Presstek Makes Favorable Adjustment to Q4 2002 Results
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.
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