SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-17541
PRESSTEK, INC.
(Exact name of registrant as specified in its charter)
Delaware 02-0415170
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8 Commercial Street, Hudson, New Hampshire 03051-3907
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (603) 595-7000
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: As of May 9, 1996,
there were 15,117,047 shares outstanding of the Registrant's common stock, $.01
par value per share.
<PAGE>
PRESSTEK, INC.
INDEX
PAGE
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Balance Sheets as of March 30, 1996
(unaudited) and December 30, 1995 3
Statements of Operations for the
three month periods ended March 30,
1996 and March 31, 1995 (unaudited) 4
Statements of Cash Flows for the three
month periods ended March 30, 1996
and March 31, 1995 (unaudited) 5
Notes to Financial Statements (unaudited) 6
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K 14
Signatures 15
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
PRESSTEK, INC.
BALANCE SHEETS
March 30, December 30,
1996 1995
---- ----
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 11,504,545 $ 3,628,021
Marketable securities 10,029,878 3,050,825
Accounts receivable 6,707,695 7,888,559
Inventory 7,188,091 5,861,743
Costs and estimated earnings in excess
of billings on uncompleted contracts 1,273,579 -
Other current assets 364,362 350,031
---------- ----------
Total current assets 37,068,150 20,779,179
---------- ----------
PROPERTY AND EQUIPMENT:
Machinery and equipment 6,619,495 5,659,211
Furniture and fixtures 504,904 372,889
Leasehold improvements 1,536,097 1,247,803
Other 34,498 34,498
---------- ----------
Total 8,694,994 7,314,401
Less accumulated depreciation
and amortization ( 3,341,699) ( 3,023,089)
---------- ----------
Property and equipment, net 5,353,295 4,291,312
---------- ----------
OTHER ASSETS:
Goodwill, net 6,388,769 -
Note receivable from related party 244,317 -
Patent application costs and
license rights, net 1,432,227 1,012,147
Software development costs, net 700,314 585,980
Other 187,500 -
---------- ----------
Total other assets 8,953,127 1,598,127
---------- ----------
TOTAL $ 51,374,572 $ 26,668,618
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 4,022,119 $ 2,392,846
Accrued expenses 1,269,890 1,091,036
Accrued salaries and employee benefits 486,024 458,300
Billings in excess of costs and estimated
earnings on uncompleted contracts 49,641 -
---------- ----------
Total current liabilities 5,827,674 3,942,182
---------- ----------
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST 203,939 -
---------- ----------
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; authorized
1,000,000 shares; no shares issued or
outstanding - -
Common stock, $.01 par value; authorized
25,000,000 shares; issued and outstanding
15,086,421 shares at March 30, 1996;
14,765,300 shares at December 30, 1995 150,864 147,653
Additional paid-in capital 42,184,823 21,559,856
Unrealized loss on investments
available for sale ( 74,245) ( 3,176)
Retained earnings 3,081,517 1,022,103
---------- ----------
Stockholders' equity 45,342,959 22,726,436
---------- ----------
TOTAL $ 51,374,572 $ 26,668,618
========== ==========
See notes to financial statements
3
<PAGE>
PRESSTEK, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
March 30, March 31,
1996 1995
------------ ---------
REVENUES:
Product sales $ 7,524,957 $ 3,583,413
Royalties and fees from licensees 3,479,797 1,500,838
---------- ----------
Total revenues 11,004,754 5,084,251
---------- ----------
COSTS AND EXPENSES:
Cost of products sold 5,400,723 2,648,490
Engineering and product development 2,448,548 1,483,211
Marketing 545,371 384,223
General and administrative 746,803 456,372
---------- ----------
Total costs and expenses 9,141,445 4,972,296
---------- ----------
OTHER INCOME (EXPENSE):
Dividend and interest 212,255 76,768
Other ( 16,150) ( 16,721)
---------- ----------
Total other income - net 196,105 60,047
---------- ----------
INCOME BEFORE INCOME TAXES 2,059,414 172,002
PROVISION FOR STATE INCOME TAXES - 12,000
---------- ----------
NET INCOME $ 2,059,414 $ 160,002
========== ==========
WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES 16,500,536 15,532,688
========== ==========
NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE $.12 $.01
