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
February 16, 2000
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 February 16, 2000.
<PAGE>
NUR MACROPRINTERS LTD.
NUR Macroprinters Ltd. Announces Record Fourth
Quarter and Full Year 1999 Results
Quarterly Revenues from Continuing Operations Increased by 126.6%; Quarterly
Earnings More than Doubled
Magshimim, Israel, February 16, 2000 - NUR Macroprinters Ltd. (Nasdaq:
NURM), a 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, 1999.
Revenues for the fourth quarter increased 95.8% to $20.58 million,
compared to $10.51 million for the same quarter in 1998. Gross profit increased
88.2% to $9.19 million versus $4.88 million for the comparable period last year.
Net income was a record $2.34 million, or $0.17 per share on a fully diluted
basis, for the three months ended December 31, 1999 versus $1.15 million for the
comparable period last year, or approximately $ 0.10 per share, for the
comparable period last year. Revenues, gross profits and net income were all the
highest in the company's history.
Excluding M. NUR Marketing & Communication GmbH's ("NUR Germany") results
from the fourth quarter of 1998 (an operation that was sold during the third
quarter of 1999), revenues for the fourth quarter increased 126.6% from $9.08
million in the fourth quarter of 1998. Gross profit increased 130% from $4.00
million for the comparable period last year.
Revenues for the year ended December 31, 1999 were $60.72 million, an
increase of 66.6%, compared to $36.45 million for the fourth quarter the
previous year. Gross profit increased to $28.94 million from $17.5 million last
year, an increase of 65.36%. Net income was $7.18 million, or $0.56 per share on
a fully diluted basis, for the year ended December 31, 1999 compared to $1.46
million or $0.13 per share for 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 year December 31, 1998 was $3.06 million,
or $0.27 per share.
Excluding NUR Germany's results from the year ended December 31, 1998,
revenues for the year 1999 were $58.26 million, an increase of 82.6%, compared
to $31.9 million for 1998. Gross profit increased to $27.82 million from $15.54
million in 1998, an increase of 79.0%.
Mr. Hilel Kremer, VP Finance and CFO remarked, "In completing eleven
consecutive quarters of record results, NUR Macroprinters has far exceeded
forecasts for 1999, particularly in the areas of revenue and earnings growth."
"The fourth quarter of 1999 proved to be a very strong conclusion of an
extremely successful year for NUR," said Mr. Erez Shachar, President and CEO of
NUR Macroprinters Ltd. "We've experienced a 66% growth in revenues during 1999
while at
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the same time significantly increasing profitability. 1999 marks our third year
of aggressive growth."
"With 35% of consolidated revenues derived from the sale of consumables,
the company has a solid recurring revenue base. Our strategy of vertical
integration and a total digital printing solutions-based approach extends the
capabilities of our customers to expand their offerings with new superwide print
applications. These new applications are driving continuing market growth for
the NUR Blueboard(TM) line of superwide digital printing systems."
"NUR Macroprinters continues to emerge as an undisputed industry leader in
the superwide printer market," continued Mr. Shachar. "The introduction of the
NUR Blueboard HiQ(TM) in the first quarter of 1999 was met with resounding
success and with an increase in new orders."
"Leveraging our reputation, experience and technological expertise in the
superwide market, on February 14, 2000 we announced the commercial release of
the NUR Fresco(TM) - our pioneering wide-format screenless production press. The
NUR Fresco is the digital alternative to traditional screen printing for
wide-format printing in production environments. We believe it will play a
leading role in the digital revolution taking place in the market for
cost-effective short and medium run digital solutions. We are very pleased with
the results of commercial installations of the NUR Fresco already taking place
worldwide. We expect the NUR Fresco to become a significant growth generator for
the company in 2000 and beyond, approaching a potential market which is
significantly larger than our existing superwide format printing market."
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.
NUR MACROPRINTERS LTD.
