6-K/A 1 a2056414z6-ka.txt FORM 6-K/A FORM 6-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 12a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 AUGUST 8, 2001 COMMISSION FILE NO. 0-26498 NUR MACROPRINTERS LTD. (Exact name of Registrant as specified in its Charter) Not Applicable (Translation of Registrant's name into English) 12 ABBA HILEL SILVER STREET, P.O. BOX 1281 LOD 71111 ISRAEL (Address and principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F /X/ Form 40-F / / Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes / / No /X/ If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). Attached hereto and incorporated by reference herein is a press release of the registrant dated August 8, 2001. NUR MACROPRINTERS ANNOUNCES SECOND QUARTER AND SIX MONTHS FINANCIAL RESULTS REVENUES UP 25.2% & 35.2%, RESPECTIVELY; STRONG CONSUMABLES SALES; RESURGENCE IN SECOND QUARTER U.S. SALES LOD, Israel, Aug. 8 -- NUR Macroprinters Ltd. (Nasdaq; NURM), a world leading manufacturer of wide and superwide format digital printing systems and consumables for the out-of-home advertising market, today announced financial results for the second quarter and six months ended June 30, 2001. Revenues for the second quarter of 2001 increased by 25.2% to $30.3 million from $24.2 million in the second quarter of 2000. Gross profit for the period was approximately $12.0 million, the same as the comparable period last year. Operating income for the second quarter was approximately $1.0 million versus $3.8 million for the year prior same period. Net income for the quarter was $40,000, or $0.00 per share, compared to $3.1 million, or $0.22 per share fully diluted, in the second quarter of 2000. Revenues for the first six months of 2001 rose 35.2% to $61.7 million from $45.6 million in the first six months of 2000. Gross profit for the period was $25.0 million excluding one-time inventory write-offs of $4.0 million, and $21.0 million including such charges, as compared to $21.8 million for the year prior same period. Operating income for the first half of 2001 was $2.0 million excluding one-time inventory write-offs of $4.0 million and $2.5 million of restructuring costs, and a loss of $(4.5 million) including such charges, as compared to $6.7 million for the first half of 2000. Net loss for the six month period was $(3,000) pro forma and $(6.5 million) or $(0.45) per share fully diluted, as reported, as compared to net income of $5.6 million, or $0.40 per share fully diluted, for the first half of 2000. Erez Shachar, NUR Macroprinters CEO, commented, "While we are happy to see the period-over-period sales growth, the developments within these numbers are more interesting. Sales in North America, the primary reason behind our first quarter revenue drop, have strongly improved in the second quarter. Also, our worldwide sizable and growing installed base is generating an increasing recurring revenues base of consumables sales. We believe that the growing consumables sales are a good indicator of the relative strength of the out of home advertising market, and the robust demand for our customers' print services. In the next several years, we see consumables sales accounting for half of all of our sales annually. As recently announced, NUR Macroprinters together with CitiCapital, a division of Citigroup, have launched "NUR Capital Business and Finance Programs" to provide ready financing for both current and prospective clients -- one of the biggest barriers to sales." NUR's Chief Financial Officer, Hilel Kremer commented, "On an operating basis, we are pleased to report that we have significantly lowered expenses as planned, compared to both the first quarter of 2001 and the fourth quarter of 2000. The Company successfully implemented its previously announced restructuring plan, both in Europe and the U.S., with the resultant adjustment of its cost structure in line with current economic conditions. Since the beginning of the year, NUR Macroprinters has reduced its worldwide workforce by fourteen percent. The Company remains positive in its long-term strategic outlook for the growth prospects of the wide and superwide format digital printing market, and its leadership position in it." The Company will host a conference call to discuss these results on Wednesday, August 8th, at 11:OOAM, EDT/6:00 PM, Israel time. To participate, please call; 1-800-711-5301 (U.S. toll free), 1-800-262-424 (Israel toll free), 1-785-832-0301 (International), ID Code: NUR The conference call will also be Webcast live at: www.nur.com/investors, and will be available for replay at that site starting 2pm EDT on the day of the call, or by calling 1-888-566-0152 (U.S.) / 1-402-220-9186 (international) About NUR Macroprinters Ltd. NUR Macroprinters (Nasdaq; NURM) is a global market leader in wide and super wide digital printing solutions for the out-of-home advertising market. From its photorealistic printers to its high throughput production presses, NUR's comprehensive line of digital printers and consumables address the complete range of wide and super wide format digital printing requirements. NUR's fully digital printing solutions help customers worldwide deliver the high quality and fast turnaround they need to meet their customers' wide ranging printing requirements. NUR Macroprinters Ltd. can be found on the Internet at http://www.nur.com. Certain statements made herein that use the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties which could cause the actual results, performance or achievements of NUR Macroprinters Ltd. to be materially different from those which may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for NUR Macroprinters Ltd.'s products, inability to timely develop and introduce new technologies, products and applications and loss of market share and pressure on prices resulting from competition. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to NUR Macroprinters Ltd.'s reports filed from time to time with the Securities and Exchange Commission. This press release is available at http://www.nur.com/ and http://www.portfoliopr.com/ 2 NUR MACROPRINTERS LTD. Consolidated Statements of Operations U.S. $ in thousands, except per share data
Six months ended 6/30/01 6/30/01 6/30/00 As reported Pro forma As reported Revenues Sales of printers and related products $ 61,698 $ 61,698 $ 45,627 0 61,698 61,698 45,627 Cost of revenues Cost of sales of printers and related products 36,695 36,695 23,830 One time inventory write-offs 3,989 -- 0 40,684 36,695 23,830 Gross profit 21,014 25,003 21,797 34.06% 40.52% 47.77% Research & Development expenses 5,995 5,995 4,872 Less-Grants (250) (250) (215) Research & Development expenses, net 5,745 5,745 4,657 Selling expenses, net 9,197 9,197 6,278 General and administrative expenses 6,594 6,594 4,184 Amortization of goodwill and other intangible assets 1,452 1,452 0 Restructuring costs 2,543 0 0 19,786 17,243 10,462 Operating income (loss) (4,517) 2,015 6,678 Financial expenses net (1,923) (1,923) (375) Other income net (59) (59) 8 Income (loss) before taxes on income and equity losses (6,499) 33 6,311 Taxes on income 0 0 (525) Equity in profits (losses) of affiliates, net of taxes (36) (36) (140) Minority interest Net income (loss) for the period $ (6,535) $ (3) $ 5,646 -10.59% 0.00% 12.37% Earning (loss) per share $ (0.45) $ (0.00) $ 0.46 Diluted earnings (loss) per share $ (0.45) $ (0.00) $ 0.40 Weighted average number of shares outstanding during the period 14,570,954 14,570,954 12,145,662 Weighted average number of shares outstanding during the period used for dilluted earnings (loss) per share -- -- 14,164,349
- ---------- (*) Excluding one time inventory write-offs of $4 million and $2.5 million of restructuring costs 3 NUR MACROPRINTERS LTD. Consolidated Statements Of Operations U.S. $ in thousands, except per share data
Three months ended 6/30/01 6/30/00 As reported As reported Revenues Sales of printers and related products $ 30,255 $ 24,158 30,255 24,158 Cost of revenues Cost of sales of printers and related products 18,275 12,156 One time inventory write-offs 18,275 12,156 Gross profit 11,980 12,002 39.60% 49.68% Research & Development expenses 2,917 2,675 Less-Grants (250) (1) Research & Development expenses, net 2,667 2,674 Selling expenses, net 4,550 3,374 General and administrative expenses 3,051 2,165 Amortization of goodwill and other intangible assets 726 Restructuring costs 0 0 8,327 5,539 Operating income (loss) 986 3,789 Financial expenses net (910) (122) Other income net (59) 7 Income (loss) before taxes on income and equity losses 17 3,674 Taxes on income 0 (247) Equity in profits (losses) of affiliates, net of taxes 23 (326) Minority interest Net income (loss) for the period $ 40 $ 3,101 0.13% 12.84% Earning (loss) per share $ 0.00 $ 0.25 Diluted earnings (loss) per share $ 0.00 $ 0.22 Weighted average number of shares outstanding during the period 14,579,233 12,345,750 Weighted average number of shares outstanding during the period used for diluted earnings (loss) per share 15,027,609 14,222,232
- ---------- (*) Excluding one time inventory write-offs of $4 million and $2.5 million of restructuring costs 4 NUR MACROPRINTERS LTD. Condensed Balance Sheets, US$ in thousands
30.06.01 31.12.00 Current Assets: Cash and cash equivalents $ 10,517 $ 19,219 Accounts receivable - trade 35,886 43,126 Other receivables and prepaid expenses 7,055 6,469 Inventories 25,826 23,547 Total Current Assets: 79,284 92,361 Investments and other non-current assets Long-term accounts receivables - trade 2,885 2,387 Investments and other non-current assets 923 1,443 Severance pay funds 692 696 4,500 4,526 Property and Equipment, net 10,880 7,046 Other assets, net 15,287 15,994 Total assets 109,951 119,927 Liabilities and Shareholders' Equity Current Liabilities: Short - term bank credit 681 667 Current maturities of long - term loans 5,451 864 Trade payables 17,154 20,222 Accrued expenses and other liabilities 14,292 13,423 Advances from Customers 1,130 1,999 Total Current Liabilities 38,708 37,175 Long - Term Liabilities: Long - Term loans 29,315 33,847 Accrued severance pay 946 980 30,261 34,827 Shareholders' Equity: Share capital 3,659 3,618 Capital surplus 39,376 39,057 Cumulative translation adjustment (1,346) (578) Accumulated Earnings (Deficit) (707) 5,828 Total Shareholders' Equity 40,982 47,925 Total Liabilities and Shareholders' Equity 109,951 119,927
5 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, thereunto duly authorized. NUR MACROPRINTERS LTD. August 10, 2001 By: /s/ Erez Shachar -------------------------- Erez Shachar Chief Executive Officer