Scitex (SCIX)

[midastouch017]

Scitex Vision shows eighth consecutive profitable quarter

By Hertzel Laks

The Scitex Corporation last week published its report for the last quarter of 2004 and for the year, showing that its subsidiary Scitex Vision has finally achieved profitability.

The year was marked by the sale of Scitex Digital Printing to Eastman Kodak for $250 million and preparations to float Scitex Vision, its last remaining asset.

Scitex Vision, which hopes to list on the Nasdaq within a few months, has achieved eight consecutive quarters of revenue growth. Its 2004 revenue climbed 25 percent from the year before to $129 million, and it achieved an operating profit of $9 million, compared with an operating loss of $9 million in 2003.

During the fourth quarter, Scitex Vision achieved record sales of $35.5 million, according to parent company Scitex.

A series of charges for goodwill and technology impairment cost Scitex Vision $3 million, shifting it to a loss of $800,000 for the year.

Scitex itself posted a fourth-quarter loss of $2.9 million. For the year, capital gains from selling Scitex Digital Printing generated a $47.2 million profit.

At the end of the year Scitex had $142 million cash.

http://www.haaretz.com/hasen/spages/548256.html

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Here comes the spin-off;

The year was marked by the sale of Scitex Digital Printing to Eastman Kodak for $250 million and preparations to float Scitex Vision, its last remaining asset.

Midas