To: All, the complete Text of PRST release follows. Masters of saying nothing material. I do read a little hedging in the following line:
As we also reported, our expectations as of May were to ship another 100 plus kits for the remainder of 1996, and we continue to believe this to be the case.
compared with:
and the Company expects to ship another 100 plus kits for the remainder of this year, based on present and anticipated production schedules.
But then again that may just be my bias shining thru.
At first glance and without the benefit of the detailed numbers ( as little as you can call them detailed), it looks like my revenue estimate of 10.6 mm was shy some Pearlsetters( which industry observers such as Footprint Magazine can't seem to find), and failed to anticipate the improved margins. But the momentum bulls are not going to be heartened by the slowdown in sequential growth as demonstrated below.
Revenue growth Q over previous Q, Q3-95 to Q2-96
Q3/Q2 Q4/Q3 Q1/Q4 Q2/Q1
----- ----- ----- -----
38.61% 23.16% 17.13% 7.95%
PRESSTEK REPORTS REVENUES AND NET INCOME FOR SECOND QUARTER
1996
HUDSON, N.H., July 22 /PRNewswire/ -- Presstek, Inc. (Nasdaq: PRST)
today announced that it achieved improved revenues, which, in turn,
contributed to increased profits for both its second quarter and first
six months ended June 29, 1996.
For the 1996 second quarter, Presstek achieved net income of
$1,647,000, or $.10 per share, on revenues of $11,880,000. For the
1995 second quarter, Presstek had net income of $177,000, or $0.01 per
share, on revenues of $5,503,000.
For the first six months ended June 29, 1996, Presstek achieved net income of $2,936,000, or $0.18 per share, on revenues of
$22,884,000. For the first six months of 1995, Presstek had net income of $337,000, or $0.02 per share, on revenues of $10,588,000.
Robert E. Verrando, President, stated, "We are seeing increased
market awareness and acceptance of our portfolio of products and
services, bolstered by the success of Heidelberg's Quickmaster DI. Our PEARLsetter(TM) direct-to-plate thermal laser imaging systems, our
consumable thermal plate products as well as engineering services all
have experienced increases in activity and revenues. As we previously
stated, through May Presstek had shipped in excess of 190 Quickmaster DI imaging kits to Heidelberg since June 1995. As we also reported, our expectations as of May were to ship another 100 plus kits for the
remainder of 1996, and we continue to believe this to be the case. The PEARLsetter continues to witness improved market acceptance, and
consumable sales reached a new high for the quarter."
"In achieving our increased revenues for the first half of 1996, we also substantially improved the company's gross margin for the period from the first half of a year ago, expanding margins to approximately 34 percent from 26 percent. We also have worked hard at keeping our expenses in line, and this has also improved our profit performance. Both of these factors should continue to work for us in the future," Mr. Verrando stated.
Presstek, Inc., founded in 1987, has developed PEARL(R), 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, and other risks detailed in the Company's Securities and Exchange Commission filings.
PRESSTEK, INC.
SUMMARY STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except Per Share)
Three Months Ended Six Months Ended
June 29 July 1 June 29 July 1
1996 1995 1996 1995
Revenues $11,880 $5,503 $22,884 $10,588
Costs and Expenses 9,101 5,435 18,261 10,407
Income Before Income Taxes 2,957 189 5,016 361
Provision for
Income Taxes(A) 1,310 12 2,080 24
Net Income 1,647 177 2,936 337
Net Income Per Share $.10 $.01 $.18 $.02
Weighted Average Number
of Common and Common
Equivalent Shares 16,706 15,934 16,551 15,734
On April 19, 1995, the Company's Board of Directors authorized a
two-for-one stock split, effected in the form of a 100% stock dividend, during the second quarter of 1995. All references to average number of shares outstanding and prices per share have been restated retroactively to reflect the split.
NOTE(A): The provision for income taxes in 1996 relates principally to a charge in lieu of income taxes arising during the period from employee stock options, based upon the estimated effective income tax rate for the full fiscal year. The tax benefit related to such stock options has been credited to stockholders' equity. The provision for income taxes in 1995 represents the charge in lieu of state income taxes from employee stock options. No charge for federal income taxes was required in 1995 due to the availability of federal net operating loss carryforwards for accounting purposes.
CONTACT: Investors: Diane Bourque, Controller of Presstek, 603-695-7000, or Media: Robert Siegfried or Michael Freitag of Kekst and Company, 212-593-2665 Presstek press releases available through Company News On Call by fax, 800-758-5804, ext. 717050, or at
prnewswire.com |
