Presstek Narrows Loss for Fiscal Year, Logs Third 75DI Press Order
Inclusive of the non-cash charges referenced above, Presstek incurred a net loss from continuing operations during the fourth quarter of 2010 of $6.7 million, compared to a net loss of $1.5 million in the fourth quarter of 2009. The company’s 2010 net loss from continuing operations was $10.6 million, compared to a net loss of $49.1 million in 2009. The 2009 results included special charges for the write-off of goodwill and deferred tax assets of $19.1 million and $16.8 million, respectively. Excluding the non-cash charges for 2009 and 2010, net loss from continuing operations improved by $7.3 million vs. 2009.
“2010 was again a difficult year in our industry, but I was pleased with our ability to not only continue to generate positive quarterly adjusted EBITDA but to increase it by $5.6 million on a full year basis compared to 2009,” said Presstek Chairman, President and CEO Jeff Jacobson. “Additionally, in 2010 we reduced our debt net of cash by $6.0 million against a backdrop of a 4 percent decline in overall revenues.
“We also successfully introduced our 75DI digital offset press to the market. We believe that the 75DI with its 6-minute job-to-job turnaround, high quality output and expanded sheet size will be a key driver to our growth strategy and the initial market reception supports this belief. In addition to the two North American orders that were previously announced, we are pleased to announce that we have now received our first international order for the 75DI. In the brief time since introducing this dynamic product we have received three orders and are continuing to work with many other customers on potential deals.”
Fourth Quarter 2010 Financial Results
Total revenue in the fourth quarter of 2010 was $31.1 million, essentially flat from the previous quarter and a decrease of $2.4 million from the fourth quarter of 2009.