Presstek to Delay Quarterly Filing on Form 10-Q
Tuesday, October 16, 2007
Oct. 15 -- Presstek, Inc., the leading manufacturer and marketer of digital offset printing business solutions, today announced that it will delay the filing of its quarterly report on Form 10-Q for the third quarter of 2007 with the Securities and Exchange Commission (SEC). As previously announced, Presstek is conducting a worldwide inventory review. Additionally, in conjunction with an examination of operations directed by the new senior management team, the Company is reviewing receivables from certain distributors in Europe as well as certain European revenue recognition practices.
Results for the third quarter will be reported at a later time upon completion of these activities.
Presstek's President and Chief Executive Officer, Jeff Jacobson, said that "although the amounts of any potential additional inventory or receivables reserves are not yet known, the Company does not expect these issues to significantly impact our future operations. He also indicated that a conference call to announce details of a major Business Improvement Program (BIP) will be scheduled for October 25, 2007 (after market close). Call details will be provided at a later time. "We have developed a detailed and thorough program targeting not only cost reductions, but also product related actions, productivity improvements, and increased cash flow", added Mr. Jacobson. The Company will also provide an update on future product strategies and preliminary guidance on how the BIP will shape 2008 and 2009 performance during the October 25 call.
Mr. Jacobson also indicated, "We look forward to discussing our profit model for the 2008 and 2009 fiscal years. It is our belief at this time, that when we announce our third quarter results, any issues which have a negative impact on earnings will have no material effect on the Business Improvement Program and the outlook for 2008 and 2009."