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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 12, 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 August 9, 1999.
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NUR MACROPRINTERS LTD.
For immediate release.
NUR MACROPRINTERS LTD. REPORTS NINTH CONSECUTIVE QUARTER OF RECORD REVENUES AND
EARNINGS
QUARTERLY REVENUES INCREASE BY 61%; EARNINGS MORE THAN DOUBLED
MAGSHIMIM, Israel, Aug. 9 /PRNewswire/ -- NUR Macroprinters Ltd. (Nasdaq: NURM -
NEWS), a leading manufacturer and marketer of wide-format digital inkjet
printing systems and consumables, today announced record revenues and record
profits for the second quarter and six months ended June 30,1999. This marks the
ninth consecutive quarter of record revenues and earnings growth for the
company.
Revenues for the second quarter ended June 30, 1999 increased 61% to $13.48
million, compared to $8.37 million for the same quarter the previous year. Gross
profit increased 67% to $6.92 million versus $4.14 million for the comparable
period last year. Net income was a record $1.47 million, or $0.12 per share on a
diluted basis, for the three months ended June 30, 1999 compared to $0.64
million, or approximately $0.06 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, 1999 were $25.06 million, an increase
of 58%, compared to $15.85 million for the same period the previous year. Gross
profit increased to $12.6 million from $8.0 million for the comparable period
last year, an increase of 57.5%. Net income was $2.75 million, or $0.23 per
share on a diluted basis, for the six months ended June 30, 1999 compared to
$0.98 million or $0.09 per share for the comparable period last year.
Commenting on the results, Erez Shachar, NUR Macroprinters' President and CEO,
said, "We continue to enjoy record revenues and earnings for the ninth
consecutive quarter. Much of this strong revenue performance can be attributed
to the continuing success of the NUR Blueboard HiQ, the latest model in the
company's line of superwide format digital printing systems. In addition to
producing superwide outdoor applications, the NUR Blueboard HiQ is particularly
effective in producing excellent quality indoor display graphics thanks to the
system's improved visual resolution. The superwide format market is enjoying
aggressive market growth."
"New regional sales and service subsidiaries serving markets in Asia and the
Pacific Rim as well as
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the Middle East and Africa were established by NUR during the first quarter of
this year," continued Mr. Shachar. "Both NUR Asia Pacific Ltd. and NUR Middle
East & Africa have contributed their first sales during the second quarter. We
are confident that these organizations will continue to build upon this initial
success and expand their presence in the market as have the company's other
regional subsidiaries in Europe and North America."
"Our NUR Media Solutions S.A. subsidiary continued in the second quarter in
successfully contributing significant growth in consumables revenues," continued
Mr. Shachar.
Hilel Kremer, V.P. Finance and CFO, pointed out, "Our higher gross margin during
the second quarter is due mainly to decreased cost of goods sold due partially
to a stronger U.S. dollar compared to Euro purchases. Higher S&M expenses can be
attributed to the now fully accounted for expenses of the company's two new
subsidiaries, as well as NUR Fresco introduction costs."
As for developments in the market for NUR Fresco, the company's new wide-format
screenless production press, NUR is now planning for beta site installations of
the NUR Fresco to start during the third quarter of 1999. Commercial shipments
are scheduled to commence as of the fourth quarter of 1999.
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.
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NUR MACROPRINTERS LTD.
