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 5, 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).
<PAGE>
Attached hereto and incorporated by reference herein is a press release of
the registrant dated November 4, 1999.
<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.
NUR MACROPRINTERS LTD.
Date: November 5, 1999 By: /s/ Erez Shachar
----------------------------
Name: Erez Shachar
Title: Chief Executive Officer
NUR MACROPRINTERS LTD.
NUR Macroprinters Ltd. Reports Tenth Consecutive Quarter of
Record Revenues and Earnings
Quarterly Revenues From Continuing Operations Increased by 75.5%; Earnings
At All Time High
Magshimim, Israel, November 4, 1999 - NUR Macroprinters Ltd. (NASDAQ:
NURM), a leading manufacturer and marketer of wide-format digital inkjet
printing systems and consumables, today announced record revenues and record
profits for the third quarter ended September 30, 1999. This marks the tenth
consecutive quarter of record revenues and earnings growth for the company.
Revenues for the third quarter increased 49.5% to $15.1 million, compared
to $10.1 million for the same quarter in 1998. Gross profit increased 54.3% to
$7.1 million versus $4.6 million for the comparable period last year. Excluding
M. NUR Marketing & Communication GmbH's results from the third quarter of 1998
(an operation that was sold during the third quarter of 1999), revenues for the
third quarter increased 75.5% from $8.6 million in the third quarter of 1998 and
gross profit increased 71.1% from $4.2 million for the comparable period last
year.
Net income was a record $2.1 million, or $0.16 per share on a diluted
basis, for the three months ended September 30, 1999 compared to a loss of $0.7
million, or approximately $(0.06) per share, for the comparable period last
year. Excluding a $1.6 million one-time charge related to the acquisition of
Meital Technologies reported in September 1998, the net income for the three
months ended September 30, 1998 was $0.9 million, or $0.08 per share. Revenues,
gross profits and net income were all the highest in the company's history.
Revenues for the nine months ended September 30, 1999 were $40.1 million,
an increase of 54.8%, compared to $25.9 million for the same period the previous
year. Gross profit increased to $19.7 million from $12.6 million for the
comparable period last year, an increase of 56.3%. Excluding M. NUR Marketing &
Communication GmbH's results from the nine months ended September 30, 1998 (an
operation that was sold during the third quarter of 1999), revenues for the nine
months ended September 30, 1999 were $37.6 million, an increase of 64.9%,
compared to $22.8 million for the same period the previous year and gross profit
increased to $18.6 million from $11.5 million for the comparable period last
year, an increase of 61.7%.
Net income was $4.8 million, or $0.39 per share on a fully diluted basis,
for the nine months ended September 30, 1999 compared to $0.3 million or $0.03
per share for the comparable period last year. Excluding a $1.6 million one-time
charge related to the acquisition of Meital Technologies reported in September
1998, the net income for the nine months ended September 30, 1998 was $1.9
million, or $0.17 per share.
<PAGE>
Commenting on the results, Erez Shachar, NUR Macroprinters' President and
CEO, said, "We are pleased with our continuing record revenues and earnings
performance. The NUR Blueboard HiQ, the latest model in the company's line of
superwide format digital printing systems, has made significant inroads into the
market and we are reaping the rewards now."
"A $3.3 million investment in the company by Isal Amlat Investments Ltd.
(1993) and Dovrat & Co. Ltd. this quarter shows us that members of the financial
community are also confident of the continuing positive performance of the
company," continued Mr. Shachar.
"With the sale of our interest in M. NUR Marketing & Communication GmbH
this quarter, we have squarely focused our attention on NUR's core business, the
manufacture and marketing of wide-format digital printing equipment and
consumables. Growth in these markets continues to be strong."
Commenting on developments concerning the NUR Fresco screenless wide
format production press, Mr. Shachar continued, "We are pleased to report that
our NUR Fresco beta program is now in full swing. Machines have been installed
at several European locations. In addition, the machine has been shown recently
at the SGIA exhibition in Las Vegas and the Viscom Europe show in Germany and
received a very good response at both locations. We believe that, with the
commercial release of the product, NUR will be offering the most productive and
reliable wide format production press in the industry."