=== ===
See notes to financial statements
4
<PAGE>
PRESSTEK, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
March 30, March 31,
1996 1995
------------ -------------
<S> <C> <C>
CASH FLOWS - OPERATING ACTIVITIES:
Net income $ 2,059,414 $ 160,002
Adjustments to reconcile net income to net
cash provided by (used for) operating activities:
Depreciation and amortization 426,208 200,515
Provision for warranty costs 127,500 110,000
Other 18,183 16,721
(Increase) decrease in:
Accounts receivable 1,352,598 513,131
Inventory ( 1,294,448) ( 121,466)
Costs and estimated earnings in excess of
billings on uncompleted contracts ( 253,998) -
Other current assets 15,722 ( 39,366)
Increase (decrease) in:
Accounts payable and accrued expenses 1,084,153 45,897
Accrued salaries and employee benefits ( 31,078) ( 39,784)
Billings in excess of costs and estimated
earnings on uncompleted contracts ( 634,765) -
---------- ---------
Net cash provided by operating activities 2,869,489 845,650
---------- ---------
CASH FLOWS - INVESTING ACTIVITIES:
Investment in subsidiary - net of cash acquired ( 7,456,020) -
Purchases of property and equipment ( 940,455) ( 573,981)
Increase in other assets ( 174,546) ( 86,069)
Proceeds from sale of equipment - 1,300
Sales and maturities of marketable securities - 1,158,251
Purchases of marketable securities ( 7,050,122) -
---------- ---------
Net cash provided by (used for)
investing activities (15,621,143) 499,501
---------- ---------
CASH FLOWS - FINANCING ACTIVITIES:
Net proceeds from sale of common stock
and warrants 20,628,178 317,868
---------- ---------
INCREASE IN CASH AND CASH EQUIVALENTS 7,876,524 1,663,019
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 3,628,021 1,532,636
---------- ---------
CASH AND CASH EQUIVALENTS - END OF PERIOD $ 11,504,545 $ 3,195,655
========== =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION -
Income taxes paid $ 45,000 $ 52,000
========== =========
</TABLE>
See notes to financial statements
5
<PAGE>
PRESSTEK, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
MARCH 30, 1996
1. BASIS OF PRESENTATION
The unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Rule 10 of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. The financial
information included in the quarterly report should be read in conjunction with
the Company's audited financial statements and related notes thereto for the
year ended December 30, 1995 and the December 30, 1995 information has been
derived directly from the annual financial statements. In the opinion of
management, all adjustments considered necessary for a fair presentation have
been included and all such adjustments were normal and recurring.
Presstek, Inc. (the "Company" or "Presstek") was organized as a
Delaware corporation on September 3, 1987 and was a development stage company
through 1991. In September, 1991, Heidelberger Druckmaschinen A.G.
("Heidelberg") the world's largest printing press manufacturer introduced the
Company's initial spark discharge based imaging technology, in a jointly
developed product, the Heidelberg GTO-DI. In 1993, after investing substantial
effort and resources, the Company completed the development of PEARL(R) patented
proprietary, nonphotographic, toxic-free, digital imaging and printing plate
technology for the printing and graphic arts industries. PEARL's laser diode
technology is capable of imaging various types of Presstek printing plates
either off-press or on-press which may then be used to produce high quality,
full color lithographic printed materials. PEARL has completely replaced the
Company's spark discharge technology. The GTO-DI was re-introduced in September
1993, utilizing PEARL as its direct imaging technology. The Company is now
building an installed base of customers which utilizes its proprietary
consumable printing plates on PEARL equipped Heidelberg presses. During the
second quarter of 1995, the Company commenced shipments of kits to be utilized
on Heidelberg's recently introduced Quickmaster DI 46-4. Presstek is also
engaged in the development of additional products and applications that
incorporate its proprietary PEARL technologies and consumables, including both
computer-to-plate and other direct-to-press applications. At this time, the
Company relies on Heidelberg to generate substantially all of its revenues.
