NUR Macroprinters Reports First Quarter 2006 Results
Thursday July 20, 4:42 am ET
LOD, Israel--(BUSINESS WIRE)--July 20, 2006--NUR Macroprinters Ltd. (Pink Sheets:NURM - News), a leading supplier of wide-format inkjet production printing systems for the out-of-home advertising market, today reported its financial results for the first quarter ended March 31, 2006.
Revenues from product sales and services were approximately $18.8 million in the first quarter of 2006, a 2.2% increase compared to revenues of $18.4 million in the first quarter of 2005.
The gross margin in the first quarter of 2006 was 33.6% compared to 35.2% in the first quarter of 2005.
Operating income in the first quarter of 2006 was $11 thousand and net income was $53 thousand. Operating loss and net loss in the first quarter of 2005 were $0.4 million and $1.4 million, respectively. Net income in the first quarter of 2006 includes, for the first time, stock-based compensation expense related to NUR's adoption of Statement of Financial Accounting Standard No. 123 (revised 2004), "Share-Based Payment," in the amount of $0.3 million.
The increase in cash balance is attributed to the second installment of $5 million paid by investors led by Fortissimo Capital Fund GP, LP, associated with their previously reported investment in NUR.
The balance of long-term loans as of March 31, 2006, includes $5 million that is related to non-interest bearing three-year subordinated notes, which are payable only on occurrence of certain events of liquidation, and accrued interest on the restructured debt in the amount of $10.0 million. Future interest on the restructured debt will be recorded as a reduction to accrued interest and not as interest expense charges.
ABOUT NUR MACROPRINTERS LTD.
NUR Macroprinters (NURM.PK) is a leading supplier of wide-format inkjet printing systems used for the production of out-of-home advertising materials. From entry-level photo-realistic printers to high-throughput production presses, NUR's complete line of cost-effective, reliable printing solutions and companion inks are helping customers in over 100 countries worldwide address the full spectrum of wide-format printing requirements. NUR customers, including commercial printing companies, sign printers, screen printers, billboard and media companies, photo labs, and digital printing service providers, count on NUR to help them deliver the high quality and fast turnaround they need to meet their clients' exacting demands and succeed in today's competitive marketplace. More information about NUR Macroprinters is available at www.nur.com. http://biz.yahoo.com/bw/060720/20060720005316.html?.v=1