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
May 13, 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 May 13, 1999.
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NUR MACROPRINTERS LTD.
For immediate release
NUR Macroprinters Ltd. Reports Record First Quarter Revenues and Profits
Revenues Increased 55%; Earnings More than Tripled
Magshimim, Israel, May 13, 1999 - NUR Macroprinters Ltd. (NASDAQ: NURM), a
leading manufacturer and marketer of wide-format digital inkjet printers and
consumables, today announced record revenues and record profits for the first
quarter ended March 31, 1999. This marks the eighth consecutive quarter of
revenues and earnings growth for the company.
Revenues for the first quarter of 1999 increased 55% to $11.58 million, compared
to $7.49 million for the same quarter last year. Gross profit increased 47% to
$5.69 million versus $3.86 million for the comparable period last year, although
gross margin was down to 49% in the first quarter from 51% during the first
quarter of 1998. Total operating expenses increased 28% to $3.3 million in the
first quarter of 1999 from $2.6 million in the first quarter of 1998, due
primarily to increases in research and development and selling expenses. Net
income increased by 276% to $1.28 million from $0.34 million for the comparable
period last year. Earnings per share increased to $0.12 per share, as compared
to $0.03 per share for the comparable period last year.
Mr. Erez Shachar, President and CEO remarked, "We've started the year with our
eighth consecutive quarter of revenues and earnings growth. The strong revenue
performance reflects the continuing success of the NUR Blueboard family of
superwide printing systems and, in particular, the enthusiastic response from
the market to the introduction of our new NUR Blueboard HiQ model. Our current
customers have also expressed confidence in NUR by purchasing the NUR HiQ
upgrade kit that allows for field upgrades to the HiQ model for current NUR
Blueboard and NUR Blueboard 2 users.
In addition to printing systems sales, strong growth in digital printing
consumables has also contributed to our success in the first quarter. This
contribution can be largely attributed to NUR Media Solutions, our subsidiary
devoted to developing and marketing substrates and media solutions for wide and
superwide format printing."
"The first quarter of 1999 also saw the establishment of two new NUR
subsidiaries to serve as regional sales and service organizations," continued
Mr. Shachar. "NUR Asia Pacific Ltd. is now operating out of Shanghai, China
while NUR Middle East & Africa, based in Belgium, is now capitalizing on growing
markets in the Middle East and Africa. We expect to begin to see sales from
these organizations later this year."
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Besides the introduction of the NUR Blueboard HiQ, the NUR Fresco, NUR's unique
screenless wide-format production press, was also launched in the first quarter
of 1999. The NUR Fresco was unveiled in February 1999 at an event hosted by NUR
America, Inc., NUR Macroprinters' U.S. subsidiary. Since that time, NUR has
received enthusiastic interest in the product and has started accepting orders.
First beta site installations are scheduled for the second quarter of 1999 and
the company expects to recognize revenues from sales during the third quarter of
1999. The NUR Fresco made its public debut at the International Sign Association
exposition in Las Vegas on April 29, 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. Common
applications include fleet graphics and advertising, exhibition and trade show
displays, informational murals and outdoor signage, frontlit and backlit
displays for retail and point-of-purchase windows, airports, hospitals, shopping
centers, courtroom exhibits, sporting events and cinema houses, decorative
construction scaffolding covers, scenery backdrops for theater, television and
film studios and more. 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 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:
Hilel Kremer NUR Macroprinters Ltd. Tel: 972-3-908-7676
Ayelet Shaked The Anne McBride Co. Tel: 212-983-1702
# # #
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NUR MACROPRINTERS LTD.
Consolidated Statements Of Operations
US$ in thousands, except per share data
<TABLE>
<CAPTION>
Three months Three months Percent
ended ended
3/31/99 3/31/98 Change
------------ ------------ -------
<S> <C> <C> <C>
Revenues
Sales of printers and related products $ 10,579 $ 6,721 57.40%
Sales of printed materials 1,001 764 31.02%
11,580 7,485 54.71%
-----
Cost of revenues
Cost of sales of printers and related products 5,321 3,203 66.13%
Cost of sales of printed materials 566 421 34.44%
5,887 3,624 62.44%
-----
Gross profit 5,693 3,861 47.45%
Gross margin 49.16% 51.58% -4.69%
Research & Development expenses 1,220 753 62.02%
Less-Grants (182) 0
Research & Development expenses, net 1,038 753 37.85%
Selling expenses, net 2,018 1,420 42.11%
General and administrative expenses 1,310 1,185 10.55%
Total Operating Expenses 3,328 2,605 27.75%
Operating income 1,327 503 163.82%
Financial expenses net (91) (137) -33.58%
Other income net 67 0
Taxes on income (22) (24) -8.33%
Minority interest (5) (2) 150.00%
Net income for the period 1,276 340 275.29%
11.02% 4.54% 142.58%
Earning per share $ 0.12 $ 0.03
========== ==========
Dilluted earnings per share $ 0.11 $ 0.03
========== ==========
Weighted average number of shares
outstanding during the period 10,880,000 10,880,000
========== ==========
Weighted average number of shares outstanding during
the period used for dilluted earnings per share 11,872,666 11,366,182
========== ==========
</TABLE>
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NUR MACROPRINTERS LTD.
Condensed Balance Sheets, US$ in thousands
<TABLE>
<CAPTION>
March 31, December 31, Percent
1999 1998 Change
-------- ------------ -------
<S> <C> <C> <C>
Current Assets :
Cash and cash equivalents $ 3,362 $ 2,327 44%
Marketable securities 130 63 -
Accounts receivable - trade 9,877 9,091 9%
Other receivables and prepaid expenses 2,176 2,756 -21%
Inventories 4,677 3,699 26%
----
Total Current Assets 20,222 17,936 13%
----
Investments
Restricted long - term bank deposit 295 337 -12%
Severance pay funds 469 369 27%
Prepaid expenses 29 59 -51%
----
793 765 4%
----
Property and Equipment, net 2,775 3,058 -9%
Other assets, net 203 236 -14%
Total assets 23,993 21,995 9%
Liabilities and Shareholders' Equity
Current Liabilities :
Short - term bank credit 3,483 2,972 17%
Current maturities of long - term loans 151 224 -33%
Trade payables 5,538 6,104 -9%
Accrued expenses and other liabilities 3,839 2,926 31%
Advances from customers 537 269 100%
----
Total Current Liabilities 13,548 12,495 8%
----
Long -Term Liabilities :
Long - Term loans 947 950 -0%
Long - Term Liabilities 513 587 -
Accrued severance pay 580 464 25%
----
2,040 2,001 2%
----
Minority interest 64 69 -7%
----
Shareholders' Equity :
Share capital 2,729 2,729 0%
Capital surplus 14,245 14,376 -1%
Cumulative translation adjustment (69) 165 -142%
Deficit (8,564) (9,840) -13%
----
Total Shareholders' Equity 8,341 7,430 12%
====
Total Liabilities and Shareholders' Equity 23,993 21,995 9%
====
</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: May 13, 1999 By: /s/ Erez Shachar
---------------------------
Name: Erez Shachar
Title: Chief Executive Officer
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