COSTA MESA, Calif., March 27 /PRNewswire-FirstCall/ -- TROY Group,
Inc. (Pink Sheets: TROY) announced today that financial results for
the first quarter of fiscal 2009, which ended February 28, 2009,
have been posted on the company's web-site at
http://www.troygroup.com/. To access the report, click on About
TROY Group then click on Financials. TROY's financial results are
also posted at http://www.pinksheets.com/. Enter TROY in the symbol
field then click on Financial Report. Revenue for the three months
ended February 28, 2009 decreased to $8.4 million compared to
revenue for the three months ended February 29, 2008 of $10.6
million largely due to turmoil in the financial markets and the
affect on our major customers in the financial industry. Earnings
from continuing operations for the three months ended February 28,
2009 decreased to $0.01 per share compared to $0.07 per share for
the three months ended February 29, 2008. The consolidated balance
sheet and consolidated statement of income are attached to this
press release. Please refer to the quarterly report including
financial statements for more detailed information. FINANCIAL
STATEMENTS TROY GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
Assets February 28, November 30, 2009 2008 (unaudited) Current
assets: Cash and cash equivalents $1,143,000 $10,879,000 Investment
in available-for-sale securities 5,674,000 5,037,000 Accounts
receivable, net of allowances 2009 $264,000; 2008 $333,000
3,532,000 3,977,000 Inventories 2,911,000 2,697,000 Prepaid
expenses and other 1,235,000 1,161,000 Deferred tax assets 397,000
446,000 Total current assets 14,892,000 24,197,000 Equipment and
leasehold improvements, net 1,234,000 1,373,000 Goodwill 281,000
281,000 Other assets, including receivables from stockholders;
$1,899,000 in 2009 and 2008 3,568,000 3,588,000 Total assets
$19,975,000 $29,439,000 Liabilities and Stockholders' Equity
Current liabilities: Accounts payable $1,467,000 $1,544,000 Accrued
expenses 1,699,000 1,621,000 Dividend payable - 9,676,000 Deferred
revenue 1,507,000 1,390,000 Total current liabilities 4,673,000
14,231,000 Non-current liabilities 1,209,000 1,229,000 Total
liabilities 5,882,000 15,460,000 Commitments and contingencies
Stockholders' equity: Preferred stock, no par value, authorized
100,000 shares; issued none - - Common stock, par value $0.01 per
share; authorized 13,000,000 shares; issued 9,676,351 shares;
outstanding 9,676,351 shares 97,000 97,000 Additional paid-in
capital 18,278,000 18,218,000 Retained earnings (4,282,000)
(4,336,000) Total stockholders' equity 14,093,000 13,979,000 Total
liabilities and stockholders' equity $19,975,000 $29,439,000 TROY
GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended February 28, February 29, 2009 2008 Net sales
$8,420,000 $10,553,000 Cost of goods sold 5,175,000 6,343,000 Gross
profit 3,245,000 4,210,000 Operating expenses: Selling, general and
administrative 2,594,000 2,709,000 Research and development 584,000
622,000 Total operating expenses 3,178,000 3,331,000 Operating
income 67,000 879,000 Interest income 18,000 178,000 Income from
continuing operations before income taxes 85,000 1,057,000
Provision for income taxes 31,000 391,000 Income from continuing
operations 54,000 666,000 Loss from discontinued operations, net of
tax - (73,000) Gains on disposal of discontinued operations, net of
tax - 1,647,000 Discontinued operations, net of tax - 1,574,000 Net
income $54,000 $2,240,000 Net income per share: Basic income from
continuing operations $0.01 $0.07 Basic income from discontinued
operations - 0.16 Basic income $0.01 $0.23 Diluted income from
continuing operations $0.01 $0.07 Diluted income from discontinued
operations - 0.15 Diluted income $0.01 $0.22 Weighted average
shares outstanding: Basic 9,676,000 9,850,000 Diluted 9,676,000
10,045,000 About TROY Group TROY Group, Inc. ("TROY") is a
worldwide leader of secure on-demand printing solutions. TROY
solutions manage, secure and simplify end-to-end enterprise
printing environments. TROY offers application software, security
printing hardware and specialized consumables for securely printing
checks, money orders, transcripts, prescriptions and other
important documents. TROY solutions are used by small and medium
size businesses as well as large enterprises and governmental
organizations to manage fraud, operational risk and comply with
government regulations related to protecting information privacy.
As a Gold Solutions Partner to Hewlett Packard, TROY is the only
company in the world authorized by HP to enhance HP printers and
consumables for use in secure printing workflows. Only TROY MICR
and Security printers and HP compatible MICR Toner cartridges are
certified by Hewlett Packard for quality and reliability. We sell
and service our products to major corporations, banks, key
government accounts and distributors worldwide. Visit TROY at
http://www.troygroup.com/ Forward-looking statements of TROY
(statements that are not historical fact) in this news release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by terms such as believe, expect, may,
will, could and should, and the negative of these terms or other
similar expressions. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those discussed in the forward-looking statements. These risks
and uncertainties include, but, are not limited to, the ability to
sell investments when needed, the ability to develop new products,
the ability to hire and retain qualified management, technology and
other personnel, the impact of competition from existing and new
technologies and companies and the other factors set forth in our
periodic reports and other documents that we distribute from time
to time which are available in our financial statements under
certain important factors on our website TROYgroup.com or
pinksheets.com. Statements included in this news release are based
upon information known to TROY as of the date of this release, and
TROY assumes no obligation to update information contained in this
news release. TROY Group, Inc. 940 South Coast Drive, Suite 200
Costa Mesa, CA 92626 (714) 241-4760 (714) 241-4762 Fax Contact:
Myra Erickson Investor Relations DATASOURCE: TROY Group, Inc.
CONTACT: Investor Relations, Myra Erickson, +1-714-241-4760, Fax,
+1-714-241-4762, for TROY Group, Inc. Web Site:
http://www.troygroup.com/
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