During February, 1996, the Company completed private placements of an
aggregate of 282,846 shares of its common stock for net proceeds of $20,208,758
to a limited number of domestic individual and institutional investors.
A portion of the funds raised from the private placements were utilized
to complete the acquisition referred to below, with the balance to be utilized
for general working capital purposes.
On February 15, 1996, the Company acquired 90% of the outstanding
common stock (the "Purchased Shares") of Catalina Coatings, Inc., an Arizona
corporation ("Catalina"). Catalina is engaged in the development, manufacture
and sale of vacuum deposition coating equipment and the licensing and
sublicensing of patent rights with respect to vapor deposition process to coat
6
<PAGE>
moving webs of material at high rates. The Company has continued the business of
Catalina which now operates as a subsidiary of the Company. The Purchased Shares
were acquired from the selling shareholders pursuant to a Stock Purchase
Agreement (the "Stock Purchase Agreement") dated and effective as of January 1,
1996. The aggregate consideration paid by the Company pursuant to the Stock
Purchase Agreement was $8,400,000, of which $8,200,000 represented the purchase
price of the Purchased Shares and $200,000 represented consideration for the
non-competition and confidentiality covenants of the selling shareholders.
Catalina's results of operations were immaterial and accordingly pro
forma information has not been provided.
Simultaneous with the closing of the acquisition, the Company entered
into a Put and Call Option Agreement (the "Option Agreement") which provides the
Company with the right, at any time after February 15, 2000, to acquire the
remaining 10% of the outstanding common stock of Catalina for aggregate
consideration of $2,000,000. The Option Agreement also provides the selling
shareholders and another employee of Catalina with the right, at any time after
August 15, 2000, to cause the Company to purchase the remaining shares for
aggregate consideration of $1,000,000. The Option Agreement will terminate if
Catalina consummates an initial public offering of its securities prior to
February 15, 2000.
The Company granted the Selling Shareholder's and the other employee of
Catalina five-year non-qualified options to purchase an aggregate 100,000 of the
Company's common stock at an exercise price of $89.50 per share, representing
fair market value at the date of grant and Catalina granted to the same
individuals an option to purchase an aggregate 5% of the issued and outstanding
common stock of Catalina in the event that a registration statement relating to
an initial public offering of Catalina common stock is declared effective by
February 15, 2000.
On June 19, 1995, the Company's Board of Directors determined to change
its fiscal year from a calendar year ending December 31 to a fiscal year ending
on the Saturday closest to December 31. Accordingly, the 1995 fiscal year ended
on December 30, 1995 and the first quarter of 1996 ended on March 30, 1996.
The results of operations for the first quarter ended March 30, 1996
are not indicative of results of operations to be expected for the full year.
The Company intends to disclose pro forma information pursuant to
Statement of Financial Accounting Standard No. 123, "Accounting for Stock-Based
Compensation", in its 1996 annual financial statements.
2. INVENTORY
Inventory is valued at the lower of cost or market, with cost
determined on the first-in, first-out method. At March 30, 1996 and December 30,
1995, inventory consisted of the following:
March 30, 1996 December 30, 1995
-------------- -----------------
Raw materials $5,039,937 $3,476,713
Work in process 1,766,677 1,959,382
Finished goods 381,477 425,648
------- -------
Total $7,188,091 $5,861,743
========== ==========
3. NET INCOME PER COMMON SHARE
Net income per common share is computed by dividing net income by the
weighted average number of common and common equivalent shares outstanding.
Common stock equivalents represent the dilutive effect of the assumed exercise
of outstanding stock options and warrants. A summary of the calculations for the
three month periods ended March 30, 1996 and March 31, 1995 follows:
7
<PAGE>
<TABLE>
<CAPTION>
1996 1995
----------------------- ------------------------
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net income $ 2,059,414 $ 2,059,414 $ 160,002 $ 160,002
============ ============ ============ ============
Weighted average common
shares outstanding 14,971,553 14,971,553 14,413,812 14,471,120
Common equivalent shares
from assumed conversion of
outstanding options and
warrants whose effect are
not antidilutive on
earnings per share 1,850,496 1,857,229 2,034,826 2,034,826
Less shares assumed
repurchased using the
treasury method for
calculation of net
shares outstanding ( 321,513) ( 289,041) ( 915,950) ( 711,248)
----------- ----------- ----------- -----------
Weighted average common
and common equivalent
shares outstanding 16,500,536 16,539,741 15,532,688 15,794,698
========== ========== ========== ==========
Net income per common
and common equivalent
share $ .12 $ .12 $ .01 $ .01
============ ============ ============ ============
4. INCOME TAXES
There was no provision for income taxes for the first quarter of 1996
as a result of compensation deductions, for tax purposes, relative to stock
option plans.