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, including
billboard advertising, fleet graphics, exhibition and trade show displays,
building murals and outdoor signage, point-of-purchase displays, decorative
scaffolding covers, scenery backdrops for theater, television and film studios
and more. NUR printers are installed in over 200 sites around the world.
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:
Erez Sachar NUR Macroprinters Ltd. Tel: 972-3-908-7676
Ayelet Shaked The Anne McBride Co. Tel: 212-983-1702
<PAGE>
NUR MACROPRINTERS LTD.
Consolidated Statements Of Operations
U.S. $ in thousands, except per share data
<TABLE>
<CAPTION>
Nine months ended Percent Three months ended
9/30/99 9/30/98 Change 9/30/99 9/30/98
------------ ------------ -------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Revenues
Sales of printers and related products $ 37,678 $ 22,824 65.08% $ 15,078 $ 8,592
Sales of printed materials* 2,460 3,110 -20.90% 1,488
------------ ------------ -------- ------------ ------------
40,138 25,934 54.77% 15,078 10,080
------------ ------------ -------- ------------ ------------
Cost of revenues
Cost of sales of printers and related products 19,048 11,283 68.82% 7,940 4,421
Cost of sales of printed materials* 1,344 2,036 -33.99% 1,043
------------ ------------ -------- ------------ ------------
20,392 13,319 53.10% 7,940 5,464
------------ ------------ -------- ------------ ------------
Gross profit 19,746 12,615 56.53% 7,138 4,616
------------ ------------ -------- ------------ ------------
49.20% 48.64% 1.14% 47.34% 45.79%
Research & Development expenses** 3,695 3,965 (**) -6.81% 1,281 2,468 (**)
Less-Grants (451) (480) (175)
------------ ------------ -------- ------------ ------------
Research & Development expenses, net 3,244 3,485 -6.92% 1,106 2,298
Selling expenses, net 6,320 4,347 45.39% 1,810 1,407
General and administrative expenses 4,344 3,753 15.75% 1,612 1,395
------------ ------------ -------- ------------ ------------
10,664 8,100 31.65% 3,422 2,802
Operating income (loss) 5,838 1,030 466.80% 2,610 (484)
Financial expenses net (596) (433) 37.64% (259) (113)
Other income net 174 (36) 106
Taxes on income (554) (227) 144.05% (368) (115)
Minority interest (29) (30) -3.33% (16)
------------ ------------ -------- ------------ ------------
Net income for the period $ 4,833 $ 304 1489.80% $ 2,089 $ (673)
============ ============ ======== ============ ============
12.04% 1.17% 927.20% 13.85% -6.68%
Earning per share $ 0.44 $ 0.03 $ 0.19 $ (0.06)
============ ============ ============ ============
Dilluted earnings per share $ 0.39 $ 0.03 $ 0.16 $ (0.06)
============ ============ ============ ============
Weighted average number of shares
outstanding during the period 11,004,666 10,880,000 11,209,306 10,880,000
============ ============ ============ ============
Weighted average number of shares outstanding
during the period used for diluted earnings per share 12,472,727 11,436,171 13,059,116 11,424,942
============ ============ ============ ============
<CAPTION>
Percent
Change
--------
<S> <C>
Revenues
Sales of printers and related products 75.49%
Sales of printed materials* -100.00%
--------
49.58%
--------
Cost of revenues
Cost of sales of printers and related products 79.60%
Cost of sales of printed materials* -100.00%
--------
45.31%
--------
Gross profit 54.64%
--------
3.38%
Research & Development expenses** -48.10%
Less-Grants (170)
--------
Research & Development expenses, net -51.87%
Selling expenses, net 28.64%
General and administrative expenses 15.56%
--------
22.13%
Operating income (loss) -639.26%
Financial expenses net 129.20%
Other income net 55
Taxes on income 220.00%
Minority interest -100.00%
--------
Net income for the period -410.40%
========
-307.51%
Earning per share
Dilluted earnings per share
Weighted average number of shares
outstanding during the period
Weighted average number of shares outstanding
during the period used for diluted earnings per share
</TABLE>
(*) Represents operations of M. NUR Marketing & Communication GmbH which was
sold during the third quarter of 1999
(**) Including $1.6 million one-time charge related to the acquisition of
Meital Technologies reported in September 1998
