LOD, Israel, April 29 -- NUR Macroprinters, a leading supplier of wide-format inkjet production printing systems, today reported its unaudited financial results for the first quarter ended March 31, 2004.
Revenues for the first quarter of 2004 were $18.5 million, an 8% increase compared to $17.1 million in the first quarter of 2003. Operating income in the first quarter of 2004 was $309,000 and net loss was ($1.0) million or ($0.05) per basic share, compared to an operating loss of ($1.1) million and a net loss of ($1.5) million or ($0.09) per basic share in the first quarter of 2003.
Following a previously announced round of financing of $3.0 million from private investors (of which $0.4 million will be recorded in April) and conversion of the remaining $1.5 million out of the $3.5 million stand by loan, the Company reported a positive net equity of $1.7 million at March 31, 2004 vs. a negative equity of $1.5 million on December 31, 2003.
David Seligman, Chief Financial Officer of NUR Macroprinters, commented, "This quarter marks the first quarter of operation after completion of the organizational changes initiated in 2003. With the charges and inventory write-off recorded last year and the cost associated with those changes behind us, we are on track to move forward with our plans and strategy. We are pleased to report our second consecutive quarter of operating income and increased revenues compared to the first quarter of 2003 and expect our increased capacity to maintain our future growth."
David Amir, President and CEO, continued, "Since the beginning of the year, there has been a heightened interest in our expanding, technologically- advanced product line, which has already translated into increased sales. We participated in the Sign UK show in March and the International Sign Expo (ISA) in April, where we introduced the NUR Expedio(TM), our new high-speed UV Curable superwide inkjet production printer. We also announced the release of our new mid-range flatbed, the NUR Tempo L and the new version of the Fresco -- Fresco 2. We anticipate continued excitement in our products when we exhibit at the DRUPA show in Germany in May, the largest print show in the world."
The Company reported no change in its outlook for the full year 2004 other than adjusting the number of outstanding shares after the above-mentioned financing and EPS calculation resulting from the new number of shares. It expects to record revenues of $80 to $82 million, with gross margins of 41-43% and operating expenses of $29 to $30 million. As a result of financial and other expenses of $2.0 to $2.8 million, the Company expects to report a net profit of $2.0 to $2.5 million, or $0.07 to $0.10 cents per share, for the full year 2004. This compares with revenues of $65.6 million, gross margin of 40%, operating expenses of $27.6 million and a net loss of $3.6 million or ($0.21) per share in full year 2003 (all on a non-GAAP basis). The Company noted that in line with the practice of many other public companies, it would now provide guidance only on full year expectations.
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