up across all product lines for the three months ended
December 24, 1999, compared to same period last year. Laser sales
were $6.5 million for the quarter, an increase of 20.2% over the same
quarter last year, due to both higher unit sales and higher sales of
consumables. Line matrix sales for the quarter were $42.0 million,
an increase of 9.1% over the same period in the prior year. Thermal
sales for the quarter were $1.3 million, an increase of 12.5% compared
to the same period last year, due to increased sales of established
thermal products. There were minimal sales of the new T5000 thermal
products as activity was devoted to T5000 market introduction.
For the nine months ended December 24, 1999, laser sales were $17.8
million, an increase of 10.7% over the same period last year. Line
matrix sales were $116.6 million, an increase of 4.3% compared to the
same period last year. Thermal sales were $3.9 million, an increase
of 22.3% over the same period a year ago.
Sales to the largest customer, IBM, represented 29.8% of total sales
for the three months ended December 24, 1999, compared to 29.5% for
the same quarter last year. For the third quarter, sales to IBM grew
13.8% over the prior year quarter. Sales to the second largest
customer represented 7.8% of total sales for the three months ended
December 24, 1999, compared to 8.0% for the same quarter last year.
Sales to IBM for the nine months ended December 24, 1999, represented
29.6% of total sales, compared to 30.5% in the same period last year.
Sales to the second largest customer represented 7.9%, compared to
8.4% for the same period last year.
Gross Profit
Gross profit for the quarter ended December 24, 1999, was 33.0% of
sales, up from 32.4% for the same quarter last year. For the nine
months ended December 24, 1999, gross profit increased to 33.1%
compared to 32.4% for the corresponding period last year. The improved
performance over the prior year was due to higher volumes and
continued cost reductions.
Operating Expenses, Other Income and Taxes
Engineering and development expenses for the three months ended
December 24, 1999, were relatively flat at $4.7 million compared to
the same period last year. As a percentage of sales, engineering and
development expenses were 9.1% for the current quarter and 10.4% for
the same quarter last year. For the nine months ended December 24,
1999, engineering and development expenses increased to $14.3 million,
an increase of 6.7% over the same period last year.
Sales and marketing expenses for the three months ended December 24,
1999, increased 20.4% to $5.1 million compared to the same period last
year. The increase was due to developing the marketing organization
at Printronix, implementing new sales and marketing programs,
increasing the number of regional sales offices, and higher travel
costs as a result of the Company's Major Accounts Development program.
As a percentage of sales, sales and marketing expenses were 9.8% for
the current quarter and 9.2% for the same quarter last year. For the
nine months ended December 24, 1999, sales and marketing expenses were
$14.2 million, an increase of 16.6% over the same period for the prior
year.
General and administrative expenses for the three months ended
December 24, 1999, remained relatively flat at $2.2 million compared
to the same period last year. As a percentage of sales,
administrative expenses were 4.2% for the current quarter and 4.7% in
the same quarter last year. For the nine months ended December 24,
1999, general and administrative expenses remained relatively flat at
$6.9 million.
Other income decreased for the three and nine months ended December
24, 1999, compared to the same period last year. The decrease was due
to higher interest expenses, lower interest income and lower foreign
currency exchange gains.
For the three and nine months ended December 24, 1999, the income tax
provision increased 124.0% and 73.5%, respectively, over 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 fiscal 1999, the Company fully utilized the net operating loss
carryforwards it had enjoyed in prior years. The effective tax rate
for fiscal 1999 was 20%. The Company estimates that its fully taxed
rate will be 33% for fiscal year 2000.
LIQUIDITY AND CAPITAL RESOURCES
The Company ended the quarter with cash and cash equivalents of $0.8
million, net of debt, down $11.1 million from the beginning of the
fiscal year. The current cash position reflects expenditures during
the quarter for the purchase and retirement of 188,806 shares of
Printronix common stock at an average share price of $19.92, totaling
$3.8 million. Capital expenditures for the quarter were $7.5 million,
of which $5.2 million was related to the construction of the new
corporate facility in Irvine. The new facility was completed and
fully occupied by October 1999, with no interruption to business.
