8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 15, 2006

METROLOGIC INSTRUMENTS, INC.

(Exact name of Registrant as specified in its charter)

New Jersey	0-24172	22-1866172
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

90 Coles Road, Blackwood, New Jersey	08012
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (856) 228-8100

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

The Registrant is filing herewith as Exhibit 99.1 its presentation from its 2006 Annual Meeting of Shareholders, which was made available on the Registrant’s web site on June 15, 2006.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number	Description of Document
99.1	2006 Annual Meeting Presentation

2

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.

	Metrologic Instruments, Inc. (Registrant)
June 20, 2006	By:	/s/ Kevin Bratton
	Name:	Kevin Bratton
	Title:	Chief Financial Officer

3

EX-99.1

Metrologic Instruments, Inc.

2006 Annual Shareholders Meeting

June 15, 2006

Exhibit 99.1

During the course of this presentation, we may make projections or other forward-

looking statements regarding future events or the future financial performance of

the company.

Such statements are just estimates and actual events or results may differ

materially from these forward-looking statements.  Please refer to the documents

that the company files with the SEC from time to time and the company’s first

quarter earnings press release for a detailed discussion of the factors, risks and

uncertainties that could cause actual results to differ materially from those

contained in our projections or forward-looking statements.

During this presentation, we will refer to certain non-GAAP measures as defined

by the SEC. As required, we have provided a reconciliation of those measures to

the most comparable GAAP measures.

Copies of our SEC filings are available upon request or by accessing our company

website at www.metrologic.com.

Private Securities Litigation Reform Act of 1995

Safe Harbor Provision

Page 2

•Call to Order & Introductions

C. Harry Knowles

•Report of the Inspector of Elections

Kevin Bratton

•Ratification of Directors and Auditors

C. Harry Knowles

•Annual Meeting Presentation -

Q&A

Mark Schmidt, Joseph Sawitsky, Frank Zirnkilton

•Adjournment

C. Harry Knowles

AGENDA

Page 3

C. Harry Knowles

Chairman of the Board

•

Steady historical growth –

pace

accelerating

•

RIGHT team and resources in

place

•

FOCUS –

we KNOW who we are

•

CEO Search

•

Litigation

Page 5

Mark C. Schmidt

Executive Vice President –

Strategic Initiatives

*Based upon the midpoint of the Company’s FY 2006 guidance.

Earnings Guidance was effective as of the date given and will not be revised until the Company publicly announces updated guidance.

Total Company Revenue

15.5%

CAGR

21.5%

CAGR

Page 7

2006

2011

#1 in bar code

scanning &

imaging.

The Retail

Consumer

Connection

Company

A Full-line

supplier of

AutoID

Hardware.

Track 1

Track 1

Track 2

Track 2

Track 3

Track 3

1

2

3

Revenue Bridge

Page 8

2006

2011

#1 in bar code

scanning &

imaging.

The Retail

Consumer

Connection

Company

An end-to-end

supplier of

AutoID

equipment

Track 1

Track 1

Track 2

Track 3

1

Revenue Bridge

Page 9

903

743

686

623

663

775

767

403

376

320

289

307

351

358

427

329

310

323

353

372

403

171

205

222

1999

2000

2001

2002

2003

2004

2005

2006E

2007E

2008E

2009E

2010E

Handheld

Stationary POS

Industrial

Scan Engines

$1.75 B

$2.4 B

Source: 2005 Venture Development Corp and Metrologic Estimates

Global Bar Code Scanner Hardware Market

4.0%

8.8%

& Metrologic Share Gains

2%

4%

6%

8%

10%

Track 1

Track 1

Track 2

Track 3

Page 10

Max Volume

10+ items per customer

Supermarkets

DIY

Higher Volume

6–10 items per customer

Small grocery

Liquor store

Moderate Volume

1–5 items per customer

Many customers in line

Convenience store

Specialty Retail

Lower Volume

1–5 items per customer

A few customers

Selling Price

Sub $100

$100–$200

$200–$300

$300–1,000

Track 1

Track 1

Track 2

Track 3

Page 11

Transport /

Distribution

Manufacturing

Healthcare

Hospitality

Entertainment

Postal

Government

OEM

Other

Professional

Services

Retail   

Track 1

Track 1

Track 2

Track 3

Page 12

Source:  Venture Development Corp. 2006

Track 1

Track 1

Track 2

Track 3

Manufacturer

Distribution

Retailer

•

Receiving l

Shipping

•

Stockroom l

Picking

•

Tracking l

Inventory

•

Factory Automation

•

Restricted Access

•

Document Control

•

Receiving

•

Picking l Stocking l Inventory

•

POS l

Payment l Sig

Cap

•

Price Check

•

Identity l

Age Verification

•

Time & Attendance

•

Receiving l

Shipping

•

Tracking l Tracing

•

Sortation

•

Ordering l

Logistics

•

Restricted Access

•

Time & Attendance

Point-of-Sale

Page 13

Handheld Readers

Retail Stationary

2006-2007 Product Roadmap

Track 1

Track 1

Track 2

Track 3

Scan Engines

Industrial

Page 14

Getting to #1 -

we have:

