Presstek Reports Improved Sequential First Quarter 2011 Revenue and Profit
• $31.9 million in first quarter 2011 revenue... highest level of past four quarters
• $0.7 million of adjusted EBITDA... sixth consecutive quarter of positive EBITDA
• Operating expenses, excluding $0.3 million in restructuring costs, down 7%. Actions taken in first quarter 2011 will provide an additional $1.3 million of profit improvements
• 52DI and open architecture computer-to-plate media sales up 23% and 31%, respectively
HUDSON, NH—May 9, 2011—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 April 2, 2011. In the quarter, the Company reported total revenue of $31.9 million, a decline of 7.6% from the amount reported in the first quarter of 2010, and an increase of 2.6% from the fourth quarter of 2010.
In the quarter, the Company reported adjusted EBITDA of $0.7 million, the sixth consecutive quarter of positive EBITDA. The Company had an operating loss of $1.2 million in the first quarter of 2011 versus an operating loss of $0.3 million in the 2010 first quarter. The majority of the increased operating loss in the first quarter of 2011 was related to lower revenue along with lower gross margins on equipment sales and service. During the first quarter of 2011, the Company incurred a net loss from continuing operations of $1.5 million, or $0.04 per share, compared to a net loss from continuing operations of $0.5 million, or $0.02 per share, in the first quarter of 2010. (See "Information Regarding Non-GAAP Measures")
"We had indicated during our last earnings call that we expected first quarter 2011 revenue and adjusted EBITDA to be relatively flat in comparison with our fourth quarter 2010 results. I am pleased to report we exceeded that expectation with a 2.6% sequential quarterly increase in revenues and 14% more in EBITDA," said Presstek Chairman, President and Chief Executive Officer Jeff Jacobson. "The sale of consumables accelerated during the latter part of the quarter, providing us with our highest quarterly total revenue performance in four quarters. Additionally, we continued to generate positive quarterly adjusted EBITDA.