Inventories were $16.7 million, an increase of $1.2 million from the
beginning of the fiscal year. Inventories increased due to a large
sales order placed with RJS by a U.S. government agency, higher
production volume at our Memphis manufacturing facility, and the
Company's Year 2000 preparation to avoid any possible interruptions in
the supply channel.
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 develop-
ment 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
reverted to 1980. This had no effect on the operation of the
Autoscan II product, other than to indicate the wrong date on
printouts of scanning results. The problem was easily corrected by
entering the correct date using the DOS "Date" command.
The Company 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 other 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 also evaluated internal operations to identify any issues
that might arise as a result of the Year 2000. Contingency planning
addressing any Year 2000 issues was reviewed and refined through the
end of the year. Emergency response teams were in place throughout
the New Year's first weekend, but no problems were detected. No
issues have occurred since January 1, 2000.
The Company's business critical operating systems including account-
ing, financial reporting, manufacturing and sales, were converted to
a Year 2000 compliant enterprise wide system, SAP R/3, in August 1997.
The only exception was the customer service repair system. The
customer service repair system was converted to the compliant SAP
R/3 base by November 30, 1999, as planned. None of the SAP systems
have encountered any Year 2000 issues to date.
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. There have been no Year 2000 related problems associated
with these systems.
The Company has been reporting a belief that 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 may have been 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. To date, there have been no Year 2000 problems
encountered in these areas of the business.
Based upon the Company's assessment and suppliers' and customers'
representations, the Company believes the systems of its key suppliers
and customers are Year 2000 compliant. However, contingency plans for
increasing inventory had been discussed with key business partners and
the effect of those contingencies should help protect us from
potential lingering supply chain issues for the next two months.
Customers in the EMEA region indicated in various discussions that
Year 2000 preparation activities were causing a decrease in sales.
Actual sales to EMEA for the quarter just ended were indeed down 5%
compared to the quarter ending one year ago. However, the total
company effect was minimal, as overall sales for the corporation were
substantially up compared to the quarter ended one year ago.
All key suppliers and customers were queried during the first few days
of the calendar year 2000. Not one issue was reported.
In fiscal 1999 and 1998, the cost of Year 2000 assessment efforts and
remediation projects was not material and was funded from current
operations. Fiscal 2000 expenditures are not expected to be material
and will continue to be funded from operations, as needed.
<PAGE>
PART II. OTHER INFORMATION
PRINTRONIX, INC. AND SUBSIDIARIES
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 end March 26, 1999.
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: January 31, 2000 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
DECEMBER 24, 1999
EXHIBIT
NUMBER DESCRIPTION PAGE
27 Financial Data Schedule Filed only with
EDGAR version
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> MAR-27-1999
<PERIOD-END> DEC-24-1999
<CASH> 11,516
<SECURITIES> 0
<RECEIVABLES> 24,184
<ALLOWANCES> 2,604
<INVENTORY> 16,696
<CURRENT-ASSETS> 53,559
<PP&E> 84,432
<DEPRECIATION> 33,908
<TOTAL-ASSETS> 106,263
<CURRENT-LIABILITIES> 35,656
<BONDS> 0
0
0
<COMMON> 62
<OTHER-SE> 68,571
<TOTAL-LIABILITY-AND-EQUITY> 106,263
<SALES> 141,856
<TOTAL-REVENUES> 141,856
<CGS> 94,856
<TOTAL-COSTS> 35,388
<OTHER-EXPENSES> (265)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 144
<INCOME-PRETAX> 11,877
<INCOME-TAX> 3,922
<INCOME-CONTINUING> 7,955
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,955
<EPS-BASIC> 1.24
<EPS-DILUTED> 1.18
</TABLE>
