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Printing Pre-Press Systems and Materials (Repro, Platemakers, CTP, Workflow, Document Management, Design Software, etc.)
News Release from: Presstek Inc
Edited by the Printingtalk Editorial
Team on 09 November 2004
Presstek Records Highest Ever Quarterly
Revenues
Presstek has recorded its highest level of quarterly revenues ever.
Presstek has recorded its highest level of quarterly revenues ever The company reported consolidated revenue for the third quarter ended October 2, 2004 of $29.8 million, up 51 per cent compared to $19.8 million in the same period a year ago, and up 31 per cent from $22.7 million in the second quarter of 2004
This article was originally published on Printingtalk on 18 Mar 2003 at 8.00am (UK)
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Consolidated revenue includes $3.1 million in revenue from Presstek's newly acquired subsidiary, Precision Lithograining Company (PLC), which closed on July 30, 2004.
Consolidated consumable revenue for the third quarter of 2004 was $17.1 million, which included $3.1 million from PLC, up 41 per cent from $12.2 million in the third quarter of 2003, and up 21 per cent from $14.1 million record in the prior quarter.
Consolidated equipment revenue including related royalties was $12.2 million, up 82 per cent from $6.7 million in the same period a year ago, and up 49 per cent from $8.2 million in the previous quarter.
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Presstek's president and chief executive officer Edward J Marino said: "We are very pleased with our third quarter performance.
We reported strong results in our core businesses and were successful in making our acquisition of Precision Lithograining." He added: "The significant rise in equipment sales bodes very well for future consumable sales because as the installed base of consumable burning engines increases so does the use of Presstek's consumable products." Revenue from Presstek's new technology business, which consists of all Presstek business other than the Quickmaster DI platform products and PLC conventional plates, increased in the third quarter by 26 per cent from the second quarter of 2004, and up 56 per cent from the corresponding quarter in the prior year.
New technology equipment revenue was up 70 per cent compared to the same period last year and up 50 per cent from the second quarter of 2004.
New technology consumable revenue was up 37 per cent compared to the same period last year and down slightly compared to the second quarter of 2004.
The company reported consolidated net income of $2.7 million, or $0.08 per basic and diluted share, in the third quarter of 2004, compared to net income of $1.4 million, or $0.04 per basic and diluted share, in the second quarter of 2004 and $2.4 million, or $0.07 per basic and diluted share, for the corresponding period in the prior year.
Third quarter 2003 net income included $1.4 million in income from discontinued operations.
Income from continuing operations in the third quarter of 2003 was $1.0 million, or $0.03 per basic and diluted share.
Presstek's newest subsidiary, Precision Lithograining Corp., recorded $3.1 million from sales to external customers and operating income of $230,000 in the third quarter of 2004.
Marino said: "We are very pleased with the progress at PLC since closing the acquisition at the end of July.
We would like to recognise the hard work of the members of Presstek and PLC's management and staff who helped to make PLC accretive to earnings within the first sixty days of ownership." Consolidated gross margins for the third quarter of 2004 were 34 per cent, compared to 39 per cent for the third quarter of 2003 and 40% in the prior quarter.
The decrease in gross margin percentage from the prior quarter was primarily due to product mix and the inclusion of the lower margin business from PLC.
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