Franklin Electronic Publishers' eBookMan, which began shipping in the fourth quarter of fiscal 2001, ending March 31, generated revenues of $5.2 million, the company reported in its 10-k filing with the Securities & Exchange Commission. Franklin said that consumer demand for the eBookMan has been adversely affected by late deliveries to retailers and the overall decline in demand for all handheld electronic products. As of March 31, Franklin had $7.2 million in eBookMan inventory. The company spent approximately $18 million to develop the eBookMan platform.
The $5.2 million in eBookMan revenues was not nearly enough to offset sales decline in other areas, and as a result, Franklin's total revenues fell to $80 million from $97.1 million in fiscal 2000. The company experienced a $5.4-million decline in sales of its Rolodex organizer products; a $2.6-million drop in technology licensing revenues; and a $2.2-million fall in reference products in the U.K. In addition, Franklin had $6.1 million in sales in fiscal 2000 from its since-sold REX product line and $1.8 million in revenues from the discontinued Rocket eBook line. Net income in the year was $914,000, compared to $2.7 million in the prior year, a figure that includes a one-time gain of $8.1 million from the REX sale.
International sales of $29.6 million represented 37% of Franklin's total revenues last year. In fiscal 2000, international sales of $33 million accounted for 34% of revenues. Sales in Europe were $21.7 million last year, compared to $26.2 million in fiscal 2000, while sales to other international markets fell 17%, to $7.9 million. Franklin said sales were hurt because of the high cost of the dollar.
