8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Filed Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
July 10, 2003

PRINTRONIX, INC.

(Exact name of issuer as specified in its charter)

DELAWARE
(State or other juris-
diction of incorporation) 0-9321
(Commission
File Number) 95-2903992
(IRS Employer
Identification
Number)

14600 Myford Road, P.O. Box 19559, Irvine, California
(Address of principal executive offices) 92623
(Zip Code)

 
Registrant’s telephone number, including area code: (714) 368-2300

 
Former name or former address, if changed since last report: Not Applicable

TABLE OF CONTENTS

	Item 7. Exhibits.
	Item 9. Regulation FD Disclosure.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99

Item 7. Exhibits.

     (c)  Exhibits

 99. Press release of Printronix, Inc. dated July 10, 2003.

Item 9. Regulation FD Disclosure.

     On July 10, 2003, Printronix, Inc. issued a press release announcing its first quarter for fiscal year 2004 results. A copy of the Company’s release announcing these financial results and certain other information is attached as Exhibit 99 to this Current Report on Form 8-K.

     The information furnished under Item 9. Regulation FD Disclosure is intended to be furnished under Item 12. Results of Operations and Financial Condition.

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 hereunto duly authorized.

Dated: July 15, 2003		Printronix, Inc.
	By:	/s/ George L. Harwood
		George L. Harwood, Senior Vice President, Finance & IT, Chief Financial Officer and Secretary

EXHIBIT INDEX

Exhibit Number	Description
99	Press release of Printronix, Inc. dated July 10, 2003

EX-99 3 a91489exv99.htm EXHIBIT 99

EXHIBIT 99

Thursday, July 10, 2003, 1:05pm PDT

Printronix Announces First Quarter Results for Fiscal Year 2004

IRVINE, CA., July 10, 2003 — Printronix, Inc., (NASDAQ: PTNX), the leading manufacturer of integrated enterprise printing solutions for the supply chain, today announced results for the first quarter of fiscal year 2004, which ended June 27, 2003. First quarter revenue was $30.5 million, down 18.1% from $37.3 million in the year ago quarter. Net income was $47 thousand, or $0.01 on a per diluted share basis, compared with net income of $1.0 million, or $0.16 on a per diluted share basis, in the year ago quarter.

For the first quarter of fiscal year 2004, gross margin was 36.2%, up from 34.8% reported in the same period one year ago due to a stronger Euro, favorable product mix, product cost reductions and manufacturing spending reduction programs.

Operating expenses in the first quarter of fiscal year 2004 were $11.0 million, down 8.9% from the year ago fiscal quarter, as a result of cost containment programs and lower labor costs.

The company ended the first quarter with cash of $29.4 million, up $6.0 million from the year ago quarter. Inventory decreased $0.5 million, or 3.4%, from the year ago quarter as a result of the company’s asset management programs. Compared with the prior quarter, cash decreased $0.2 million and inventory increased $0.4 million. The company repurchased 106,700 shares of stock during the quarter for $1.1 million.

“While our financial results for the first fiscal quarter were impacted by economic conditions and SARS in Asia, we continue to invest and bring to market new products and features that improve our competitive position,” said Bob Kleist, Chairman, President and CEO of Printronix. “We expanded the compatibility of our growing thermal printer line further enabling customers to migrate from legacy printer systems. We announced just yesterday that our line matrix solutions are being extended with two new high-speed printers that operate at 2000 and 2400 lines per minute. These printers exhibit the industry’s highest speeds and further extend the company’s leadership in the line matrix market. We are aggressively marketing these unique printing solutions to our customer base,” Mr. Kleist concluded.

