Presstek Releases Q4 Financial Results; 2012 Outlook Positive
GREENWICH, CT—March 15, 2012—Presstek Inc. (NASDAQ: PRST), a leading supplier of digital offset printing solutions to the printing and communications industries, today reported financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2011.
In the quarter, the company reported total revenue of $29.8 million compared to $31.1 million in the fourth quarter of 2010, and adjusted EBITDA of negative $0.9 million compared to $0.6 million in the prior year fourth quarter.
For 2011, the company reported total revenue of $120.0 million compared to $128.6 million for 2010, and adjusted EBITDA of negative $1.4 million compared to $4.0 million for the prior year.
In the fourth quarter of 2011 the company had a net loss of $3.8 million, or $0.10 per share, compared to a net loss of $6.7 million, or $0.18 per share, in the prior year quarter. The fourth quarter of 2010 included a $2.7 million valuation allowance against certain deferred tax assets outside the United States, as well as a $1.9 million expense related to a bad debt reserve established for a single customer. For 2011 the Company had a net loss of $12.4 million, or $0.33 per share. The company's 2010 net loss from continuing operations was $10.6 million, or $0.29 per share.
"Presstek faced another challenging year in 2011, as adverse economic and industry conditions continued to negatively impact print volumes," said Stanley E. Freimuth, Presstek's Chairman, President and CEO. "However, we were pleased with activity in the fourth quarter. We had previously reported that we expected fourth quarter revenue and gross margin dollars to be flat relative to third quarter numbers, and our results were better than expected. With the significant cost reductions that we implemented at the end of 2011, we expect adjusted EBITDA to be positive for 2012."