Philadelphia Business Journal - November 9, 2005
Franklin Electronic Publishers, Inc. said Wednesday it has agreed to sell its Burlington City, N.J., headquarters for $10.3 million and lease it back for 10 years. The electronic book manufacturer will realize a $4.8 million gain on the sale and will amortize the gain over the course of the lease, which initially requires Franklin to pay $736,000 in rent per year.
Franklin (AMEX: FEP) will use $2.4 million from the sale to retire its preferred stock. It will use the rest for working capital. The sale must be approved by Franklin's board of directors. If it is, Franklin expects it to close this quarter.
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