NUR Reports Earnings, Quarterly Operating Income Up 144%
Press release from the issuing company
Lod, Israel, February 12, 2001 - NUR Macroprinters Ltd. (Nasdaq: NURM), a world-leading manufacturer of wide and superwide format digital printing systems and consumables, today announced record revenues and record profits for the fourth quarter and year ended December 31, 2000. Revenues, gross profits operating and net income for the fourth quarter were the highest in the company's history and the quarter marked the company's 15th consecutive record quarter.
Fourth Quarter 2000 - Revenues for the fourth quarter of 2000 increased 93% to $39.7 million as compared with $20.6 million for the same quarter of 1999. Gross profit increased 104% to $18.8 million versus $9.2 million for the comparable period of 1999. Total operating expenses increased 90% to $12.7 million in the fourth quarter of 2000 from $6.7 million in the fourth quarter of 1999, due primarily to a 102% increase in selling, general and administrative expenses. Operating income increased 144% to $6.1 million, as compared with $2.5 million for the same quarter in 1999. Net income increased by 78% to $4.1 million from $2.3 million for the comparable period of 1999. Earnings per share for the quarter increased by 53% to $0.26 per share on a fully diluted basis, as compared to $0.17 per share for the comparable period of 1999. The fourth quarter results include intangibles amortization cost of $0.7 million and interest expenses of approximately $0.5 million, both related to the Salsa Digital acquisition.
Revenues for the year ended December 31, 2000 were $121.9 million, an increase of 101% compared to $60.7 million for the year ended December 31, 1999. Gross profit increased to $57.8 million in 2000 from $28.9 million in 1999, an increase of 100%. Excluding M. NUR Marketing & Communication GmbH`s results from the year ended December 31, 1999 (an operation that was sold during the third quarter of 1999), revenues increased by 109% from $58.2 million in 1999 and gross profit increased 108% from $27.8 million last year. Operating income before intangibles amortization cost of $1.4 million increased 113% to $17.9 million as compared with $8.4 million in 1999.
Net income, before one time Salsa Digital acquisition related costs and after intangibles amortization cost and interest expenses related to the acquisition, was $13.4 million, or $0.91 per share on a fully diluted basis, for the year ended December 31, 2000, compared to $7.2 million, or $0.56 per share, for the year ended December 31, 1999. Taking into account one time Salsa Digital acquisition related costs that totaled $4.9 million, the company reported net income of $8.5 million and earnings per share of $0.57 on a fully diluted basis.
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