Presstek Inc. today reported financial and operating results for the first quarter ended April 3, 2010, which included total revenues of US$34.5 million to match its revenue level in the first quarter of 2009. This also represents a revenue increase of US$1.0 million, or approximately three percent versus the fourth quarter of 2009.
Presstek reported an operating loss of US$271,000 in the first quarter of 2010, which represents a US$1.6 million improvement from a loss of $1.8 million in the 2009 first quarter. In the quarter, the Company had adjusted EBITDA of US$1.8 million, an increase of US$1.4 million when compared to the first quarter of 2009.
“For the second straight quarter we have increased our sequential revenue, grown our adjusted EBITDA and significantly reduced our debt net of cash. Our current debt net of cash of US$5.4 million represents an 85 percent reduction from our high point of $37.0 million three years ago this quarter,” said Presstek President and CEO, Jeff Jacobson.
Equipment revenue for Presstek increased 28 percent to US$6.4 million in the first quarter of 2010, compared with US$5.0 million for the same period last year. The company states the increase was driven by increased DI press sales, including its 52DI units now integrated with aqueous coating.
Consumables revenue totaled US$21.5 million in the first quarter of 2010, compared with US$21.9 million for the same period last year. Service revenue declined approximately 13 percent to US$6.6 million in the first quarter of 2010 compared to the year ago quarter.
“We are pleased with our progress and the momentum that we have generated over the past two quarters,” stated Jacobson. “As we look to the remainder of 2010 we believe that we will see an increase in revenue versus the prior year as we continue to expand our market presence with our new product offerings and expanded distribution footprint. With this increased annual revenue we also expect to see continued positive adjusted EBITDA levels for the remainder of 2010.”