Presstek Reports Financial Results for the First Quarter; Reaffirms Expectation of Positive Adjusted EBITDA for 2012
GREENWICH, CT—May 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 first quarter ended March 31, 2012. The company reported total revenue of $27.0 million compared to $31.9 million in the first quarter of 2011.
• Positive Adjusted EBITDA of $0.5 Million
• Quarterly Operating Expenses Down 28% from Prior Year Quarter
• Sequential Adjusted EBITDA Improves by $1.4 million
• drupa 2012 generating increased interest in Presstek’s 75DI digital offset press
The company generated positive adjusted EBITDA of $0.5 million for the quarter, a reduction of $0.3 million from the prior year but an increase of $1.4 million on a sequential quarter basis. The Company had an operating loss of $0.7 million in the first quarter of 2012 versus an operating loss of $1.2 million in the 2011 first quarter, an improvement of $0.5 million. Cost reduction actions undertaken in the latter half of 2011 contributed significantly to this improvement. During the first quarter of 2012, the company incurred a net loss from continuing operations of $1.2 million, or $0.03 per share, compared to a net loss from continuing operations of $1.5 million, or $0.04 per share, in the first quarter of 2011.
“We are still in the early stages of the recovery as spending remained cautious in the first quarter; however, the number and quality of opportunities in our pipeline has definitely strengthened,” said Stanley E. Freimuth, Presstek’s Chairman, President and Chief Executive Officer. “We continue to make good progress in our drive to reduce operating expenses to improve profitability, and we are pleased to report positive adjusted EBITDA of $0.5 million. Our focus on optimizing our operations is on track, and we are well positioned to leverage our lowered fixed cost base as our sales grow.