Log In | Become a Member | Contact Us

Market Intelligence for Printing and Publishing

Connect on Twitter | Facebook | LinkedIn

Featured: Special Report: Printing Outlook 2019     Production Inkjet     Installations and Placements Tracker

Presstek Makes Favorable Adjustment to Q4 2002 Results

Monday, March 31, 2003

Press release from the issuing company

HUDSON, N.H., March 28 -- Presstek, Inc., a leading provider of direct digital imaging technology, today announced that as a result of the recent announcement of the end of its distribution agreement with Xerox, it has made a favorable adjustment of $1.0 million to fourth quarter 2002 net income. Presstek established a reserve in the second quarter of 2002 based on the company's estimate of future liabilities to Xerox. The adjustment to this reserve is the result of a reduction in Presstek's potential liability based on the outcome of our negotiations with Xerox. As a result, Presstek's net income for the fourth quarter of 2002 has been favorably adjusted to $2.4 million, or $.07 per diluted share, from $1.4 million, or $.04 per diluted share. For fiscal year 2002, Presstek's net loss has been adjusted to $8.3 million, or $ (0.24) per diluted share from $9.3 million or $ (0.27) per diluted share. Presstek's Annual Report on Form 10-K for the fiscal year ended December 28, 2002, filed today, reflects the updated results.




Email Icon Email

Print Icon Print

Become a Member

Join the thousands of printing executives who are already part of the WhatTheyThink Community.

Copyright © 2019 WhatTheyThink. All Rights Reserved