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).
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Attached hereto and incorporated by reference herein is a press release of
the registrant dated March 1, 1999.
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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
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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.
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NUR MACROPRINTERS LTD.
Consolidated Statements Of Operations
U.S. $ in thousands, except per share data
<TABLE>
<CAPTION>
12 Months Ended Percent 3 Months Ended Percent
12/31/98 12/31/97 Change 12/31/98 12/31/97 Change
<S> <C> <C> <C> <C> <C> <C>
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 $0.05 96.74%
Weighted average
number of shares
outstanding
during the
period 10,880,000 7,293,640 49.17% 10,880,000 8,484,000 28.24%
</TABLE>
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NUR MACROPRINTERS LTD.
Condensed Balance Sheets, US$ in thousands
<TABLE>
<CAPTION>
December 31, December 31, Percent
1998 1997 Change
<S> <C> <C> <C>
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%
</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: March 2, 1999 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
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