First Quarter 2002 Revenues Are Expected at $21.5 Million Expected Loss of $3.5-4.0 Million
LOD, Israel, April 8 -- NUR Macroprinters Ltd. announced that it expects revenues of approximately $21.5 million and a loss of $3.5-4.0 million for the first quarter of 2002.
Commenting on the announcement, Erez Shachar, President and CEO of NUR Macroprinters stated, "the first quarter of 2002 was a slow start for the year, and a disappointing quarter for us. We believe the Company's performance in the first quarter of 2002 has been affected by factors such as, continued slowdown in capital equipment investments, a weaker than expected performance in the North American and Japanese markets, a slow demand of consumables, and delays in purchasing decisions by our customers in expectation of the International Sign Associations (ISA) show, held during the first week of April in Orlando, Fl., at which we introduced a host of new products. ''
Mr. Shachar continued, "To enable our customers to achieve greater success as the economy recovers, we have just released our new 8-color Fresco HiQ 8C, which is designed to deliver photorealistic image quality at faster print speeds - resulting in a new standard of performance. Last week at the International Sign Expo 2002, our customers had the opportunity to see our new and innovative product line first hand. We witnessed great enthusiasm for our new Fresco HiQ 8C as well as the recently released NUR FabriGraph.''
Mr. Shachar added, "We are determined to ensure a turn around of the company. With the introduction of a host of new products, significant improvements in our current product offerings, and a strengthened management team we believe we have all of the tools to ensure return to profitability.
Hilel Kremer, VP Finance & CFO of NUR Macroprinters stated: "We have taken steps to contain our expenditures and conserve our cash position. The $7 million private placement with the Investment Corp. of United Mizrahi Bank Ltd. provides us with additional cash. Together with our lower expense levels and our extended product line, we feel confident of the Company's ability to implement our long term strategic goals.''
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