NUR Macroprinters Returns to Profitability after Three Years
Wednesday, August 04, 2004
Press release from the issuing company
LOD, Israel--Aug. 3, 2004-- NUR Macroprinters, a leading supplier of wide-format inkjet production printing systems, today reported that for the first time in three years, it has achieved a net profit. This is the fourth consecutive quarter of financial and operational improvements. The Company reported today its un-audited financial results for the second quarter ended June 30, 2004.
Revenues for the second quarter of 2004 were $20.5 million, a 56% increase compared to $13.1 million reported in the second quarter of 2003 and an 11% increase compared to $18.5 million reported in the prior quarter. The increase is mostly attributed to increased Tempo and Fresco II sales in the USA and the Far East.
Operating income in the second quarter of 2004 was $1.2 million and net profit was $233,000 or $0.01 per diluted share. Operating loss and net loss for the second quarter of 2003 (on a non-GAAP basis, which excludes one-time expenses, restructuring expenses and the write-off of doubtful debt) was ($1.1) million and ($1.7) million or ($0.10) per basic share, respectively. Operating profit for the first quarter of 2004 was $309,000 and the net loss was ($1.0) million or ($0.05) per basic share. We have provided this non-GAAP measure regarding the second quarter of 2003 to enhance the user's overall understanding of our historical financial performance and to make period to period comparisons more meaningful. Specifically, we believe this non-GAAP measure of net income (loss) provides useful information to both management and investors by excluding certain nonrecurring expenses and write-off amounts that were included in the second quarter of 2003 results. Figures on a GAAP basis for the second quarter of 2003 are available in the tables below.
Revenues for the six months ended June 30, 2004 were $39.0 million, a 29% increase compared with $30.2 million reported for the same period in the prior year. Operating income for the first six months of 2004 was $1.5 million and net loss was ($743,000) or ($0.03) per basic share, compared to results on a non-GAAP basis of an operating loss of ($2.2) million and a net loss of ($3.1) million or ($0.18) per basic share for the same period in the prior year.
For the full year of 2004, the Company continues to expect to record revenues of $80 to $82 million and a net profit of $2.0 to $2.5 million, or $0.07 to $0.10 cents per share.
The Company also reported that based on its current Equity of $2,506,000, it believes that it is currently in compliance with the listing requirements of The Nasdaq SmallCap Market, Marketplace Rule 4310©(2).
Dan Purjes, Chairman of the Board, commented, "It has been a long hard road, but NUR Macroprinters has returned to profitability and growth. The management team led by David Amir has put NUR on a firm footing from which it can successfully grow the business. The Board of Directors commends all the employees of NUR Macroprinters for achieving this significant turnaround."
David Seligman, Chief Financial Officer of NUR Macroprinters, commented, "Returning to a positive net income on a GAAP basis, after several quarters of operating profitability and improvements in our financial performance, is very significant for us. It makes us more confident that we are on track to achieving our goals for 2004 and beyond, which are increasing revenue and profitability while investing for the future."
David Amir, President and CEO, added, "We are seeing positive traction for all our new products, and we expect these products to fuel the future growth of our business. The development of our Expedio super-wide UV inkjet press is on schedule and progressing according to plan. We intend to start beta-tests very soon and based on what have been seeing in the market, we believe the interest in the product is significant. Looking forward, we believe the combination of our R&D efforts, to increase our addressable markets by updating and developing new products with our extensive marketing efforts and field activities, will bear fruit and increase value in for our shareholders."