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Printronix Forecast Reflects Slowed Sales

The Irvine designer of printers expects lowered revenue over last year, with disappointment in Europe.

September 20, 2000|Dow Jones

Printronix Inc. said Tuesday that it expects second quarter revenue to be below revenue a year ago despite rebounding from first quarter levels.

The Irvine printer designer and manufacturer attributed the slower-than-expected growth to sluggish sales of its matrix product line in Europe.

Printronix said it expects revenue to exceed the prior year's level in the fourth quarter.

Printronix earned $2.1 million, or 32 cents a share, on sales of $45.3 million for the second quarter ended Sept. 24, 1999. It earned $178,000, or 3 cents a share, on sales of $39.7 million for the first quarter ended June 30, 2000. For the fourth quarter ended March 31, the company reported net income of $2.52 million, or 38 cents a diluted share, on sales of $48.4 million.

The company's stock, which has lost more than half its value so far this year, closed at $11.13, down 75 cents a share, in Nasdaq trading.

The company plans to report second quarter results on Oct. 10.

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