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 11, 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
Petah-Tikvah, 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 August 6, 1998 announcing the registrant's financial
results for the quarter ended June 30, 1998, including the registrant's
consolidated statements of operations for the quarters ended June 30, 1998 and
June 30, 1997 and condensed balance sheets at June 30, 1998 and December 31,
1997.
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COMPANY CONTACT:
Erez Shachar, President and Chief Executive Officer CONTACT:
Eitan Padan, Chief Financial Officer Jody Burfening (Ext. 304)
NUR Macroprinters LTD. Lippert/Heilshorn & Assoc.
011-972-3-908-7676 212-838-3777
E-mail: [email protected] [email protected]
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NUR MACROPRINTERS LTD. REPORTS
RECORD SECOND QUARTER RESULTS
- Record Revenues and Profits -
- Revenues Increase 66%; 5th Consecutive Quarter of Profitability -
Magshimim, Israel, August 6, 1998 - NUR Macroprinters Ltd. (NASDAQ-NM
Symbol: NURTF) today announced record revenues and record profits for the second
quarter and six months ended June 30, 1998.
Revenues for the second quarter ended June 30, 1998 increased 66% to $8.37
million, compared to $5.05 million for the same quarter the previous year. Gross
profit increased 71% to $4.14 million versus $2.42 million for the comparable
period last year. Net income was a record $639,000, or $0.06 per share, for the
three months ended June 30, 1998 compared to $48,000, or approximately $0.01 per
share, for the comparable period last year. Revenues, gross profits and net
income were all the highest in the Company's history.
Revenues for the six months ended June 30, 1998 were $15.85 million, an
increase of 72%, compared to $9.21 million for the same period the previous
year. Gross profit increased to $8.0 million from $4.29 million for the
comparable period last year, an increase of 86%. Net income was $981,000, or
$0.09 per share, for the six months ended June 30, 1998 compared to a net loss
of $(278,000) or $(0.04) per share for the comparable period last year.
-More-
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NUR MACROPRINTERS LTD.
PAGE TWO
Commenting on the results Mr. Erez Shachar, President and CEO, said, "We
are extremely pleased with the strong results this quarter. Our superb revenue
growth reflects increased demand for the super-wide Blueboard printer as well as
consumables sales to our expanding installed base. In addition, we received
significant orders for our new Blueboard*2 printer reflecting rapid acceptance
in the marketplace for this new product."
"We believe that the company has successfully completed its turn-around,
generating exceptional revenue growth each quarter and five consecutive quarters
of profitability. We have concluded major investments in our sales and service
infrastructures in Nur Europe and Nur America, and we now believe that we have
the organization in place to meet the growing demand for our products, and
provide our customers with the highest levels of service in our industry. We
believe that the increasing market demand for super-wide printers continues to
provide excellent growth opportunities for NUR and that we are developing the
right products to take advantage of these opportunities."
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 130 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 completion. 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
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<CAPTION>
Three months ended Six months ended
------------------------------ ------------------------------
06/30/98 06/30/97 06/30/98 06/30/97
------------ ----------- ----------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
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Revenues
Sales of printers and
related products $7,512 $4,441 $14,233 $7,909
Sales of printed
materials 857 608 1,621 1,304
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8,369 5,049 $15,854 9,213
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Cost of revenues
Cost of sales of
printers and related 3,659 2,262 6,862 4,213
products
Cost of sales of
printed materials 572 364 993 711
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4,231 2,626 7,855 4,924
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Gross profit 4,138 2,423 7,999 4,289
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Research & development
expenses 838 345 1,591 756
Less-royalty-bearing grants
(310) (34) (310) 127
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Research and development
expenses, net 528 311 1,281 629
Selling expenses, net 1,424 1,030 2,844 1,891
General and administrative
expenses 1,173 845 2,358 1,662
Write-off of debts of
related parties 0 0 0 99
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2,597 2,186 5,202 4,281
---------- --------- ---------- ---------
Operating income (loss) 1,013 237 1,281 8
Financial income (expenses)
net (183) (189) (320) (286)
Other income, (loss) net (91) 0 (91) 0
---------- --------- ---------- ---------
Income (loss) before taxes
on income 739 48 1,105 (278)
Taxes on income 88 0 (112) 0
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Income after taxes on income
651 48 993 (278)
Minority interest (12) 0 (12) 0
Net income (loss) for the
period $639 $48 $981 $(278)
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Earning (losses) per share $0.06 $0.01 $0.09 $(0.04)
Weighted average number of
shares outstanding during
the period 10,880,000 6,880,000 10,880,000 6,880,000
========== ========= ========== =========
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NUR MACROPRINTERS LTD.
Condensed Balance Sheets
U.S. $ in thousands
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<CAPTION>
6/30/98 12/31/97
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(Unaudited) (Audited)
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Current Assets
Cash and cash equivalents $2,082 $1,234
Marketable securities 63 0
Accounts receivable--trade 6,823 5,981
Other receivables and prepaid expenses 1,572 1,696
Inventories 3,049 2,252
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Total Current Assets $13,589 $11,163
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Investments
Long-term bank deposit 382 150
Severance pay funds 315 262
Prepaid expenses 84 186
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Long-term accounts receivable - trade 0 0
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781 598
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Equipment
Cost 3,207 2,250
Less accumulated depreciation 887 609
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2,320 1,641
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Other assets 307 381
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Total assets 16,997 13,783
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Liabilities and Shareholders' Equity
Current Liabilities:
Short-term bank credit $530 $518
Current maturities of long-term loans 462 261
Trade payables 5,175 3,216
Accrued expenses and other liabilities 2,664 2,127
Advances from customers 0 17
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Total Current Liabilities: 8,831 6,139
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Long-Term Liabilities:
Long-term liabilities 1,080 1,476
Long-term debt, net 0 0
Accrued severance pay 438 358
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Total Long-Term Liabilities: 1,518 1,834
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Minority Interest 39 26
Shareholders' Equity:
Share capital 2,729 2,729
Capital surplus 14,350 14,383
Cumulative translation adjustment (151) (30)
Deficit (10,319) (11,298)
Total Shareholders' Equity 6,609 5,784
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Total Liabilities and Shareholders' Equity 16,997 13,783
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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: August 11, 1998 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
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