Consolidated Statements Of Operations
U.S. $ in thousands, except per share data
<TABLE>
<CAPTION>
Year ended Percent Three months ended Percent
12/31/1999 12/31/1998 Change 12/31/1999 12/31/1998 Change
----------- ----------- ------- ----------- ----------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Sales of printers and related products $ 58,259 $ 31,905 82.60% $ 20,581 $ 9,081 126.64%
Sales of printed materials 2,460 4,540 -45.81% 1,430 -100.00%
----------- ----------- ------ ----------- ----------- -------
60,719 36,445 66.60% 20,581 10,511 95.80%
----------- ----------- ------ ----------- ----------- -------
Cost of revenues
Cost of sales of printers and related
products 30,440 16,368 85.97% 11,392 5,085 124.03%
Cost of sales of printed materials 1,344 2,579 -47.89% 543 -100.00%
----------- ----------- ------ ----------- ----------- -------
31,784 18,947 67.75% 11,392 5,628 102.42%
----------- ----------- ------ ----------- ----------- -------
Gross profit 28,935 17,498 65.36% 9,189 4,883 88.18%
----------- ----------- ------ ----------- ----------- -------
47.65% 48.01% -0.75% 44.65% 46.46% -3.89%
Research & Development expenses 5,530 5,027 (**) 10.01% 1,835 1,062 72.79%
Less-Grants (721) (818) (270) (338)
----------- ----------- ------ ----------- ----------- -------
Research & Development expenses, net 4,809 4,209 14.26% 1,565 724 116.16%
Selling expenses, net 9,485 6,111 55.21% 3,165 1,483 113.42%
General and administrative expenses 6,275 4,802 30.67% 1,931 1,332 44.97%
----------- ----------- ------ ----------- ----------- -------
15,760 10,913 44.41% 5,096 2,815 81.03%
Operating income (loss) 8,366 2,376 252.10% 2,528 1,344 88.10%
Financial expenses net (616) (592) 4.05% (20) (69) -71.01%
Other income net 176 (20) 2 (75)
Taxes on income (798) (264) 202.27% (244) (37) 559.46%
Equity in the earnings of affiliates,
net of taxes 75 -- 75 --
Minority interest (28) (43) -34.88% (10) -100.00%
----------- ----------- ------ ----------- ----------- -------
Net income for the period $ 7,175 $ 1,457 392.45% $ 2,341 $ 1,153 103.04%
=========== =========== ====== =========== =========== =======
11.82% 4.00% 195.58% 11.37% 10.97% 3.69%
Earning per share $ 0.64 $ 0.13 $ 0.20 $ 0.11
=========== =========== =========== ===========
Dilluted earnings per share $ 0.56 $ 0.13 $ 0.17 $ 0.10
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period 11,181,137 10,880,000 11,695,395 10,880,000
=========== =========== =========== ===========
Weighted average number of shares
outstanding during the period used for
dilluted earnings per share 12,722,600 11,451,389 13,717,059 11,444,000
=========== =========== =========== ===========
</TABLE>
(**) Including $1.6 million one-time charge related to the acquisition of Meital
Technologies reported in September 1998
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NUR MACROPRINTERS LTD.
NUR MACROPRINTERS LTD.
Condensed Balance Sheets, US$ in thousands
<TABLE>
<CAPTION>
December 31, December 31, Percent
1999 1998 Change
-------- -------- --------
<S> <C> <C> <C>
Current Assets:
Cash and cash equivalents $ 9,190 $ 2,327 295%
Marketable securities 0 63 --
Accounts receivable - trade 11,647 9,091 28%
Other receivables and prepaid expenses 3,585 2,756 30%
Inventories 10,689 3,699 189%
-------- -------- --------
Total Current Assets 35,111 17,936 96%
-------- -------- --------
Investments
Investments and other non-current assets 1,140 337 238%
Severance pay funds 514 369 39%
Prepaid expenses 0 59 -100%
-------- -------- --------
1,654 765 116%
-------- -------- --------
Property and Equipment, net 2,723 3,058 -11%
Other assets, net 97 236 -59%
-------- --------
Total assets 39,585 21,995 80%
======== ======== ========
Liabilities and Shareholders' Equity
Current Liabilities:
Short - term bank credit 2,743 2,972 -8%
Current maturities of long - term loans 832 224 271%
Trade payables 8,243 6,104 35%
Accrued expenses and other liabilities 5,510 2,926 88%
Advances from customers 1,791 269 566%
-------- -------- --------
Total Current Liabilities 19,119 12,495 53%
-------- -------- --------
Long - Term Liabilities:
Long - Term loans 1,650 950 74%
Long - Term Liabilities 293 587 --
Accrued severance pay 660 464 42%
-------- -------- --------
2,603 2,001 30%
-------- -------- --------
Minority interest 0 69 -100%
-------- -------- --------
Shareholders' Equity:
Share capital 2,940 2,729 8%
Capital surplus 17,702 14,376 23%
Cumulative translation adjustment (114) 165 -169%
Deficit (2,665) (9,840) -73%
-------- -------- --------
Total Shareholders' Equity 17,863 7,430 140%
-------- -------- --------
Total Liabilities and Shareholders' Equity 39,585 21,995 80%
======== ======== ========
</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: February 16, 2000 By: /s/ Erez Shachar
----------------------------
Name: Erez Shachar
Title: Chief Executive Officer
