-----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, TZpi0RBzyEvncEeNVxeAhrzjAwywhsIAlLttkltCiO9gqWuDx4wKSS8Poi65Asu6 gyvgUQByZ1MVTDvEv6jO4w== 0000950146-99-000374.txt : 19990303 0000950146-99-000374.hdr.sgml : 19990303 ACCESSION NUMBER: 0000950146-99-000374 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990302 FILED AS OF DATE: 19990302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUR MACROPRINTERS LTD CENTRAL INDEX KEY: 0000946394 STANDARD INDUSTRIAL CLASSIFICATION: PRINTING TRADES MACHINERY & EQUIPMENT [3555] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-26498 FILM NUMBER: 99555556 BUSINESS ADDRESS: STREET 1: 5 DAVID NAVON STREET STREET 2: MOSHAV MAGSHIMIM CITY: PETAH-TIKVA ISRAEL STATE: L3 BUSINESS PHONE: 01197239087676 MAIL ADDRESS: STREET 1: P O BOX 8440 STREET 2: MOSHAV MAGSHIMIM CITY: ISRAEL STATE: L3 FORMER COMPANY: FORMER CONFORMED NAME: NUR ADVANCED TECHNOLOGIES LTD DATE OF NAME CHANGE: 19950607 6-K 1 NUR MACROPRINTERS LTD. 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 March 2, 1999 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) 5 David Navon Street Moshav Magshimim 56910 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 March 1, 1999. Page 2 of 7 NUR Macroprinters Ltd. Announces Record Fourth Quarter and Full Year 1998 Results Year-end Revenues Increase 66 percent; Net Income Tripled MAGSHIMIM, Israel, March 1 /PRNewswire/ -- NUR Macroprinters Ltd. (Nasdaq: NURTF - news), world-leading manufacturer of wide and superwide format digital printing systems and consumables, today announced record revenues and record profits for the fourth quarter and year ended December 31, 1998. Revenues for the fourth quarter ended December 31, 1998, increased 47.46 percent to $10.51 million, compared to $7.13 million for the same period a year ago. Gross profit increased 32.12 percent to $4.88 million versus $3.70 million for the comparable period last year. Net income for the three months ended December 31, 1999 was $1.15 million, or $0.11 per share, compared to $0.46 million, or $0.05 per share, for the comparable period last year. Revenues for the year ended December 31, 1998 were $36.45 million, an increase of 65.97 percent over 1997 year-end revenues. Gross profit for the year was $17.5 million, up 64.33 percent from the $10.65 million recorded in 1997. For the full year of 1998, net income was $1.46 million or $0.13 per share, compared to a net income of $0.49 million or $0.07 per share in 1997. Excluding the cost of in-process R&D associated with the acquisition of Meital Technologies' rights and related assets, net income for 1998 was $3.06 million or $0.28 per share. Mr. Hilel Kremer, VP Finance and CFO remarked, "We continued to enjoy excellent revenues and earnings growth through the final quarter of 1998, a trend continuing now for the seventh consecutive quarter. The strong revenue performance reflects a strengthening of NUR's position as market leader in the superwide printing industry. It is also a reflection of the growth in the superwide printing industry across the board." "The year 1998 was marked by some key milestones in NUR's development," said Mr. Erez Shachar, President and CEO of NUR Macroprinters Ltd. "In April 1998 we introduced the NUR Blueboard 2, the second generation in the NUR Blueboard(TM) series of superwide digital printing systems. In the same month we established a new subsidiary, NUR Media Solutions S.A., involved in the Page 3 of 7 development and marketing of NUR-branded substrates that are guaranteed for superior image quality and durability when printed with NUR printers. NUR acquired Meital Technologies Ltd.'s Drop-on-Demand inkjet technology for wide-format digital printers in October 1998. This strategic move led the way for the joint development of the new NUR Fresco digital production press." Mr. Shachar went on to say, "Looking ahead to 1999, NUR is excited about the prospects for two new products we have just recently introduced. The NUR Blueboard HiQ, the third product in the NUR Blueboard family of superwide digital printing systems, will fortify the company's position in the superwide printing industry. By introducing to the market a product with enhanced print quality for the demanding needs of both indoor display graphics as well as outdoor superwide applications, NUR has launched a product with quality second to none. In addition, the new NUR Fresco screenless production press is an incomparable product set to lead the digital revolution into the conventional wide-format screen printing market, an industry boasting 20,000 establishments worldwide. Deliveries for the NUR Fresco are expected to commence by the end of Q2 1999. With two new products in the market, we believe that 1999 will prove to be a pivotal year in NUR Macroprinters' aggressive strategy for growth." "In addition to launching two new products, in the first quarter