NUR Macroprinters Estimates Q2 Breakeven, Expresses Cautious Optimism
Press release from the issuing company
LOD, Israel, July 2 NUR Macroprinters Ltd., a world-leading manufacturer of wide and super wide format digital printing systems and consumables, today announced it expects revenues of approximately $30 million for the second quarter of 2001, and breakeven net income.
The Company also expressed cautious optimism regarding improvement of its financial results for the second half of 2001.
NUR reported that it estimates revenues for the second quarter of 2001 will be approximately $30 million, representing an increase of approximately 24% compared with the same quarter last year.
During the second quarter of 2001 the Company implemented its previously announced restructuring plan, including, consolidation of facilities in Europe and in the US, reduction of approximately 14% of its worldwide workforce and adjustment of its cost structure to a more conservative revenue base for 2001. The Company's second quarter financial results reflect a reduction of operating expenses according to plan, as well as a significant improvement of the financial performance of NUR America, the selling and service subsidiary responsible for the Company's sales in the Americas.
The Company remains positive in its long-term strategic outlook for the growth prospects in the wide format digital printing market and its leadership position in it. NUR firmly believes that, more than ever, the replacement process of screen-printing by digital printing is "inevitable'' and that it offers the best and most cost effective technologies.
The Company will provide updated guidance for the third quarter and second half of 2001 on August 8, 2001 in conjunction with the its second quarter earnings release.
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