NUR Macroprinters Reports Q2 Results, Previews New Roll-Fed Wide-Format UV Inkjet Press
Press release from the issuing company
LOD, Israel--Aug. 11, 2005-- NUR Macroprinters Ltd., a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today reported its preliminary un-audited financial results for the second quarter ended June 30, 2005.
Revenues for the second quarter of 2005 were $20.3 million, a 4% increase compared to $19.5 million for the second quarter of 2004, as restated, and a 10% increase compared to $18.4 million reported in the prior quarter. The increase is mostly attributed to increased Ink and Service revenues.
Operating loss in the second quarter of 2005 was $0.69 million and net loss was $1.27 million, or $0.05 per share. Excluding a special charge for restructuring of $0.3 million that resulted from NUR's previously announced plan to lower operating expenses, the operating and net loss on a non-GAAP basis were $0.39 million and $0.97 million, or $0.04 per share. Operating profit and net loss for the second quarter of 2004, as restated, were $0.37 million and $0.61 million, or $0.02 per share, respectively. Operating loss for the first quarter of 2005 was $0.41 million and the net loss was $1.4 million, or $0.05 per basic share. We have provided this non-GAAP measure regarding the second quarter of 2005 in order to enhance the user's overall understanding of our financial performance and to make the 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 nonrecurring expenses.
Revenues for the six months ended June 30, 2005 were $38.7 million compared with $43.0 million, as restated, for the same period in the prior year. Operating loss for the first six months of 2005 was $1.1 million and net loss was $2.7 million, or $0.11 per share, compared to an operating income of $4.1 million and a net income of $1.8 million, or $0.08 per diluted share for the same period in the prior year.
"We have implemented a previously announced plan to lower our operating costs in order to maintain our on-going operations. Despite the cut in expenses, we were able to increase revenues quarter over quarter and in addition to continue our research and development efforts," commented David Amir, President and CEO. "At a major trade show next month, we plan to preview a new 3.2 meter wide, roll-fed UV inkjet press currently in an advanced stage of development. This will be an excellent opportunity for us to demonstrate to the market our leadership role in UV inkjet technology."
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