Retail Stationary

$358 mm

Scan Engines

$222 mm

Industrial Stationary

$403 mm

Hand Held

$767 mm

Bar Code Scanners

$1.75B

Track 1

Track 1

Track 2

Track 3

The Technology

The Channels

The People

The Intellectual Property

The Programs

Page 15

2006

2011

#1 in bar code

scanning &

imaging.

Track 1

Track 2

Track 2

Track 3

A Full-line

supplier of

AutoID

Hardware.

2

Revenue Bridge

Page 16

A Full-line supplier of AutoID

Hardware

Track 1

Track 2

Track 2

Track 3

Manufacturer

Distribution

Retailer

•

Receiving

•

Picking l Stocking l Inventory

•

POS l

Payment l Sig

Cap

•

Price Check

•

Identity l

Age Verification

•

Time & Attendance

•

Barcode l

Imaging

•

Mobile Computing

•

Wireless (WLAN, WWAN)

•

RFID

•

Barcode l

Imaging

•

Mobile Computing

•

Wireless (WLAN, WWAN)

•

RFID

Page 17

Automatic Identification

Bar Code Technologies

Bar Code

$ 5.8

Scanners

$ 1.7

Mobile Computers

$ 2.4

Printers

$ 1.6

AutoID

$ 7.8

Bar Code

$ 5.8

RFID

$ 1.1

Smart Card ID

$ 0.8

(US$ billions)

(US$ billions)

Scanners

$ 1.8

Bar Code Scanners

$1.75B

Sources: Venture Development Corp., IDTech

Ex, VDC via Raymond James Mobile Data Technology Report

Track 1

Track 2

Track 2

Track 3

Page 18

-

Entered Intermec’s Rapid Start RFID program

STEPS ALREADY TAKEN

Track 1

Track 2

Track 2

Track 3

-

Signed strategic relationship with MaxID

-

Expanded Proprietary OS Mobile Computers

-

Engaged in Selling re-branded Scanners to Key

Global Supplier of Factory Automation Equipment

-

Launched Maximus

WinCE Mobile Computer

-

Launched Impulse Fixed RFID Reader

Page 19

2D

Imager

Gen 2

RFID +

2D

Imager

Gen 2

RFID

GPS / GSM

Biometric

Fingerprint

Pistol

Handheld

Mobile Computing (CE.NET)

Track 1

Track 2

Track 2

Track 3

2006-2007 Product Roadmap

Page 20

Mobile

Computers

#1 in

Scanners

Transport /

Distribution

Manufacturing

Retail   

Healthcare

RFID

Track 1

Track 2

Track 2

Track 3

Page 21

2006

2011

Track 1

Track 2

Track 3

Track 3

#1 in bar code

scanning &

imaging.

The Retail

Consumer

Connection

Company.

An end-to-end

supplier of

AutoID

equipment

3

Revenue Bridge

Page 22

The Largest-Ever rollout of

Handheld Matrix Imagers into

Retail

48,000 Focus®

Performance (read rates)

Customization (Interfaces)

Easiest with which to deal

1    Tier 1 Retailer to rollout

Stratos

7,000 Stratos®

Performance (read rates)

Customization (scale)

Easiest with which to deal

The Win

The Why

The

Importance

Track 1

Track 2

Track 3

Track 3

Page 23

st

Obtaining

information

(pre-store)

Entering,

navigating &

browsing

Making a

purchase

decision

Checking

out

Obtaining

post-sale

service

Key Steps in the Shopping Process

Track 1

Track 2

Track 3

Track 3

Page 24

Other in-store

technology

Track 1

Track 2

Track 3

Track 3

Page 25

Track 1

Track 2

Track 3

Track 3

Electronic Paper

(SiPix, E Ink,

Kodak, Dow)

TODAY

Segmented

alphanumeric or

individual icons

Flexible Electronics

Organic based or

Amorphous silicon

Patented Display /

Label

RF chip (RFID)

plus display

driver &

connections

NOVOdisplay

Page 26

Biometric

Identity and

Payment

Retail   

Government

Healthcare

Professional

Services

Price Lookup /

Kiosk

NOVOdisplay

Track 1

Track 2

Track 3

Track 3

Page 27

2006

2011

#1 in bar code

scanning &

imaging.

