Franklin Electronic turns to a profit but cuts staff 10 percent

Annual revenue rose in the latest fiscal year to $60.6 million from $52.2 million at Franklin Electronic Publishers Inc., the Burlington maker of electronic handheld devices reported today.

The company also moved into profitability, reporting earnings for the year ended March 31 of $2.5 million or 30 cents a diluted share, compared with a loss of $3.2 million, or 39 cents a share, the prior year.

However, Franklin Electronic still laid off 10 percent of its U.S. workforce last month. It said it took the step to reduce costs and maintain financial discipline."

Franklin also reported a fourth-quarter loss of $1.1 million, or 13 cents a share, compared with a loss of $1.6 million or 20 cents a share in the same quarter last year.

In this year's fourth quarter, Franklin took a $421,000 charge due to a customer's bankruptcy.

Sales for the quarter were up 4 percent to $11.4 million from $11 million in last year's period.