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
November 12, 1998
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
49001, 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).
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Attached hereto and incorporated by reference herein is a press
release of the registrant dated November 9, 1998.
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COMPANY CONTACT: CONTACT:
Erez Shachar, President and Chief Executive Officer Jody Burfening (Ext. 304)
Eitan Padan, Chief Financial Officer Lippert/Heilshorn & Assoc.
NUR Macroprinters LTD. 212-838-3777
011-972-3-908-7676 [email protected]
E-mail: [email protected]
NUR MACROPRINTERS LTD. REPORTS RECORD
THIRD QUARTER REVENUES AND PROFITS
- Revenues Increase 79%; Net Income More than Tripled,
Excluding One-Time In-Process R&D Charge -
Magshimim, Israel, November 9, 1998 - NUR Macroprinters Ltd. (NASDAQ-NMS
Symbol: NURTF), a leading manufacturer and marketer of wide-format digital
inkjet printers and consumables, today announced record revenues and record
profits for the third quarter and nine months ended September 30, 1998.
Revenues for the third quarter ended September 30, 1998 increased 79% to
$10.08 million, compared to $5.62 million for the same quarter the previous
year. Gross profit increased 74% to $4.62 million versus $2.66 million for the
comparable period last year. Excluding a $1.6 million one-time charge for
in-process R&D in connection with the previously announced acquisition of Meital
Technologies' rights and related assets, net income for the three months ended
September 30, 1998 was $0.93 million, or $0.09 per share, compared to $0.31
million, or $0.04 per share, for the comparable period last year.
Revenues for the nine months ended September 30, 1998 were $25.93
million, an increase of 75%, compared to $14.83 million for the same period the
previous year. Gross profit for the nine months increased to $12.62 million from
$6.95 million for the comparable period last year, an increase of 82%. Net
income was $1.93 million or $0.18 per share, for the nine months ended September
30, 1998, excluding the above-mentioned one-time charge, compared to a net
income of $35,000 or $0.01 per share for the comparable period last year.
-More-
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NUR MACROPRINTERS LTD.
PAGE TWO
Mr. Erez Shachar, President and CEO remarked, "Our excellent performance
this quarter represents the sixth consecutive quarter of revenue and earnings
growth. The strong revenue performance reflects growing product demand and
consummable sales and, in particular, the growing market acceptance for the
super-wide Blueboard*2 which we introduced earlier this year. It also reflects
the success of our new field upgrades for the Blueboard among our existing
customer base.
"Toward the end of the quarter, we acquired all rights and assets
related to the technology of Meital Technologies, a developer of piezo
Drop-on-Demand (DoD) inkjet technologies for application in wide-format digital
printers. We are pleased to report that Meital's technology and development team
have been fully integrated into NUR's development staff, and we are working
together on a digital printing system to answer the needs of the existing screen
printing market in their move towards digital printing."
NUR Macroprinters Ltd. is a world leader in the development, manufacturing,
marketing and servicing of wide-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 160 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.
-Tables to follow-
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NUR MACROPRINTERS LTD.
Consolidated Statements Of Operations
U.S. $ in thousands, except per share data
<TABLE>
<CAPTION>
9 Months 9 Months 3 Months 3Months
ended ended ended ended
9/30/98 9/30/97 9/30/98 9/30/97
-------------------------------------------------
<S> <C> <C> <C> <C>
Revenues
Sales of printers and related products $ 22,824 $ 12,660 $ 8,592 $ 4,751
Sales of printed materials 3,110 2,171 1,488 867
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25,934 14,831 10,080 5,618
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Cost of revenues
Cost of sales of printers and related products 11,283 6,697 4,421 2,484
Cost of sales of printed materials 2,036 1,182 1,043 471
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13,319 7,879 5,464 2,955
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Gross profit 12,615 6,952 4,616 2,663
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Research & Development expenses 2,365 1,096 868 340
Less-Royalty bearing grants (480) (127) (170) -
-------------------------------------------------
Research & Development expenses, net 1,885 969 698 340
Acquired in-process R&D 1,600 - 1,600 -
-------------------------------------------------
Selling expenses, net 4,347 2,936 1,407 1,053
General and administrative expenses 3,753 2,706 1,395 1,044
Write off of debts of related parties - 99 - -
-------------------------------------------------
8,100 5,741 2,802 2,097
Operating income (loss) 1,030 242 (484) 226
Financial income (expenses) net (433) (207) (113) 80
Other income (loss) net (36) - 55 -
Taxes on income (227) - (115) -
Minority interest (30) - (16) -
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Net income (loss) for the period $ 304 $ 35 $ (673) $ 306
=================================================
Basic and diluted earning (loss) per share $ 0.03 $ 0.01 $(0.06) $0.04
=================================================
Weighted average number of shares
outstanding during the period 10,880,000 6,880,000 10,880,000 6,880,000
=================================================
</TABLE>
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NUR MACROPRINTERS LTD.
Condensed Balance Sheets, US$ in thousands
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
(in thousands) (in thousands)
<S> <C> <C>
Current Assets :
Cash and cash equivalents $ 875 $ 1,234
Marketable securities 125 -
Accounts receivable - trade 9,772 5,981
Other receivables and prepaid expenses 2,366 1,696
Inventories 3,593 2,252
-------------------- ---------------
Total Current Assets $16,731 $11,163
-------------------- ---------------
Investments
Long - term bank deposit 395 150
Severance pay funds 331 262
Prepaid expenses 88 186
Long - term accounts receivable - trade - -
-------------------- ---------------
814 598
-------------------- ---------------
Equipment
Cost 3,315 2,250
Less accumulated depreciation 968 609
-------------------- ---------------
2,347 1,641
Other assets 308 381
-------------------- ---------------
-------------------- ---------------
Total assets 20,200 13,783
==================== ===============
Liabilities and Shareholders' Equity
Current Liabilities :
Short - term bank credit $ 1,140 $ 518
Current maturities of long - term loans 214 261
Trade payables 7,385 3,216
Accrued expenses and other liabilities 3,685 2,127
Advances from - 17
-------------------- ---------------
Total Current Liabilities 12,424 6,139
-------------------- ---------------
Long - Term Liabilities :
Long - term liabilities 1,285 1,476
Accrued severance pay 457 358
-------------------- ---------------
1,742 1,834
Minority interest 59 26
-------------------- ---------------
Shareholders' Equity :
Share capital 2,729 2,729
Capital surplus 14,357 14,383
Cumulative translation adjustment (119) (30)
Deficit (10,992) (11,298)
-------------------- ---------------
Total Shareholders' Equity 5,975 5,784
-------------------- ---------------
Total Liabilities and Shareholders' Equity 20,200 13,783
==================== ===============
</TABLE>
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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: November 12, 1998 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
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