As of March 30, 1996, the Company had net operating loss carryforwards
totaling approximately $17,000,000 resulting from compensation deductions, for
tax purposes, relative to stock option plans. To the extent net operating losses
resulting from stock option plan compensation deductions become realizable, the
benefit will be credited directly to additional paid in capital. The amount of
the net operating loss carryforwards which may be utilized in any future period
may be subject to certain limitations, based upon changes in the ownership of
the Company's common stock.
</TABLE>
8
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
- ------- -------------------------------------------------
Condition and Results of Operations
-----------------------------------
Results of Operations
The Company was organized as a Delaware corporation on
September 3, 1987 and was a development stage company through 1991. In September
1991, Heidelberger Druckmaschinen A.G. ("Heidelberg"), the world's largest
printing press manufacturer introduced the Company's initial spark discharge
based imaging technology, in a jointly developed product, the Heidelberg GTO-
DI. In 1993, after investing substantial effort and resources, the Company
completed the development of PEARL(R), a patented, proprietary, nonphotographic,
toxic-free, digital imaging and printing plate technology for the printing and
graphic arts industries. PEARL's laser diode technology is capable of imaging
various types of Presstek printing plates either off-press or on- press which
may then be used to produce high-quality, full-color lithographic printed
materials at what the Company believes is a lower cost than competitive
processes. PEARL has completely replaced the Company's spark discharge
technology. The GTO-DI was re-introduced in September 1993, utilizing PEARL as
its Direct Imaging technology and the Company is now building an installed base
of customers which utilizes its proprietary consumable printing plates on PEARL
equipped Heidelberg presses. The Company's relationship with Heidelberg has been
expanded to include the development and manufacture of Direct Imaging Kits to be
utilized in Heidelberg's new four color, fully automated lithographic press, the
Quickmaster DI 46-4. This press was introduced in May of 1995 at DRUPA '95, the
industry's largest trade show, and was well received. Shipments of production
kits to Heidelberg for use in the Quickmaster commenced in the second quarter of
1995. This new press incorporates certain improvements to the Company's PEARL
Direct Imaging technologies and employs the Company's recently developed
automatic plate changing cylinder which eliminates the need for manually
changing plates between jobs. The Company is also engaged in the development of
additional products and applications that incorporate the use of its proprietary
technologies and consumables, including both computer-to-plate and computer-to-
press applications. Some of these additional activities have resulted in an
agreement with the Adast Adamov Company, another manufacturer of sheet fed
offset presses. This new agreement will result in the availability of the
Company's PEARL Direct Imaging Technology on a larger format Omni-Adast (19" x
26") multicolor press, the first showing of which took place at an industry
trade show during March of 1996. Also during the first quarter of 1996, the
Company began shipments of its PEARL
9
<PAGE>
Platesetter, now referred to as the PEARLsetter(TM). The PEARLsetter is a
computer-to-plate imaging device that images both the Company's wet and dry
offset plates.
On February 15, 1996, the Company acquired 90% of the outstanding
common stock (the "Purchased Shares") of Catalina Coatings, Inc., an Arizona
corporation ("Catalina"). Catalina is engaged in the development, manufacture
and sale of vacuum deposition coating equipment and the licensing and
sublicensing of patent rights with respect to vapor deposition process to coat
moving webs of material at high rates. The Company intends to continue the
business of Catalina which will operate as a subsidiary of the Company. The
Purchased Shares were acquired from the selling shareholders pursuant to a Stock
Purchase Agreement (the "Stock Purchase Agreement") dated and effective as of
January 1, 1996. The aggregate consideration paid by the Company pursuant to the
Stock Purchase Agreement was $8,400,000, of which $8,200,000 represented the
purchase price of the Purchased Shares and $200,000 represented consideration
for the non-competition and confidentiality covenants of the selling
shareholders.
