Blaming its sagging fortunes on the continuing slump in computer sales, Printronix Inc. on Tuesday reported a $1-million loss for its second quarter of fiscal 1986. It was the second consecutive quarterly loss for the 10-year-old company, which, until this fiscal year, had not posted a single loss.
The Irvine manufacturer of computer printers posted a gain of $2.8 million for the second quarter last year.
As a result of its back-to-back losses--Printronix lost $1.4 million in its first quarter--the company has laid off more than 450 workers in the last six months, according to Robert A. Kleist, president and chief executive. The layoffs have affected all seven Printronix plants around the world, including corporate headquarters in Irvine, where 250 employees have been terminated. Kleist said the layoffs, coupled with an expected modest upturn in sales, should boost the company back into the black for the remaining six months of the fiscal year.
Kleist also said Tuesday that the company's board of directors has authorized the purchase of up to 500,000 shares of company stock on the open market or through negotiated sales. The stock represents about 10% of Printronix's 5 million outstanding shares.
To Retire Shares
Kleist said purchase of the shares, which then will be retired, is designed to increase the value of the remaining outstanding stock. Shares currently are trading at about $11.50 each, about $4 below what Kleist said was the $15.50 per share value of the company's assets.