NUR Macroprinters Announces 2001 Results, Net Loss of $7.2 Million
Press release from the issuing company
Revenues for 2001 of $120.4 million - Fourth Quarter Revenues of $28.6 million; Pro forma Net Income of $0.2 million; SG&A expenses down 20%
LOD, Israel, Feb. 14 -- NUR Macroprinters, a world leading manufacturer of wide-format and superwide digital printing systems and consumables for the out-of-home advertising market, today announced its consolidated financial results for the fourth quarter and year ended December 31 2001.
Revenues for the year ended December 31, 2001 were $120.4 million compared to $121.9 million for the year ended December 31, 2000. Net income for 2001, excluding restructuring and other one-time charges, was $244,000, or $0.02 per share fully diluted, and a loss of $(7.2) million, or $(0.49) per share including such charges, compared to a net income of $8.5 million, including one-time Salsa acquisition charges, or $0.57 per share fully diluted, in 2000.
Gross profit for the year was $48.5 million excluding one-time inventory write-offs of $4.0 million, and $44.5 million including such charges, compared to $57.8 million for the prior year. Operating income for the year was $3.3 million excluding one-time inventory write-offs of $4.0 million and $3.4 million of restructuring and other one-time expenses, and a loss of $(4.1) million including such charges, as compared to $16.5 million in the prior year.
Revenues for the fourth quarter of 2001 were $28.6 million, as compared to $39.7 million for the fourth quarter last year. Net income for the fourth quarter was $164,000, or $0.01 per share excluding one-time charges, and a net loss of $(764,000), or $(0.05) per share, including such charges, as compared to a net income of $4.1 million, or $0.26 per share fully diluted, in the comparable quarter last year.
Gross profit for the fourth quarter was $11.5 million, compared to $18.8 million in the comparable period last year. Operating expenses for the fourth quarter were $11.0 million excluding restructuring and other one-time charges of approximately $0.9 million, and $11.9 million including such charges, compared to $13.4 million in the comparable period last year. Operating income for the fourth quarter was approximately $534,000 excluding one-time charges, and a loss of $(394,000) including such charges, compared to $5.4 million in the comparable period last year.
Commenting on the results, Erez Shachar, CEO of NUR Macroprinters, said, "Recognizing the implications of the economic slowdown on our industry, we implemented an additional restructuring plan for further reduction of expenses to ensure profitability even at lower revenue levels. We managed to reduce our operating expense levels by $2.4 million per quarter, or a total of 20% of our SG&A costs. We believe that this new cost structure gives us a solid base for profit generation on which to build our future growth. ''
Mr. Shachar continued, "During the fourth quarter we introduced new products -- the enhanced NUR Fresco HiQ series and the new textile NUR Fabrigraph dye sublimation printers, which were enthusiastically received by our customer base. The NUR Fresco HiQ is a new product based on the Nur Fresco product line, and was designed to enhance the quality and reliability of the Fresco line. With the introduction of the Fresco HiQ we believe the product will take a leadership position as the premier wide format production printer, truly capable of replacing the conventional wide format printing processes. Our recently commercially released NUR Fabrigraph 1500 and 3200 dye sublimation printers round-out the Company's equipment line with production oriented products optimized for the short run, on demand, digital printing of signage textiles such as flags, banners and tradeshow exhibits.
Mr. Shachar concluded, "2001 was a year of business stabilization. We maintained a revenue level of over $120 million, while reducing operating expenses and creating a more efficient organization. We invested in the building of infrastructure to support future growth. During 2001, we invested in our IT infrastructure worldwide, in revamping our product lines across theboard and building the strongest customer support organization in the industry. We believe that these investments in our ability to better serve our customers will be the base for our future growth, as the wide format digital printing revolution unfolds.''
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