Simultaneous with the closing of the acquisition, the Company entered
into a Put and Call Option Agreement (the "Option Agreement") which provides the
Company with the right, at any time after February 15, 2000, to acquire the
remaining 10% of the outstanding common stock of Catalina for aggregate
consideration of $2,000,000. The Option Agreement also provides the selling
shareholders and another employee of Catalina with the right, at any time after
August 15, 2000, to cause the Company to purchase the remaining shares for
aggregate consideration of $1,000,000. The Option Agreement will terminate if
Catalina consummates an initial public offering of its securities prior to
February 15, 2000.
The Company granted the Selling Shareholders and the other employee of
Catalina five-year non-qualified options to purchase an aggregate 100,000 of the
Company's common stock at an exercise price of $89.50 per share and Catalina
granted to the same individuals an option to purchase an aggregate 5% of the
issued and outstanding common stock of Catalina in the event that a registration
statement relating to an initial public offering of Catalina common stock is
declared effective by February 15, 2000.
On June 19, 1995, the Company's Board of Directors determined to change
its fiscal year from a calendar year ending December 31 to a fiscal year ending
on the Saturday closest to December 31. Accordingly, the 1995 fiscal year ended
on December 30, 1995 and the first quarter of 1996 ended on March 30, 1996.
10
<PAGE>
Revenues
Revenues for the first quarter of 1996 totaled $11,005,000 (of which
$891,000 related to Catalina) an increase of $5,921,000 (116%) compared to
$5,084,000 recorded for the first quarter of 1995. Product sales increased
$3,942,000 comparing the first quarter of 1996 with the same period in 1995,
primarily as a result of volume increases in sales by the Company of products to
be used in the Quickmaster DI 46-4, as well as sales of the PEARLsetter,
consumable printing plates and spare parts. Royalties and fees from licensees
increased $1,979,000 over the first quarter of 1995 primarily as a result of
increased royalties earned on product sales and increased revenues earned for
engineering services under the Company's agreements with Heidelberg.
Cost of Products Sold
Costs of products sold for the first quarter of 1996 and 1995 of
$5,401,000 (of which $638,000 related to Catalina) and $2,649,000, respectively,
consisted of the material, labor, and overhead costs associated with product
sales, as well as future warranty costs.
Engineering and Product Development
Engineering and product development expenses were $2,449,000 for the
first quarter of 1996, as compared to $1,483,000 for the first quarter of 1995.
The increase in such expenses of $966,000 (65%) resulted principally from
increased expenditures for parts, supplies, labor, and contracted services
related to the Company's PEARL technology as well as other product development
efforts and matters relating to the Company's technologies.
Marketing
Marketing expenses were $545,000 for the first quarter of 1996, as
compared to $384,000 for the same period in 1995, an increase of $161,000 (42%).
The increase related principally to increased expenditures for additional
personnel and related costs as well as various promotional activities.
General and Administrative
For the first quarter of 1996, general and administrative expenses were
$747,000 (of which $167,000 related to Catalina), an increase of $291,000 (64%)
over the first three months of 1995. The increase related principally to
increased expenditures for salaries and other costs required to conduct various
general and administrative functions for the Company.
11
<PAGE>
Dividend and Interest Income
Dividend and interest income earned on the Company's cash and
investments increased $135,000 comparing the first quarter of 1996 with the same
period in 1995, principally as a result of the increased funds available for
investment.
Net Income
As a result of the foregoing, the Company had net income of $2,059,000
for the first quarter of 1996 compared to net income of $160,000 for the first
quarter of 1995. Catalina did not have a material effect on net income for the
first quarter of 1996.
Liquidity and Capital Resources
At March 30, 1996, the Company had working capital of $31,240,000, an
increase of $14,403,000 as compared to working capital of $16,837,000 at
December 30, 1995. This increase was primarily attributable to the proceeds from
the issuances of common stock of $20,628,000 plus net income for the first
quarter of 1996 of $2,059,000 offset by the Company's investment in Catalina,
net of cash acquired, of $7,456,000 and additions to property and equipment of
$940,000.
