Presstek has reported a net income from continuing operations in the first quarter of 2008 of $0.2M, against a net loss from continuing operations of $0.9M in the first quarter of 2007. Revenue is expected to be as much as 20 per cent below prior year levels, driven by reduced European revenues due to the disruption in the company's European operations related to its recently completed business reviews, US economic weakness, and customer anticipation of drupa in May.
As expected, first quarter revenue decreased by US$12.7M or 19.5 per cent to $52.4M.
President and CEO Jeff Jacobson commented: "First quarter results demonstrate that our Business Improvement Plan has been successful in enhancing profitability. We continue to expect that revenue in the second quarter of 2008 will exceed first quarter levels, and gross profit and operating expenses will continue to reflect the on-going positive impact of our BIP."
He concluded: "I recognize that there's still a great deal of work ahead of us, but I am also pleased with the substantial progress we have made."
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