FRANKLIN ELECTRONIC PUBLISHERS REPORTS YEAR END RESULTS
BURLINGTON, NEW JERSEY – June 03, 2009 Franklin Electronic Publishers, Incorporated (NYSE AMEX Equities US:FEP), a world leader in electronic handheld information, today reported results for its fiscal year ended March 31, 2009. The Company reported a net loss of $7,128,000, or $.86 per share, for the fiscal year ended March 31, 2009 compared with net income of $2,535,000, or $.31 per share, last year. The current year’s loss includes non-cash one-time charges of $4,119,000 as well as other one-time charges of $1,404,000. The non-cash charges related to impairment to the carrying value of goodwill allocated to the Company’s data conversion subsidiary, Kreutzfeldt Electronic Publishing GmbH (KEP) in Germany, impairment of the value of Franklin’s licensed Rolodex® Electronics trademark, the partial write-down of future tax benefits related to the Company’s deferred tax asset and inventory valuation adjustment related to the current economic climate. The other one-time charges related to severance accruals as a result of the reduction in the Company’s global workforce and other operating cost reductions and costs related to the liquidation of the Company’s subsidiary KEP.Excluding the impact of the one-time charges, the Company’s net loss for the fiscal year 2009 would have been $1,605,000. more »