Fargo Electronics, Inc., a leading manufacturer of systems for the personalization of plastic identification cards, reported net sales of $14,060,000 for the second quarter ended June 30, 2000, vs. net sales of $13,873,000 for the second quarter of 1999. Net income available to common stockholders for the second quarter of 2000 was $598,000, or 5 cents per diluted share, compared to $651,000, or 9 cents per diluted share, in the second quarter of last year.
Gary R. Holland, president and chief executive officer, said, “Results in the second quarter were in line with the expectations we reported in mid-June. As previously announced, our new line of High Definition Printer(TM) (HDP) systems had not yet come up to desired production levels, and therefore held back our sales growth in the second quarter of 2000. We are currently shipping HDP systems against a solid order backlog, and are continuing our process of ramping up production levels. Our distribution partners and customers continue to be excited about the capabilities of the HDP line which is further strengthening Fargo’s competitive positioning in the plastic card personalization industry.”
For the six months ended June 30, 2000, net sales were $28,677,000, vs. net sales of $25,940,000 for the comparable six-month period of 1999. Net income available to common stockholders for the six-month period of 2000, including an after-tax extraordinary loss of $206,000 for the write-off of deferred financing costs, was $1,148,000, or 11 cents per diluted share, compared to $902,000, or 13 cents per diluted share, in last year’s six-month period. Excluding the extraordinary loss, net income available to common stockholders per diluted share was 13 cents in this year’s six-month period, equal to the 13 cents per share reported for the same period last year.
Fargo Electronics, Inc., founded in 1974, is the world’s leading manufacturer of desktop systems for on-site, instant issuance of personalized plastic identification cards. Personalized identification cards — produced by end users of the more than 35,000 Fargo systems currently installed throughout the U.S. and in 86 countries — provide physical, information and transaction security for a wide variety of applications including retail stores, e-commerce, government installations, schools, sports and recreation facilities, clubs and associations, and correctional facilities. More than 350 million personalized cards have been produced by Fargo systems, utilizing Fargo’s proprietary line of consumable supplies. For more information, visit Fargo’s website atDetails