TO ALL: Quarter-1 results are in.... .18 vs .08 in Q-1,96
Presstek Achieves Record Results for Fiscal 1997 First Quarter
HUDSON, N.H., April 22 /PRNewswire/ -- Presstek, Inc. (Nasdaq: PRST) today announced record profits and record revenues for its fiscal first quarter ended March 29, 1997.
For the 1997 first quarter, Presstek achieved record net income of
$2,902,000, or $0.18 per share, more than double its net income of $1,289,000, or $0.08 per share for the 1996 first quarter. Revenues for the 1997 first quarter grew to a record $20,008,000, a substantial gain over revenues of $11,005,000 for the 1996 first quarter.
Robert E. Verrando, President and Chief Operating officer, stated, "Presstek's record results continued for the 1997 first quarter following record results for the full 1996 fiscal year and fourth quarter. Furthermore, as we publicly reported this past March 27, with new purchase orders received from Heidelberg, the world's largest printing press manufacturer, we will be increasing production of our PEARL(R) Direct Imaging System to an average of 4 per day, or 80 per month by September 1997. Our average production rate currently is 3 per day or 60 per month. These purchase orders increased our backlog of orders for the PEARL Direct Imaging System to over $55 million at March 27, 1997. We expect to complete the shipment of this entire backlog over the balance of 1997."
Presstek, Inc., founded in 1987, has developed PEARL, a patented,
proprietary non-photographic, toxic-free, digital imaging and printing plate technology for the printing and graphic arts industries on a worldwide basis. PEARL's thermal laser diode system is capable of imaging various types of Presstek printing plates either off-press or on-press to produce high quality, full-color lithographic printed materials. Presstek is also engaged in the development of additional products and applications that incorporate its proprietary PEARL technologies and consumables, including both computer-to-plate and other direct-to-press applications.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this news release are forward looking statements that involve a number of risks and uncertainties including, but not limited to, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, possible technological obsolescence, increased competition, general and economic conditions, and other risks detailed in the Company's Securities and Exchange Commission filings.
SUMMARY STATEMENTS OF INCOME
(In thousands, except Per Share)
Three Months Ended
(Unaudited)
March 29 March 30
1997 vs. 1996
Revenues $20,008 vs. $11,005
Costs and Expense 14,884 vs. 9,141
Net Income 2,902 vs. 1,289
Net Income per Share $.18 vs. $.08
Weighted average
number of Common and
Common Equivalent
Shares: 16,496 vs 16,501
SOURCE Presstek, Inc.
CONTACT: Investor: Jennifer McKay Tardif, Director of Corporate
Services of Presstek, 603-595-7000, or Media: Robert Siegfried of
Kekst and Company, 212-593-2655 |
