By Jon Robinson
Presstek Inc. released its fiscal 2010 results (ended January 1, 2011), which included total revenues of US$128.6 million. This number represents a decline of four percent from 2009, while adjusted EBITDA reached US$4.0 million, a US$5.6 million improvement over the prior year. Presstek also reported a 50 percent reduction in debt net of cash in 2010, as well as a US$38.6 million improvement in net income for 2010.
“2010 was again a difficult year in our industry, but I was pleased with our ability to not only continue to generate positive quarterly adjusted EBITDA but to increase it by US$5.6 million on a full year basis compared to 2009,” said Jeff Jacobson, Presstek Chairman, President and CEO. “Additionally, in 2010 we reduced our debt net of cash by US$6.0 million against a backdrop of a four percent decline in overall revenues. ”
The company also released its 2010 fourth quarter results, which included total revenue of US$31.1 million, essentially flat from the previous quarter and a decrease of US$2.4 million from the fourth quarter of 2009.
Equipment revenue decreased US$0.3 million, to US$5.5 million in the fourth quarter of 2010, compared with the same period last year. Consumables revenue totaled US$19.5 million in the fourth quarter, compared with US$20.6 million for the same period last year. Service revenue declined approximately 15 percent to $6.0 million in the fourth quarter of 2010 compared to the year ago quarter.