Net cash provided by operating activities of $2,869,000 for the three
months ended March 30, 1996, resulted primarily from net income from operations
of $2,059,000, noncash items of depreciation and amortization and provision for
warranty costs of $426,000 and $128,000 respectively, a decrease in accounts
receivable of $1,353,000 and an increase in accounts payable and accrued
expenses of $1,053,000, offset by an increase in inventory of $1,294,000 and in
costs and estimated earnings in excess of billings on uncompleted contracts of
$254,000 and by a decrease in billings in excess of costs and estimated earnings
on uncompleted contracts of $635,000.
Net cash used for investing activities of $15,621,000 for the first
quarter ended March 30, 1996, resulted from the Company's investment in
Catalina, net of cash acquired, of $7,456,000, purchases of marketable
securities of $7,050,000, additions to property and equipment used in the
Company's business of $940,000 and increases in other assets of $175,000.
Net cash provided by financing activities during the first quarter of
1996 totaled $20,628,000 including the private placements of an aggregate of
282,846 shares of the Company's common stock for net proceeds of $20,209,000,
the balance
12
<PAGE>
resulted from the sale of common stock incident to the exercise of various stock
options.
The Company's agreements with Heidelberg provide that during 1996 the
Company will receive certain royalty payments and be reimbursed for certain
engineering and development work provided to Heidelberg.
The Company estimates that existing funds and the funds generated under
its agreements with Heidelberg will be sufficient to satisfy its anticipated
cash requirements for the foreseeable future.
Effect of Inflation
Inflation has not had, and is not expected to have, a material impact
upon the Company's operations.
13
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit 27. Financial Data Schedule.
(b) During the quarter ended March 30, 1996 the Company filed the following
reports on Form 8-K:
(i) Form 8-K/A, Amendment No. 1 to the Current Report on Form 8-K for
the event dated December 28, 1995 (to file as an exhibit the letter from the
Company's former independent accountants with respect to the Company's change in
accountants required to be filed under Item 4 of Form 8-K);
(ii) Current Report on Form 8-K for the event dated January 11, 1996
(to report, under Item 4 of Form 8-K the appointment of BDO Seidman, LLP as the
Company's new independent accountants); and
(iii) Current Report on Form 8-K for the event dated February 15, 1996
(to report under Item 2 of Form 8-K the Company's acquisition of Catalina
Coatings, Inc.).
14
<PAGE>
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.
Dated: May 10, 1996 PRESSTEK, INC.
------------------------------
(Registrant)
By:/s/ Richard A. Williams
-----------------------------
Richard A. Williams
Chief Executive Officer
(Duly Authorized Officer)
By:/s/ Glenn J. DiBenedetto
-----------------------------
Glenn J. DiBenedetto
Chief Financial Officer
(Principal Financial and
Accounting Officer)
15
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Form 10-Q at March 30, 1996 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-28-1996
<PERIOD-END> MAR-30-1996
<CASH> 11,504,545
<SECURITIES> 10,029,878
<RECEIVABLES> 6,707,695
<ALLOWANCES> 0
<INVENTORY> 7,188,091
<CURRENT-ASSETS> 37,068,150
<PP&E> 8,694,994
<DEPRECIATION> 3,341,699
<TOTAL-ASSETS> 51,374,572
<CURRENT-LIABILITIES> 5,827,674
<BONDS> 0
0
0
<COMMON> 150,864
<OTHER-SE> 45,192,095
<TOTAL-LIABILITY-AND-EQUITY> 51,374,572
<SALES> 7,524,957
<TOTAL-REVENUES> 11,004,754
<CGS> 5,400,723
<TOTAL-COSTS> 5,400,723
<OTHER-EXPENSES> 2,448,548
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,059,414
<INCOME-TAX> 0
<INCOME-CONTINUING> 2,059,414
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,059,414
<EPS-PRIMARY> .12
<EPS-DILUTED> .12
</TABLE>
