-----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, JlUPkTPBanwGmbCgrfhWZ8AlhJZ0gevaRPjowR8np7x9aECxWfJ24gF80SSHIErm hzB8sTHF1ce/2pH0jNnBhw== 0000950146-99-001128.txt : 19990514 0000950146-99-001128.hdr.sgml : 19990514 ACCESSION NUMBER: 0000950146-99-001128 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990513 FILED AS OF DATE: 19990513 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: 99619851 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 May 13, 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 May 13, 1999. Page 2 of 7 NUR MACROPRINTERS LTD. For immediate release NUR Macroprinters Ltd. Reports Record First Quarter Revenues and Profits Revenues Increased 55%; Earnings More than Tripled Magshimim, Israel, May 13, 1999 - NUR Macroprinters Ltd. (NASDAQ: NURM), a leading manufacturer and marketer of wide-format digital inkjet printers and consumables, today announced record revenues and record profits for the first quarter ended March 31, 1999. This marks the eighth consecutive quarter of revenues and earnings growth for the company. Revenues for the first quarter of 1999 increased 55% to $11.58 million, compared to $7.49 million for the same quarter last year. Gross profit increased 47% to $5.69 million versus $3.86 million for the comparable period last year, although gross margin was down to 49% in the first quarter from 51% during the first quarter of 1998. Total operating expenses increased 28% to $3.3 million in the first quarter of 1999 from $2.6 million in the first quarter of 1998, due primarily to increases in research and development and selling expenses. Net income increased by 276% to $1.28 million from $0.34 million for the comparable period last year. Earnings per share increased to $0.12 per share, as compared to $0.03 per share for the comparable period last year. Mr. Erez Shachar, President and CEO remarked, "We've started the year with our eighth consecutive quarter of revenues and earnings growth. The strong revenue performance reflects the continuing success of the NUR Blueboard family of superwide printing systems and, in particular, the enthusiastic response from the market to the introduction of our new NUR Blueboard HiQ model. Our current customers have also expressed confidence in NUR by purchasing the NUR HiQ upgrade kit that allows for field upgrades to the HiQ model for current NUR Blueboard and NUR Blueboard 2 users. In addition to printing systems sales, strong growth in digital printing consumables has also contributed to our success in the first quarter. This contribution can be largely attributed to NUR Media Solutions, our subsidiary devoted to developing and marketing substrates and media solutions for wide and superwide format printing." "The first quarter of 1999 also saw the establishment of two new NUR subsidiaries to serve as regional sales and service organizations," continued Mr. Shachar. "NUR Asia Pacific Ltd. is now operating out of Shanghai, China while NUR Middle East & Africa, based in Belgium, is now capitalizing on growing markets in the Middle East and Africa. We expect to begin to see sales from these organizations later this year." Page 3 of 7 Besides the introduction of the NUR Blueboard HiQ, the NUR Fresco, NUR's unique screenless wide-format production press, was also launched in the first quarter of 1999. The NUR Fresco was unveiled in February 1999 at an event hosted by NUR America, Inc., NUR Macroprinters' U.S. subsidiary. Since that time, NUR has received enthusiastic interest in the product and has started accepting orders. First beta site installations are scheduled for the second quarter of 1999 and the company expects to recognize revenues from sales during the third quarter of 1999. The NUR Fresco made its public debut at the International Sign Association exposition in Las Vegas on April 29, 1999. NUR Macroprinters Ltd. is a world leader in the development, manufacturing, marketing and servicing of wide-format inkjet printing systems and consumables. NUR's printers are marketed principally to commercial printers, media companies, and screen printers for a variety of large format applications. Common applications include fleet graphics and advertising, exhibition and trade show displays, informational murals and outdoor signage, frontlit and backlit displays for retail and point-of-purchase windows, airports, hospitals, shopping centers, courtroom exhibits, sporting events and cinema houses, decorative construction scaffolding covers, scenery backdrops for theater, television and film studios and more. 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 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. # # # Contacts: Hilel Kremer NUR Macroprinters Ltd. Tel: 972-3-908-7676 Ayelet Shaked The Anne McBride Co. Tel: 212-983-1702 # # # Page 4 of 7 NUR MACROPRINTERS LTD. Consolidated Statements Of Operations US$ in thousands, except per share data
Three months Three months Percent ended ended 3/31/99 3/31/98 Change ------------ ------------ ------- Revenues Sales of printers and related products $ 10,579 $ 6,721 57.40% Sales of printed materials 1,001 764 31.02% 11,580 7,485 54.71% ----- Cost of revenues Cost of sales of printers and related products 5,321 3,203 66.13% Cost of sales of printed materials 566 421 34.44% 5,887 3,624 62.44% ----- Gross profit 5,693 3,861 47.45% Gross margin 49.16% 51.58% -4.69% Research & Development expenses 1,220 753 62.02% Less-Grants (182) 0 Research & Development expenses, net 1,038 753 37.85% Selling expenses, net 2,018 1,420 42.11% General and administrative expenses 1,310 1,185 10.55% Total Operating Expenses 3,328 2,605 27.75% Operating income 1,327 503 163.82% Financial expenses net (91) (137) -33.58% Other income net 67 0 Taxes on income (22) (24) -8.33% Minority interest (5) (2) 150.00% Net income for the period 1,276 340 275.29% 11.02% 4.54% 142.58% Earning per share $ 0.12 $ 0.03 ========== ========== Dilluted earnings per share $ 0.11 $ 0.03 ========== ========== Weighted average number of shares outstanding during the period 10,880,000 10,880,000 ========== ========== Weighted average number of shares outstanding during the period used for dilluted earnings per share 11,872,666 11,366,182 ========== ==========
Page 5 of 7 NUR MACROPRINTERS LTD. Condensed Balance Sheets, US$ in thousands
March 31, December 31, Percent 1999 1998 Change -------- ------------ ------- Current Assets : Cash and cash equivalents $ 3,362 $ 2,327 44% Marketable securities 130 63 - Accounts receivable - trade 9,877 9,091 9% Other receivables and prepaid expenses 2,176 2,756 -21% Inventories 4,677 3,699 26% ---- Total Current Assets 20,222 17,936 13% ---- Investments Restricted long - term bank deposit 295 337 -12% Severance pay funds 469 369 27% Prepaid expenses 29 59 -51% ---- 793 765 4% ---- Property and Equipment, net 2,775 3,058 -9% Other assets, net 203 236 -14% Total assets 23,993 21,995 9% Liabilities and Shareholders' Equity Current Liabilities : Short - term bank credit 3,483 2,972 17% Current maturities of long - term loans 151 224 -33% Trade payables 5,538 6,104 -9% Accrued expenses and other liabilities 3,839 2,926 31% Advances from customers 537 269 100% ---- Total Current Liabilities 13,548 12,495 8% ---- Long -Term Liabilities : Long - Term loans 947 950 -0% Long - Term Liabilities 513 587 - Accrued severance pay 580 464 25% ---- 2,040 2,001 2% ---- Minority interest 64 69 -7% ---- Shareholders' Equity : Share capital 2,729 2,729 0% Capital surplus 14,245 14,376 -1% Cumulative translation adjustment (69) 165 -142% Deficit (8,564) (9,840) -13% ---- Total Shareholders' Equity 8,341 7,430 12% ==== Total Liabilities and Shareholders' Equity 23,993 21,995 9% ====
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: May 13, 1999 By: /s/ Erez Shachar --------------------------- Name: Erez Shachar Title: Chief Executive Officer Page 7 of 7 -----END PRIVACY-ENHANCED MESSAGE-----