The Retail

Consumer

Connection

Company

A Full-line

supplier of

AutoID

Hardware.

1

2

3

Revenue Bridge

Track 1

Track 1

Track 2

Track 2

Track 3

Track 3

Page 28

Joseph Sawitsky

Executive Vice President –

Operations

New Jersey

0

300

600

900

1,200

1,500

2005

2006

2007

2008

2009

2010

2011

Suzhou

0

500

1,000

1,500

2,000

2,500

2005

2006

2007

2008

2009

2010

2011

Current Initiatives

•

Design & Operational Six Sigma

•

Design for Manufacturing

•

Automation Upgrades

•

Lean Manufacturing Upgrades

•

Supplier/Customer Partnering

•

Business Process Integration

•

IT Efficiency Investments/Upgrades

•

Integrated Logistics

Projected Staffing

Page 30

Planned New Building

Suzhou, China

New Jersey

Major Expansion Plans

Page 31

Key Statistics

Current Space:

Future Expansion:

Total:

116,000 sq. ft.

>100,000 sq. ft

>216,000 sq. ft.

Key Statistics

Manufacturing (46,000 sq. ft.)

Over 500 employees

Lean Production Lines

Low-Cost Production

Low Cost Engineering

Planned  3X Increase in Engineers

ISO 9001:2000 Certified

Current Space:

Planned Expansion:

Total:

46,000 sq. ft.

75,000 sq. ft

121,000 sq. ft.

Manufacturing (82,000 sq. ft.)

Headquarters (34,000 sq. ft.

Over 600 employees

Vertically Integrated

Fast Prototyping

Automation & Technology R&D

Planned 2X Increase in Engineers

ISO 9001:2000 Certified

0.4

0.3

0.4

0.4

0.4

0.4

0.4

0.1

0.7

0.8

1.0

1.2

1.4

0.4

0.5

0.6

0.5

0.4

0.3

0.9

0.3

0.2

0.4

0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2001

2002

2003

2004

2005

2006E

2007E

2008E

Blackwood

Production 

Suzhou

Production 

Additional

Available

Capacity 

0.9

0.9

1.1

1.6

1.7

1.8

1.9

2.8

China Plant

Expanded

China Plant

Operational

Productivity

Improvement

China Plant

Planned Expansion

Manufacturing Capacity

Page 32

Suzhou, China

Blackwood, NJ, USA

Doubled size of facility in 2004

68% of 2005 volume produced in SZ

Adding 75,000 sq. ft. by 2008

China Production

Voyager®

per unit production time reduced >50%

Quantum per unit production time reduced >40%

Lean Manufacturing

Eclipse®

-

common electronics platform

-

BOM reduction of >20%

-

Production time reduced by >45%

-

FOH leveraged due to common platform

Product Redesign for Manufacture

Improvements in COGS

Page 36

Page 33

Operation’s Highlights

Capacity for Revenue Expansion

Ongoing Margin Improvements

Significant Engineering Capabilities

1

1

2

2

3

3

Page 37

Page 34

Frank C. Zirnkilton, Jr.

Executive Vice President &

Chief Administrative Officer

•

7

new products

introduced

•

First

entrée

into

RFID

market

•

Targeted expansion

of geographic presence

•

Continued market share gains

•

Success with Tier 1 Retailers

•

Record revenue

in 2005

•

Management

changes

announced

FY 2005 and Q1 2006 Highlights

Page 36

2004

2005

Q105

Q106

$178.0

$210.5

+18.3%

Revenue

+28.6%

$3.9

-21.5%

Net Income

+11.8%

2004

2005

+11.0%

w/o

SBL

$46.9

$60.2

$22.7

$25.2

$17.8

Page 37

(US $ millions)

$6.2

$4.4

+58.2%

w/o

SBL

and

123R

Please refer to the appendix for the reconciliation of the GAAP to the non-GAAP presentation.

Q105

Q106

$0

$50

$100

$150

$200

$250

2004

2005

Q106

2004

2005

Q106

Assets

Liabilities & Equity

Balance Sheet

Cash & Marketable Securities

Current Assets (non-Cash)

Net PP&E

Other LT Assets

Total Liabilities

Stockholders’

Equity

Page 38

Please refer to the appendix for the reconciliation of the GAAP to the non-GAAP presentation.

