Presstek reported a loss from continuing operations for the first quarter of 2009 of $1.1mn, compared with income of $0.9mn in the first quarter of 2008. Revenues for the quarter were $34.5mn, a decline of $16.3mn or 32 per cent when compared with 2008.
The company reported a loss from operations in the first quarter of 2009 of $1.8mn, a decline of $3.6mn from the prior year. Continued improvements in operating expense levels, driven in large part by the successful implementation of the company’s Business Improvement Plan as well as continued restructuring actions in late 2008, partially offset the negative impact of reduced sales resulting from on-going global economic pressures. The company reported a net loss of $1.2mn for the first quarter of 2009, against net income of $0.2mn in the first quarter of 2008.
“Our vigilance in reducing costs has allowed us to offset a significant portion of the negative impact of the sales decline driven by the current economic uncertainty which is making financing more complex and also causing customers to delay major purchases,” says Presstek chairman, president and CEO Jeff Jacobson. “We continue to invest in key growth initiatives, and I am optimistic about the potential of these opportunities. We also remain intensely focused on managing costs and reducing debt, and we believe that these actions, combined with the expected revenue growth from our new product initiatives, will position Presstek for great success.”
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