-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ud2II95uWN9XOsn1g5wONJ0dWonBgh5rmeVQMikSfwikVBnGHh/2wvoCOqABKSBz TCrCmdu+AKWf79P+dG6Q+Q== 0001102624-05-000082.txt : 20050420 0001102624-05-000082.hdr.sgml : 20050420 20050419181651 ACCESSION NUMBER: 0001102624-05-000082 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050419 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050420 DATE AS OF CHANGE: 20050419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPRESO INC CENTRAL INDEX KEY: 0001108345 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 752849585 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29883 FILM NUMBER: 05760269 BUSINESS ADDRESS: STREET 1: 652 SOUTHWESTERN BLVD CITY: COPPELL STATE: TX ZIP: 75019 BUSINESS PHONE: 9724620100 MAIL ADDRESS: STREET 1: 652 SOUTHWESTERN BLVD CITY: COPPELL STATE: TX ZIP: 75019 FORMER COMPANY: FORMER CONFORMED NAME: IMPRESO COM INC DATE OF NAME CHANGE: 20000302 8-K 1 impreso8k.htm IMPRESO, INC. 8K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.

Date of Report: April 19, 2005
(Date of earliest event reported)

Impreso, Inc.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)
000-29883
(Commission File Number)
75-2849585
(IRS Employer
Identification Number)

652 Southwestern Blvd
(Address of principal executive offices)
  75019
(Zip Code)

972-462-0100
(Registrant's telephone number, including area code)

Not Applicable
(Former Name or Former Address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

Press release of Impreso, Inc. dated April 19, 2005.

Item 9.01. Financial Statements and Exhibits

(a) Financial statements:
            None
(b) Pro forma financial information:
            None
(c) Exhibits

            99.1       Press Release of Impreso, Inc. dated April 19, 2005


SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Dated: April 19, 2005
IMPRESO, INC.

By:  /s/ Marshall D. Sorokwasz                    
     Marshall D. Sorokwasz
     President


Exhibit Index
Exhibit No. Description
99.1 Press Release of Impreso, Inc. dated April 19, 2005
EX-99 2 impresoinc8k85009.htm IMPRESO, INC. PRESS RELEASE

Impreso, Inc. Reports Second Quarter FY2005 Results of Operations

COPPELL, TX -- 04/19/2005 -- Impreso, Inc. (NASDAQ: ZCOM), which through its subsidiaries is involved in (1) the manufacture and distribution of paper and film hard copy imaging products for commercial and home office applications, (2) the development of eCommerce initiatives, and (3) natural spring water bottling and distribution, today announced sales and earnings for the second quarter of Fiscal 2005.

Net sales for the three months ended February 28, 2005 were $18.6 million, as compared to net sales of $25.8 million in the three months ended February 29, 2004, a decrease of $7.1 million, or 27.7%. Net income decreased to a loss of $1.2 million, or $(0.23) per share, in the most recent quarter, compared with net income of $262,200, or $0.05 per share, in the prior-year period.

For the six months ended February 28, 2005, the Company reported a net loss of $2 million, or $(0.37) per share, on net sales of $38.6 million. These results compared with net income of $744,000, or $0.14 per share, on net sales of $52.5 million, in the first half of FY2004.

"Our results of operations for the first half of fiscal 2005 were very disappointing as a result of the decrease in continuous forms purchases by a significant customer. In January we began downsizing our operations and implemented cost savings measures, the full effects of which should impact our future results," stated Marshall Sorokwasz, President and Chief Executive Officer of Impreso, Inc. The timing of this reduction of sales combined with the simultaneous start up of our spring water bottling operations contributed to the material adverse affect on our financial statements. However, the long term investment in the bottled water business will maximize the efficiency of our selling force, administration, and distribution infrastructure due to opposite seasonal cycles of consumption, in summer when we may experience a slowdown in sales of paper products, the bottled water business is at its peak," concluded Mr. Sorokwasz.

About Impreso, Inc.

Impreso, Inc. is a holding company for TST/Impreso, Inc. and HotSheet.com, Inc. TST/Impreso, Inc. is a manufacturer and distributor of hard copy imaging products for commercial and home use in domestic and international markets. HotSheet.com, Inc. primarily owns HotSheet.com, a single-page, online Internet directory with categorized links to premier web destinations. The Company's website domains are www.hotsheet.com, www.impreso.com and www.tstimpreso.com.

Impreso, Inc. is headquartered in Coppell, Texas, and its common stock trades on the Nasdaq SmallCap Market under the symbol "ZCOM."

This press release may include statements that constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," "should" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, paper prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

                    IMPRESO, INC. AND SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


                                                     Three Months Ended
                                                 February 28,  February 29,
                                                     2005          2004
                                                 -----------   -----------
Net sales                                        $18,629,137   $25,762,472
Cost of sales                                     18,072,991    22,754,614
                                                 -----------   -----------

    Gross profit                                     556,146     3,007,858

Gain on sale of assets                               (42,685)            -
Selling, General and administrative expenses       2,092,286     2,265,260
                                                 -----------   -----------

    Operating (loss) Income                       (1,493,455)      742,598

Other expenses (income):
  Interest expense                                   339,332       295,083
  Embezzlement  recovery                             (37,527)            -
  Other income, net                                  (28,749)          715
                                                 -----------   -----------

    Total other expense                              273,056       295,798

(Loss) income before income tax expense           (1,766,511)      446,800


Income tax (benefit) expense :
  Current                                         (1,227,623)      224,522
  Deferred                                           670,130       (39,962)
                                                 -----------   -----------
    Total income tax (benefit) expense              (557,493)      184,560


Net (loss) income                                $(1,209,018)  $   262,240
                                                 ===========   ===========

Net (loss) income per share (basic and diluted)  $     (0.23)  $      0.05
                                                 ===========   ===========

Weighted average shares outstanding                5,278,780     5,278,780
                                                 ===========   ===========


                    IMPRESO, INC. AND SUBSIDIARIES
          CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


                                                      Six Months Ended
                                                 February 28,  February 29.
                                                     2005          2004
                                                 -----------   -----------
Net sales                                        $38,605,771   $52,489,187
Cost of sales                                     37,069,767    46,100,568
                                                 -----------   -----------

     Gross profit                                  1,536,004     6,388,619

Gain on sale of assets                              (101,909)            -
Selling, General and
 administrative expenses                           4,378,136     4,547,254
                                                 -----------   -----------

     Operating (loss) Income                      (2,740,223)    1,841,365

Other expenses (income):
  Interest expense                                   578,262       632,097
  Embezzlement  recovery                            (290,840)            -
  Other income, net                                 (107,969)       (6,154)
                                                 -----------   -----------

     Total other expense                             179,453       625,943

(Loss) income before income tax expense           (2,919,676)    1,215,422

Income tax (benefit) expense :
  Current                                         (1,221,373)      540,245
  Deferred                                           270,752       (69,279)
                                                 -----------   -----------

     Total income tax
     (benefit) expense                              (950,621)      470,966

Net (loss) income                                $(1,969,055)  $   744,456
                                                 ===========   ===========

Net (loss) income per
 share (basic and diluted)                       $    (0.37)   $      0.14
                                                 ===========   ===========

Weighted average shares outstanding                5,278,780     5,278,780
                                                 ===========   ===========

For further information, please contact:
Marshall Sorokwasz
(972) 462-0100 (ext. 1103)

Tammy Yahiel
General Counsel
(972) 462-0100 (ext. 1117)


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