Presstek announced its financials for the first financial quarter in which the company improved over the previous quarter, but still fell short of its results year over year. Presstek earned $27 million in revenue in its first quarter of 2012 compared to $31.9 million in Q1 2011.
Presstek generated positive adjusted EBITDA of $0.5 million for the quarter, a reduction of $0.3 million from the prior year, but an increase of $1.4 million on a sequential quarter basis. Both equipment and consumables revenues were lower compared to the same period in 2011.
"We are still in the early stages of the recovery as spending remained cautious in the first quarter; however, the number and quality of opportunities in our pipeline has definitely strengthened," said Stanley Freimuth, Presstek's Chairman, President and Chief Executive Officer. "We continue to make good progress in our drive to reduce operating expenses to improve profitability, and we are pleased to report positive adjusted EBITDA of $0.5 million. Our focus on optimizing our operations is on track, and we are well positioned to leverage our lowered fixed cost base as our sales grow."
Presstek also reported that it conducted more than 100 demonstrations of its 75DI press at drupa earlier this month, which was met with "favorable interest."