Except for historical information, this press release contains “forward-looking statements” about Printronix, within the meaning of the Private Securities Litigation Reform Act of 1995. Terms such as “objectives,” “believes,” “expects,” “plans,” “intends,” “should,” “estimates,” “anticipates,” “forecasts,” “projections,” 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: 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; a worsening of the global economy due to general conditions; a worsening of the global economy resulting from terrorist attacks or risk of war; a worsening of the global economy resulting from SARS (Severe Acute Respiratory Syndrome);

the ability of the company to maintain our production capability in our Singapore plant or obtain product from our Asia Pacific suppliers given the outbreak of SARS; 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 to retain key personnel; the ability of the company’s customers to achieve their sales projections, upon which the company has in part based its sales and marketing plans; the ability of the company to retain its customer base and channel; the ability of the company to compete against alternate technologies for applications in our markets; 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. The company does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.

About Printronix, Inc.

Printronix is a global leader in printing technologies for the industrial marketplace and distribution supply chain. Its integrated network solutions improve the printing of bar codes, labels and forms, verify accuracy and offer unequaled diagnostic technology. Printronix’s advanced solutions work with its industry-recognized line matrix, thermal and laser printers to deliver the most reliable printing available for enterprise networks. The company is based in Irvine, Calif., and its common stock is traded on NASDAQ under the symbol PTNX. For more information: www.printronix.com.

Company Contact:
Printronix, Inc., Irvine
Robert A. Kleist, President, CEO
714 / 368-2863
George L. Harwood, Senior Vice President Finance, CFO
714 / 368-2384

Media Contact:
WunderMarx, Inc.
Cara Stewart
949 / 376-6564, extension 202
(cstewart@wundermarx.com)

Investor Contact:
EVC Group, LLC
Douglas M. Sherk
415 / 659-2285
(dsherk@evcgroup.com)
Jennifer Cohn
415 / 659-2289
(jcohn@evcgroup.com)

Printronix Inc., and Subsidiaries

Consolidated Statements of Operations (Unaudited)

(Dollars in Thousands, Except Share and Per Share Data)

	Three Months Ended
	6/27/03			3/28/03			6/28/02
Revenue	$	30,538		$	34,788		$	37,303
Cost of sales		19,495			22,070			24,303
Gross margin		11,043			12,718			13,000
Engineering and development		3,814			3,868			4,061
Sales and marketing		5,084			5,560			5,577
General and administrative		2,056			2,088			2,386
Total operating expenses		10,954			11,516			12,024
Income from operations		89			1,202			976
Other expense (income), net		40			(3	)		(267	)
Income before taxes		49			1,205			1,243
Provision for taxes		2			10			249
Net income	$	47		$	1,195		$	994
Earnings Per Share:
Basic	$	0.01		$	0.21		$	0.17
Diluted	$	0.01		$	0.20		$	0.16
Shares Used in Earnings Per Share Computation:
Basic		5,544,078			5,819,242			5,866,743
Diluted		5,671,206			5,968,645			6,099,181
Gross margin %		36.2	%		36.6	%		34.8	%
Operating expenses %		35.9	%		33.1	%		32.2	%
Income from operations %		0.3	%		3.5	%		2.6	%
Net income %		0.2	%		3.4	%		2.7	%

Consolidated Balance Sheets (Unaudited)

		(Dollars in Thousands)
		6/27/03		3/28/03		6/28/02
Assets
Cash and equivalents		$	29,398	$	29,617	$	23,390
Accounts receivable, net			15,325		18,741		20,889
Inventory, net			13,102		12,678		13,567
Other current assets			6,419		5,742		5,970
Plant and equipment, net			38,160		38,781		41,628
Other assets			533		528		749
	Total assets	$	102,937	$	106,087	$	106,193
Liabilities and Stockholders’ Equity
Short-term debt		$	700	$	700	$	700
Accounts payable			5,393		6,520		7,320
Other current liabilities			11,925		12,888		13,027
Other long-term liabilities			14,723		14,903		15,424
Stockholders’ equity			70,196		71,076		69,722
	Total liabilities and stockholders’ equity	$	102,937	$	106,087	$	106,193

RELEASE DATE: July 10, 2003

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EX-99

exhibit 99