Condensed Balance Sheets, US$ in thousands
<TABLE>
<CAPTION>
June 30, December 31, Percent
1999 1998 Change
<S> <C> <C> <C>
Current Assets:
Cash and cash equivalents $ 5,209 $ 2,327 124%
Marketable securities 0 63 --
Accounts receivable - trade 10,671 9,091 17%
Other receivables and
prepaid expenses 2,788 2,756 1%
Inventories 7,328 3,699 98%
Total Current Assets 25,996 17,936 45%
Investments
Restricted long-term bank deposit 369 337 9%
Severance pay funds 471 369 28%
Prepaid expenses 0 59 --
840 765 10%
Property and Equipment, net 2,591 3,058 -15%
Other assets, net 166 236 -30%
Total assets 29,593 21,995 35%
Liabilities and Shareholders' Equity
Current Liabilities:
Short-term bank credit 3,450 2,972 16%
Current maturities of long-term loans 761 224 240%
Trade payables 7,261 6,104 19%
Accrued expenses and
other liabilities 4,285 2,926 46%
Advances from customers 929 269 245%
Total Current Liabilities 16,686 12,495 34%
Long-Term Liabilities:
Long-Term loans 2,166 950 128%
Long-Term Liabilities 440 587 --
Accrued severance pay 580 464 25%
3,186 2,001 59%
Minority interest 95 69 38%
Shareholders' Equity:
Share capital 2,751 2,729 1%
Capital surplus 14,294 14,376 -1%
Cumulative translation adjustment (325) 165 -297%
Deficit (7,094) (9,840) -28%
Total Shareholders' Equity 9,626 7,430 30%
Total Liabilities and
Shareholders' Equity 29,593 21,995 35%
</TABLE>
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NUR MACROPRINTERS LTD.
Consolidated Statements of Operations
U.S.$ in thousands, except per share data
<TABLE>
<CAPTION>
Six months ended Percent
6/30/99 6/30/98 Change
<S> <C> <C> <C>
Revenues
Sales of printers and
related products $22,600 $14,233 58.79%
Sales of printed materials 2,460 1,621 51.76%
25,060 15,854 58.07%
Cost of revenues
Cost of sales of printers and
related products 11,108 6,862 61.88%
Cost of sales of printed materials 1,344 993 35.35%
12,452 7,855 58.52%
Gross profit 12,608 7,999 57.62%
50.31% 50.45% -0.28%
Research & Development expenses 2,414 1,591 51.73%
Less-Grants (276) (310) --
Research & Development expenses, net 2,138 1,281 66.90%
Selling expenses, net 4,510 2,844 58.58%
General and administrative expenses 2,732 2,358 15.86%
7,242 5,202 39.22%
Operating income (loss) 3,228 1,516 112.93%
Financial expenses net (339) (320) 5.94%
Other income net 68 (91) --
Taxes on income (182) (112) 62.50%
Minority interest (29) (14) 107.14%
Net income for the period $2,746 $979 180.49%
10.96% 6.18% 77.45%
Earning per share $0.25 $0.09 --
Diluted earnings per share $0.23 $0.09 --
Weighted average number of shares
outstanding during the period 10,902,346 10,880,000 --
Weighted average number of shares
outstanding during the period used
for diluted earnings per share 12,160,788 11,482,164 --
</TABLE>
<TABLE>
<CAPTION>
Three months ended Percent
6/30/99 6/30/98 Change
<S> <C> <C> <C>
Revenues
Sales of printers and
related products $12,021 $7,512 60.02%
Sales of printed materials 1,459 857 70.25%
13,480 8,369 61.07%
Cost of revenues
Cost of sales of printers and
related products 5,787 3,659 58.16%
Cost of sales of printed materials 778 572 36.01%
6,565 4,231 55.16%
Gross profit 6,915 4,138 67.11%
51.30% 49.44% 3.75%
Research & Development expenses 1,194 838 42.48%
Less-Grants (94) (310) --
Research & Development expenses, net 1,100 528 108.33%
Selling expenses, net 2,492 1,424 75.00%
General and administrative expenses 1,422 1,173 21.23%
3,914 2,597 50.71%
Operating income (loss) 1,901 1,013 87.66%
Financial expenses net (248) (183) 35.52%
Other income net 1 (91) --
Taxes on income (160) (88) 81.82%
Minority interest (24) (12) 100.00%
Net income for the period $1,470 $ 639 130.05%
10.91% 7.64% 42.82%
Earning per share $0.13 $0.06 --
Diluted earnings per share $0.12 $0.06 --
Weighted average number of shares
outstanding during the period 10,924,693 10,880,000 --
Weighted average number of shares
outstanding during the period used
for diluted earnings per share 12,361,385 11,533,541 --
</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: August 12, 1999 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
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