Presstek -- Stock of the Decade?? Message Board

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Technology Stocks : Presstek -- Stock of the Decade??

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Sep 29 10:16 AM EST

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To: Pierre Panet-Raymond who wrote (1309)	9/11/1996 5:00:00 PM
From: Pierre Panet-Raymond	of 11098

NO ORDER BACKLOG GOING INTO 1997? Another little tidbit of information emerges from a careful screening of the 10-K/A. On page 7 of the original filing it was stated " By the end of 1995 the company had shipped 211 of its PEARL Imaging Kits". In the 9/9 amendment this wording has been changed to: "By the end of 1995 the Company had shipped 211 of its PEARL Imaging Kits, 115 of which were for the new Heidelberg Quickmaster DI introduced in May 1995." Factoring in the what the company said on June 6th " …the company has shipped in excess of 190 Quickmaster DI imaging kits since June 1995". Working out the math you arrive at 20 kits per month shipped during 1995 and 15 kits per month shipped during 1996. Shipments for the balance of 1996 are forecasted at the same level in that June 6th release. It has been pointed out to me that the backlog language has also changed as follows. In the previous filings the company had stated on pages 16 & 17 "As of February 29, 1996 the Company had a backlog of products under contract aggregating approximately $16,822,000 (including royalties payable to the Company) compared to a backlog of $2,800,000 as of February 28, 1995 (including royalties payable to the Company)." The 9/9 filing on page 19 added the following sentence. "Substantially all of the backlog of products under contract is expected be shipped by the Company in 1996." In other words, not only are shipments clearly down year over year, but at this stage it looks like the company has no order backlog going into 1997!

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