Presstek Reports Improved Q2 Profits
Presstek Inc. today reported financial and operating results for the second quarter ended July 3, 2010. In the quarter, the company reported adjusted EBITDA of US$0.3 million, an improvement of US$2.3 million when compared to the second quarter of 2009.
Presstek noted that excluding the one-time costs of the IPEX tradeshow, where the company previewed its 75DI press, adjusted EBITDA would have been US$0.7 million, or an improvement of US$2.8 million from the prior year's second quarter.
The company reported total revenue of US$31.6 million in the second quarter of 2010, a decline of six percent from the amount reported in the second quarter of 2009. Presstek had an operating loss of US$1.8 million in the second quarter of 2010, a US$21.0 million improvement from a loss of US$22.7 million in the 2009 second quarter.
During the second quarter of 2010, Presstek incurred a net loss from continuing operations of US$1.8 million, or $0.05 per share, compared to a net loss from continuing operations of US$39.9 million, or $1.09 per share, in the second quarter of 2009.
"We have now achieved positive adjusted EBITDA levels in each of our last three quarters and we were pleased to see the continuing development of our growth consumables of CTP and DI plates which increased eight percent and four percent, respectively, versus the prior year's quarter," stated Presstek Chairman, President and CEO, Jeff Jacobson.
"However, during the quarter we saw a reluctance by our North American base of small- to mid-sized customers to make capital equipment purchases primarily due to reduced access to financing and an increased skepticism that the U.S. economic recovery was sustainable in the near term."
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