$216.4

$226.2

$192.5

$192.5

$138.0

$226.2

$216.4

$169.8

$160.3

$64.7

$60.2

$73.9

(US $ millions)

$63.4

$84.3

$91.3

$19.5

$20.4

$20.5

$44.9

$47.6

$44.4

$54.5

$65.9

$46.6

Page 39

CASH FLOW  FY 2005 - Q1 2006

(US$ Millions)

$64.7

$60.2

$15.7

($14.9)

($10.5)

$4.1

$1.1

$0

$20

$40

$60

$80

$100

12/31/04

Balance

Operating

Activities

(Excl SBL

Payment)

SBL

Payment

Investing

Activities

Financing

Activities

Exchange

Rate

3/31/06

Balance

Please refer to the appendix for the reconciliation of the GAAP to the non-GAAP presentation.

2005

* Euro Assumptions

$1.20 to $1.25

* Gross Margin

40% to 42%

* Effective full year tax rate

36%

* Effect of SFAS No. 123(R)

Est. $3M or $.13 per

fully diluted share

$210.5M

$245M -

$255M

$19M –

$21M

$0.82 -

$0.91

$17.8M

$0.77

FD EPS

Net Income

Revenue

2006 *

Earnings Guidance was effective as of the date given and will not be revised

until the Company publicly announces updated guidance.

FY2006 Guidance

Page 40

C. Harry Knowles

Chairman of the Board

•Questions?

•Adjournment

Thank You for joining us today!

Page 42

APPENDICES

GAAP to non-GAAP Reconciliation

Quarter

Year

Ended

Ended

31-Mar-06

31-Dec-05

Net Income As Reported

4,360

$           

17,813

$          

Symbol Charge

836

7,396

FAS 123 (R) Charge

988

-

Net Income As Adjusted

6,184

$           

25,209

$          

(*) - Includes gross charge of $12,600 offset by a reduction in income tax expense of $5,204

METROLOGIC INSTRUMENTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP PRESENTATION

INCOME STATEMENT

($ in Thousands)

Appendix 1

Q1

2004

2005

2006

Assets:

Cash & cash equivalents

64,715

$  

49,463

$  

33,956

$  

Marketable securities

24,475

$  

26,215

$  

Sub-total

64,715

$  

73,938

$  

60,171

$  

Other current assets

63,387

$  

84,226

$  

91,261

$  

Total current assets

128,102

$

158,164

$

151,432

$

Property, plant & equipment, net

19,468

$  

20,402

$  

20,548

$  

Other long term assets

44,957

$  

47,616

$  

44,428

$  

Total assets

192,527

$

226,182

$

216,408

$

Liabilities:

Current liabilities

44,784

$  

65,881

$  

44,090

$  

Long term liabilities

9,727

$    

11

$         

2,502

$    

Total liabilities

54,511

$  

65,892

$  

46,592

$  

Shareholders' equity

138,016

$

160,290

$

169,816

$

Total liabilities and shareholders' equity

192,527

$

226,182

$

216,408

$

METROLOGIC INSTRUMENTS, INC.

RECONCILIATION OF GAAP TO NON-GAAP PRESENTATION

BALANCE SHEET

($ in Thousands)

Appendix 2

Q1

15 Mo Ended

Running

2005

2006

3/31/2006

Balance

Beginning Balance

64,715

$    

73,938

$    

64,715

$          

64,715

$    

Operating Activities, as reported

13,727

$    

(12,904)

$   

823

$                

     Symbol payment

-

$         

14,882

$    

14,882

$          

Operating Activities, excl SBL

13,727

$    

1,978

$      

15,705

$          

80,420

$    

Symbol payment

-

$         

(14,882)

$   

(14,882)

$         

65,538

$    

Investing activities, as reported

(9,293)

$    

(2,998)

$     

(12,291)

$         

     Change in marketable securities

-

$         

(1,740)

$     

(1,740)

$           

Investing activities (excluding marketable securities)

(9,293)

$    

(1,258)

$     

(10,551)

$         

54,987

$    

     Change in marketable securities

-

$          

-

$                 

Financing activities

3,198

$      

864

$         

4,062

$            

59,049

$    

Exchange rate

1,591

$      

(469)

$        

1,122

$            

60,171

$    

Net increase/(decrease)

9,223

$      

(13,767)

$   

(4,544)

$           

Ending Balance (Cash, equivalents & marketable securities)

73,938

$    

60,171

$    

60,171

$          

METROLOGIC INSTRUMENTS, INC.

CASH FLOW

1/1/05 - 3/31/06

Appendix 3