IRVINE, Calif. - November 1, 2007 - Printronix, Inc., the leading manufacturer of integrated enterprise printing solutions for the supply chain, today announced results for the second quarter and six month period ended September 28, 2007. Revenue for the second quarter of fiscal year 2008 was $29.4 million, compared with $29.3 million in the same quarter last year. The company reported higher net income for the quarter of $1.2 million, or $0.18 per diluted share, compared with a net income of $0.2 million, or $0.03 per diluted share, for the same quarter of the prior fiscal year.
Revenue for the six months ended September 28, 2007 was $60.0 million compared with $60.9 million for the same period last year. Net income was $2.2 million, or $0.34 per diluted share, compared with a net income of $0.8 million, or $0.12 per diluted share, for the same period last year.
The gross margin increased to 39.6% for the second quarter of fiscal 2008, up from 39.3% in the second quarter of fiscal 2007 primarily due to price increases on certain products and favorable foreign exchange rate changes, partially offset by an adverse shift in product mix.
Operating expenses in the second quarter of fiscal 2008 were $10.8 million, down from $11.3 million in the second quarter of fiscal year 2007. Included in the overall reduction was a $0.3 million return of excess unused workers compensation premiums from our captive insurance program related to policy years 2003 to 2005.
The company ended the second fiscal quarter of 2008 with cash and short-term investments of $29.0 million, down from $36.3 million at the end of the second quarter of fiscal 2007, and up from $26.2 million at the end of the first quarter of fiscal year 2008. The decrease in cash and short-term investments from the beginning of the fiscal year is primarily due to a $12.8 million scheduled repayment on a note and a payment of $1.3 million in dividends to stockholders, offset by positive cash flow from operations.
"Our continued focus on cost reduction and containment measures was the primary factor in the significant improvement in our profitability over the comparable period last year," said Robert Kleist, President and CEO of Printronix.