Irvine’s Printronix Has Loss of $3 Million in Third Quarter
Printronix Inc., an Irvine computer printer manufacturer, reported a $3-million loss for its third quarter which ended Dec. 23, contrasted with net income of $477,000 a year earlier.
The company, which laid off 50 of its 800 Orange County workers in November in a cost-cutting measure, said sales totaled $31.8 million, up slightly from $31.7 million the previous third quarter.
For the first 9 months, the company posted a net loss of $1.3 million, more than twice the 9-month loss of $556,000 it reported a year ago.
Printronix reported sales of $103.6 million for the first 9 months, an increase of almost 15% from the $90.2 million posted a year earlier.
In a prepared statement, Printronix President Robert A. Kleist blamed the earnings decline on a “sales shortfall” brought about by an overall slump in the market for the mid-sized business computers for which his company makes printers.