of 1999 we have established two new subsidiaries, NUR Asia Pacific Ltd. and NUR Middle East & Africa," added Mr. Shachar. "These new sales organizations are part of NUR's strategy to firmly root its marketing and customer support activities within wholly owned subsidiaries dedicated solely to NUR's products. We look forward to this move contributing to our increased profitability in the year ahead." NUR Macroprinters Ltd. is a world leader in the development, manufacturing, marketing and servicing of wide and superwide format ink-jet printing systems and consumables. The company's printers are marketed principally to commercial printers, media companies, and screen printers for a variety of large format applications, such as billboards, posters, banners and point of purchase displays for advertising as well as decorations and backdrops for show rooms, fleet graphics, trade shows, museums and exhibits. NUR printers are installed in over 180 sites throughout Europe, North and South America, Africa and Asia. 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 the Company 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 to the Company'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 the Company's reports filed from time to time with the Securities and Exchange Commission. Page 4 of 7 NUR MACROPRINTERS LTD. Consolidated Statements Of Operations U.S. $ in thousands, except per share data
12 Months Ended Percent 3 Months Ended Percent 12/31/98 12/31/97 Change 12/31/98 12/31/97 Change Revenues Sales of printers and related products $31,905 $18,874 69.04% $9,081 $6,214 46.14% Sales of printed materials $4,540 $3,085 47.16% $1,430 $914 56.46% $36,445 $21,959 65.97% $10,511 $7,128 47.46% Cost of revenues Cost of sales of printers and related products $16,368 $9,627 70.02% $5,085 $2,930 73.55% Cost of sales of printed materials $2,579 $1,684 53.15% $543 $502 8.17% $18,947 $11,311 67.51% $5,628 $3,432 63.99% Gross profit $17,498 $10,648 64.33% $4,883 $3,696 32.12% 48.01% 48.49% -0.99% 46.46% 51.85% -10.41% Research & Development expenses $3,427 $1,726 1802.33% $1,062 $630 68.57% Less-Royalty bearing grants ($818) ($43) 55.02% ($338) $84 -502.38% Research & Development expenses, net $2,609 $1,683 55.02% $724 $714 1.40% Acquired in process R&D $1,600 -- -- -- -- -- Selling expenses, net $5,830 $4,620 26.19% $1,483 $1,229 20.67% General and administrative expenses $5,085 $3,439 47.86% $1,332 $1,180 12.88% Write off of debts of related parties -- -- -- -- ($99) -- $10,915 $8,059 35.44% $2,815 $2,310 21.86% Operating income (loss) $2,374 $906 162.03% $1,344 $672 100.00% Financial income (expenses) net ($502) ($320) 56.88% ($69) ($114) -39.47% Other income (loss) net ($111) ($8) 1287.50% ($75) ($8) 837.50% Taxes on income ($264) ($67) 294.03% ($37) ($67) -44.78% Minority interest ($40) ($26) 53.85% ($10) ($26) -61.54% Net income (loss) for the period $1,457 $485 200.41% $1,153 $457 152.30% % of revenues 4.00% 2.21% 81.01% 10.97% 6.41% 71.09% Earning (losses) per share $0.13 $0.070 91.31% $0.11 $0.05 96.74% Weighted average number of shares outstanding during the period 10,880,000 7,293,640 49.17% 10,880,000 8,484,000 28.24%
Page 5 of 7 NUR MACROPRINTERS LTD. Condensed Balance Sheets, US$ in thousands
December 31, December 31, Percent 1998 1997 Change Current Assets: Cash and cash equivalents $2,327 $1,234 89% Marketable securities $63 -- -- Accounts receivable - trade $9,091 $5,981 52% Other receivables and prepaid expenses $2,756 $1,745 58% Inventories $3,699 $2,252 64% Total Current Assets $17,936 $11,212 60% Investments Restricted long - term bank deposit $337 $150 125% Severance pay funds $369 $262 41% Prepaid expenses $59 $137 -57% $765 $549 39% Equipment Cost $4,010 $2,444 64% Less accumulated depreciation $952 $803 19% $3,058 $1,641 86% Other assets, net $236 $381 -38% Total assets $21,995 $13,783 60% Liabilities and Shareholders' Equity Current Liabilities : Short - term bank credit $2,972 $652 356% Current maturities of long - term loans $224 $527 -57% Trade payables $6,104 $3,216 90% Accrued expenses and other liabilities $2,926 $2,126 38% Advances from customers $269 $17 1482% Total Current Liabilities $12,495 $6,538 91% Long - Term Liabilities : Long - term loans $970 $1,076 -10% Long - Term Liabilities $567 $0 -- Accrued severance pay $464 $358 30% $2,001 $1,434 40% Minority interest $69 $26 165% Shareholders' Equity : Share capital $2,729 $2,729 0% Capital surplus $14,376 $14,383 0% Cumulative translation adjustment $165 ($30) -650% Deficit ($9,840) ($11,297) -13% Total Shareholders' Equity $7,430 $5,785 28% Total Liabilities and Shareholders' Equity $21,995 $13,783 60%
Page 6 of 7 SIGNATURES 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. Date: March 2, 1999 By: /s/ Erez Shachar --------------------------- Name: Erez Shachar Title: Chief Executive Officer Page 7 of 7 -----END PRIVACY-ENHANCED MESSAGE-----